1 transition period of new asset management regulations: On July 3, 2020, the People's Bank of China announced that it would extend the transition period of new asset management regulations to the end of 20021.The extension of the transition period does not involve the change and adjustment of relevant regulatory standards of new asset management regulations.
The transition period of the original new asset management regulations will end at the end of 2020. However, due to the impact of the COVID-19 epidemic, the economy and finance have suffered a certain impact, and the transformation of asset management business norms of financial institutions is under great pressure. Therefore, the transition period of the new asset management regulations will be extended to the end of 20021.
2 Transition period of cash management products: It is mentioned in this notice that the transition period of cash management products should be set at the end of 2022, so that more long-term old assets will naturally expire, which not only fully considers the affordability of institutions, but even slightly exceeds market expectations, eliminates uncertainty, relieves the pressure of position adjustment in subsequent cash management financing, and helps to alleviate the impact of centralized disposal of existing assets on financial markets.
However, no matter how these two transition periods are extended, it is certain that the risk resolution of existing asset management products has not reached expectations, the work of cleaning up risks will continue, and supervision may accelerate.
China People's Bank Shanghai Headquarters, branches, business management departments, provincial capital city center branches and sub-provincial city center branches; China Development Bank, policy banks, state-owned commercial banks, joint-stock commercial banks and China Postal Savings Bank; Securities companies, fund companies, futures companies and private investment fund management institutions; All insurance asset management institutions:
The Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Yinfa [20 18] 106, hereinafter referred to as "Guiding Opinions") has played a positive role in regulating the market order of asset management and preventing financial risks since its promulgation and implementation on April 27th, 20 18. In order to guide financial institutions to better implement the Guiding Opinions, ensure the smooth transition of standardized asset management business, and create a good monetary and financial environment for the real economy, through joint research by the People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, the relevant matters are now further clarified as follows:
Priority should be given to meeting the financing needs of national key areas and major construction projects and small and medium-sized enterprises, but the overall scale of old products should be controlled within the overall scale of existing products before the issuance of the Guiding Opinions, and the maturity date of invested new assets should not be later than the end of 2020.
3. During the transition period, for fixed-term open-end asset management products with a closed period of more than half a year, the investment aims at collecting contract cash flow and holding mature bonds; Under the premise of strict supervision, the cash management products of banks are temporarily valued with reference to the "amortized cost+shadow pricing" method of money market funds.
Four. For the non-standardized stock of creditor's rights assets that are really difficult to digest through various measures and need to be returned to the balance sheet, the relevant parameters should be reasonably adjusted in the process of macro-prudential assessment (MPA) to play its countercyclical adjustment role and support the return of qualified off-balance sheet assets.
Support non-standardized creditor assets banks to issue tier 2 capital bonds to supplement capital.
5. After the transition period, with the consent of the financial supervision department, appropriate arrangements will be taken to properly handle the stock of non-standardized creditor's rights assets and the stock of unexpired equity assets that are difficult to return due to special reasons.
Please forward this notice to the branches and financial institutions within your jurisdiction for implementation, and send a copy to the local dispatched office of the CBRC and the CSRC.
General Office of China People's Bank
2065438+July 20, 2008
In accordance with the unified arrangements of the CPC Central Committee and the State Council, the People's Bank of China, together with relevant departments, conscientiously implemented the spirit of the 19th National Congress of the Communist Party of China, the Central Economic Work Conference, the government work report and the first meeting of the 19th Central Financial and Economic Committee, implemented a prudent and neutral monetary policy, continued to promote financial reform and opening up, standardized financial order, and resolutely laid a tough battle to prevent and resolve major risks. In order to further effectively prevent and control financial risks, guide social funds to flow to the real economy, and better support economic restructuring and transformation and upgrading, the Notice on Further Defining and Regulating the Guiding Opinions on Asset Management of Financial Institutions (hereinafter referred to as the Notice) was formulated.
The Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions (Yinfa [20 18] 106, hereinafter referred to as the Guiding Opinions) has played a positive role in standardizing the market order of asset management and preventing financial risks since it was promulgated and implemented on April 27th. In order to better implement the Guiding Opinions, the People's Bank of China, together with the China Banking Regulatory Commission and the China Securities Regulatory Commission, formulated the Notice to clarify the specific operational issues during the transition period and promote the smooth implementation of the Guiding Opinions.