There are 13 articles in "Guidelines for Large Collection Products of Brokers", which stipulate the standards and procedures for further benchmarking Public Offering of Fund and realizing the standardization development of large collection products, give a reasonable transition period for standardization, and do not put forward unified requirements for standardization progress.
According to the provisions of the Securities Law, in 2003, the CSRC issued the Trial Measures for Customer Asset Management of Securities Companies, and securities companies or their asset management subsidiaries successively set up more than 400 collective asset management plans (hereinafter referred to as large-scale collective products) with the number of investors not limited to 200.
According to the Guidelines, in the future, large-scale products will be converted into Public Offering of Fund or private asset management plans, and will continue to operate steadily in accordance with relevant laws and regulations.
Choice data shows that by the end of the third quarter of 2065438+2008, the net asset value of large collection products of securities firms has reached 6.7171200 million yuan.
The following are the six core points of the paper "Guide to Large Collection of Securities Companies".
First, standardize large sets.
According to the scale of collective financial management and the minimum subscription standard, securities firms' collective financial products are divided into large collections and small collections. The general scale of large collections is 500 million to 65.438+0 billion, and the subscription starting point is 50,000 to 65.438+0 billion. Microfinance products are characterized by small scale, which can be operated by tens of millions, but the subscription starting point is generally above 654.38+00,000.
At the end of March, 20 13, the CSRC issued the Notice on Strengthening the Supervision of Asset Management Business of Securities Companies, clarifying that after June 1 year, new large-scale products will no longer be allowed, and qualified brokers can conduct public fund-raising business.
2065438+On May 28th, 2003, the CSRC issued the revised Measures for the Management of Customer Asset Management of Securities Companies and the Detailed Rules for the Implementation of Collective Asset Management of Securities Companies, which deleted the restrictions on the investment ratio of large-scale aggregate 10% and the provisions on the investment scope of large-scale aggregate, and no longer distinguished large-scale aggregate from small-scale aggregate. Large collection products began to fall into the embarrassing situation of "non-public and non-private".
From April 2065438 to April 2008, the Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions was issued and implemented, which further put forward some specific requirements for the operation norms of publicly offered products. Industry organizations are generally concerned about how to apply the relevant provisions of the above guidance to large-scale products.
Therefore, the release of the "Guidelines for Large Collection of Products of Brokers" has just solved the problem of standardizing large collections and reserved more ample cleaning space and follow-up supervision.
Second, set up a two-year transition period.
The Guidelines for Large-scale Collection Products of Securities Firms clearly stipulates that the new investment in large-scale collection products shall conform to the statutory investment scope and investment restrictions of publicly raised funds, strengthen the management of portfolio liquidity risk, and withdraw risk reserves in accordance with the relevant provisions of publicly raised funds.
The asset management business with a large stock pool should be managed by benchmarking public offering before 65438+February 3 1 in 2020, which means that the asset management business with a large stock pool has a two-year benchmarking and rectification transition period.
The specific contents of the tender are also specified in detail, including but not limited to five aspects.
Such as product sales, share trading, subscription and redemption, share registration, investment operation, valuation accounting, information disclosure, risk reserve provision and other requirements are consistent with those of Public Offering of Fund.
Others include compliance management, internal control, risk management and other institutional systems and supervision and management systems.
III. Form a standard scheme and submit it before the end of 20 18.
According to the requirements of "Guidelines for Large Collection Products of Brokers", securities companies should formulate a large collection product specification scheme with reasonable measures, clear progress, safety and order, and submit it to the agency of China Securities Regulatory Commission before the end of 20 18.
Moreover, securities companies should strengthen risk control, formulate comprehensive risk assessment and response plans, and do a real stress test.
Fourth, in the case of incomplete rectification, we must control the product scale.
The "Guidelines for Large Collection Products of Brokers" requires that the scale of large collection products should be controlled before the above specifications are completed. Among them, in principle, non-cash management large collection products shall not add net subscription amount, and cash management large collection products shall not add customers.
The Guidelines point out that from the date of promulgation of the Guidelines, the following behaviors shall not be added to large-scale products:
(a) before completing the rectification instructions, publicly or in disguised form publicly raise product shares;
(2) Initiating the establishment of new large-scale products in disguised form by issuing independent accounting sub-shares by stages;
(three) in violation of the provisions of the large collection of products to hire investment consultants;
(four) without filing, major adjustments or changes to the terms of the contract;
(5) Other matters stipulated by laws, administrative regulations and the China Securities Regulatory Commission.
5. What about brokers without public offering licenses?
A large collection of products of securities firms started the transformation of public offering. What should brokers do if they do not have a public offering license?
First, submit the acceptance application documents to the dispatched office of China Securities Regulatory Commission, and the dispatched office of China Securities Regulatory Commission will check and accept its normative work and issue a confirmation letter.
After obtaining the confirmation letter, the securities company shall submit an application for contract change of large-sum aggregate products to the China Securities Regulatory Commission, and the contract term shall not exceed 3 years in principle.
However, it is worth noting that securities companies should seek the opinions of product investors in an appropriate way before changing large-value product contracts. If investors have objections, they should guarantee their right to choose to withdraw from large-value products on the premise that the liquidity risk is controllable as a whole.
The Guidelines for Large Collection Products of Brokers encourages securities companies that have not obtained the qualification for managing public offering funds to complete the specification of large collection asset management business ahead of schedule by replacing the fund management companies with managers of large collection products and changing the way of registering as public offering funds.
In other words, products may be over-delivered to publicly funded subsidiaries or subsidiaries.
Six, supervise the regular summary and analysis of the large collection of product specifications within the jurisdiction.
The dispatched offices of the China Securities Regulatory Commission shall strengthen the supervision over the standardization of large-value products of securities companies within their respective jurisdictions, urge securities companies to formulate standardization schemes in strict accordance with the requirements of these Guidelines, do a good job in standardization, regularly summarize and analyze the standardization of large-value products within their respective jurisdictions, incorporate them into the quarterly and annual supervision reports, and report to the CSRC in a timely manner if major risks or irregularities are found.
Related reports >>& gt
The new rules for the large collection of brokers are coming! The "death order" under supervision: no public offering or private placement must also be operated as a public offering.
The new rules for the large collection of brokers are coming! Covering 670 billion yuan, five norms in the two-year transition period, and ten points for brokers to deal with risks with their own funds.
(article source: this newspaper)