The general idea of the new asset management regulations is to formulate unified regulatory standards according to the types of asset management products, make consistent provisions for similar asset management businesses, implement fair market access and supervision, eliminate regulatory arbitrage space to the greatest extent, and create a good institutional environment for the healthy development of asset management businesses.
The regulatory concept of the new asset management regulations: strengthen regulatory coordination, strengthen macro-prudential management, and implement functional supervision in accordance with the principle of "substance is more important than form". The People's Bank of China is responsible for macro-prudential management of asset management business, and conducts supervision according to product type rather than institution type, and applies the same supervision standard to similar products, thus reducing the supervision vacuum and eliminating arbitrage space.
What are the regulatory principles of the new asset management regulations?
(1) Combining institutional supervision with functional supervision, functional supervision is carried out according to product type rather than institution type, and the same regulatory standards are applied to the same type of asset management products, thus reducing regulatory vacuum and arbitrage.
(2) Implement penetrating supervision. For multi-layer nested asset management products, the ultimate investor of the product should be identified upward and the underlying assets of the product should be identified downward (except for public securities investment funds).
(3) Strengthen macro-prudential management, establish a macro-prudential policy framework for asset management business, improve policy tools, and strengthen monitoring, evaluation and supervision from a macro, countercyclical and cross-market perspective.
(4) Realize real-time supervision and comprehensive dynamic supervision over the issuance, sales, investment and payment of asset management products, and establish a sound statistical system.
The core content of the new asset management regulations can be summarized as the following ten aspects:
What are liquidity risk and operational risk?
The new asset management regulations stipulate that financial institutions should reasonably determine the term of investment in assets by asset management products and strengthen the liquidity risk management of maturity mismatch. In order to reduce the risk of maturity mismatch, financial institutions should strengthen the duration management of asset management products, and the duration of closed asset management products should not be less than 90 days. Where asset management products directly or indirectly invest in non-standardized creditor's rights assets, the termination date of non-standardized creditor's rights assets shall not be later than the expiration date of closed-end asset management products or the latest opening day of open-end asset management products. The new regulations require financial institutions to control the concentration of assets invested in asset management products. The market value of a single publicly offered asset management product invested in a single securities or a single securities investment fund shall not exceed 65,438+00% of the net assets of the asset management product.
According to the new regulations on asset management, financial institutions should set aside risk reserves according to 10% of the management fee income of asset management products, or measure operational risk capital or corresponding risk capital reserves according to regulations. When the risk reserve balance reaches 65438+ 0% of the product balance, it may not be withdrawn.
Seven, encourage the establishment of bank asset management subsidiaries, requiring independent custody.
Financial institutions whose main business does not include asset management business shall set up an asset management subsidiary with independent legal personality to carry out asset management business, strengthen the risk isolation of legal persons, and set up a special asset management business operation department to carry out business temporarily.
After the issuance of this opinion, the assets of asset management products issued by financial institutions shall be managed independently by a third-party institution with custody qualifications. During the transition period, commercial banks with the qualification of securities investment fund custody business can trust their wealth management products, but they should open separate custody accounts for each product to ensure asset isolation. After the transition period, a commercial bank with the qualification of securities investment fund custody business shall set up a subsidiary with independent legal person qualification to carry out asset management business. Commercial banks can trust asset management products issued by subsidiaries, but they should realize substantial independent custody.
To sum up, the interpretation of the new asset management regulations is very rich, and the relevant policies are perfect and clear, which should be strictly implemented in accordance with the regulations.
Legal basis: Guiding Opinions on Regulating Asset Management Business of Financial Institutions 1. Standardizing the asset management business of financial institutions 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 stock risks and prevent incremental risks. (2) Adhere to the fundamental goal of serving the real economy, not only give full play to the function of asset management business, effectively serve the investment and financing needs of the real economy, but also strictly regulate and guide, avoid self-circulation of funds in the financial system, and prevent cross-industry, cross-market and cross-regional transmission of products that are too complicated and aggravate risks. (3) Adhere to the regulatory philosophy of combining macro-prudential management with micro-prudential supervision and combining institutional supervision with functional supervision, realize comprehensive and unified coverage of asset management business of various institutions, and take effective regulatory measures to strengthen the protection of financial consumers. (4) Adhere to targeted problem orientation, focus on solving problems such as multi-layer nesting, unclear leverage, serious arbitrage and frequent speculation in asset management business, and formulate unified standards and regulations. At the same time, adhere to the advantages and avoid disadvantages, split into two, leaving room for development. (5) Adhere to active, steady and prudent promotion, correctly handle the relationship between reform, development and stability, adhere to the combination of risk prevention and orderly regulation, fully consider the market affordability while making up your mind to deal with risks, reasonably set the transition period, grasp the work order, rhythm and intensity, strengthen market communication, and effectively guide market expectations. 2. Asset management business refers to the financial business in which financial institutions such as banks, trusts, securities, funds, futures and insurance asset management institutions accept the entrustment of investors to invest and manage the property of the entrusted investors. Financial institutions perform due diligence obligations for customers' interests and charge corresponding management fees, and customers bear investment risks and gain income. Asset management business is an off-balance-sheet business of financial institutions, and financial institutions may not promise to protect capital and income when conducting asset management business. When payment is difficult, financial institutions may not advance in any form. Financial institutions may not carry out on-balance-sheet asset management business. 3. Asset management products include but are not limited to bank non-guaranteed wealth management products, fund trust plans, asset management products issued by securities companies, subsidiaries of securities companies, fund management companies, fund management subsidiaries, futures companies, subsidiaries of futures companies and insurance asset management institutions. This opinion does not apply to the asset securitization business carried out according to the rules promulgated by the financial supervision and regulation department. Iv. Asset management products are divided into public offering and private offering according to different ways of raising. Public offering products are publicly issued to an unspecified public. The criteria for determining the public offering of shares shall be implemented in accordance with the Securities Law of People's Republic of China (PRC). Private placement products are issued to qualified investors in a non-public way.