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The full name of the gold exchange is the financial property rights exchange, and each provincial capital has one or more gold exchanges.
Beijing is called Beijing Financial Property Exchange, and Tianjin is called Tianjin Financial Property Exchange. The main job of the Gold Exchange is to provide an investment integration platform for enterprises and charge a certain service fee according to the scale. The transfer of assets by an enterprise through listing on the gold exchange is called listing, with the purpose of making the investment and financing business legal and compliant. Gold exchange is the general name of financial property rights exchange. It is difficult to integrate the property now. If the trust can't be issued and the private tomb can't be issued, the gold exchange is a good choice.
In 20 12, the General Office of the State Council issued the Implementation Opinions of the General Office of the State Council on Cleaning up and Rectifying Various Trading Places (Guo Fa [2012] No.37) (hereinafter referred to as "Document No.37").
1. No rights and interests may be split into equal shares for public offering. Any trading place uses its services and facilities to split the rights and interests into equal shares and sell them to investors, which is called "equal public offering". The relevant provisions of the Company Law and the Securities Law shall apply to the public offering of shares by joint-stock companies.
2. Centralized trading is not allowed. "Centralized trading methods" as mentioned in this opinion include call auction, continuous bidding, electronic matchmaking, anonymous trading, market makers and other trading methods, but agreement transfer and auction conducted according to law are not included.
Cooperation mode of gold exchange
1. usufructuary right transfer
The transfer of asset income right means that the product issuer transfers the income right to investors through the gold exchange and the gold exchange center for financing. At present, the transfer of income right involves a wide range of assets, such as Dai Trust. , entrusted to wear. Asset management plans, trust plans, insurance claims plans, private equity funds, etc. of fund companies and fund subsidiaries.
2. Target financing plan
In essence, the directional financing plan is a way to directly finance a specific enterprise through the non-public offering of the gold exchange, which belongs to the nature of private placement and needs to meet the requirement of no more than 200 investors in a single project. Directional financing is one of the main ways for Internet platforms and gold exchanges to issue products.
3. Directed entrusted investment
Directed entrusted investment originated from the interbank business of banks. Although it is the channel business of gold exchanges, most gold exchanges now use themselves as the media to play the role of information matching. Internet platforms generally introduce relevant financial asset exchanges as trustees, and invest investors' funds in the asset management plans of trusts, brokers and fund subsidiaries through the gold exchange.
What should I do if the products of the Gold Exchange cannot be paid?
What should I do if the products of the Gold Exchange cannot be paid?
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Interpretation: Although the "six noes" clauses in Circular 37 and Circular 38 prohibit the trading of financial products such as insurance, credit and gold in trading places, it means that the gold exchange can carry out other financial products under the supervision of "one line, three meetings" in addition to these products. However, the JD.COM Bai Na incident and the Zhaocaibao Qiaoxing debt default incident made the regulators realize that it is necessary to prohibit local gold exchanges from carrying out private debt, private equity funds and trust beneficiary rights, which should belong to "one line, three meetings". At the same time, the regulatory authorities have also made it clear that gold exchanges can engage in two types of business: one is to carry out the transfer of property rights of unlisted financial enterprises, including state-owned and non-state-owned enterprises, which are separated from property rights exchanges, but most gold exchanges are limited by liquidity problems, so they have no incentive to carry out such business and their profits are not great; The other category is financial products supervised by local financial offices, including small loan assets and. It can also be seen from this kind of products that one of the positioning of the regulatory authorities for the gold exchange is the product circulation platform supervised by the local financial office, and the products it trades must be a supplement to the financial products supervised by the "one line, three meetings", rather than a complete non-standard asset circulation platform.
Clarify the localization requirements of gold exchange business
Document No.5 clearly puts forward the requirement of localized operation of gold exchanges, that is, the business scope of local gold exchanges is limited to provincial administrative regions. According to the author's experience in the business of the Gold Exchange, the localized operation has a great influence on the industry of the Gold Exchange, which is undoubtedly a "flat thunder".
Take the political trust business of the Gold Exchange as an example. Local government platform companies issue targeted financing plans/targeted debt financing instruments (referred to as "fixed financing business"). Most political trust businesses are based on local government credit and usually need local financing. One of the risk control standards of financial services is the fiscal revenue of local governments, and areas with high fiscal revenue take Zhejiang and Jiangsu as examples. Therefore, the business distribution area is relatively concentrated. This is good for the gold exchanges in Zhejiang and Jiangsu, but most of them are in non-Jiangsu and Zhejiang regions such as Northeast China and Guizhou, and the localization business in this area is very limited, which is a fatal blow to the gold exchanges in non-Jiangsu and Zhejiang regions.
The regulatory measures of local regulators also put forward requirements for the localized operation of the gold exchange, but considering the problem of concentrated business distribution, so far only "localized supervision" can be implemented, but the requirements of "localized operation" can not be strictly implemented.
Clearly define the business scope of the gold exchange.
Since the birth of the gold exchange industry, there is a lack of unified supervision at the central level and the constraints of the upper law. The No.37 and No.38 documents issued by the State Council only stipulate the red line of policy supervision, such as: (1) no rights and interests may be split into equal shares; (two) the cumulative number of rights holders shall not exceed 200, and it is forbidden to break through the 200-person limit in various ways such as demolition, group purchase and staging; (3) Not issuing products to unspecified objects, and not directly or indirectly financing or selling products to the public; (4) The rights and interests shall not be listed in accordance with the red line regulations such as standardized transactions.
In view of the current situation of the supervision of the gold exchange industry, the provincial supervision departments have formulated their own guiding opinions and supervision methods, which leads to inconsistent supervision standards in various places and cannot effectively curb the chaos of the gold exchange industry. The business scope of local gold exchanges includes fixed financing (including targeted financing plans, targeted debt financing instruments and direct financing instruments), listing, transfer of non-performing assets, investment income rights and transfer of financial assets. Documents No.2 and No.35 issued by the Clearing Liaison Office clearly define the business scope of the Gold Exchange: the transfer of unlisted state-owned property rights of financial enterprises, the transfer of non-performing assets of local asset management companies, and the trading of financial products in the field of local financial supervision.
Clarify the requirements of the gold exchange for the classification and resolution of stock risks.
1. Trading beyond the prescribed scope shall be stopped immediately. The trading business in which the underlying assets exceed the prescribed scope shall be stopped immediately.
According to laws and regulations, trading places may not engage in the trading of financial products such as funds, insurance, credit and gold. Without the approval of the state financial management department, the business with stocks should be stopped immediately. Without approval, the exchange shall not engage in the trading of financial products with administrative licensing requirements.
2. Creditor's rights business with basic assets and creditor's rights business without basic assets but with guarantee or pledge shall not be added, and shares shall be paid according to the contract, and shall not be extended or rolled.
The fixed-income financing plan and directional debt financing tools commonly used in the gold exchange industry are essentially debt business without basic assets, and capital investment is not basic assets. The source of repayment is generally the listed party's own funds or guarantors and collateral. At present, the regulatory attitude is one size fits all, and new products are not allowed. The shares are paid according to the contract, and the rollover is not allowed.
3. Strictly control the business increment of creditor's rights business, credit creditor's rights business, asset management business and other businesses that have formed a cash pool and have no underlying assets, no guarantee or pledge. On the premise of reducing the illegal business, ensure the new business is legal and compliant, and gradually resolve the risks within 1 to 2 years.
The general trend of gold exchange industry, asset transfer of characteristic products of gold exchange
The general trend of gold exchange industry, asset transfer of characteristic products of gold exchange
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The gold exchange industry has experienced several years of ups and downs, and the stock business scale is extremely large. With the development of business and the gradual improvement of regulatory policies, the gold exchange has gradually shown a standardized development trend. The future trend of the gold exchange is bound to be more standardized and worth looking forward to.
First, limiting the business scope and defining the business boundary of the gold exchange is the development trend of the gold exchange industry. The gold exchange is not a traditional financial institution stipulated in the new asset management regulations. Whether you can engage in asset management business and how to distinguish it from the asset management business of traditional financial institutions is a clear boundary for the sustainable development of the gold exchange industry.
Second, improve the supervision system and mechanism. The central level determines a unified supervision system and mechanism, and local supervision departments formulate guidance and supervision measures for the gold exchange within the scope of the central "upper-level law" to unify the regulatory standards and standards in various places.
Third, the stock scale of the Gold Exchange is so large that it is imperative to effectively and orderly resolve the stock risks.
Four, reduce the number of gold exchanges, each province to retain a gold exchange of the same category, according to the category of orderly integration.
Conclusion:
It is undeniable that the gold exchange industry is facing unprecedented strong supervision. With the publication of No.2, No.35 and No.5, the business layout and supervision trend of the gold exchange industry have been formed. The author believes that the No.5 document of the Clearing and Integration Liaison Office is a "shot in the arm" for the sustainable development of the gold exchange industry, and the barbaric growth of the gold exchange industry is coming to an end.
Only when the waves wash away the sand will gold appear. Only by embracing the supervision and compliance management of the gold exchange can it survive in the process of industry optimization. After the new round of clean-up and rectification is completed, the gold exchange will return to the initial heart of the trading place. The future of the gold exchange is full of hope.
The gold exchange should formulate an investor suitability system, and the standard should not be lower than the new regulations on asset management.
The gold exchange should formulate an investor suitability system, and the standard should not be lower than the new regulations on asset management.
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The gold exchange shall formulate an investor suitability system, the standard of which shall not be lower than the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (new regulations on asset management), and conduct real-name verification, risk identification ability and risk-taking ability test for investors in the process of opening an account.
According to the New Regulations on Asset Management, a qualified investor refers to a natural person, legal person or other organization that has the corresponding risk identification ability and risk-taking ability, invests no less than a certain amount in a single asset management product, and meets the following conditions.
(1) has more than 2 years of investment experience, and meets one of the following conditions: family financial net assets are not less than 3 million yuan, family financial assets are not less than 5 million yuan, or my average annual income in recent 3 years is not less than 400,000 yuan.
(2) A legal entity with a net asset of not less than 1 00000 yuan at the end of the recent period.
(three) other circumstances that the financial management department considers qualified investors.
Qualified investors should invest not less than 300,000 yuan in a single fixed-income product, not less than 400,000 yuan in a single mixed product, and not less than 6,543,800 yuan in a single equity product, a single commodity and a financial derivative product.
The filing of the gold exchange and the filing of the products of the gold exchange are the same as the listing of the gold exchange, but the names are different. From the feasibility point of view, as an exchange, the entry threshold is relatively high. The first is qualification examination. We are now in contact with three main categories: the State-owned Assets Department, the Listing Department and the Venture Capital Department. The second is asset audit, that is, what are the underlying assets. At present, more institutional funds like to be dispersed in small amounts and then packaged, similar to car loans and real estate mortgage loans; The third is the need for credit measures, which can solve the problems of low capital cost and large amount of P2P online lending platform. Generally speaking, the docking capital of institutions with the lowest capital cost can be around 7, 6 and 7, and the high capital can be around 8 and 9.
From the industry point of view, it is certain that institutional funds are more suitable for P2P, because its capital cost is lower, the amount is larger, and the investment cycle is longer, which will avoid the volatility of many individual investments. In fact, this trend is obvious whether the Interim Measures are promulgated or not. Speaking of time cost, as long as it can pass the relevant examination and adjustment of similar exchanges, the matching speed is still relatively fast.
On August 24th, the detailed rules of online loan supervision were divided into institutional supervision and behavioral supervision. Institutional supervision is the responsibility of local financial supervision, but behavioral supervision is still the responsibility of CBRC. Peer-to-peer lending requires a loan contract. For individual investors, it is necessary to look at the contract when lending to prove who is the borrower. Investment behavior arising from financial transactions and such contractual requirements need to be docked and explained, or local regulatory requirements. So at present, I think it still depends on the interpretation and provisions of the Interim Measures by all parties. There may be regulatory details for the time being, but from a spiritual perspective, we must know who is borrowing money. At present, such rules seem to be the place where the exchange needs to improve.