The main contents of the new asset management regulations

The main content of the new asset management regulations is to break the rigid redemption. The essence of rigid redemption is to transfer all the risks of market investment to the bank itself. With more capital-guaranteed financial products, it also means that the overall capital The potential risks in the market are getting bigger and bigger, and ultimately it is more likely to lead to overall systemic risks.

Main content:

1. Break the rigid redemption policy and prohibit capital pool business;

2. Transformation of asset management products to net value;

3. Product classification management, investor suitability requirements have increased;

4. Strictly distinguish between standardized assets and non-standard assets;

5. Limit leverage levels;

6. Prevent liquidity risks and operational risks;

7. Encourage the establishment of bank asset management subsidiaries and require independent custody;

8. Unify regulatory standards and eliminate regulatory arbitrage;

9. Raise the entry threshold for the asset management industry and strictly restrict non-financial institutions;

The introduction of new regulations on asset management is of great significance, and it has effectively suppressed my country’s macro-leverage ratio in recent years. The excessively rapid rise, especially in view of the need to respond to the epidemic and stabilize the economy this year, has seized a precious time window and created conditions for increased countercyclical adjustments in macroeconomic policies this year. The new asset management regulations have established the concepts and concepts of asset management, enabling the financial management industry to achieve a high level of awareness of the basic requirements of asset management such as property independence, net value management, diversified investment, and information transparency.

For banks, the new asset management regulations point out the direction for their future development, clarify industry norms, and curb existing industry chaos. In addition, the new asset management regulations are also of great significance to the insurance industry, promoting the integration of insurance asset management into the overall asset management market and giving full play to the positioning and significance of insurance funds in the capital market.

In the market with new regulations on asset management, you need to recognize the investment risks you face and learn to check the investment direction and targets of the products you purchase. Although financial products have been net-valued, it does not mean that their returns and volatility are the same as those of net-valued public funds. The underlying assets of bank financial management have a clear allocation range, such as bonds, bank deposits, treasury bonds, low-risk preferred stocks, etc., because although the investment products themselves have floating returns, they still have low-risk attributes. In terms of net value volatility, Look much lower than fund products. Of course, if the financial product clearly states that the investment direction includes stocks, funds or other high-risk products, we also need to learn to identify them.

You need to look at your own asset allocation from the perspective of cash flow, and have a clear understanding of your family's future financial planning, your own risk exposure and other future cash flow needs. Go to the market to choose suitable investment products based on your own needs, and you also need to improve your own investment capabilities in order to reduce risks and increase returns as much as possible in the market.

Legal basis:

"Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"

Article 1

Regulating the Assets of Financial Institutions Management business mainly follows the following principles:

(1) Adhere to the bottom-line thinking of strictly controlling risks. Put the prevention and resolution of asset management business risks in a more important position, reduce existing risks and strictly guard against incremental risks.

(2) Adhere to the fundamental goal of serving the real economy. It not only gives full play to the function of asset management business and effectively serves the investment and financing needs of the real economy, but also strictly regulates and guides it to prevent funds from being transferred from real to virtual from self-circulation within the financial system, and prevents products from being too complex and exacerbating the risk transmission across industries, markets, and regions. .

(3) Adhere to the regulatory concept of combining macro-prudential management with micro-prudential supervision, and combining institutional supervision with functional supervision. Achieve comprehensive and unified coverage of the asset management business of various institutions, adopt effective regulatory measures, and strengthen the protection of the rights and interests of financial consumers.

(4) Adhere to a targeted problem orientation. Focus on setting up unified standards and regulations to address problems such as multi-layer nesting, unclear leverage, serious arbitrage, and frequent speculation in the asset management business. At the same time, financial innovation must seek advantages and avoid disadvantages, divide them into two parts, and leave room for development.

(5) Adhere to active, steady and prudent advancement.

Correctly handle the relationship between reform, development, and stability, adhere to the combination of risk prevention and orderly regulation, and fully consider the market's bearing capacity while resolutely handling risks, reasonably set up a transition period, grasp the order, rhythm, and intensity of work, and strengthen market communication , effectively guide market expectations.