The supervision principle of the new asset management regulations;
1. Institutional supervision is combined with functional supervision, and functional supervision is implemented according to product type rather than institution type, and the same regulatory standard is applied to the same type of asset management products, reducing regulatory vacuum and arbitrage.
2. Implement penetrating supervision. For multi-layer nested asset management products, identify the ultimate investor of the product upwards and identify the underlying assets of the product downwards (except public securities investment funds).
3. Strengthen macro-prudential management, establish a macro-prudential policy framework for asset management business, improve policy tools, and strengthen monitoring, evaluation and adjustment from a macro, countercyclical and cross-market perspective.
4. Realize real-time supervision, comprehensively and dynamically supervise the issuance, sales, investment and redemption of asset management products, and establish a sound statistical system.
Legal basis: Article 2 of the Guiding Opinions on Regulating Asset Management Business of Financial Institutions.
Asset management business refers to financial services that banks, trusts, securities, funds, futures, insurance asset management institutions, financial asset investment companies and other financial institutions accept the entrustment of investors to invest and manage the property of entrusted investors. Financial institutions perform the obligations of honesty, credit and diligence for the benefit of customers, and charge corresponding management fees. Customers bear investment risks and gain income. Financial institutions can agree with customers in advance in the contract to collect reasonable performance remuneration, which should be included in the management fee, and correspond to the products one by one and be settled one by one, and different products should not be mixed. Asset management business is an off-balance-sheet business of financial institutions, and financial institutions may not promise to protect capital and income when conducting asset management business. When payment is difficult, financial institutions may not advance in any form. Financial institutions may not carry out on-balance-sheet asset management business. Private investment funds shall be governed by special laws and administrative regulations on private investment funds. If there are no specific provisions in the special laws and administrative regulations on private equity investment funds, this opinion shall apply, and the relevant provisions on venture capital funds and government-funded industrial investment funds shall be formulated separately.