1. Strict dealer management. It is clear that securities companies should have the qualification of OTC options dealers, carry out income swap business and use special hedging accounts to carry out hedging transactions.
2. Strengthen linked target management. It is clear that the linked target shall have fair market pricing and good liquidity, and shall not be linked with private equity products and OTC derivatives such as private equity funds and asset management plans; Securities companies should establish a white list system and a penetrating verification mechanism for linked targets.
Extended data
The Measures for the Administration of Income Swap Business of Securities Companies is a document formulated and issued by China Securities Association according to the work arrangement of CSRC, which was officially issued on February 3, 2002165438.
Chapter 10 and Article 47 of the Administrative Measures re-regulate the income swap business of securities firms from seven aspects. It aims to further promote securities companies to improve their professional service capabilities and compliance risk control level, and promote the healthy development of their income swap business.
The Measures for the Administration of Income Swap Business of Securities Companies is a document formulated and issued by China Securities Industry Association according to the work deployment of CSRC, with a total of 10 chapters and 47 articles, which re-standardizes the income swap business of securities firms from seven aspects. It aims to further promote securities companies to improve their professional service capabilities and compliance risk control level, and promote the healthy development of their income swap business.
Since the pilot of 20 12, the income swap business of securities companies has developed steadily, and the market demand has gradually expanded, which has played an active role in serving the real economy, serving investors' asset allocation and risk management needs, and improving the professional service ability of securities companies. However, the China Securities Association pointed out that with the development of business, some new situations and problems have emerged, and the original institutional rules have obviously failed to meet the needs of business development.
During the implementation of the Administrative Measures, the China Securities Association strengthened the training of income swap business, guided the China Securities Association to strengthen business monitoring, organized on-site inspections in a timely manner, continuously urged securities companies to conduct income swap business in a standardized and prudent manner, and guided securities companies to continuously improve their professional ability and level in serving the real economy, asset allocation and investor risk management needs.