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                        The Banking Regulatory Commission publicly solicits opinions on the Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks
Source: Banking Regulatory Commission website Edit: Oriental Wealth Network

  China Banking Regulatory Commission publicly solicits opinions on the Measures for the Supervision and Administration of Commercial Banks' Financial Management Business (Draft for Comment)

In order to implement the decision-making arrangements of the Party Central Committee and the State Council on tackling the major risks of preventing and defusing major risks, promote the unified supervision standards for asset management products, and promote the healthy development of bank wealth management business, the Banking Regulatory Commission will follow the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" ( Hereinafter referred to as the "new regulations for asset management", the drafting of the "Measures for the Supervision and Management of Financial Banking Business of Commercial Banks (Draft for Comment)" (hereinafter referred to as the "Measures") is now open to the public for comments. The Bank's Insurance Regulatory Commission will further revise and improve and timely implement the implementation based on feedback from all walks of life.

The "Measures" and the "New Regulations for Asset Management" are fully linked to form the regulatory requirements for banks to conduct wealth management business. The "Measures" consists of six chapters and 85 articles, which are general rules, classification management, business rules and risk management, supervision and management, legal responsibilities, and supplementary regulations, as well as an annex to the "Management Requirements for Commercial Banking Wealth Management Products".

The "Measures" are consistent with the "New Regulations on Assets Management", which mainly imposes the following regulatory requirements on the wealth management business of commercial banks:

The first is to implement classified management to distinguish between public and private wealth management products. Publicly-funded wealth management products are publicly issued to non-specific public entities, and private equity wealth management products are not issued to non-public investors of no more than 200 qualified investors;The sales starting point of a single public wealth management product will be reduced from the current 50,000 yuan to 10,000 yuan.

The second is to standardize product operations and implement net worth management. Require financial products to adhere to the principle of fair value measurement, and encourage the measurement of invested assets by market value; allow qualified closed wealth management products to be measured by amortized cost; during the transition period, allow cash management wealth management products to be temporarily referenced under strict supervision. The money market fund valuation accounting rules confirm and measure the net value of wealth management products.

The third is to standardize the operation of the fund pool and prevent the risk of “shadow banking”. The continuation of the “three-single” requirements for separate management, separate accounting, and separate accounting of wealth management products, as well as the limits and concentration management regulations for non-standardized debt-based asset investments, require that wealth management products need non-standardized debt assets to match maturity.

The fourth is to remove the channel and strengthen the penetration management. In order to prevent the volatility of funds, the continuation of wealth management products shall not invest in the wealth management products issued by the Bank or other banks; according to the “New Regulations on Assets Supervision”, the asset management products invested by the wealth management products shall not be “nested” to invest in other asset management products.

The fifth is to set limits and control concentration risks. Concentration restrictions are imposed on wealth management product investment securities or public equity investment funds.

The sixth is to control the leverage and effectively control risks. In terms of grading leverage, the continuation of the existing regulations that do not allow banks to issue tiered wealth management products; in terms of debt leverage, the debt ratio (total assets/net assets) cap is consistent with the “new rules for asset management”.

The seventh is to strengthen liquidity risk management and control. Banks are required to strengthen the liquidity management and transaction management of wealth management products, strengthen stress testing, and standardize open wealth management product subscription and redemption management.

Eighth is to strengthen the management of financial investment cooperation institutions. Continuing the current regulatory requirements, the issuing institutions, trusted investment institutions and investment advisors that require investment in wealth management products are licensed financial institutions. At the same time, considering the current and future market development needs, except for the private equity investment funds established by the affiliates of financial asset investment companies in accordance with the law, and other institutions recognized by the banking regulatory agency of the State Council may also serve as financial investment cooperation institutions for the future. Market development reserves.

Nine is to strengthen information disclosure and better protect the interests of investors. Specific information disclosure requirements were proposed for the overall situation of public offering wealth management products, private wealth management products and bank wealth management business.

Ten is to implement centralized product registration and strengthen the management of financial products compliance. Continuing the current practice, before the sale of wealth management products, the “National Banking Financial Information Registration System” is registered. Banks can only issue wealth management products that have been registered in the wealth management system and obtained registration codes, and effectively prevent “false financial management” and “flying orders”.

  In terms of the transitional arrangements, maintain aToAnd require the bank to formulate the Bank's wealth management business rectification plan in accordance with its own actual situation and in an independent and orderly manner. After review and approval by the board of directors and signed by the chairman of the board of directors, it shall be reported to the regulatory authorities for approval. The supervisory department supervises and guides all banks to implement the rectification plan, and gives appropriate supervision and incentives to banks that complete the rectification in advance. After the end of the transition period, for non-standardized debt assets that are difficult to return due to special reasons, and unexpired stock equity assets, the commercial banks may, with the consent of the regulatory authorities, take appropriate arrangements to handle them in a safe and orderly manner.

The issuance and implementation of the "Measures" is not only an important measure to implement the "new regulations on asset management," but also to fine-tune the regulatory requirements for bank wealth management, eliminate market uncertainty and stabilize market expectations. Promote bank financial management to return to the source of asset management business, guide financial management funds to invest in multi-level capital markets in a legal and standardized form, optimize the financial system structure; promote the unification of regulatory standards for similar asset management products, better protect the legitimate rights and interests of investors, and gradually break the rigidity in an orderly manner Redeem and effectively prevent and control financial risks.

The "Measures" are consistent with the "New Regulations on Assets Supervision". Commercial bank wealth management products mainly need to be adjusted and transformed according to the "new regulations for asset management" that have been released and implemented, which is conducive to promoting the orderly convergence of new and old rules and the smooth transition of bank wealth management business.

  The person in charge of the relevant department of the China Banking Regulatory Commission answered questions on the Measures for the Supervision and Administration of Commercial Banking Financial Management (Draft for Comment)

In order to promote the healthy development of bank wealth management business, promote the unified asset management product supervision standards, and effectively prevent financial risks, the China Insurance Regulatory Commission issued the "Measures for the Supervision and Management of Commercial Banks' Financial Management Services (Draft for Comment)" (hereinafter referred to as the "Measures"). The person in charge of the relevant department of the Banking Insurance Regulatory Commission answered questions from reporters on relevant issues.

  1. What is the background for the formulation of the "Measures"?

Since 2002, China's commercial banks have started their wealth management business. Bank wealth management business has played an active role in enriching the supply of financial products, meeting the needs of investors' capital allocation, and promoting the marketization of interest rates. However, there have been some problems in the rapid development, such as the lack of standardized business operations and the appropriate management of investors. In place, the information disclosure is not sufficient, and the “buyers are responsible” based on the “seller’s responsibility” has not yet been realized.

In this regard, the Banking Regulatory Commission has always attached great importance to the risk and supervision of bank wealth management business and continuously improved the regulatory framework for bank wealth management business. In recent years, a series of regulatory requirements have been issued and implemented. In 2017, focusing on inter-banking, wealth management and off-balance-sheet business, the “Three-Thirty-Thirty-Third” special governance and comprehensive management were carried out, and the Banking Financial Management Registration Center was established to establish wealth management products. The information registration system has initially realized the centralized centralized registration and translucent information reporting of wealth management products, and also provides investors with verification and inquiry services for wealth management product registration codes to prevent “false financial management” and “flying orders”. Since 2017, with the continuous strengthening of supervision by the Banking Regulatory Commission, the bank wealth management business has been adjusted in an orderly manner in accordance with the regulatory orientation, and the overall development is more stable and sustainable. In the first half of 2018, the bank's wealth management business was generally stable. At the end of 2017, the balance of non-guaranteed wealth management products of banks was 22.17 trillion yuan, the balance at the end of May 2018 was 22.28 trillion yuan, and the balance at the end of June was 21 trillion yuan. The scale and proportion of interbank financial management continued to decline. The wealth management funds are mainly invested in standardized assets such as bonds, deposits and money market instruments, accounting for about 70%; the proportion of non-standardized debt assets investment is about 15%, and the overall stability is stable.

Formulating the "Measures" is one of the important measures for the Banking Regulatory Commission to promote the construction of the wealth management business system. Since 2017, the China Insurance Regulatory Commission has worked closely with relevant departments such as the People's Bank of China to jointly promote the standardization and regulation of asset management products and to simultaneously study and formulate the Measures. On April 27, 2018, the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” (hereinafter referred to as “New Regulations for Asset Management”) was officially released and implemented. According to the overall requirements of the “New Regulations on Assets Supervision”, the Banking Regulatory Commission has further revised and improved the Measures, and plans to issue them as supporting rules. The issuance and implementation of the "Measures" is not only an important measure to implement the "new regulations for asset management", but also to refine the requirements for bank financial supervision, eliminate market uncertainty, stabilize market expectations, promote the standardized transformation of bank wealth management business, and achieve sustainable development.

  2. What are the general principles laid down in the Measures?

The formulation of the Measures mainly follows the following principles:

First, it is consistent with the “new regulations for asset management”, and continues the good supervision practices of bank wealth management business, and fully draws on the supervision system of domestic and foreign asset management industries;

The second is to promote the standardized transformation of wealth management business, and promote the investment of wealth management funds into multi-level capital markets in a legal and standardized form to optimize the financial system structure;

The third is to strengthen the appropriate management of investors, distinguish between public and private wealth management products, guide investors to purchase wealth management products that match their risk tolerance, and effectively protect the legitimate rights and interests of investors. Fourth, promote bank financial management to return to the source of asset management business and break the rigidity. Redeem.

The "Measures" are consistent with the "New Regulations on Assets Management". Commercial bank wealth management products mainly need to be standardized and transformed according to the "new regulations for asset management" that have been released and implemented, which is conducive to promoting the orderly convergence of new and old rules and the smooth transition of bank wealth management business.

  3. What is the scope of application of the Measures?

The "Measures" are consistent with the "New Regulations on Assets Management" and are positioned to regulate non-guaranteed wealth management products of banks. The “financial management” refers to the financial management business, which refers to the financial services that commercial banks accept and entrust investors to invest and manage the entrusted investor property according to the investment strategy, risk commitment and income distribution method agreed with the investors in advance; Refers to non-principal-guaranteed wealth management products that commercial banks pay to investors according to the agreed conditions and actual investment income, and do not guarantee the principal payment and income level.

The Measures apply to commercial banks established within the territory of the People's Republic of China, including Chinese-funded commercial banks, wholly foreign-funded banks, and Sino-foreign joint venture banks; other banking financial institutions carry out wealth management business, and the provisions of the Measures are applicable; foreign bank branches conduct wealth management business. , refer to the implementation of the Measures.

  4. What are the main provisions of the Measures in strengthening investor protection?

The China Insurance Regulatory Commission attaches great importance to the protection of wealth management products investors. The Measures further strengthen the protection of investors' legitimate rights and interests in the aspects of investor proper management, compliance sales, information registration and information disclosure.

The first is to strengthen the appropriate management of investors.

1. Distinguish between public offerings and private equity financing products. Publicly-funded wealth management products are issued to the unspecified public, with high risk spillovers. The regulatory requirements for investment scope, leverage ratio, liquidity management, and information disclosure are relatively cautious; private wealth management products are for non-public issuance of no more than 200 qualified investors. Investors have strong risk tolerance and relatively loose regulatory requirements such as investment scope.

2. Follow the risk matching principle. The continuation of current financial regulatory requirements requires banks to conduct risk assessments on wealth management products, evaluate investors' risk tolerance, and sell to investors an wealth management product with a risk rating equal to or lower than its risk tolerance rating based on the risk matching principle.

3. Set the starting point for the sales of single wealth management products. The sales starting point of a single public offering of wealth management products will be reduced from the current 50,000 yuan to 10,000 yuan; the starting point of the sales of a single private wealth management product will be consistent with the "new regulations for asset management."

4. The first purchase of an individual requires a face-to-face check. Continuing the current regulatory requirements, when individuals purchase wealth management products for the first time, they should conduct risk assessment and face-to-face checks at bank outlets.

The second is to strengthen the compliance management of product sales.

1. Standardize sales channels and implement special area sales and double recording. Continuing the current regulatory requirements, banks are required to sell wealth management products through the Bank or other banking financial institutions; if they sell wealth management products through their business premises, they should implement special area sales and record and record the sales process of each wealth management product.

2. Strengthen sales management. Bank sales wealth management products shall also implement the specific provisions of the “Procedures” on the management of wealth management products, sales text management, risk tolerance assessment, sales process management, and sales personnel management.

The third is to strengthen information disclosure. In line with the “new regulations for asset management”, specific information disclosure requirements for wealth management business are proposed: public open-end wealth management products should disclose the net value of each open day, publicly-closed wealth management products disclose net value once a week, public fundraising Products should provide monthly bills to investors; private equity wealth management products disclose net value and other important information every quarter; banks disclose the overall wealth management business of the Bank to the public every six months.

The fourth is to prevent "false financial management" and "flying orders." Continuing the current practice, banks are required to conduct a “full process, transmissive” centralized registration of wealth management products in the National Banking Financial Information Registration System (hereinafter referred to as the Financial Management System). Banks can only issue wealth management products that have been registered in the wealth management system and obtained registration codes. Investors can check product information on China Wealth Management Network according to the registration code, check whether the purchased product is a regular wealth management product issued by the bank, help prevent “false financial management” and “flying orders”, and strengthen investor protection.

  5. What are the regulations for the “Measures” in promoting the standard operation of wealth management business and realizing the management of net worth?

The "Measures" mainly have the following provisions in promoting the standard operation of wealth management business and realizing the management of net worth:

The first is to ensure the independence of wealth management products. Standardize the rolling pool, collection operation, and separate pricing of the fund pool wealth management business; continue the current "three orders" requirements, each wealth management product can be managed separately, separately accounted and separately accounted.

The second is to strengthen the responsibilities of managers. The bank is required to be honest and trustworthy, diligent and conscientious in fulfilling the duties of trusteeship and wealth management, and to raise the awareness of investors at their own risk. Banks may not publicize or promise to protect their income when selling wealth management products.

The third is to implement net worth management. Consistent with the “new regulations for asset management”, financial products are required to implement net value management, adhere to the principle of fair value measurement, encourage the measurement of invested assets by market value, and allow qualified closed wealth management products to be measured by amortized cost, reflecting the net value fluctuations in a timely manner. The benefits and risks of the product allow investors to take risks at their own risk. During the transition period, under the premise of strict supervision, the cash management financial products are allowed to temporarily refer to the money market fund valuation accounting rules to confirm and measure the net value of wealth management products.

  6. How does the “Measures” regulate the investment in non-standardized debt assets of bank wealth management products?

The "Measures" make the following provisions for the investment of non-standardized debt assets of bank wealth management products:

One is the deadline match. According to the relevant requirements of the “New Regulations on Assets Supervision”, unless the financial management funds invest in non-standardized debt assets, the termination date of the assets shall not be later than the expiration date of the closed wealth management products or the latest opening of the open wealth management products. If investing in the equity of an unlisted company, it shall be a closed-end wealth management product and it needs a matching period.

The second is the management of quotas and concentration. Continuing the current regulatory requirements, the balance of investment in non-standardized debt assets of bank wealth management products shall not exceed 35% of the net assets of wealth management products or 4% of the total assets of the bank; the balance of non-standardized debt assets of a single institution and its affiliated enterprises shall be Must not exceed 10% of the bank's net capital.

The third is to determine the standard. The "New Regulations on Assets Supervision" clearly stipulates that the People's Bank of China and the financial supervision and administration department shall separately formulate specific rules for the determination of standardized creditor assets, and the "Measures" will stipulate them.

  7. What are the provisions of the Measures in eliminating multi-level nesting and strengthening penetration management?

In response to problems such as the fact that some banks purchase layered products through the purchase of asset management products, it is difficult to timely and accurately grasp the underlying assets. The Measures put forward the following requirements:

First, accurately define the legal relationship, clearly stipulate the responsibility and risk sharing mechanism of each participating entity, and avoid legal disputes.

The second is to shorten the financing chain. In order to prevent the volatility of funds, the continuation of wealth management products may not be invested in the wealth management products issued by the Bank or other banks; according to the “New Regulations on Assets Management”, the asset management products invested by the wealth management products shall not be “nested investment”. "Other asset management products.

The third is to strengthen the penetration management, requiring banks to fulfill their investment management responsibilities, and not simply as a fundraising channel for all types of asset management products; fully disclose the underlying asset information and do a good job in registering information on financial management systems.

In addition, the current banking wealth management business regulation system stipulates that publicly funded wealth management products can only invest in monetary and bond funds. The “Measures” liberalize relevant restrictions, allowing public and private wealth management products to invest in various types of public equity investment funds; The new regulations are consistent, and wealth management products investment public equity investment funds can no longer penetrate the underlying assets.

  8. What are the regulations on the Measures to strengthen the liquidity risk management and control of wealth management business?

The Measures propose specific requirements for strengthening the liquidity risk management and control of bank wealth management business from the aspects of product liquidity management, transaction management, stress testing, open wealth management product subscription and redemption management.

The first is liquidity management. Banks are required to carefully decide whether to adopt open operation in the design stage of wealth management products. Open wealth management products should have sufficient high liquidity assets, hold cash of not less than 5% of the net asset value of wealth management products or have a maturity of less than one year. Treasury bonds, central bank bills, and policy financial bonds match the investor redemption needs.

The second is transaction management. Banks are required to strengthen their financial products to carry out interbank financing liquidity, counterparty and operational risk management, adopt scientific and reasonable valuation methods for buying and selling resale transaction pledges, and carefully determine the collateral discount coefficient.

The third is stress testing. Banks are required to establish a stress testing system for wealth management products and make specific requirements for stress scenarios, testing frequency, post-tests, and contingency plans.

The fourth is open product subscription and redemption management. Banks are required to reasonably control investor concentration during the subscription process, and prudently confirm large-scale subscription applications; in the redemption process, various redemption restrictions are reasonably set up as an auxiliary measure for liquidity risk management under stress scenarios.

  9. What are the regulations for the management of bank financial investment cooperation institutions under the Measures?

The bank wealth management investment cooperation institution refers to the issuance institution, the trustee investment institution and the investment consultant of the asset management products invested by the wealth management products.

The "Measures" one is to continue the current regulatory requirements, requiring the issuance institutions, trusted investment institutions and investment advisors of the investment products of wealth management products to be licensed financial institutions. At the same time, considering the current and future market development needs, except for the private equity investment funds established by the affiliates of financial asset investment companies in accordance with the law, and other institutions recognized by the banking regulatory agency of the State Council may also serve as financial investment cooperation institutions for the future. Market development reserves.

The second is to require banks to improve their internal management systems, and to define the access standards and procedures, responsibilities and obligations, duration management, conflict prevention mechanisms, information disclosure obligations and exit mechanisms of financial investment cooperation institutions.

The third is to require banks to improve their internal management systems, implement a list system management, earnestly perform their investment management duties, improve their ability to actively invest in management, and refrain from waiving their own responsibilities for entrusting other institutions to invest.

  X. What are the arrangements for the “Measures” regarding the transition period?

The transition period requirements of the Measures are consistent with the “New Regulations for Asset Management”, and the transition period is from the implementation of the Measures to December 31, 2020. During the transition period, the newly issued wealth management products of the bank shall comply with the provisions of the Measures. At the same time, the old products can be issued to dock unexpired assets, but the overall size of the stock wealth management products should be controlled; after the end of the transition period, the wealth management products that violate the regulations may not be issued or survived.

In the specific implementation, the "Measures" require banks to formulate their own financial management rectification plans in an independent and orderly manner in accordance with their actual conditions, and clarify the time schedule and internal division of responsibilities. After review and approval by the board of directors and approval by the chairman of the board, Approved by the regulatory authorities. The regulatory department is responsible for supervising and guiding the implementation of the rectification plan by all banks, and giving appropriate supervision and incentives to banks that have completed rectification in advance. After the end of the transition period, for non-standardized debt assets that are difficult to return due to special reasons, and unexpired stock equity assets, the commercial banks may, with the consent of the regulatory authorities, take appropriate arrangements to handle them in a safe and orderly manner.

In addition, the Banking Regulatory Commission has actively communicated and coordinated with the People's Bank of China, the China Securities Regulatory Commission and other departments to promote the settlement of bank wealth management products in the financial market, and promote fair competition for similar asset management products.

  11. How to regulate and manage the existing capital preservation products and structured deposits?

At present, the wealth management products issued by banks mainly include two types of guaranteed-type and non-principal-guaranteed wealth management products. Non-guaranteed wealth management products are real asset management products; guaranteed-type wealth management products can be divided into structured wealth management products and non-structural wealth management products according to whether they are linked to derivative products, and should be managed according to structured deposits or other deposits. Structured deposits are common in the world. In terms of legal relations, business essence, management mode, accounting treatment, risk isolation, etc., there are essential differences between the asset management attributes of non-guaranteed wealth management products “dealing customers”.

The Measures stipulate that the guaranteed wealth management products shall be managed in accordance with structured deposits or other deposits. At the same time, in the Supplementary Provisions, we will undertake and further clarify the relevant requirements for structural deposits in the current regulatory system, including: including structural deposits in the bank table, and in accordance with deposit management, correspondingly include the deposit reserve and deposit insurance premiums. Relevant assets shall be capital and provisioned as required; bank sales of structured deposits shall implement the relevant provisions of the Measures and the annex on product sales, fully disclose information, reveal risks, and protect the legitimate rights and interests of investors; banks shall carry out structured deposit business. , need to have the corresponding derivative product trading business qualifications.

  12. What are the considerations for the bank's related work in setting up a financial management subsidiary?

According to the relevant requirements of the “New Regulations on Corporate Governance and Risk Isolation”, the “Measures” stipulates that commercial banks should conduct wealth management business through subsidiaries with independent legal status; if they do not have the conditions, the head office of commercial banks should establish a wealth management business. The department implements centralized and unified management of the wealth management business. At present, I will have drafted the "Administrative Measures for Commercial Banking Financial Subsidiaries". After the "Measures" is released, it will be released and implemented as a supporting system for the "Measures" in due course.

In terms of the relationship and positioning of the “New Regulations for Assets Management”, “Measures” and “Administrative Measures for Financial Banking Subsidiaries of Commercial Banks”, the “Measures” are the supporting implementation rules for the “New Regulations on Assets Management”, and The regulatory requirements are consistent and are intended to apply to banks that have not yet carried out wealth management business through subsidiaries. Banks carrying out wealth management business must comply with the “New Asset Management Regulations” and “Measures”. The Measures for the Administration of Financial Banking Subsidiaries of Commercial Banks is intended to serve as a supporting system for the Measures. The applicable regulatory requirements are consistent with those of other similar financial institutions.

  Announcement of Public Consultation on the Measures for the Supervision and Administration of Commercial Banks' Financial Management Business (Draft for Comment) by the China Banking Regulatory Commission

In order to implement the decision-making arrangements of the Party Central Committee and the State Council on tackling the major risks of preventing and defusing major risks, promoting the unified supervision of asset management products, and promoting the healthy development of bank wealth management business, the China Banking Regulatory Commission drafted the Measures for the Supervision and Management of Commercial Banks' Financial Management (Request for Comments) Draft), is now open to the public for comments. The public can feedback through the following channels:

1. Log in to the Chinese Government Legal Information Network (website: http://www.chinalaw.gov.cn) and enter the “Legislative Comments Collection” section of the main menu of the homepage to make comments.

2. Send your comments by email to: cxcpcbrc.gov.cn

3. Send the comments by letter to: China Banking Regulatory Commission No. 15 Financial Street, Xicheng District, Beijing (Zip Code: 100140), and please indicate on the envelope the words “Public Welfare Business Supervision and Management Measures for Comments”.

The deadline for comments is August 19, 2018.

Attachment information:Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks (Draft for Comment)

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Source: Banking Regulatory Commission website Edit: Oriental Wealth Network

  China Banking Regulatory Commission publicly solicits opinions on the Measures for the Supervision and Administration of Commercial Banks' Financial Management Business (Draft for Comment)

In order to implement the decision-making arrangements of the Party Central Committee and the State Council on tackling the major risks of preventing and defusing major risks, promote the unified supervision standards for asset management products, and promote the healthy development of bank wealth management business, the Banking Regulatory Commission will follow the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" ( Hereinafter referred to as the "new regulations for asset management", the drafting of the "Measures for the Supervision and Management of Financial Banking Business of Commercial Banks (Draft for Comment)" (hereinafter referred to as the "Measures") is now open to the public for comments. The Bank's Insurance Regulatory Commission will further revise and improve and timely implement the implementation based on feedback from all walks of life.

The "Measures" and the "New Regulations for Asset Management" are fully linked to form the regulatory requirements for banks to conduct wealth management business. The "Measures" consists of six chapters and 85 articles, which are general rules, classification management, business rules and risk management, supervision and management, legal responsibilities, and supplementary regulations, as well as an annex to the "Management Requirements for Commercial Banking Wealth Management Products".

The "Measures" are consistent with the "New Regulations on Assets Management", which mainly imposes the following regulatory requirements on the wealth management business of commercial banks:

The first is to implement classified management to distinguish between public and private wealth management products. Publicly-funded wealth management products are publicly issued to non-specific public entities, and private equity wealth management products are not issued to non-public investors of no more than 200 qualified investors;The sales starting point of a single public wealth management product will be reduced from the current 50,000 yuan to 10,000 yuan.

The second is to standardize product operations and implement net worth management. Require financial products to adhere to the principle of fair value measurement, and encourage the measurement of invested assets by market value; allow qualified closed wealth management products to be measured by amortized cost; during the transition period, allow cash management wealth management products to be temporarily referenced under strict supervision. The money market fund valuation accounting rules confirm and measure the net value of wealth management products.

The third is to standardize the operation of the fund pool and prevent the risk of “shadow banking”. The continuation of the “three-single” requirements for separate management, separate accounting, and separate accounting of wealth management products, as well as the limits and concentration management regulations for non-standardized debt-based asset investments, require that wealth management products need non-standardized debt assets to match maturity.

The fourth is to remove the channel and strengthen the penetration management. In order to prevent the volatility of funds, the continuation of wealth management products shall not invest in the wealth management products issued by the Bank or other banks; according to the “New Regulations on Assets Supervision”, the asset management products invested by the wealth management products shall not be “nested” to invest in other asset management products.

The fifth is to set limits and control concentration risks. Concentration restrictions are imposed on wealth management product investment securities or public equity investment funds.

The sixth is to control the leverage and effectively control risks. In terms of grading leverage, the continuation of the existing regulations that do not allow banks to issue tiered wealth management products; in terms of debt leverage, the debt ratio (total assets/net assets) cap is consistent with the “new rules for asset management”.

The seventh is to strengthen liquidity risk management and control. Banks are required to strengthen the liquidity management and transaction management of wealth management products, strengthen stress testing, and standardize open wealth management product subscription and redemption management.

Eighth is to strengthen the management of financial investment cooperation institutions. Continuing the current regulatory requirements, the issuing institutions, trusted investment institutions and investment advisors that require investment in wealth management products are licensed financial institutions. At the same time, considering the current and future market development needs, except for the private equity investment funds established by the affiliates of financial asset investment companies in accordance with the law, and other institutions recognized by the banking regulatory agency of the State Council may also serve as financial investment cooperation institutions for the future. Market development reserves.

Nine is to strengthen information disclosure and better protect the interests of investors. Specific information disclosure requirements were proposed for the overall situation of public offering wealth management products, private wealth management products and bank wealth management business.

Ten is to implement centralized product registration and strengthen the management of financial products compliance. Continuing the current practice, before the sale of wealth management products, the “National Banking Financial Information Registration System” is registered. Banks can only issue wealth management products that have been registered in the wealth management system and obtained registration codes, and effectively prevent “false financial management” and “flying orders”.

  In terms of the transitional arrangements, maintain aToAnd require the bank to formulate the Bank's wealth management business rectification plan in accordance with its own actual situation and in an independent and orderly manner. After review and approval by the board of directors and signed by the chairman of the board of directors, it shall be reported to the regulatory authorities for approval. The supervisory department supervises and guides all banks to implement the rectification plan, and gives appropriate supervision and incentives to banks that complete the rectification in advance. After the end of the transition period, for non-standardized debt assets that are difficult to return due to special reasons, and unexpired stock equity assets, the commercial banks may, with the consent of the regulatory authorities, take appropriate arrangements to handle them in a safe and orderly manner.

The issuance and implementation of the "Measures" is not only an important measure to implement the "new regulations on asset management," but also to fine-tune the regulatory requirements for bank wealth management, eliminate market uncertainty and stabilize market expectations. Promote bank financial management to return to the source of asset management business, guide financial management funds to invest in multi-level capital markets in a legal and standardized form, optimize the financial system structure; promote the unification of regulatory standards for similar asset management products, better protect the legitimate rights and interests of investors, and gradually break the rigidity in an orderly manner Redeem and effectively prevent and control financial risks.

The "Measures" are consistent with the "New Regulations on Assets Supervision". Commercial bank wealth management products mainly need to be adjusted and transformed according to the "new regulations for asset management" that have been released and implemented, which is conducive to promoting the orderly convergence of new and old rules and the smooth transition of bank wealth management business.

  The person in charge of the relevant department of the China Banking Regulatory Commission answered questions on the Measures for the Supervision and Administration of Commercial Banking Financial Management (Draft for Comment)

In order to promote the healthy development of bank wealth management business, promote the unified asset management product supervision standards, and effectively prevent financial risks, the China Insurance Regulatory Commission issued the "Measures for the Supervision and Management of Commercial Banks' Financial Management Services (Draft for Comment)" (hereinafter referred to as the "Measures"). The person in charge of the relevant department of the Banking Insurance Regulatory Commission answered questions from reporters on relevant issues.

  1. What is the background for the formulation of the "Measures"?

Since 2002, China's commercial banks have started their wealth management business. Bank wealth management business has played an active role in enriching the supply of financial products, meeting the needs of investors' capital allocation, and promoting the marketization of interest rates. However, there have been some problems in the rapid development, such as the lack of standardized business operations and the appropriate management of investors. In place, the information disclosure is not sufficient, and the “buyers are responsible” based on the “seller’s responsibility” has not yet been realized.

In this regard, the Banking Regulatory Commission has always attached great importance to the risk and supervision of bank wealth management business and continuously improved the regulatory framework for bank wealth management business. In recent years, a series of regulatory requirements have been issued and implemented. In 2017, focusing on inter-banking, wealth management and off-balance-sheet business, the “Three-Thirty-Thirty-Third” special governance and comprehensive management were carried out, and the Banking Financial Management Registration Center was established to establish wealth management products. The information registration system has initially realized the centralized centralized registration and translucent information reporting of wealth management products, and also provides investors with verification and inquiry services for wealth management product registration codes to prevent “false financial management” and “flying orders”. Since 2017, with the continuous strengthening of supervision by the Banking Regulatory Commission, the bank wealth management business has been adjusted in an orderly manner in accordance with the regulatory orientation, and the overall development is more stable and sustainable. In the first half of 2018, the bank's wealth management business was generally stable. At the end of 2017, the balance of non-guaranteed wealth management products of banks was 22.17 trillion yuan, the balance at the end of May 2018 was 22.28 trillion yuan, and the balance at the end of June was 21 trillion yuan. The scale and proportion of interbank financial management continued to decline. The wealth management funds are mainly invested in standardized assets such as bonds, deposits and money market instruments, accounting for about 70%; the proportion of non-standardized debt assets investment is about 15%, and the overall stability is stable.

Formulating the "Measures" is one of the important measures for the Banking Regulatory Commission to promote the construction of the wealth management business system. Since 2017, the China Insurance Regulatory Commission has worked closely with relevant departments such as the People's Bank of China to jointly promote the standardization and regulation of asset management products and to simultaneously study and formulate the Measures. On April 27, 2018, the “Guiding Opinions on Regulating Asset Management Business of Financial Institutions” (hereinafter referred to as “New Regulations for Asset Management”) was officially released and implemented. According to the overall requirements of the “New Regulations on Assets Supervision”, the Banking Regulatory Commission has further revised and improved the Measures, and plans to issue them as supporting rules. The issuance and implementation of the "Measures" is not only an important measure to implement the "new regulations for asset management", but also to refine the requirements for bank financial supervision, eliminate market uncertainty, stabilize market expectations, promote the standardized transformation of bank wealth management business, and achieve sustainable development.

  2. What are the general principles laid down in the Measures?

The formulation of the Measures mainly follows the following principles:

First, it is consistent with the “new regulations for asset management”, and continues the good supervision practices of bank wealth management business, and fully draws on the supervision system of domestic and foreign asset management industries;

The second is to promote the standardized transformation of wealth management business, and promote the investment of wealth management funds into multi-level capital markets in a legal and standardized form to optimize the financial system structure;

The third is to strengthen the appropriate management of investors, distinguish between public and private wealth management products, guide investors to purchase wealth management products that match their risk tolerance, and effectively protect the legitimate rights and interests of investors. Fourth, promote bank financial management to return to the source of asset management business and break the rigidity. Redeem.

The "Measures" are consistent with the "New Regulations on Assets Management". Commercial bank wealth management products mainly need to be standardized and transformed according to the "new regulations for asset management" that have been released and implemented, which is conducive to promoting the orderly convergence of new and old rules and the smooth transition of bank wealth management business.

  3. What is the scope of application of the Measures?

The "Measures" are consistent with the "New Regulations on Assets Management" and are positioned to regulate non-guaranteed wealth management products of banks. The “financial management” refers to the financial management business, which refers to the financial services that commercial banks accept and entrust investors to invest and manage the entrusted investor property according to the investment strategy, risk commitment and income distribution method agreed with the investors in advance; Refers to non-principal-guaranteed wealth management products that commercial banks pay to investors according to the agreed conditions and actual investment income, and do not guarantee the principal payment and income level.

The Measures apply to commercial banks established within the territory of the People's Republic of China, including Chinese-funded commercial banks, wholly foreign-funded banks, and Sino-foreign joint venture banks; other banking financial institutions carry out wealth management business, and the provisions of the Measures are applicable; foreign bank branches conduct wealth management business. , refer to the implementation of the Measures.

  4. What are the main provisions of the Measures in strengthening investor protection?

The China Insurance Regulatory Commission attaches great importance to the protection of wealth management products investors. The Measures further strengthen the protection of investors' legitimate rights and interests in the aspects of investor proper management, compliance sales, information registration and information disclosure.

The first is to strengthen the appropriate management of investors.

1. Distinguish between public offerings and private equity financing products. Publicly-funded wealth management products are issued to the unspecified public, with high risk spillovers. The regulatory requirements for investment scope, leverage ratio, liquidity management, and information disclosure are relatively cautious; private wealth management products are for non-public issuance of no more than 200 qualified investors. Investors have strong risk tolerance and relatively loose regulatory requirements such as investment scope.

2. Follow the risk matching principle. The continuation of current financial regulatory requirements requires banks to conduct risk assessments on wealth management products, evaluate investors' risk tolerance, and sell to investors an wealth management product with a risk rating equal to or lower than its risk tolerance rating based on the risk matching principle.

3. Set the starting point for the sales of single wealth management products. The sales starting point of a single public offering of wealth management products will be reduced from the current 50,000 yuan to 10,000 yuan; the starting point of the sales of a single private wealth management product will be consistent with the "new regulations for asset management."

4. The first purchase of an individual requires a face-to-face check. Continuing the current regulatory requirements, when individuals purchase wealth management products for the first time, they should conduct risk assessment and face-to-face checks at bank outlets.

The second is to strengthen the compliance management of product sales.

1. Standardize sales channels and implement special area sales and double recording. Continuing the current regulatory requirements, banks are required to sell wealth management products through the Bank or other banking financial institutions; if they sell wealth management products through their business premises, they should implement special area sales and record and record the sales process of each wealth management product.

2. Strengthen sales management. Bank sales wealth management products shall also implement the specific provisions of the “Procedures” on the management of wealth management products, sales text management, risk tolerance assessment, sales process management, and sales personnel management.

The third is to strengthen information disclosure. In line with the “new regulations for asset management”, specific information disclosure requirements for wealth management business are proposed: public open-end wealth management products should disclose the net value of each open day, publicly-closed wealth management products disclose net value once a week, public fundraising Products should provide monthly bills to investors; private equity wealth management products disclose net value and other important information every quarter; banks disclose the overall wealth management business of the Bank to the public every six months.

The fourth is to prevent "false financial management" and "flying orders." Continuing the current practice, banks are required to conduct a “full process, transmissive” centralized registration of wealth management products in the National Banking Financial Information Registration System (hereinafter referred to as the Financial Management System). Banks can only issue wealth management products that have been registered in the wealth management system and obtained registration codes. Investors can check product information on China Wealth Management Network according to the registration code, check whether the purchased product is a regular wealth management product issued by the bank, help prevent “false financial management” and “flying orders”, and strengthen investor protection.

  5. What are the regulations for the “Measures” in promoting the standard operation of wealth management business and realizing the management of net worth?

The "Measures" mainly have the following provisions in promoting the standard operation of wealth management business and realizing the management of net worth:

The first is to ensure the independence of wealth management products. Standardize the rolling pool, collection operation, and separate pricing of the fund pool wealth management business; continue the current "three orders" requirements, each wealth management product can be managed separately, separately accounted and separately accounted.

The second is to strengthen the responsibilities of managers. The bank is required to be honest and trustworthy, diligent and conscientious in fulfilling the duties of trusteeship and wealth management, and to raise the awareness of investors at their own risk. Banks may not publicize or promise to protect their income when selling wealth management products.

The third is to implement net worth management. Consistent with the “new regulations for asset management”, financial products are required to implement net value management, adhere to the principle of fair value measurement, encourage the measurement of invested assets by market value, and allow qualified closed wealth management products to be measured by amortized cost, reflecting the net value fluctuations in a timely manner. The benefits and risks of the product allow investors to take risks at their own risk. During the transition period, under the premise of strict supervision, the cash management financial products are allowed to temporarily refer to the money market fund valuation accounting rules to confirm and measure the net value of wealth management products.

  6. How does the “Measures” regulate the investment in non-standardized debt assets of bank wealth management products?

The "Measures" make the following provisions for the investment of non-standardized debt assets of bank wealth management products:

One is the deadline match. According to the relevant requirements of the “New Regulations on Assets Supervision”, unless the financial management funds invest in non-standardized debt assets, the termination date of the assets shall not be later than the expiration date of the closed wealth management products or the latest opening of the open wealth management products. If investing in the equity of an unlisted company, it shall be a closed-end wealth management product and it needs a matching period.

The second is the management of quotas and concentration. Continuing the current regulatory requirements, the balance of investment in non-standardized debt assets of bank wealth management products shall not exceed 35% of the net assets of wealth management products or 4% of the total assets of the bank; the balance of non-standardized debt assets of a single institution and its affiliated enterprises shall be Must not exceed 10% of the bank's net capital.

The third is to determine the standard. The "New Regulations on Assets Supervision" clearly stipulates that the People's Bank of China and the financial supervision and administration department shall separately formulate specific rules for the determination of standardized creditor assets, and the "Measures" will stipulate them.

  7. What are the provisions of the Measures in eliminating multi-level nesting and strengthening penetration management?

In response to problems such as the fact that some banks purchase layered products through the purchase of asset management products, it is difficult to timely and accurately grasp the underlying assets. The Measures put forward the following requirements:

First, accurately define the legal relationship, clearly stipulate the responsibility and risk sharing mechanism of each participating entity, and avoid legal disputes.

The second is to shorten the financing chain. In order to prevent the volatility of funds, the continuation of wealth management products may not be invested in the wealth management products issued by the Bank or other banks; according to the “New Regulations on Assets Management”, the asset management products invested by the wealth management products shall not be “nested investment”. "Other asset management products.

The third is to strengthen the penetration management, requiring banks to fulfill their investment management responsibilities, and not simply as a fundraising channel for all types of asset management products; fully disclose the underlying asset information and do a good job in registering information on financial management systems.

In addition, the current banking wealth management business regulation system stipulates that publicly funded wealth management products can only invest in monetary and bond funds. The “Measures” liberalize relevant restrictions, allowing public and private wealth management products to invest in various types of public equity investment funds; The new regulations are consistent, and wealth management products investment public equity investment funds can no longer penetrate the underlying assets.

  8. What are the regulations on the Measures to strengthen the liquidity risk management and control of wealth management business?

The Measures propose specific requirements for strengthening the liquidity risk management and control of bank wealth management business from the aspects of product liquidity management, transaction management, stress testing, open wealth management product subscription and redemption management.

The first is liquidity management. Banks are required to carefully decide whether to adopt open operation in the design stage of wealth management products. Open wealth management products should have sufficient high liquidity assets, hold cash of not less than 5% of the net asset value of wealth management products or have a maturity of less than one year. Treasury bonds, central bank bills, and policy financial bonds match the investor redemption needs.

The second is transaction management. Banks are required to strengthen their financial products to carry out interbank financing liquidity, counterparty and operational risk management, adopt scientific and reasonable valuation methods for buying and selling resale transaction pledges, and carefully determine the collateral discount coefficient.

The third is stress testing. Banks are required to establish a stress testing system for wealth management products and make specific requirements for stress scenarios, testing frequency, post-tests, and contingency plans.

The fourth is open product subscription and redemption management. Banks are required to reasonably control investor concentration during the subscription process, and prudently confirm large-scale subscription applications; in the redemption process, various redemption restrictions are reasonably set up as an auxiliary measure for liquidity risk management under stress scenarios.

  9. What are the regulations for the management of bank financial investment cooperation institutions under the Measures?

The bank wealth management investment cooperation institution refers to the issuance institution, the trustee investment institution and the investment consultant of the asset management products invested by the wealth management products.

The "Measures" one is to continue the current regulatory requirements, requiring the issuance institutions, trusted investment institutions and investment advisors of the investment products of wealth management products to be licensed financial institutions. At the same time, considering the current and future market development needs, except for the private equity investment funds established by the affiliates of financial asset investment companies in accordance with the law, and other institutions recognized by the banking regulatory agency of the State Council may also serve as financial investment cooperation institutions for the future. Market development reserves.

The second is to require banks to improve their internal management systems, and to define the access standards and procedures, responsibilities and obligations, duration management, conflict prevention mechanisms, information disclosure obligations and exit mechanisms of financial investment cooperation institutions.

The third is to require banks to improve their internal management systems, implement a list system management, earnestly perform their investment management duties, improve their ability to actively invest in management, and refrain from waiving their own responsibilities for entrusting other institutions to invest.

  X. What are the arrangements for the “Measures” regarding the transition period?

The transition period requirements of the Measures are consistent with the “New Regulations for Asset Management”, and the transition period is from the implementation of the Measures to December 31, 2020. During the transition period, the newly issued wealth management products of the bank shall comply with the provisions of the Measures. At the same time, the old products can be issued to dock unexpired assets, but the overall size of the stock wealth management products should be controlled; after the end of the transition period, the wealth management products that violate the regulations may not be issued or survived.

In the specific implementation, the "Measures" require banks to formulate their own financial management rectification plans in an independent and orderly manner in accordance with their actual conditions, and clarify the time schedule and internal division of responsibilities. After review and approval by the board of directors and approval by the chairman of the board, Approved by the regulatory authorities. The regulatory department is responsible for supervising and guiding the implementation of the rectification plan by all banks, and giving appropriate supervision and incentives to banks that have completed rectification in advance. After the end of the transition period, for non-standardized debt assets that are difficult to return due to special reasons, and unexpired stock equity assets, the commercial banks may, with the consent of the regulatory authorities, take appropriate arrangements to handle them in a safe and orderly manner.

In addition, the Banking Regulatory Commission has actively communicated and coordinated with the People's Bank of China, the China Securities Regulatory Commission and other departments to promote the settlement of bank wealth management products in the financial market, and promote fair competition for similar asset management products.

  11. How to regulate and manage the existing capital preservation products and structured deposits?

At present, the wealth management products issued by banks mainly include two types of guaranteed-type and non-principal-guaranteed wealth management products. Non-guaranteed wealth management products are real asset management products; guaranteed-type wealth management products can be divided into structured wealth management products and non-structural wealth management products according to whether they are linked to derivative products, and should be managed according to structured deposits or other deposits. Structured deposits are common in the world. In terms of legal relations, business essence, management mode, accounting treatment, risk isolation, etc., there are essential differences between the asset management attributes of non-guaranteed wealth management products “dealing customers”.

The Measures stipulate that the guaranteed wealth management products shall be managed in accordance with structured deposits or other deposits. At the same time, in the Supplementary Provisions, we will undertake and further clarify the relevant requirements for structural deposits in the current regulatory system, including: including structural deposits in the bank table, and in accordance with deposit management, correspondingly include the deposit reserve and deposit insurance premiums. Relevant assets shall be capital and provisioned as required; bank sales of structured deposits shall implement the relevant provisions of the Measures and the annex on product sales, fully disclose information, reveal risks, and protect the legitimate rights and interests of investors; banks shall carry out structured deposit business. , need to have the corresponding derivative product trading business qualifications.

  12. What are the considerations for the bank's related work in setting up a financial management subsidiary?

According to the relevant requirements of the “New Regulations on Corporate Governance and Risk Isolation”, the “Measures” stipulates that commercial banks should conduct wealth management business through subsidiaries with independent legal status; if they do not have the conditions, the head office of commercial banks should establish a wealth management business. The department implements centralized and unified management of the wealth management business. At present, I will have drafted the "Administrative Measures for Commercial Banking Financial Subsidiaries". After the "Measures" is released, it will be released and implemented as a supporting system for the "Measures" in due course.

In terms of the relationship and positioning of the “New Regulations for Assets Management”, “Measures” and “Administrative Measures for Financial Banking Subsidiaries of Commercial Banks”, the “Measures” are the supporting implementation rules for the “New Regulations on Assets Management”, and The regulatory requirements are consistent and are intended to apply to banks that have not yet carried out wealth management business through subsidiaries. Banks carrying out wealth management business must comply with the “New Asset Management Regulations” and “Measures”. The Measures for the Administration of Financial Banking Subsidiaries of Commercial Banks is intended to serve as a supporting system for the Measures. The applicable regulatory requirements are consistent with those of other similar financial institutions.

  Announcement of Public Consultation on the Measures for the Supervision and Administration of Commercial Banks' Financial Management Business (Draft for Comment) by the China Banking Regulatory Commission

In order to implement the decision-making arrangements of the Party Central Committee and the State Council on tackling the major risks of preventing and defusing major risks, promoting the unified supervision of asset management products, and promoting the healthy development of bank wealth management business, the China Banking Regulatory Commission drafted the Measures for the Supervision and Management of Commercial Banks' Financial Management (Request for Comments) Draft), is now open to the public for comments. The public can feedback through the following channels:

1. Log in to the Chinese Government Legal Information Network (website: http://www.chinalaw.gov.cn) and enter the “Legislative Comments Collection” section of the main menu of the homepage to make comments.

2. Send your comments by email to: cxcpcbrc.gov.cn

3. Send the comments by letter to: China Banking Regulatory Commission No. 15 Financial Street, Xicheng District, Beijing (Zip Code: 100140), and please indicate on the envelope the words “Public Welfare Business Supervision and Management Measures for Comments”.

The deadline for comments is August 19, 2018.

Attachment information:Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks (Draft for Comment)

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