According to the explanation of CSRC, during the abnormal fluctuation of 20 15 stock market, the private equity management business of securities and futures institutions exposed many problems such as business anomie. "To this end, it is necessary to improve the rules and further improve the standard operation level of private equity management business of securities and futures operating institutions." Gordon, spokesman of the China Securities Regulatory Commission, said that in addition, the number of private investment fund managers registered with the fund industry association has increased rapidly, and the management scale has grown rapidly. In order to prevent operational risks and avoid regulatory arbitrage, it is also necessary to bring private equity investment fund managers into the scope of adjustment.
At present, some structured asset management products overprotect the interests of priority investors, divorced from the actual investment results of asset management products, and guarantee priority investors to obtain fixed income through complex contractual agreements, which is alienated into "loan-like" products to some extent, which is not in line with the origin of asset management business.
The Interim Provisions require that the asset management plan should follow the basic principles of * * * benefit sharing, * * risk taking and risk-return matching, strictly control the leverage risk, and may not directly or indirectly provide the subscribers of the structured asset management plan with the arrangement of guaranteed capital and guaranteed income.
In the Interim Provisions, structured asset management products are classified into stocks, fixed income and mixed products according to the scope and proportion of investment, and different leverage ratios are set according to the fluctuation degree of market risk of different types of products. "Lowering the upper limit of leverage ratio of high-risk stocks and mixed products from 10 to 1 0 is based on the actual situation of the current stock market and clearly reflects the regulatory orientation." Deng Wei said.
In addition, in order to further control the investment risk and reduce the level of investment leverage, the Interim Provisions moderately restrict the investment leverage of asset management products, making it clear that the total assets of structured asset management plans shall not exceed 65,438+0.40% of the net assets, and the total assets of unstructured aggregate ("one-to-many") asset management plans shall not exceed 200% of the net assets.
The Interim Provisions clearly stipulate that securities and futures operating institutions shall not engage in the private equity management business with the nature of "fund pool", that is, invest in asset management products with the nature of "fund pool" managed by other institutions.
The "Interim Provisions" will be implemented from July 20 16 18, and transitional arrangements will be implemented for structured products, capital preservation products and entrusted investment proposals. If the relevant surviving asset management products do not meet the requirements, the leverage ratio shall not be increased or the net subscription scale shall not be increased before the expiration of the contract. After the expiration of the contract, it shall be liquidated and may not be renewed.