Gray areas, as the name implies, mean that people may have a clear understanding of right and wrong, right and wrong, or black and white. In fact, there is a big gray area between these two extremes, which is vague and difficult to define. But this is a buffer and transition zone between black and white.

"Grey Zone" in Practice

1. How to identify the investment mezzanine after prohibiting inferiority?

The new regulations of Credit Insurance clearly include the beneficial right of inferior investment in the regulatory red line, but how to determine the effectiveness of investment mezzanine (intermediate level) in the future is still controversial in practice.

One view is that the intermediate beneficial right is inferior to the priority beneficial right in order and should be circled as "secondary beneficial right"

Another view is that "intermediate level" and "inferior level" are two independent concepts, and the new asset management regulations should be applied mutatis mutandis. "Graded private placement products shall set the grading proportion according to the risk degree of the invested assets (priority share/inferior share, and the intermediate share shall be included in the priority share) and the provisions of the Interim Provisions of the CSRC on the Operation and Management of Private Placement Management Business of Securities and Futures Operating Institutions (CSRC Announcement [20 16] 13)." "If there is an intermediate share in the structured asset management plan, it shall be included in the priority when calculating the leverage ratio.

The new credit insurance regulations do not explicitly prohibit the intermediate beneficial right of insurance investment, and the regulatory authorities do not stipulate the "mezzanine" or "intermediate" share.

Therefore, the identification of mezzanine has not been solved in the new rules of credit insurance. In other words, can we understand that the sandwich structure of insurance investment still has room for survival under the premise that the proportion of inferior trust products has obviously reached the capital ratio requirement?

2. Set the threshold, how to judge "major punishment"

This new credit insurance regulation does not clearly define what is "a major administrative penalty of the regulatory body". We compared the Administrative Punishment Measures of China Banking Regulatory Commission issued by the former CBRC in 2007 with the relevant provisions of 20 15.