New asset management regulations

The new asset management regulations refer to the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions jointly issued by the Central Bank, China Banking Regulatory Commission, China Securities Regulatory Commission and SAFE. 20 18 is a year of strong supervision in the financial industry, and this new asset management regulation is by far the most important policy under strong supervision, and the asset management industry has ushered in a post-regulatory era.

The Guiding Opinions formulate unified supervision standards according to product types and implement fair market access and supervision. The main contents include eight points:

First, establish the classification standard of asset management products.

Asset management products are divided into two categories: public offering products and private offering products according to different fundraising methods, and four categories: fixed income products, equity products, commodity and financial derivatives and mixed products according to different investment properties, which are suitable for different regulatory requirements such as investment scope, leverage constraints and information disclosure, respectively, and strengthen the concept of "selling the right products to the right investors".

Second, reduce the risk of shadow banking.

Guide the asset management business to return to its original source, and the investment of asset management products in non-standardized debt assets shall conform to the regulatory standards of financial supervision and management departments on quota management, risk reserve requirements and liquidity management. , so as not to become a disguised credit business.

Third, reduce liquidity risk.

Financial institutions should strengthen liquidity management, follow the management requirements of separate management, separate account establishment and separate accounting, and strengthen the maturity matching between asset management products and investment assets.

Fourth, break the rigid redemption.

Asset management business is a financial service of "entrusted by people to manage money on behalf of others". Financial institutions shall not promise to protect capital and income when conducting asset management business, and financial management departments shall take corresponding punishment measures for rigid payment.

Verb (abbreviation for verb) controls the leverage level of asset management products.

Combined with the current industry regulatory standards, the leverage requirements of asset management products are unified from the aspects of liabilities and grading. The higher the investment risk, the stricter the leverage requirement. Make different provisions on the debt ratio of public offering and private offering products, clarify the types of products that can be graded, and unify the grading ratio respectively.

6. Suppress multi-layer nesting and channel services.

Financial supervision and regulation departments shall provide fair access to asset management services for various financial institutions, and financial institutions shall earnestly perform their active management duties, and shall not provide channel services for asset management products of other financial institutions, and avoid regulatory requirements such as investment scope and leverage constraints.

Seven, strengthen supervision and coordination.

Strengthen macro-prudential management of asset management business, implement functional supervision of similar asset management products according to unified standards, strengthen supervision of financial institutions, and establish a comprehensive statistical system covering all asset management products.

Eight is to set a reasonable transition period.

Give full consideration to the duration and market size of the stock asset management business, at the same time, give consideration to the reasonable issuance of incremental asset management business and set a transition period, and implement "cutting off the old and the new" instead of "one size fits all".

Extended data:

Five principles of guiding opinions:

First, adhere to the bottom line thinking of strictly controlling risks and prevent financial risks from being transmitted across industries, markets and regions.

Second, adhere to the fundamental goal of serving the real economy, not only give full play to the investment and financing functions of the asset management business, but also strictly regulate and guide it to avoid funds being divorced from reality.

Third, adhere to the regulatory concept of combining macro-prudential management with micro-prudential supervision, and combining institutional supervision with functional supervision to achieve comprehensive and unified coverage of asset management business of various institutions. Take effective regulatory measures to strengthen the protection of financial consumers.

Fourth, adhere to targeted problem orientation, standardize supervision on key issues of asset management business, adhere to the advantages and disadvantages of financial innovation, and leave room for development.

5. Adhere to active, steady and prudent promotion, combine risk prevention with orderly regulation, fully consider the market affordability, set a reasonable transition period, strengthen market communication, and effectively guide market expectations.

The guidance released three advantages: the market will benefit from liquidity repair and effective boost of risk appetite.

First, the new asset management regulations will alleviate the pressure faced by commercial banks to a certain extent;

Second, reduce the impact of the asset return process on the market;

Third, moderately alleviate the current credit crunch pressure facing the real economy.

Shandong Provincial Local Financial Supervision Administration-"Guiding Opinions"