The new Liquidity Management Measures focuses on the liquidity risk in Public Offering of Fund, and at the same time makes special provisions on the management and control of liquidity risk of money market funds. Through the requirements of customer concentration, liquidity and asset concentration of money funds, the credit and liquidity risks brought by blind pursuit of scale and income can be avoided. In recent years, the money fund has grown rapidly. According to the data of the second quarterly report of the fund in 20 17, the market size of the fund industry in the first half of the year exceeded 10 trillion yuan. Among them, the size of the money fund reached 5. 1 1 trillion yuan, accounting for half of the fund industry. Especially in July, it expanded by more than 700 billion yuan to 5.86 trillion yuan. To some extent, the money fund determines the life and death of the fund industry's public offering. The contradiction between the growing scale of the money fund and the liquidity risk it faces is becoming more and more prominent. At the end of 20 16, the bond market fluctuated violently, and some money funds faced the risk of a run, which aggravated the regulators' concern about liquidity management.
Recently, Li Chao, vice chairman of the China Securities Regulatory Commission, said at an internal training meeting that the liquidity risk of the money fund, especially the systemic risk hidden behind the huge money fund, should not be underestimated. A family can also bring systemic risks. "There are individual money funds with huge scale. Everyone knows who they are without naming them, and their scale has exceeded the personal income of relatively large banks. " Li Chao pointed out. It is worth noting that in this new regulation, the concept of systemically important money market fund was mentioned by the regulatory authorities for the first time, leaving room for the supervision of systemically important funds. Yu 'ebao may become the first systemically important fund. In recent years, the monetary fund market is scale-oriented, and the impulse to become bigger is becoming more and more prominent. The new liquidity regulations are intended to guide the moderate growth of the size of the money fund. With the arrival of the implementation period of the new liquidity management regulations, the era of rapid growth of the size of the money fund may come to an end. The pattern of the money market may change. Welcome the strongest supervision. The time interval between soliciting opinions and issuing a formal draft of this new liquidity regulation is longer than the general regulations. Since the publication of the draft for comments in April this year, the new regulations have gone through four to five rounds of soliciting opinions in the industry. The final version of the new regulations refers to the regulatory policies of mature markets in the United States in terms of money funds. The new regulations are problem-oriented, requiring fund managers to establish and improve liquidity risk management and control mechanisms and establish liquidity risk monitoring, early warning and disposal mechanisms with stress testing as the core. According to the Caijing reporter, some newly issued money funds have revised their contracts or re-planned the issuance time and postponed the deadline.
Many fund companies are actively studying the impact of the new regulations. Although the new regulations give a six-month transition period, during the transition period, all indicators can only decline. With the impact of the new regulations, the industry expects that the hot money fund market will cool down in the second half of the year. At present, the focus of the market is the concentration of investment institutions, the limit of 200 times of risk reserve and the investment limit of monetary fund. The new regulations have a number of provisions on the proportion of money fund holders. Among them, if the fund manager newly establishes a money market fund and intends to allow a single investor to hold more than 50% of the total share of the fund, the amortized cost method shall not be used to account for the portfolio assets held by the fund. This has a great impact on large institutional money funds, especially customized institutional money funds. "Institutional customers may transfer some money funds with a high proportion in large fund companies, which will benefit medium-sized fund companies". A person from the fixed income department of a fund company in Beijing believes. In addition, the "new liquidity regulation" stipulates that all money market funds managed by the same fund manager shall not invest in bank deposits of the same commercial bank and interbank certificates of deposit and bonds issued by the same commercial bank, and shall not exceed 65,438+00% of the net assets of the commercial bank at the end of the latest quarter.