Local financial organizations are included in the scope of supervision, focusing on protecting the rights and interests of financial consumers and investors, standardizing the content of financial advertisements, establishing an information disclosure system for local financial organizations, and guiding financial institutions to increase their exposure to small and micro enterprises and Support for agriculture, rural areas and farmers… On March 30, the 20th meeting of the Standing Committee of the 12th Shandong Provincial People’s Congress voted to adopt the “Shandong Provincial Local Financial Regulations” (hereinafter referred to as the “Regulations”), which will be implemented on July 1. After the meeting, the General Office of the Standing Committee of the Shandong Provincial People's Congress held a press conference to interpret the Regulations.

Bring local financial organizations into the scope of supervision and focus on protecting the rights and interests of financial consumers

It is reported that Article 58 of Chapter 6 of the "Regulations" respectively regulates local financial services, financial development, Financial supervision, legal liability, etc. are stipulated.

It is worth mentioning that the "Regulations" include local financial organizations outside the supervision of the "one bank and three bureaus" within the scope of adjustment. According to the Regulations, local financial organizations refer to small loan companies, financing guarantee companies, private financing institutions established in accordance with the law and engaged in relevant local financial activities, and commodity trading venues that carry out equity transactions and between spot and futures. Farmers' professional cooperatives and private equity investment management institutions that carry out credit mutual assistance.

Shi Xiao, deputy director of the Legal Affairs Committee of the Standing Committee of the Shandong Provincial People’s Congress, said that bringing local financial organizations into the scope of supervision is one of the many institutional innovations in the "Regulations". A series of systems are of great significance for giving full play to financial services to the economy and society, promoting financial development, and maintaining financial stability.

The reporter noticed that the "Regulations" stipulates the protection of the rights and interests of financial consumers and investors in many articles. For example, local financial organizations should establish a suitability system for financial consumers and investors, and will appropriately Promote financial products and services to appropriate consumers and investors. When providing financial products and services, truthfully disclose information that may affect their decision-making to consumers and investors in plain and easy-to-understand language or text, and fully warn of risks. Failure to fulfill the obligations of truthful disclosure or risk warning shall be borne by consumers in accordance with the law. losses caused by the person.

The threshold for carrying out private capital management business has been raised, and the one-time paid-in capital must be at least 30 million yuan

In recent years, illegal phenomena such as illegally absorbing public deposits and illegally granting loans have been repeatedly banned, and "high interest rates" "Collecting reserves and running away at every turn" has become a true portrayal of many private financing institutions. With the promulgation of the Regulations, this phenomenon will be alleviated.

In response to the above phenomenon, the Regulations have significantly raised the threshold for the establishment of such private financing institutions.

According to the "Regulations", private financing institutions carrying out private capital management business need to be approved by the provincial government and local financial regulatory agencies, with a one-time paid-in monetary capital of not less than 30 million, and the investor's capital contribution is self-owned Funds, directors, supervisors, and senior managers should have the professional abilities and good integrity records required to perform their duties.

If a trading place carries out equity transactions or commodity trading business between spot and futures, in addition to meeting the one-time paid-in monetary capital of 30 million yuan, it must also have the main investor as a legal person, and Conditions for operating relevant business for more than three years without major violations of laws and regulations. At the same time, the main investor’s asset-liability ratio shall not exceed 70% and the net assets shall not be less than 50 million yuan.

In addition, for the credit mutual aid business of farmers' professional cooperatives, in addition to the approval of the local financial regulatory agency of the people's government of the county (city) where it is located, the fixed assets must be more than 500,000.

It is worth mentioning that the "Regulations" clearly stipulate that no unit or individual may illegally absorb public deposits, issue securities without authorization, or otherwise illegally raise funds.

The government should coordinate direct financing and indirect financing, and guide the flow of financial capital to green industries such as energy conservation and environmental protection.

For a long time, financing difficulties and expensive financing have been common problems reported by enterprises. With the Economic development has entered a new normal, and the downward pressure on the real economy is great. Many companies have a deeper understanding of the difficulty and high cost of financing. As financing entities, enterprises often rely too much on indirect financing and make insufficient use of direct financing channels such as bonds, industrial funds, and private equity.

In this regard, Article 20 of the "Regulations" also has relevant provisions. According to the Regulations, people's governments at or above the county level should formulate and improve financial development policies and measures, stimulate financial innovation activities, strengthen the protection of financial innovation achievements, coordinate the development of direct financing and indirect financing, and coordinate the development of traditional financial formats and new local financial formats. Guide financial capital to flow into green industries such as energy conservation and environmental protection, and promote two-way opening up of the financial industry.

"Article 20 of the "Regulations" is connected with the 'Five Development Concepts', and makes the above provisions for the implementation of innovative, coordinated, green, open and inclusive development concepts in financial work." Shandong Province Shi Xiao, deputy director of the Legal Affairs Committee of the Standing Committee of the National People's Congress, said in his interpretation.

Violations of the "Regulations" may result in a fine of up to 5 times the illegal gains

In addition to relevant provisions on financial services, financial development, and financial supervision, the "Regulations" will be imposed on violations of the regulations. 》 also clarifies the corresponding legal responsibilities.

According to the "Regulations", those who establish small loan companies, financing guarantee companies and other financial organizations without approval, and private financing institutions that engage in private capital management business without approval, engage in equity-related businesses without authorization For trading or bulk commodity trading business between spot and futures, the regulatory authorities may impose a fine of one to three times or three to five times the illegal income depending on the severity of the case. If there is no illegal income or the illegal income is less than 50,000 yuan, a fine of not less than 50,000 yuan but not more than 100,000 yuan will be imposed. If a crime is constituted, criminal liability shall be pursued in accordance with the law.

In addition, those who violate the provisions of the "Regulations" by publishing false financial advertisements, or using other methods to make false publicity that may lead to misunderstandings, shall be prosecuted by the industrial and commercial administration department or other relevant departments in accordance with the "People's Political Consultative Conference of the People's Republic of China" The violation shall be dealt with and punished in accordance with the provisions of the Advertising Law of the People's Republic of China and the Anti-Unfair Competition Law of the People's Republic of China and the State; if it constitutes a crime, criminal responsibility shall be pursued in accordance with the law.