The new asset management regulations refer to the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" jointly issued by the central bank, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. In 2018, it was the financial This is a year of strong supervision for the industry, and this new asset management regulation is the most important policy under strong supervision to date. The asset management industry has ushered in a post-regulatory era.

The "Guiding Opinions" formulate unified regulatory standards according to product types and implement fair market access and supervision. The main contents include eight key points:

1. Establish the classification of asset management products standard.

According to different fundraising methods, asset management products are divided into two categories: public products and private products. According to the nature of investment, they are divided into fixed income products, equity products, commodity and financial derivatives products, and mixed products. The four major categories apply to different investment scopes, leverage constraints, information disclosure and other regulatory requirements, strengthening the concept of "appropriate products sold to appropriate investors".

2. Reduce shadow banking risks.

To guide the asset management business back to its roots, investment in non-standardized debt assets by asset management products should comply with regulatory standards such as limit management, risk reserve requirements, and liquidity management of the financial regulatory authorities to avoid becoming a disguised asset. Credit business.

3. Reduce liquidity risks.

Financial institutions should strengthen liquidity management, follow the management requirements of separate management, separate accounting, and separate accounting, and strengthen the maturity matching of asset management products and investment assets.

4. Break the rigid payment.

Asset management business is a financial service that is "entrusted by others to manage wealth on behalf of others". Financial institutions are not allowed to promise to guarantee principal and income when carrying out asset management business. Financial management departments will take corresponding punishment measures for rigid payment behavior. .

5. Control the leverage level of asset management products.

Based on current industry regulatory standards, the leverage requirements for asset management products will be unified from both liability and classification perspectives. The higher the investment risk, the stricter the leverage requirements. Make different provisions on the debt ratios of public and private equity products, clarify the types of products that can be graded, and unify the grading proportions respectively.

6. Suppress multi-layer nesting and channel services.

The financial supervision and management department shall provide fair access to all types of financial institutions to carry out asset management business. Financial institutions shall effectively perform their active management responsibilities and shall not provide supervision such as circumvention of investment scope and leverage constraints for the asset management products of other financial institutions. Channel service required.

7. Effectively strengthen regulatory coordination.

Strengthen macro-prudential management of asset management business, implement functional supervision of similar asset management products according to unified standards, strengthen behavioral supervision of financial institutions, and establish a comprehensive statistical system covering all asset management products.

8. Set up a reasonable transition period.

Fully consider the duration and market size of the existing asset management business, and at the same time take into account the reasonable issuance of incremental asset management business and set up a transition period, implement "new and old separation", and do not implement "one size fits all".

Extended information:

Five principles of the guiding opinions:

1. Adhere to the bottom-line thinking of strictly controlling risks and prevent financial risks from crossing industries, markets, and Zone delivery.

2. Adhere to the fundamental goal of serving the real economy, not only give full play to the investment and financing functions of the asset management business, but also strictly standardize and guide it to prevent funds from being diverted from reality to virtual reality.

3. Adhere to the regulatory concept of combining macro-prudential management with micro-prudential supervision, and combining institutional supervision with functional supervision, to achieve comprehensive and unified coverage of the asset management business of various institutions. Take effective regulatory measures to strengthen financial consumer protection.

Fourth, adhere to a targeted problem orientation, unify standard regulations for key issues in the asset management business, adhere to the principle of pursuing advantages and avoiding disadvantages, divide them into two parts, and leave room for development in financial innovation.

5. Adhere to active, steady and prudent advancement, combine risk prevention with orderly regulations, fully consider the market's bearing capacity, reasonably set up a transition period, strengthen market communication, and effectively guide market expectations.

The guidance releases three major benefits: the market will benefit from liquidity restoration and an effective boost in risk appetite.

1. The new rules and regulations on asset management will alleviate the current pressure faced by commercial banks to a certain extent;

2. Reduce the impact of the asset return process on the market;

3. Moderately alleviate the credit crunch pressure currently facing the real economy.

Shandong Provincial Local Financial Supervision and Administration Bureau-"Guiding Opinions"