This Friday, it is the regulation of the New Deal!
In addition to the Silver Insurance Regulatory Commission, the central bank also issuedNotice on Further Clarifying the Relevant Matters Concerning the Guidance of Financial Asset Management Business of Financial Institutions》. The main contents of the Notice include: first, to further clarify the investment scope of public asset management products; second, to further clarify the valuation methods of related products during the transition period; and third, to further clarify the macro-prudential policy arrangements during the transition period.
Five major contents of the new regulations for the implementation of the new regulations
1. Clearly publicly funded asset management products can be properly invested in non-standard
The "Notice" further explained Article 10 of the "Guidance Opinions", clarifying that public asset management products can also invest in non-standardized debt assets (hereinafter referred to as non-standard) in addition to the main investment in standardized debt assets and listed trading stocks. However, it should comply with the regulatory provisions on the term matching, limit management, and information disclosure of non-standard investment in the Guiding Opinions.
In fact, the new regulations on asset management do not explicitly prohibit non-standard investment in publicly funded asset management products. The Notice only further clarifies that investment can be made.
The "Notice" requires that public asset management products, in addition to the main investment in standardized debt assets and listed trading stocks, may also appropriately invest in non-standardized debt assets, but should meet the "Guidance Opinion" on the matching of non-standardized debt assets investment, Regulatory requirements such as limit management and information disclosure.
2, old products can invest in new assets
The "Notice" stated that during the transition period, financial institutions can issue new assets for investment in old products, giving priority to meeting national key areas and major project construction projects and financing needs of small and medium-sized enterprises. However, the overall scale of old products should be controlled by new assets. Within the overall scale of the pre-release stock products, the maturity date of the new assets invested shall not be later than the end of 2020.
3. Some regular open-ended asset management products can be measured by the amortized cost method.
The "Notice" stated that during the transition period, for the regular open asset management products with a closed period of more than half a year, the investment is for the purpose of collecting contractual cash flow and holds the bonds due, which can be measured using amortized cost, but is open on a regular basis. The product holding asset portfolio may not be longer than 1.5 times the closure period.
A banking analyst said to the brokerage China reporter that this article is a major positive for bank financing, reducing the pressure on bank wealth management, meaning that during the transition period, as the main product of bank wealth management, the expected income-based financial management model can still Continued, only a limited number of products are subject to certain restrictions, but at least may solve the acceptance problem of wealth management customers. After all, bank wealth management customers are accustomed to the expected revenue-based products, and net worth products are difficult to accept in the short term.
Under the premise of strict supervision, the bank's cash management products are temporarily valued by reference to the “amortized cost + shadow pricing” method of money market funds. This requirement is in line with the new financial regulations issued on the 20th.
4, non-standard return form requires relaxation, encourage the issuance of secondary capital bonds
For stocks of non-standardized debt assets that are difficult to digest through various measures and need to be returned, in the macro-prudential assessment (MPA) assessment, the relevant parameters are rationally adjusted, and their counter-cyclical adjustments are played to support eligible off-balance sheet assets. table.
Support banks with non-standardized debt assets to return to the table to issue secondary capital debt supplementary capital.
After the end of the transition period, the stocks of non-standardized debt assets that are difficult to return due to special reasons, as well as the unexpired stock equity assets, shall be properly disposed of by appropriate arrangements with the consent of the financial regulatory authorities.
5, not rigidly set the stage pressure drop requirements, financial institutions autonomous rectification
During the transition period, the financial institution shall determine the rectification plan in an independent and orderly manner, and shall be implemented after confirmation by the financial supervision department.
Huang Yiping, the central bank's consultant: the implementation rules of the new regulations for the asset management are unwavering in the direction of de-leveraging
Huang Yiping, the central bank's consultant, expressed his latest statement that although the “new regulations for asset management” adopted a transitional and cutting-off method for new and old businesses, the market was given a relatively adequate buffer period. However, due to the unclear understanding of the specific requirements of financial institutions for actual business operations, There are differences in the understanding of the specific provisions of the new regulations. In order to avoid misunderstandings in policy understanding and the possible deviations in the implementation of the “new regulations,” financial institutions either adopt an over-tightened one-size-fits-all approach or adopt a wait-and-see attitude of passive waiting. This has intensified the financial market tension to some extent.
The “New Regulations on Assets and Regulations” has always adhered to the policy direction of de-leverage, further clarifying the regulatory standards and requirements, and fully considering the actual situation of China’s financial market development and the reasonable financing needs of the real economy, which is conducive to eliminating market uncertainty. Stabilizing market expectations, ensuring the stable operation of the financial market, will create a healthy monetary and financial environment for the real economy, and more conditions to win the battle against major risks.
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