In order to encourage financial innovation, promote the healthy development of Internet finance, clarify regulatory responsibilities and standardize market order, with the consent of the CPC Central Committee and the State Council, the People's Bank of China, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the State Administration for Industry and Commerce, the Legislative Affairs Office of the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the State Internet Information Office jointly issued the Guiding Opinions on Promoting the Healthy Development of Internet Finance (Yinfa [2066]No.).
In accordance with the general requirements of "encouraging innovation, preventing risks, pursuing advantages and avoiding disadvantages, and developing healthily", the Guiding Opinions put forward a series of policies and measures to encourage innovation and support the steady development of internet finance, actively encourage innovation in internet financial platforms, products and services, encourage cooperation among employees, broaden financing channels for employees, adhere to decentralization, pay close attention to implementation, improve fiscal and taxation policies, and promote the construction of credit infrastructure and supporting service systems.
In accordance with the principles of "legal supervision, moderate supervision, classified supervision, collaborative supervision and innovative supervision", the Guiding Opinions established the division of supervision responsibilities for major Internet financial formats such as Internet payment, peer-to-peer lending, equity crowdfunding financing, Internet fund sales, Internet insurance, Internet trust and Internet consumer finance, implemented the supervision responsibilities and defined the business boundaries.
The Guiding Opinions adhere to the market-oriented development of Internet finance, follow the overall goal of serving the real economy well, obeying macro-control and maintaining financial stability, effectively protect the legitimate rights and interests of consumers and maintain a fair market order. It is put forward in the following aspects: Internet industry management, third-party depository system of client funds, information disclosure, risk warning and qualified investor system, consumer rights protection, network and information security, anti-money laundering and prevention of financial crimes, strengthening self-discipline of Internet finance industry, regulatory coordination and data statistical monitoring.
In the next step, all relevant departments will conscientiously implement the requirements of the Guiding Opinions in accordance with the division of responsibilities in the Guiding Opinions; Institutions in the Internet finance industry shall, in accordance with the relevant provisions of the Guiding Opinions, carry out various business activities in compliance with the law. (End)
People's Bank of China, Ministry of Industry and Information Technology, Ministry of Public Security, Ministry of Finance, State Administration for Industry and Commerce, Legislative Affairs Office, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission.
Promote the internet financial information office
Guiding opinions on healthy development
In recent years, Internet technology and information communication technology have made continuous breakthroughs, which have promoted the rapid integration of Internet and finance, promoted financial innovation and improved the efficiency of financial resource allocation, but there are also some problems and potential risks. In order to fully implement the spirit of the 18th National Congress of the Communist Party of China and the 2nd, 3rd and 4th Plenary Sessions of the 18th National Congress, and in accordance with the general requirements of "encouraging innovation, preventing risks, benefiting from disadvantages and developing healthily", and proceeding from the overall situation of the healthy development of the financial industry, we will further promote financial reform, innovation and opening up, and promote the healthy development of Internet finance. With the consent of the CPC Central Committee and the State Council, we hereby put forward the following opinions.
First, encourage innovation and support the steady development of Internet finance.
Internet finance is a new financial business model that traditional financial institutions and Internet enterprises (hereinafter referred to as practitioners) use Internet technology and information communication technology to realize financing, payment, investment and information intermediary services. The deep integration of Internet and finance is the general trend, which will have a more profound impact on financial products, businesses, organizations and services. Internet finance has played an irreplaceable positive role in promoting the development of small and micro enterprises and expanding employment, opening the door for mass entrepreneurship and innovation. Promoting the healthy development of internet finance is conducive to improving the quality and efficiency of financial services, deepening financial reform, promoting financial innovation and development, expanding the opening up of the financial industry and building a multi-level financial system. As a new thing, Internet finance needs both market drive and policy assistance to promote development.
(1) Actively encourage innovation in Internet financial platforms, products and services to stimulate market vitality. Encourage banks, securities, insurance, funds, trusts, consumer finance and other financial institutions to rely on Internet technology to realize the transformation and upgrading of traditional financial services and actively develop new products and services based on Internet technology. Support qualified financial institutions to build innovative Internet platforms and conduct online banking, Internet securities, online insurance, online fund sales and online consumer finance. Support Internet enterprises to set up Internet payment institutions, peer-to-peer lending platforms, equity crowdfunding platforms and online financial product sales platforms according to laws and regulations, establish a multi-level financial service system to serve the real economy, better meet the investment and financing needs of small and medium-sized enterprises and individuals, and further expand the breadth and depth of inclusive finance. Encourage e-commerce enterprises to build and improve the online financial service system in line with financial laws and regulations, and effectively expand e-commerce supply chain business. Encourage employees to actively carry out product, service, technology and management innovation to enhance the core competitiveness of employees.
(2) Encourage mutual cooperation among institutions to achieve complementary advantages. Support all kinds of financial institutions to cooperate with Internet enterprises, and establish a good ecological environment and industrial chain for Internet finance. Encourage banking financial institutions to carry out business innovation and provide supporting services such as fund deposit, payment and settlement for third-party payment institutions and online lending platforms. Support small and micro financial service institutions to carry out business cooperation with Internet companies and realize business model innovation. Support securities, funds, trusts, consumer finance and futures institutions to cooperate with Internet enterprises, broaden the sales channels of financial products, and innovate the wealth management model. Encourage insurance companies to cooperate with Internet companies to enhance the risk resilience of Internet finance companies.
(3) Broaden the financing channels for employees and improve the financing environment. Support social capital to initiate the establishment of Internet financial industry investment funds, and promote the in-depth cooperation between employees and venture capital institutions and industrial investment funds. Encourage qualified high-quality employees to list and raise funds in domestic capital markets such as the main board and the Growth Enterprise Market. Encourage banking financial institutions to support start-ups in accordance with various financial policies that support the development of small and micro enterprises. Innovating financial products and services according to the characteristics of Internet enterprises.
(4) Adhere to decentralization and provide quality services. All financial supervision departments should actively support financial institutions to carry out Internet finance business. In accordance with the provisions of laws and regulations, implement efficient management of relevant financial services for qualified Internet enterprises. The administrative department for industry and commerce shall support Internet enterprises to register in industry and commerce according to law. Telecommunications authorities and national Internet information management departments should actively support Internet financial services. Telecommunications authorities should supervise the telecommunications business involved in Internet finance business, and the national Internet information management department should be responsible for the supervision of financial information services, Internet information content and other businesses. Actively carry out legislative research in the field of Internet finance, introduce relevant management regulations in a timely manner, and create a good institutional environment conducive to the development of Internet finance. Strengthen the protection of intellectual property rights such as institutional patents and trademarks. Encourage provincial people's governments to increase policy support for Internet finance. Support the establishment of specialized Internet finance research institutions, encourage the construction of an Internet finance information exchange platform, and actively carry out Internet finance research.
(5) Implement and improve relevant fiscal and taxation policies. According to the principle of tax fairness, institutions with small business scale and in the initial stage can enjoy preferential tax policies according to regulations if they meet the current tax policy conditions of small and medium-sized enterprises, especially small and micro enterprises in China. Combine the reform of changing business tax to value-added tax in the financial industry, and make overall plans to improve the tax policy of Internet finance. Implement the pre-tax deduction policy for research and development expenses of new technologies and new products in public institutions.
(6) Promote the construction of credit infrastructure and cultivate the supporting service system of Internet finance. Support infrastructure construction in technical fields such as big data storage, network and information security maintenance. Encourage institutions to establish a credit information sharing platform according to law. Promote qualified relevant institutions to access the basic database of financial credit information. Allow qualified institutions to apply for credit information business license according to law. Support qualified credit intermediaries to carry out credit rating of Internet enterprises and enhance the transparency of market information. Encourage intermediary service institutions such as accounting, auditing, law and consulting to provide relevant professional services for Internet enterprises.
Two, classification guidance, clear Internet financial supervision responsibility
The essence of internet finance still belongs to finance, and it has not changed the characteristics of financial risks such as concealment, contagiousness, extensiveness and suddenness. Strengthening the supervision of Internet finance is an inherent requirement to promote the healthy development of Internet finance. At the same time, Internet finance is a new thing and a new format. It is necessary to formulate a moderately loose regulatory policy to leave room and space for Internet financial innovation. By encouraging innovation, strengthening supervision and mutual support, we will promote the healthy development of Internet finance and better serve the real economy. Internet financial supervision should follow the principles of "legal supervision, moderate supervision, classified supervision, collaborative supervision and innovative supervision", scientifically and reasonably define the business boundaries and access conditions of various formats, implement regulatory responsibilities, clarify the bottom line of risks, protect legitimate operations, and resolutely crack down on illegal activities.
(7) Internet payment. Internet payment refers to the service of issuing payment instructions and transferring monetary funds through computers, mobile phones and other devices relying on the Internet. Internet payment should always adhere to the purpose of serving the development of e-commerce and provide small, fast and convenient micropayment services for the society. Banking financial institutions and third-party payment institutions engaged in Internet payment shall abide by existing laws, regulations and regulatory provisions. When a third-party payment institution cooperates with other institutions, it shall clarify the rights and obligations of all parties and establish an effective risk isolation mechanism and a customer rights protection mechanism. It is necessary to fully disclose service information to customers, clearly indicate business risks, and not exaggerate the nature and function of payment service intermediaries. Internet payment business is supervised by the People's Bank of China.
(viii) Peer-to-peer loans. Peer-to-peer lending includes personal peer-to-peer lending (P2P peer-to-peer lending) and online microfinance. Personal peer-to-peer lending refers to direct lending between individuals through the Internet platform. Direct lending on the personal peer-to-peer lending platform belongs to the category of private lending, which is regulated by the Contract Law, General Principles of Civil Law and other laws and regulations as well as relevant judicial interpretations in the Supreme People's Court. Personal peer-to-peer lending should adhere to the platform function and provide intermediary services such as information exchange, matchmaking and credit evaluation for investors and financiers. Personal peer-to-peer lending institutions should clarify the nature of information intermediary, mainly providing information services for direct lending by borrowers and borrowers, and not providing credit enhancement services or illegal fund-raising. Network micro-loan refers to the micro-loan provided to customers by Internet companies through their holding micro-loan companies. Network microfinance should abide by the existing regulations of microfinance companies, give full play to the advantages of peer-to-peer lending, and strive to reduce the financing costs of customers. P2P loan business is supervised by China Banking Regulatory Commission.
(9) Equity crowdfunding. Equity crowdfunding financing mainly refers to the activities of publicizing small equity financing through the Internet. Equity crowdfunding financing must be carried out through the platform of equity crowdfunding intermediary (Internet website or other similar electronic media). Equity crowdfunding financing intermediaries can innovate and explore business models under the premise of compliance with laws and regulations, give play to the role of equity crowdfunding as an organic part of multi-level capital markets, and better serve innovative and entrepreneurial enterprises. Equity crowdfunding financiers should be small and micro enterprises, and should truthfully disclose key information such as business model, management, finance and capital use to investors through equity crowdfunding financing intermediaries, and must not mislead or defraud investors. Investors should fully understand the risks of equity crowdfunding activities, have the corresponding risk tolerance and make small investments. Equity crowdfunding financing business is supervised by the CSRC.
(10) Internet fund sales. If a fund sales institution cooperates with other institutions to sell funds and other wealth management products through the Internet, it shall earnestly fulfill its risk disclosure obligations and shall not attract customers by committing illegal gains; Fund managers should take effective measures to prevent maturity mismatch and liquidity risk in asset allocation; Where a fund sales institution and its cooperative institutions provide income to investors through other activities, they shall comprehensively, truly and accurately state and list the income composition, preconditions and applicable conditions, and shall not be confused with the income of fund products. Third-party payment institutions shall abide by the relevant regulatory requirements of the People's Bank of China and the China Securities Regulatory Commission on customer reserve funds and fund sales settlement funds in the process of conducting fund Internet sales payment business. The customer reserve funds of third-party payment institutions can only be used to handle the payment business entrusted by customers, and may not be used to pay the advance funds and other wealth management products. Internet fund sales business is supervised by the CSRC.
(1 1) Internet insurance. Insurance companies should follow the principles of safety, confidentiality and stability when conducting Internet insurance business, strengthen risk management, improve internal control system, and ensure transaction security, information security and capital security. Professional Internet insurance companies should adhere to the basic orientation of serving Internet economic activities and provide targeted insurance services. Insurance companies should establish management systems and necessary firewalls for their non-insurance subsidiaries such as e-commerce companies. Insurance companies selling insurance products through the Internet shall not make false statements, one-sided or exaggerated propaganda, or make misleading descriptions such as illegal promises of gains or losses. Internet insurance business is supervised by the China Insurance Regulatory Commission.
(12) Internet Trust and Internet Consumer Finance. Trust companies and consumer finance companies that conduct business through the Internet should strictly abide by regulatory requirements, strengthen risk management, ensure legal and compliant transactions, and keep customer information well. When a trust company sells products and conducts other trust businesses through the Internet, it must comply with regulatory requirements such as qualified investors, carefully identify customers and evaluate their risk tolerance, and cannot sell products to customers who do not match their risk tolerance. Trust companies and consumer finance companies should formulate and improve the product document signing system to ensure that the transaction process is legal, compliant and safe. Internet trust business and Internet consumer finance business are supervised by CBRC.
Third, improve the system and standardize the order of the Internet financial market.
The development of internet finance should be market-oriented, follow the overall goal of serving the real economy, obeying macro-control and maintaining financial stability, effectively protect the legitimate rights and interests of consumers and maintain a fair market order. It is necessary to refine the management system and create a good environment for the healthy development of Internet finance.
(13) Internet industry management. Any organization or individual who runs a website to engage in Internet finance business shall, in addition to fulfilling the relevant financial supervision procedures, also go through the website filing procedures with the competent telecommunications department according to law, otherwise it shall not carry out Internet finance business. The Ministry of Industry and Information Technology is responsible for the supervision of telecom business involved in Internet finance business, and the National Internet Information Office is responsible for the supervision of financial information services, Internet information content and other businesses. The two departments formulate relevant regulatory rules according to their responsibilities.
(14) The third-party depository system for client funds. Unless otherwise specified, the institution shall select qualified banking financial institutions as fund depository institutions to manage and supervise the clients' funds, so as to realize the separate account management of the clients' funds and its own funds. The customer's fund depository account shall be subject to independent audit, and the audit results shall be disclosed to the customer. The People's Bank of China shall, jointly with the financial supervision department, implement supervision according to the division of responsibilities and formulate relevant supervision rules.
(fifteen) information disclosure, risk warning and qualified investors system. Employees should fully disclose information to customers, and timely disclose relevant information about their business activities and financial status to investors, so that investors can fully understand the operating conditions of employees, urge employees to operate steadily and control risks. The business institution shall specify the transaction mode, the rights and obligations of the participants, and give sufficient risk warning. It is necessary to study the establishment of a qualified investor system for Internet finance and improve the level of investor protection. Relevant departments are responsible for supervision according to the division of responsibilities.
(16) Protection of consumers' rights and interests. Study and formulate consumer education plans for Internet finance, and timely release tips on rights protection. Strengthen the disclosure of information related to consumers' interests, such as contract contents and exemption clauses of Internet financial products, and supervise and deal with illegal acts of operators who use contract format clauses to infringe on consumers' legitimate rights and interests according to law. Construct diversified dispute resolution mechanisms such as online dispute resolution, on-site reception and acceptance, complaints accepted by regulatory authorities, third-party mediation, arbitration and litigation. Refine and improve the principles, standards and operational procedures of personal information protection in Internet finance. It is strictly prohibited to make false propaganda and compulsory bundling in the process of selling wealth management products online. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, together with relevant administrative law enforcement departments, shall carry out the protection of consumers' and investors' rights and interests in the field of Internet finance in accordance with the division of responsibilities.
(17) Network and information security. Employees should effectively improve the technical safety level, properly keep customer data and transaction information, and may not illegally buy or sell or disclose customer personal information. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Internet Information Office are respectively responsible for supervising the network and information security of relevant institutions and formulating relevant regulatory rules and technical security standards.
(eighteen) anti money laundering and prevention of financial crimes. Employees should take effective measures to identify customers, actively monitor and report suspicious transactions, and properly keep customer information and transaction records. Employees have the obligation to establish and improve relevant rules and regulations to assist in inquiry and freezing in accordance with relevant regulations, assist public security organs and judicial organs to inquire and freeze the property involved in a timely manner according to law, and cooperate with public security organs and judicial organs in collecting and executing evidence. Resolutely crack down on internet financial crimes involving illegal fund-raising, guard against financial risks and maintain financial order. Financial institutions shall sign cooperation and agency agreements including anti-money laundering and prevention of financial crimes in accordance with relevant laws and regulations, so as to ensure that the implementation standards of anti-money laundering and prevention of financial crimes are not lowered due to the cooperation and agency relationship. The People's Bank of China takes the lead in supervising the performance of employees' anti-money laundering obligations and formulating relevant regulatory rules. The Ministry of Public Security takes the lead in cracking down on Internet financial crimes.
(nineteen) to strengthen the self-discipline of the Internet finance industry. Give full play to the positive role of industry self-discipline mechanism in regulating the market behavior of employees and protecting the legitimate rights and interests of the industry. The People's Bank of China, together with relevant departments, established the China Internet Finance Association. The association shall formulate management rules and industry standards according to the types of business, and promote inter-agency business exchange and information sharing. The association should clarify the self-discipline and disciplinary mechanism and improve the binding force of industry rules and standards. Strengthen the awareness of law-abiding, honesty and self-discipline, establish a positive image of employees serving economic and social development, and create a good atmosphere for honest and standardized development.
(twenty) regulatory coordination and statistical monitoring data. All regulatory departments should cooperate with each other to form a joint force and give full play to the role of the inter-ministerial joint meeting system for financial supervision and coordination. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission should pay close attention to the development of Internet finance business and related risks, track and evaluate regulatory policies, make timely adjustment suggestions, and constantly sum up regulatory experience. The Ministry of Finance is responsible for the financial supervision policies of Internet financial institutions. The People's Bank of China shall, jointly with relevant departments, be responsible for establishing and improving the statistical monitoring system of Internet financial data, and relevant departments shall be responsible for the statistical monitoring of Internet financial data in accordance with the division of regulatory responsibilities to realize the sharing of statistical data and information.