● At present, the key idea of asset management supervision should be to crack down on the pseudo-business model that lacks technical content and only relies on the license to borrow money and sit on the ground to make money, to prevent excessive leverage from bringing risks to the macro-flow of money, and to limit the complex transaction arrangements that serve non-commercial purposes through unnecessary multi-layer packaging. It is not appropriate to regulate it simply through the gold medal ban.
● The improvement of the overall legal system arrangement of the asset management industry still needs to wait for the revision and coordination of the upper-level laws such as trust law, securities law and fund law, and the regulatory agencies cannot complete it in a short time.
Necessity of unifying new rules of asset management
The asset management business of financial institutions has not developed in parallel, but has fallen into a situation of cross-fighting. Securities companies, Public Offering of Fund management companies and their subsidiaries, private equity fund management institutions, futures companies, banks, insurance companies, trust companies and even Internet companies have all joined the competition. Many of these asset management products have not undergone careful due diligence and screening on the asset side, but they recognize money and deny people on the capital side, regardless of whether investors are suitable for taking risks. Even in product design, they are nested with each other. Nearly half of the products are invested in an asset management product. In this process, the financing leverage is constantly enlarged, the transparency is constantly reduced, and the maturity mismatch of creditor's rights and debt capital flows is aggravated. Taking advantage of the background of separation of supervision, arbitrage runs rampant, chaos occurs frequently, the scale of shadow banking increases sharply, and the financial systemic risk intensifies.
Since last year, the disputes over non-payment caused by the default of some borrowing enterprises, such as the overseas Chinese private debt raising storm, are precisely the result that the asset management risk of a link is magnified by the so-called online-offline (O2O) design. However, there have been many disputes over the real debt of stocks, such as Xinhua Trust v. Huzhou Gangcheng Real Estate Co., Ltd., which attracted attention at the end of June last year. Macroscopically, the "stock market disaster" in the summer of 20 15 and the "debt disaster" in the winter of 20 16 are all related to this.
Therefore, the imbalance risk brought by the rapid development of asset management industry makes it necessary for the industry to carry out systematic supervision, and the measures already introduced by various regulatory agencies need to be unified, which has become the consensus of all parties.