Liquidity-restricted assets refer to assets that cannot be realized at a reasonable price due to laws, regulations, supervision, contracts or operational obstacles, including but not limited to reverse repurchase and bank time deposits (including bank deposits with conditional early withdrawal agreed in this agreement) with maturity exceeding 65,438+00 trading days, suspended stocks, new shares with restricted circulation, non-public offering of stocks, asset-backed securities, bonds that cannot be transferred or traded due to the issuer's debt default, etc. Article 32 Assets with limited liquidity refer to money market funds that can be legally invested.
Assets that meet the above conditions, except for special circumstances recognized by China Securities Regulatory Commission.
Extended data:
What is the liquidity risk of open-end funds?
The liquidity risk of open-end funds refers to the uncertainty loss caused by the uncertainty of investors' redemption time and redemption quantity, and its extreme situation is similar to the risk of bank run.
The liquidity risk of open-end funds mainly includes the following three aspects:
The first is the research on the investor demand of open-end funds, that is, due to the change of investor demand, funds continue to flow in and out, which leads to the liquidity risk of open-end funds.
Secondly, the liquidity of assets and the allocation ratio of current assets are studied. Liquidity measurement indicators mainly include transaction amount, turnover rate, depth, price difference, flexibility and timeliness.
The third is the institutional arrangement of liquidity risk management, that is, the regulations made by the regulatory authorities to deal with the liquidity risk caused by investor redemption, including the institutional arrangements for normal redemption and huge redemption.