The central bank issued new regulations on asset management
Noun interpretation

  Asset Management Definition:

The asset management business refers to the behavior of the asset manager in the operation and operation of the client's assets in accordance with the methods, conditions, requirements and restrictions stipulated in the asset management contract, providing securities, funds and other financial products to customers and collecting fees.

Asset management can be defined as the actual process by which institutional investors collect assets that are invested in capital markets. Although conceptually these two aspects are often entangled, in fact, from a legal point of view, asset managers may or may not be part of institutional investors. In fact, asset management can be the internal affairs of the organization itself or external.

Therefore, asset management refers to the act of the client giving his or her assets to the trustee and the trustee providing financial services to the client. It is a financial institution that invests in client assets to invest in financial markets and obtain investment income for customers.

Another way of asset management is to manage the assets of the custodian as an asset manager, mainly investing in industry, including but not limited to production companies. This management risk is small, the income is lower than the capital market, and the investment threshold is low.

  Overview of asset management development:

In recent years, with the continuous improvement of the income level of Chinese people, the problem of how to allocate assets and manage wealth has come on the scene. In the next five years, the competition situation of China's asset management institutions will change, and banks will remain the backbone. Thanks to the acceleration of direct financing, public and private funds will grow faster, while those relying on channel business will face transformation.

As of the end of 2015, the total assets under management of various types of asset management institutions (including bank wealth management, trusts, insurance, securities companies, public funds and fund subsidiaries) reached approximately 93 trillion yuan, and the average annual compound growth in the past three years. The rate is 51%. It is expected to reach 174 trillion yuan in 2020 and an average compound annual growth rate of 17% in 2015-2020.

The proportion of future pension funds in the asset management market has increased significantly. By 2020, pensions will bring 1.5-2 trillion yuan of capital to the capital market. The scale of the national social security fund will reach 3.5-4 trillion yuan, and corporate annuities and occupational annuities will also contribute a large increase. In addition, insurance capital and corporate futures are still important institutional investors, and the importance of bank outsourcing investment will also rise.

From the point of view of the asset management category, passive management and alternative investments, except for fixed-income, have developed rapidly, such as index funds, private equity funds, and private equity funds. In the active management type, the development of stock products is still relatively fast, and cross-border products also have great potential.

The market will usher in three advantages: improving the relative attractiveness of wealth management products, alleviating the pressure on refinancing of entity companies and boosting market liquidity. ...[full text]
The “New Asset Management Regulations” further clarified the development direction of the asset management business and played a positive role in regulating market development and defusing financial risks. ...[full text]
Small survey
Core points of the new regulations
Financial institutions pay attention! The central bank issued a notice on the implementation of the new regulations. Clear some operational details!

After the introduction of the Guiding Opinions on Regulating Asset Management Business of Financial Institutions (hereinafter referred to as the “New Regulations for Asset Management”), some financial institutions have some doubts about the implementation of this opinion, and there have been signs of excessive and rapid operation. In order to solve this problem and clarify some operational details, the People's Bank of China today issued a new notice on the implementation of the new regulations on asset management. ...[Details]

Notice on the implementation of the new regulations for asset management: Relaxation in 5 major aspects Encourage the issuance of secondary capital debts to resolve non-standard returns

In addition to the China Insurance Regulatory Commission, the central bank has just issued a Notice on Further Clarifying the Relevant Matters Concerning the Guidance of Financial Asset Management Businesses. 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. ...[Details]

Central Bank: Publicly funded assets can be appropriately invested in non-standardized debt assets

On July 20, the People's Bank of China issued a notice on further clarifying the matters related to the guidance on the asset management business of financial institutions, clarifying that the publicly-raised asset management products can also invest in non-standardized claims in addition to the main investment in standardized debt-based assets and listed trading stocks. Class assets. ...[Details]

The new rules for bank financing are coming! Affecting 4 million practitioners and 140 million shareholders

On the evening of the 20th, the Banking Regulatory Commission issued a new bank financial regulation "Commercial Banking Financial Management Supervision and Management Measures (Draft for Comment)", which lowered the threshold for investors to purchase and allowed investment in public investment securities funds, which will affect countless purchases of bank wealth management. Households, more than 4 million bank practitioners and more than 140 million A-share investors. ...[Details]

New regulations for asset management: Encourage the full use of private equity products to support marketization and rule of law debt-to-equity swaps

In contrast to the consultation draft issued on November 17, 2017, “Encourage the full use of private equity products to support marketization and rule by law debt-to-equity swaps” is the new content of the new regulations. ...[Details]

New qualified investors in the new regulations: the family financial net assets of not less than 3 million yuan

The new rules for asset management show that qualified investors refer to natural persons and legal persons or other organizations that have the corresponding risk identification ability and risk-taking ability, invest in a single asset management product not less than a certain amount and meet the following conditions. ...[Details]

New regulations for asset management: the same financial institution shall issue more than one asset management product and the same asset shall not exceed 30 billion

If the same financial institution issues more than one asset management product to invest in the same asset, in order to prevent the risk of the same asset from affecting multiple asset management products, the total amount of funds invested by multiple asset management products in the asset shall not exceed 30 billion yuan. ...[Details]

New regulations for qualified investors to enter the market: the average annual income in the past three years is not less than 400,000

The "Opinions" clarify that investors in asset management products are divided into two categories: non-specific public and qualified investors. A qualified investor is a natural person and legal person or other organization that has the corresponding risk identification ability and risk-taking ability, invests in a single asset management product not less than a certain amount and meets the following conditions. ...[Details]

New asset management regulations: Eliminate multi-layer nesting

Strictly restrict the investment requirements of non-standardized debt assets, prohibit the pool of funds, and prevent shadow banking risks and liquidity risks. Classify unified liabilities and hierarchical leverage requirements, eliminate multiple levels of nesting, and suppress channel services. ...[Details]

New regulations for asset management: prohibiting financial institutions from pledge financing with the share of entrusted management products

The Opinions prohibit the classification of public offerings and open-ended private offerings. In a closed-end private equity product that can be graded, the rating ratio (priority share/inferior share) of fixed-income products must not exceed 3:1, and the equity products must not exceed 1:1. ...[Details]

New regulations for asset management: the total size of funds for the same asset investment of multiple asset management products must not exceed 30 billion

In order to prevent the risk of the same asset from affecting multiple products, the Opinions require that the total amount of funds for the same financial institution to issue multiple asset management products to invest in the same asset shall not exceed 30 billion yuan. If it exceeds this scale, it must be approved by the financial supervision and management department. ...[Details]

New rules for asset management: Non-financial institutions may not issue or sell asset management products

The central bank and other four ministries jointly issued the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions". As a financial business, the asset management business belongs to the franchise industry and must be included in financial supervision. Non-financial institutions may not issue or sell asset management products, except as otherwise stipulated by the state. ...[Details]

Supporting rules
The Banking Regulatory Commission publicly solicits opinions on the Measures for the Supervision and Administration of Financial Banking Business of Commercial Banks

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 is in accordance with the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions". At the request, the "Measures for the Supervision and Management of Commercial Banks' Financial Management Business (Draft for Comment)" was drafted, and the public is now open 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. ...[Details]

Alarmed 21 trillion wealth management market! Heavy new rules can be used to buy bank financing

The new financial management plan that has been eagerly awaited has finally come to an end. This new regulation will really affect the 21 trillion banking wealth management market. Regardless of the degree of profitability and expected decline, the A-share financial sector is the first to be jubilant. After a lapse of three months, as a supporting regulation for the new regulations, the new financial regulations finally officially landed on July 20. ...[Details]

The CSRC solicits opinions on the "Administrative Measures on Private Asset Management Business of Securities and Futures Operating Institutions"

Recently, the CSRC publicly solicited opinions on the “Administrative Measures on Private Equity Asset Management Business of Securities and Futures Operating Agencies (Draft for Comment) and the “Regulations on the Operation and Management of Private Equity Asset Management Plan of Securities and Futures Operating Agencies (Draft for Comment)”. A spokesperson for the Securities and Futures Commission said that in recent years, the private equity management business of securities and futures operating institutions has developed rapidly. ...[Details]

The CSRC is heavy late at night! Affecting 26 trillion private equity management 20 core contents all understand

As of June 2018, the scale of private equity management business of securities and futures institutions totaled 25.91 trillion yuan, of which securities companies and their subsidiaries were about 14.92 trillion yuan, fund companies and their subsidiaries were about 10.83 trillion yuan, and futures companies and their The subsidiary is about 160 billion yuan. ...[Details]

Since then, the 47 trillion assets have been “completed and tight”. The stock market will welcome incremental funds.

The new regulations will affect the market size of nearly 47 trillion yuan. Market participants expect that the introduction of new rules will help accelerate the launch of new products, and the downward trend of wealth management products is expected to improve. At the same time, the accelerated launch of new products will help improve the liquidity of the stock market and bond market. ...[Details]

Analysis and interpretation
Institutional review of new regulations: the smooth transition of the general trend has not changed Encourage funds to invest in the stock market bond market

On the evening of July 20, two major documents were released. One was the draft of the Banking Insurance Regulatory Commission's management plan for wealth management business, and the other was the supplementary notice of the central bank on the new regulations. The direction of the document is in line with our pre-judgment of the rules in the previous period, which greatly reduced the difficulty of non-standard investment during the transition period of the new regulation (before 2020) and encouraged the wealth management funds to invest in the stock market bond market. ...[Details]

The threshold of bank wealth management products has dropped from 50,000 to 10,000. How does the new financial regulations affect your money bag?

On July 20, the China Insurance Regulatory Commission issued the "Measures for the Supervision and Management of Commercial Banks' Financial Management Business (Draft for Comment)", which puts regulatory requirements on the wealth management business of commercial banks. Among them, the starting point of a single public offering of wealth management products has been reduced from the current 50,000 yuan to 10,000 yuan, while bank wealth management products can invest in various types of public equity investment funds. ...[Details]

Huang Yiping: The new rules and regulations for the implementation of the new regulations adhere to the direction of de-leverage and focus on enhancing operability.

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. ...[Details]

The first bullet of the new rules and regulations of the asset management: experts interpret the five main points of bank wealth management one by one

Dong Xiwei, a senior researcher at the Chongyang Finance Research Institute of Renmin University of China and deputy director of the Industry Development Research Committee of the China Banking Association, said in an interview with the Daily Economic News that after more than a decade of development, the wealth management business of commercial banks has grown into a trust of residents. Risky asset management business. ...[Details]

The new rules and regulations of the asset management platform The big financial sector is good for geometry?

Some market participants pointed out that the overall valuation of the current sector has been low, and the market is waiting for the release of positive signals. If the monetary policy and the new regulations for asset management are expected to be realized, the big financial sector is expected to emerge from a wave of rebounds. The repair of the entire A-share valuation. ...[Details]

Consultation drafts one by one! The new regulations of the new regulations are directly related to your money bag.

Compared with the draft for comments, there are N major changes in the new regulations. Significant changes include: the transition period is extended to the end of 2020, the definition of standardized products is more clear, and some of the asset management products can still be amortized using the amortized cost method, and the graded products and leverage ratio are more relaxed than before. ...[Details]

The central bank and other heavy releases! The transition period of the new asset management plan is extended by one and a half years.

Banking is the absolute “big family” in the asset management industry, and the new regulations governing it are also the biggest. The "Guiding Opinions" is only a programmatic regulatory document. The former CBRC has been working hard to formulate supporting regulations for bank financing. With the implementation of the "Guiding Opinions", it is expected that the supporting regulations for bank wealth management will be released soon. ...[Details]

The new regulations for asset management are coming! Reinventing the trillion-dollar asset structure, the transition period is extended to 2020

The relevant person in charge of the central bank pointed out that in the period of reasonable setting of the transition period, after in-depth evaluation and evaluation, compared with the draft for comment, the "Opinions" will extend the transition period to the end of 2020, giving financial institutions sufficient adjustment and transformation time. ...[Details]

The new rules of the new capital will come to the fore! The transition period is extended by one and a half years.

A new era is open! Please remember today, on April 27, 2018, the asset management industry of 100 billion yuan has finally ushered in the formal implementation of the regulations on large capital management. ...[Details]

Heavy! The new rules for asset management are coming. The 10 major changes must be read! 5 million financial migrant workers have no sleep (with in-depth analysis)

On April 27th, the new rules for asset management in the market were officially launched. Fund Jun has made ten major changes by comparing the official draft with the draft for comments released last November. ...[Details]

Xinhua News Agency's new rules for appraisal: don't take financial institutions as cash machines

China is already a financial power, and the impact of the financial industry on the social economy is very important. Strengthen financial supervision, serious market discipline, effectively isolate risks in the industrial and financial industries, and stimulate market vitality while regulating market order. ...[Details]

Central Bank: The new regulations will extend the transition period to the end of 2020 to ensure market stability

The Opinions extended the transition period to the end of 2020, giving financial institutions sufficient adjustment and transition time. Proper arrangements are also made for non-standard stock assets that have not yet expired after the end of the transition period, guiding financial institutions to return to the balance sheet to ensure market stability. ...[Details]

The transition period of the new regulations will be slightly higher than expected by the end of 2020.

On April 27th, the two associations of the People's Bank of China and the foreign exchange bureau jointly issued the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions", clarifying that the transition period of the new regulations will be delayed until the end of 2020, which is delayed by June 30, 2019. In the first half of the year, the end of the transition period is two and a half years away from the current issue, slightly exceeding market expectations. ...[Details]

Shen Wan Hongyuan Macro: New regulations for asset management pay more attention to balance impact

Strict supervision is expected to land smoothly. The official draft of the new asset management regulation upholds the overall tone of risk prevention. The core objective is to eliminate the regulatory arbitrage space to the greatest extent. The measures in the key areas such as fund pool business, rigid redemption, multi-level nesting, channel business and non-standard business are still strict. . ...[Details]

National Gold Strategy: The transition period of the new asset management regulation will be extended.

A long-awaited call came out, and the official draft of the new rules and regulations was finally released. The time for the introduction was basically in line with market expectations. Two major points of view: 1. The principle of the big rule has not been relaxed, but it has been strengthened in the official draft of the new regulations. ...[Details]

Official interpretation

  The relevant person in charge of the People's Bank of China answered questions on the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions"

On April 27, 2018, with the approval of the State Council, the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" (hereinafter referred to as "Opinions") was officially released. A few days ago, the relevant person in charge of the People's Bank of China answered questions from reporters on issues related to the Opinions.

  1. What is the public consultation and absorption situation?

With the approval of the State Council, the "Opinions" began to solicit opinions from the public on November 17, 2017 for a period of one month. During the process of soliciting opinions, financial institutions, experts and scholars, and the public have given extensive attention. The People's Bank of China and the relevant departments conducted repeated research and prudent decision-making on feedback, fully absorbed the scientific and reasonable opinions, and combined with the results of market impact assessment, the following provisions were revised and improved.

In terms of investment in non-standardized debt assets, the Opinions clarify the core elements of standardized debt-based assets, and propose regulatory measures such as deadline matching and quota management to guide commercial banks to orderly reduce the size of non-standard stocks.

In terms of product net worth management, the Opinions require that asset management (hereinafter referred to as asset management) business should not promise to protect the principal income, clarify the criteria for the recognition and punishment of rigid redemption, and encourage the measurement of the financial assets invested by market value, taking into account that some assets are still It does not have the conditions for measuring by market value, and takes into account market demands, allowing financial assets that meet certain conditions to be measured at amortized cost.

In terms of eliminating multi-level nesting, the Opinions unify the regulatory standards for similar asset management products, requiring the regulatory authorities to implement equal access to the asset management business, promote equal access to asset management products, and eliminate multiple levels of nesting from the root cause. motivation. At the same time, the nesting level is limited to one layer, and multi-level nesting and channel services are prohibited.

In terms of the level of unified leverage, the Opinions fully considers the market demand and endurance. Different liability levers are set according to the risk levels of different products. According to the industry supervision standards, different grading ratios are set for products that are allowed to be graded.

In terms of a reasonable transition period, after an in-depth evaluation and evaluation, the "Opinions" will extend the transition period to the end of 2020, giving financial institutions sufficient adjustment and transformation time. Proper arrangements are also made for non-standard stock assets that have not yet expired after the end of the transition period, guiding financial institutions to return to the balance sheet to ensure market stability.

  2. What is the background for the formulation of the "Opinions"?

In recent years, China's financial institutions' asset management business has developed rapidly and its scale has continued to climb. As of the end of 2017, regardless of cross-holding factors, the total scale has reached 100 billion yuan. Among them, the balance of bank off-balance sheet wealth management products is 22.2 trillion yuan, and the balance of trust trusts managed by trust companies is 21.9 trillion yuan, public funds, private equity funds, securities company asset management plans, funds and their subsidiaries' asset management plans, The balance of the insurance asset management plan was 11.6 trillion yuan, 11.1 trillion yuan, 16.8 trillion yuan, 13.9 trillion yuan, and 2.5 trillion yuan respectively. At the same time, non-financial institutions such as Internet companies and various investment advisory companies are also active in asset management.

The asset management business has played an active role in meeting the needs of residents' wealth management, enhancing the profitability of financial institutions, optimizing the structure of social financing, and supporting the real economy. However, due to the inconsistent regulatory rules and standards of similar asset management businesses, the regulatory arbitrage activities are frequent, some products are multi-layered, the risk base is unclear, the fund pool model contains liquidity risk, and some products become channels for credit outflow, rigid redemption. Generally speaking, shadow banks with insufficient supervision outside the formal financial system have interfered with macroeconomic regulation and control to some extent, increased the cost of social financing, affected the quality and efficiency of the financial services real economy, and intensified the cross-industry and cross-market transmission of risks. Under the leadership of the Party Central Committee and the State Council, the People's Bank of China, together with the Bank of China Insurance Supervision and Administration Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, adhere to the problem-oriented approach, starting with bridging the shortcomings of supervision and improving the effectiveness of supervision. Based on the development of the financial institution's asset management business and the regulatory practices in various industries, the Opinions were formulated.

  3. What are the general ideas and principles of the Opinions?

The general idea of ​​the Opinions is to formulate uniform regulatory standards in accordance with the types of asset management products, to make consistency provisions for similar asset management businesses, to implement fair market access and supervision, and to minimize regulatory arbitrage space for asset management. The healthy development of the business creates a good institutional environment.

The "Opinions" follow the following basic principles: First, adhere to the bottom line thinking of strictly controlling risks, reduce inventory risks, and prevent incremental risks. The second is to adhere to the fundamental goal of serving the real economy, not only give full play to the functions of the asset management business, but also effectively serve the investment and financing needs of the real economy, and strictly regulate and guide, avoiding the stagnation of funds, preventing products from becoming too complicated and exacerbating risks across industries and markets. Cross-regional delivery. The third is to adhere to the combination of macro-prudential management and micro-prudential supervision, institutional supervision and functional supervision, to achieve comprehensive and unified coverage of various financial institutions' asset management business, and to adopt effective regulatory measures to strengthen financial consumer rights. protection. Fourth, we must adhere to the targeted problem orientation, focusing on the multi-level nesting of asset management business, unclear leverage, serious arbitrage, frequent speculation, etc., setting unified regulatory standards, and insisting on profit-avoiding and avoiding financial innovation. For the second, leave room for development. Fifth, adhere to the active and prudent advancement, prevent risks and orderly standards, fully consider the market affordability, reasonably set the transition period, strengthen market communication, and effectively guide market expectations.

  4. What is the scope of application of the Opinions? Which products of which organizations are included?

The "Opinions" are mainly applicable to the asset management business of financial institutions, that is, financial institutions such as banks, trusts, securities, funds, futures, insurance institutions, financial asset investment companies, etc., are entrusted by investors to invest in the assets of the entrusted investors. Managed financial services. Financial institutions perform honesty, credit, diligence and responsibility for the interests of the principal and charge corresponding management fees. The principal can bear the investment risk and obtain the income. The financial institution can charge a reasonable performance remuneration, but it must be included in the management fee and one by one. correspond. Asset management products include non-guaranteed wealth management products, financial trusts, securities companies, securities company subsidiaries, fund management companies, fund management subsidiaries, futures companies, futures company subsidiaries, insurance asset management institutions, and financial asset investment companies. Tube products, etc. This opinion is not applicable to the asset securitization business carried out in accordance with the rules promulgated by the financial management department and the pension products issued in accordance with the rules promulgated by the human resources social security department.

In response to the chaos of non-financial institutions carrying out the asset management business in violation of laws and regulations, the "Opinions" also follow the concept of "not allowed to engage in financial business without approval, financial business must accept financial supervision", and clearly stated that non-financial institutions, except as otherwise stipulated by the state, Do not issue or sell asset management products. “Except as otherwise provided by the state” mainly refers to the issuance and sale of private equity investment funds. Private investment funds apply to private investment funds special laws and administrative regulations. If there is no clear stipulation, the "Opinions" shall apply. The relevant provisions of venture capital funds and government investment funds shall be separately formulated.

  5. What is the basis and purpose of the Opinions on the classification of asset management products? What are the main differences between different types of product regulation?

The classification of asset management products and the application of uniform regulatory rules for similar products are the basis of the Opinions. The Opinions classify asset management products from two dimensions. First, from the source of funds, according to the collection method, it is divided into two categories: public offerings and private equity products. Public offerings are issued to the public with weak risk identification and affordability. The risk spillover is strong. The regulatory requirements in terms of investment scope are stricter than those of private equity products. The main investment is in standardized debt assets and listed stocks, except for laws and regulations and financial management. The department may not invest in the equity of unlisted enterprises unless otherwise stipulated by the department. Privately-owned products are issued to qualified investors with strong risk identification and affordability. The regulatory requirements are relatively loose, and they are more respectful of the autonomy of market entities. They can invest in debt-type assets, listed or listed stocks, unlisted companies and equity. ) Benefits and other assets in compliance with laws and regulations. Second, from the fund utilization end, according to the nature of investment, it is divided into four categories: fixed income products, equity products, commodities and financial derivatives products, and mixed products. According to the principle of higher investment risk and stricter hierarchical lever constraint, different grade ratio restrictions are set, and the information disclosure focus of various products is also different.

The purpose of classifying products from the above two dimensions is: First, strengthen functional supervision in accordance with the principle of “substance over form”. In practice, financial institutions in different industries carry out asset management business, and different regulatory rules and standards are applied according to the type of organization, which creates space for regulatory arbitrage. Therefore, it is necessary to classify asset management products according to business functions, and apply uniform regulatory standards to similar products. . The second is to implement the concept of “appropriate products sold to suitable investors”: on the one hand, public offerings and private equity products, respectively, correspond to two different types of investment groups, the public and qualified investors, reflecting different investor suitability management requirements; On the one hand, according to the nature of investment, the asset management products are divided into different types, so as to distinguish the risk level of the products, and at the same time, the product types are required to be issued when the asset management products are issued, so as to avoid “selling the dog meat” and effectively protect the financial consumers. rights and interests.

  6. In what ways does the Opinions strengthen the qualification requirements and management responsibilities of financial institutions in conducting asset management business?

The asset management business is a financial service that is “trusted by people and financial management”. To protect the legitimate rights and interests of the client, the “Opinions” require financial institutions to meet certain qualification requirements and fulfill their management duties. First, financial institutions should establish management systems and management systems that are compatible with the development of asset management business. Corporate governance is good, and risk management, internal control and accountability mechanisms are sound. Second, financial institutions should improve the qualification, training, assessment and accountability systems of the business management personnel to ensure that they have the necessary professional knowledge, industry experience and management capabilities, and abide by the code of conduct and professional ethics. Third, for those employees who violate the relevant laws and regulations and the Financial Institutions' asset management business as stipulated in the Opinions, they shall take penalties according to law until they cancel their qualifications.

  7. What are the criteria for the identification of standardized creditor assets? How does the Opinions regulate the investment in non-standardized debt assets of asset management products?

The "Opinions" clarify that standardized creditor assets should have the following characteristics: equal differentiation, tradable, adequate information disclosure, centralized registration, independent custody, fair pricing, perfect liquidity mechanism, and trading in the trading market established by the State Council. The specific identification rules shall be separately formulated by the People's Bank of China in conjunction with the financial supervision and administration department. Debt assets other than standardized debt assets are non-standard.

Non-standard has the functions of term, liquidity and credit conversion, low transparency, weak liquidity, evading regulatory requirements such as macro-control policies and capital constraints, and some of them are directed to restrictive areas. The characteristics of shadow banking are obvious. To this end, the "Opinions" stipulate that the non-standard investment in asset management products shall comply with the regulatory standards of the financial supervision and management department regarding quota management and liquidity management, and the strict deadlines shall be matched. The purpose of making the above specifications is to prevent the asset management business from becoming a disguised credit business, prevent and control shadow banking risks, shorten the financing chain, reduce financing costs, and improve the efficiency and level of the financial services real economy. While standardizing non-standard investment, in order to better meet the financing needs of the real economy, it is necessary to vigorously develop direct financing, build a multi-level capital market system, further deepen financial system reform, and enhance the efficiency and level of financial services real economy.

  8. How does the Opinions prevent the liquidity risk of asset management products? How to regulate the operation of the financial pool of financial institutions?

In the process of carrying out the asset management business, some financial institutions conduct fund pool operations on raised funds through rolling distribution, collective operations, and separate pricing. In this mode of operation, many asset management products correspond to multiple assets, and the income of each product comes from which assets are not recognized, and the risk is difficult to measure. At the same time, the short-term funds raised will be put into long-term debt or equity projects, which will increase the liquidity risk of asset management products. Once it is difficult to raise follow-up funds, liquidity will easily occur.

On the basis of prohibiting the fund pool business, emphasizing the separate management of asset management products, separate accounting, and separate accounting, the Opinions require financial institutions to strengthen product long-term management, and stipulate that the term of closed-end asset management products shall not be less than 90 days. Correct the short-term trend of asset management products, and effectively reduce and eliminate the maturity mismatch and liquidity risk of the source and the end of the funds. In addition, the Opinions are expressly prohibited for some institutions to break through the restrictions on the number of investors by setting up multiple asset management products for a single financing project. In order to prevent the risk of the same asset from affecting multiple products, the Opinions require that the total amount of funds for the same financial institution to issue multiple asset management products to invest in the same asset shall not exceed 30 billion yuan. If it exceeds this scale, it must be approved by the financial supervision and management department.

  9. What is the relationship between the risk reserve or capital measurement requirements of the Assets and Controls and the relevant standards of existing institutions? How do the two connect?

The asset management business belongs to the off-balance sheet business of financial institutions, and the investment risk should be borne by the investors. However, in order to deal with operational risks or other unforeseen risks, it is necessary to establish a certain risk compensation mechanism, and accrue corresponding risk reserves, or Consider the relevant risk factors when measuring capital. At present, the risk reserve or capital measurement requirements of different industry asset management products are different: banks implement capital supervision, and measure a certain proportion of operational risk capital according to wealth management business income; securities company asset management plan, public fund, fund subsidiary specific customers The asset management plan and part of the insurance asset management plan accrue the risk reserve according to the management fee income, but the proportion is different; the trust company accrues the trust compensation reserve according to 5% of the after-tax profit.

Taking into account the current requirements, the Opinions stipulate that financial institutions should make a risk reserve according to 10% of the management fee income of the asset management products, or measure the operational risk capital or the corresponding risk capital preparation according to the regulations. When the risk reserve balance reaches 1% of the product balance, it can no longer be withdrawn. The risk reserve is mainly used to make up for the losses caused by the financial institution's illegal or illegal, violation of the asset management product agreement, operational errors or technical failures to the property or investors of the asset management. Financial institutions should regularly report the use of risk reserves to the financial management department. It should be noted that for financial institutions that do not currently apply risk reserve or capital measurement, such as trust companies, the Opinions are not required to make double accruals on this basis, but the financial supervision and management department shall follow the Opinions. The standard is specified in the specific rules.

  X. Why should we break the rigid redemption of asset management products? How to implement product net worth management?

Rigid redemption deviates from the essence of asset management products, “respecting people and managing people”, raising the level of risk-free rate of return and interfering with the price of funds, which not only affects the decisive role of the market in resource allocation, but also weakens market discipline. As a result, some investors ventured into speculation, financial institutions did not perform their duties, and moral hazard was more serious. Breaking the rigid redemption has become a social consensus, and the "Opinions" has made a series of detailed arrangements. First of all, when defining the asset management business, financial institutions are required not to promise to protect the insured income. When the product is difficult to pay, it cannot be redeemed in any form. Second, guide financial institutions to change the expected rate of return model, strengthen product net worth management, and clarify accounting principles. Third, expressly identify the situation of rigid redemption, including the breach of the net value determination principle to protect the product's insurance income, adopt a rolling issue, etc. to protect the insurance income, self-raised funds to repay or entrust other institutions to compensate. Fourth, the classification is punished. Deposit-type financial institutions have a rigid redemption, full payment of deposit reserve and deposit insurance premiums. Non-deposit-based licensed financial institutions are corrected and punished by the financial supervision and administration department and the People's Bank of China. In addition, the auditing responsibilities and reporting requirements of external auditors have been strengthened.

In practice, some asset management products adopt the expected rate of return model, and excessively use the amortized cost method to measure the invested financial assets. The risk of the underlying assets cannot be reflected in the value change of the products in time. The investors are not aware of the risks they bear, and then Lack of risk-awareness; and financial institutions convert the portion of investment income that exceeds expected earnings into management fees or directly into intermediate business income, rather than giving investors, and it is difficult to ask investors to take risks at their own risk. In order to promote the transformation of expected-income products into net-value products, investors are responsible for their risks on the basis of clear risks and full benefits. The Opinions emphasize that financial institutions' performance remuneration needs to be included in management fees and correspond to products one by one. Financial institutions are required to strengthen the management of net worth of products, which are accounted for by the custodian institution, audited by external audit institutions, and the specific accounting principles are clarified. First, financial assets that require investment in asset management products adhere to the principle of fair value measurement and encourage the use of market value measurement. At the same time, some assets that meet one of the following conditions are allowed to be measured at amortized cost: first, the closed operation of the product, and the financial assets invested are for the purpose of collecting contractual cash flow and held for maturity; The financial assets invested are not actively trading in the market, or there is no quotation in the active market, and the fair value cannot be reliably measured using valuation techniques.

  11. How to regulate the leverage level of asset management products?

In order to maintain the stable operation of bonds, stocks and other financial markets, and to curb asset price bubbles, we should control the leverage level of asset management products. The leverage of asset management products is divided into two categories. One is debt leverage. After product is raised, financial institutions increase investment leverage through debt lending, pledge repurchase and other liabilities. One is hierarchical leverage, that is, financial institutions give priority to products. Inferior share grading, priority investors provide financing leverage to inferior investors. In terms of debt leverage, the Opinions set 140%, 200%, 140%, and 200% debt ratios for open public offerings, closed public offerings, classified private placements, and other privately funded assets (total assets/net assets) The upper limit, and prohibits financial institutions from pledging financing with the share of products under management. In terms of grading products, the Opinions prohibit the classification of public offerings and open-ended private offerings. In a closed private equity product that can be graded, the proportion of fixed-income products (priority share/bad share) must not exceed 3:1, equity products should not exceed 1:1, commodity and financial derivatives products, mix Class products must not exceed 2:1.

  12. How to eliminate multi-level nesting and limit channel services?

The multi-layered nesting of asset management products not only increases the complexity of the products, but also leads to unclear underlying assets, which also lengthens the capital chain and raises the cost of social financing. The embedding of a large number of graded products has also led to a multiplication of leverage and increased market volatility. In order to fundamentally suppress the motive of multi-level nesting, the Opinions clarify that asset management products should have equal status in terms of account opening, property rights registration, and legal proceedings, and require financial supervision and management departments to conduct asset management services for various financial institutions. Equal access. At the same time, the nesting level is regulated, and the asset management products are allowed to reinvest in a layer of asset management products. However, the products invested may not be invested in products other than the public fund investment fund, and the channel business that avoids the regulatory requirements such as investment scope and leverage constraints is prohibited. Considering the reality, financial institutions with insufficient investment capacity can still entrust other institutions to invest, but they should not be exempted from their own responsibilities. The trustee of publicly funded assets must be a financial institution, and the trustee may not transfer the commission.

  XIII. What are the norms of the “Opinions” on the smart investment business? What are the main considerations?

The development of financial technology is profoundly changing the way the financial industry is served. In the field of asset management, it is prominently reflected in smart investment consultants. In recent years, smart investment consultants have risen rapidly in the US market and have also developed rapidly in China. At present, dozens of organizations have launched this business. However, the use of artificial intelligence technology to carry out investment advisory, asset management and other business, because the service target is mostly long-tail customers, the risk tolerance is low, if the investor's appropriate management, risk warning is not in place, it is easy to cause instability. Moreover, algorithm homogenization may lead to procyclic high-frequency trading, which will aggravate market volatility. The "black box attribute" of the algorithm may also make it a tool to evade supervision. The technical limitations and network security risks cannot be ignored. To this end, the "Opinions" from a forward-looking perspective, distinguish between financial institutions using artificial intelligence technology to carry out investment advisory and asset management business, respectively, have been standardized. On the one hand, institutions that have obtained the qualifications of investment consultants can use artificial intelligence technology to carry out investment advisory business when they have the corresponding technical conditions. Non-financial institutions must not use smart investment consultants to conduct over-the-counter operations or disguise their asset management business. On the other hand, financial institutions use artificial intelligence technology to carry out asset management business. They should not exaggerate propaganda or mislead investors. They should report the main parameters of the model and the main logic of asset allocation, clarify the transaction process, strengthen the management of the mark, and avoid homogenization of the algorithm. When the herding effect is caused by an algorithm model defect or an information system abnormality, manual intervention should be forced.

  14. What is the regulatory philosophy for the asset management business? What are the initiatives for regulatory coordination?

In view of the shortcomings of standardization differences under the supervision of separate industries, strengthening supervision and coordination, strengthening macro-prudential management, and implementing functional supervision in accordance with the principle of “substance over form” is a necessary measure to regulate the asset management business. The "Opinions" clarify that the People's Bank of China is responsible for implementing macro-prudential management of the asset management business, and standardizing the standards according to product types rather than institutional types. Similar products are subject to the same regulatory standards, reducing regulatory vacuum and eliminating arbitrage. The financial supervision and management department should strengthen functional supervision in the market access and daily supervision of the asset management business. The People's Bank of China takes the lead in establishing a unified reporting system and information system for asset management products, and conducts real-time, comprehensive and dynamic monitoring of all aspects of product sales, investment, and redemption, laying a solid foundation for penetrating supervision. Continue to strengthen supervision and coordination. The financial supervision and management department shall study and formulate supporting rules within the framework of the Opinions. The supporting rules shall be linked to each other to avoid new regulatory arbitrage and unfair competition.

  15. What are the requirements for non-financial institutions to carry out the asset management business?

At present, in addition to financial institutions, non-financial institutions such as Internet companies and various investment advisory companies are also very active in asset management. Due to lack of market access and continuous supervision, problems such as product splitting, misleading propaganda, and capital encroachment are more prominent. It even evolved into illegal fund-raising, illegal absorption of public deposits, illegal issuance of securities, disrupting financial order, and threatening social stability. In order to regulate the market order and effectively protect the legitimate rights and interests of investors, the "Opinions" clearly stated that the asset management business as a financial business must be included in financial supervision, and non-financial institutions may not issue or sell asset management products, unless otherwise stipulated by the state. “Except as otherwise stipulated by the state” mainly refers to the issuance and sale of private equity investment funds. Private investment funds apply to private investment funds special laws and administrative regulations. Where private investment fund special laws and administrative regulations do not clearly stipulate, the Opinions shall apply. Non-financial institutions and individuals may not sell asset management products without the permission of the financial supervision and administration department. In the case of non-financial institutions carrying out asset management business in violation of laws and regulations, especially the use of Internet platforms to spin off sales targets with investment thresholds, cover up product risks through credit enhancement measures, and establish secondary trading markets for products, in accordance with national regulations. Standard cleanup. If a non-financial institution conducts its asset management business in violation of laws and regulations, it shall be punished according to law, and at the same time promised or rigidly paid, the punishment shall be severely punished according to law.

  16. How to set up the transition period of "Opinions"? How to implement the “new and old cut”?

In order to ensure a smooth transition, the Opinions fully considers the maturity of the inventory management products, the market size and the maturity and scale of the assets under investment, and considers the rational issuance of incremental asset management products, and proposes to set the transition period according to the principle of “new and old cut”. . The transition period is set to “from the date of publication of the Opinions to the end of 2020”, which is extended by one and a half years compared with the draft for comments, giving financial institutions more adequate rectification and transformation time. During the transition period, the issuance of new products by financial institutions shall comply with the provisions of the Opinions; for the unexpired assets invested in the subsequent stocks, to maintain the necessary liquidity and market stability, the old products may be issued but the stocks shall be strictly controlled. Within the overall scale of the product, there is an orderly compression reduction to prevent the cliff effect from occurring at the end of the transition period. Financial institutions also need to formulate rectification plans during the transition period, clarify the time schedule, and submit them to the relevant financial supervision and management departments for approval and supervision, and report to the People's Bank of China to properly supervise the institutions that have completed the rectification in advance. excitation. After the end of the transition period, the financial management products of the financial institutions shall be fully regulated in accordance with the "Opinions" (except in the case that the factor company has not been established and the third-party independent custody requirements are not met), and the financial institutions may not reissue or continue to violate the provisions of the "Opinions". Asset management products.

Full text of the new regulations

  Guiding Opinions of the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange on Regulating Asset Management of Financial Institutions

In recent years, China's asset management business has developed rapidly. It has played an active role in meeting the investment and financing needs of residents and enterprises, and improving the structure of social financing. However, there are also some unregulated business developments, multiple levels of nesting, rigid redemption, and evasion of financial supervision. And macro regulation and other issues. In accordance with the decision-making arrangements of the Party Central Committee and the State Council, in order to standardize the asset management business of financial institutions, unify the regulatory standards for similar asset management products, effectively prevent and control financial risks, guide social capital flows to the real economy, and better support economic restructuring and transformation and upgrading. Agree, the following comments are made:

1. Standardizing the asset management business of financial institutions mainly follows the following principles:

(1) Adhere to the bottom line thinking of strictly controlling risks. Put the risk of preventing and defusing asset management business into a more important position, reduce the stock risk and prevent incremental risks.

(2) Adhere to the fundamental goal of serving the real economy. Not only give full play to the functions of asset management business, but also effectively serve the needs of investment and financing in the real economy, and strictly regulate and guide, avoiding the self-circulation of funds within the financial system, preventing products from being too complicated, and exacerbating risks across industries, markets, and regions. .

(3) Adhere to the combination of macro-prudential management and micro-prudential supervision, and the combination of institutional supervision and functional supervision. Achieve comprehensive and unified coverage of asset management business for various types of institutions, and adopt effective regulatory measures to strengthen the protection of financial consumer rights.

(4) Adhere to the targeted problem orientation. Focusing on the multi-level nesting of asset management business, unclear leverage, serious arbitrage, frequent speculation, etc., set a unified standard regulation, while at the same time insisting on financial innovation to avoid disadvantages and split into two, leaving room for development.

(5) Adhere to active, steady and prudent advancement. Correctly handle reform, development, and stable relations, adhere to the combination of risk prevention and orderly regulation, and fully consider the market affordability, rationally set the transition period, grasp the order, rhythm and intensity of work, and strengthen market communication while making up your mind to deal with risks. Effectively guide market expectations.

2. Asset management business refers to financial services that banks, trusts, securities, funds, futures, insurance asset management institutions, financial asset investment companies and other financial institutions accept investors to invest and manage the entrusted investor property. The financial institution performs honesty, credit, diligence and responsibility for the interests of the principal and collects the corresponding management fees. The principal bears the investment risk and obtains the income. A financial institution may, in advance, agree with the principal to collect a reasonable performance remuneration, and the performance remuneration shall be included in the management fee. It shall be in one-to-one correspondence with the products and settled one by one, and different products shall not be used in tandem with each other.

The asset management business is an off-balance sheet business of financial institutions. Financial institutions may not promise to protect their own income when conducting asset management business. Financial institutions may not pay in any form when there is difficulty in redemption. Financial institutions may not conduct asset management business in the form.

The private equity investment fund shall be subject to the special laws and administrative regulations of the private equity investment fund. The private investment fund shall not be clearly defined in the special laws and administrative regulations. The relevant provisions of the venture capital fund and the government's asset investment fund shall be separately formulated.

3. Asset management products include, but are not limited to, non-guaranteed wealth management products in the form of RMB or foreign currency, fund trusts, securities companies, securities company subsidiaries, fund management companies, fund management subsidiaries, futures companies, futures companies subsidiaries, insurance assets Asset management products issued by regulatory agencies and financial asset investment companies. This opinion is not applicable to the asset securitization business carried out in accordance with the rules promulgated by the financial management department and the pension products issued in accordance with the rules promulgated by the Human Resources and Social Security Department.

4. Asset management products are divided into public offerings and private offerings according to different ways of raising funds. Public offerings are open to the public for an unspecified public. The certification standards for public offerings are implemented in accordance with the Securities Law of the People's Republic of China. Private placement products are issued to non-public sources for qualified investors.

Asset management products are classified into fixed income products, equity products, commodities and financial derivatives products and mixed products according to the nature of investment. The proportion of fixed-income products invested in debt assets such as deposits and bonds shall not be less than 80%, and the proportion of equity products invested in equity assets such as stocks and unlisted enterprises shall not be less than 80%, and commodities and financial derivatives products The proportion of investment in commodity and financial derivatives is not less than 80%. Mixed products are invested in debt assets, equity assets, commodities and financial derivatives assets, and the investment ratio of any asset does not meet the top three product standards. If the above-mentioned proportional restrictions are not caused by subjective factors of financial institutions, financial institutions shall adjust to meet the requirements within 15 trading days after the liquidity-restricted assets are available for sale, transferable or resumed.

When issuing an asset management product, a financial institution shall clearly indicate to investors the type of asset management product according to the above classification criteria and invest in accordance with the determined product nature. The product type may not be changed without authorization until the expiration date. The proportion of the portfolio of investment products, equity assets and commodity and financial derivatives assets shall be determined at the time of product issuance and clearly indicated to investors, and may not be changed without authorization until the maturity date. The actual investment of the product shall not violate the contractual agreement. If there is any change, in addition to the high-risk type of products exceeding the proportion of the investment in lower-risk assets, the written consent of the investor shall be obtained first, and the laws and regulations such as registration and filing and the regulations of the financial supervision and administration department shall be fulfilled. program of.

5. Investors in asset management products are divided into two categories: non-specific public and qualified investors. A qualified investor is a natural person and legal person or other organization that has the corresponding risk identification ability and risk-taking ability, invests in a single asset management product not less than a certain amount and meets the following conditions.

(1) Having more than 2 years of investment experience and satisfying one of the following conditions: family financial net assets of not less than 3 million yuan, family financial assets of not less than 5 million yuan, or nearly 3 years, whose average annual income is not less than 40 Ten thousand yuan.

(2) A legal entity with a net asset of not less than 10 million yuan at the end of the last year.

(3) Other circumstances in which the financial management department regards it as a qualified investor.

The amount of qualified investors investing in a single fixed income product is not less than 300,000 yuan, and the amount invested in a single mixed product is not less than 400,000 yuan, investing in a single equity product, a single commodity, and financial derivatives. The amount of the category products is not less than 1 million yuan.

Investors may not use non-owner funds raised by loans, bond issuance, etc. to invest in asset management products.

6. For financial institutions to issue and sell asset management products, they should adhere to the business philosophy of “knowing products” and “knowing customers”, strengthen the appropriate management of investors, and sell investors with asset management that is compatible with their risk identification capabilities and risk-taking capabilities. product. It is forbidden to defraud or mislead investors to purchase asset management products that do not match their risk-taking capabilities. Financial institutions may not sell asset management products to investors with risk identification capabilities and risk-taking capabilities below the product risk level by splitting asset management products.

Financial institutions should strengthen investor education, continuously improve investors' financial knowledge and risk awareness, and convey to investors the concept of “sellers do their best, buyers are self-sufficient” and break the rigid redemption.

7. Financial institutions carrying out asset management business shall have a management system and management system that is compatible with the development of asset management business. The company has good corporate governance and sound risk management, internal control and accountability mechanisms.

Financial institutions shall establish and improve the qualification certification, training, assessment and accountability systems for asset management business personnel, and ensure that personnel engaged in asset management business have the necessary professional knowledge, industry experience and management capabilities, and fully understand relevant laws and regulations, regulatory requirements, and The legal relationship, transaction structure, major risks and risk management methods of asset management products are subject to the Code of Conduct and professional ethics standards.

For employees of financial institution asset management business who violate relevant laws and regulations and the provisions of this opinion, they shall take penalties according to law until they cancel their qualifications and prohibit them from engaging in asset management business in other types of financial institutions.

8. Financial institutions that use entrusted funds for investment shall abide by prudent operating rules, formulate scientific and rational investment strategies and risk management systems, and effectively prevent and control risks.

Financial institutions should perform the following manager duties:

(1) Raising funds according to law to handle the issue and registration of product shares.

(2) Handling product registration or registration procedures.

(3) Separate management of the property trusted assets under management and separate accounting and investment.

(4) Determine the income distribution plan according to the agreement of the product contract, and distribute the income to investors in a timely manner.

(5) Conduct product accounting and prepare product financial accounting reports.

(6) Calculate and disclose the net value of the product or the investment income according to law, and determine the purchase price and redemption price.

(7) Handling information disclosure matters related to the business activities of the entrusted property management.

(8) Keep records, account books, statements and other relevant materials of the business activities of the entrusted property management.

(9) In the name of the administrator, exercise the right to sue on behalf of the interests of the investor or implement other legal acts.

(10) When redeeming the entrusted funds and proceeds, the financial institution shall ensure that the entrusted funds and proceeds are returned to the original account of the principal, the account of the same name or the beneficiary account agreed upon in the contract.

(11) Other duties as stipulated by the financial supervision and administration department.

If a financial institution fails to perform its duties of entrusted management in accordance with the principles of honesty, credit, and diligence, and causes losses to investors, it shall be liable to investors for compensation according to law.

9. Financial institutions acting as agents for the sale of asset management products issued by other financial institutions shall meet the qualifications stipulated by the financial supervision and administration department. No non-financial institution or individual may act as agent for the sale of asset management products without the permission of the financial supervisory authority.

Financial institutions shall establish a sales authorization management system for asset management products, clarify the access standards and procedures for the agency sales organizations, clearly define the rights and obligations of both parties, and clarify the responsibility and transfer methods of the relevant risks.

Financial institutions acting as agents in the sale of asset management products shall establish corresponding internal approval and risk control procedures, conduct due diligence on the credit status, management and management capabilities, market investment capabilities, and risk disposal capabilities of the issuing or management institutions, and require the issuance or management agencies to provide Detailed product introduction, relevant market analysis and risk-return calculation report, full information verification and risk review, to ensure that the products sold by the agent meet the requirements of this opinion and bear corresponding responsibilities.

X. Public offerings mainly invest in standardized debt-based assets and stocks listed and traded. Except as otherwise provided by laws and regulations and financial management departments, they may not invest in unlisted corporate equity. Public offerings can invest in commodities and financial derivatives, but should comply with laws and regulations and relevant regulations of the financial management department.

The investment scope of private equity products is contractually agreed to invest in debt-type assets, stocks listed or listed for trading, unlisted corporate equity (including debt-to-equity swaps) and the rights to receive (received) and other assets in compliance with laws and regulations, and strict Comply with investor suitability management requirements. Encourage the full use of private equity products to support market-oriented, rule-based debt-to-equity swaps.

XI. Investment in asset management products shall meet the following requirements:

(1) Standardized creditor assets shall meet the following conditions:

1, equal differentiation, tradable.

2. Information disclosure is sufficient.

3. Centralized registration and independent hosting.

4. Fair pricing and perfect liquidity mechanism.

5. Trading in the trading market established by the State Council, such as the interbank market and the stock exchange market.

The specific rules for the identification of standardized creditor assets shall be separately formulated by the People's Bank of China in conjunction with the financial supervision and administration department.

Debt assets other than standardized debt assets are non-standardized debt assets. Where a financial institution issues asset management products and invests in non-standardized debt assets, it shall abide by the regulatory standards for quota management and liquidity management formulated by the financial supervision and administration department. Where the financial supervision and administration department fails to formulate relevant regulatory standards, the People's Bank of China shall supervise and formulate regulatory standards in accordance with the requirements of this opinion and implement them.

Financial institutions may not directly invest assets of asset management products in commercial bank credit assets. The investment restrictions on the credit assets of commercial banks shall be separately formulated by the financial management department.

(2) Asset management products shall not directly or indirectly invest in industries and fields where laws and regulations and national policies prohibit the execution of creditor's rights or equity investments.

(3) Encourage financial institutions to invest in the funds raised through the issuance of asset management products to meet the requirements of national strategic and industrial policies and in line with the requirements of the national supply-side structural reform policy, on the premise of legal compliance and commercial sustainability. Financial institutions are encouraged to raise funds through asset management products to support economic restructuring, support market-oriented, rule-based debt-to-equity swaps, and reduce corporate leverage.

(4) Cross-border asset management products and services shall be implemented in accordance with this opinion and shall comply with the relevant provisions on cross-border RMB and foreign exchange administration.

12. Financial institutions shall disclose to investors actively, truthfully, accurately, completely and timely disclosure of asset management product collection information, capital investment, leverage level, income distribution, trusteeship arrangements, investment account information and major investment risks. Where the national laws and regulations provide otherwise, the provisions shall prevail.

For public offerings, financial institutions should establish a strict information disclosure management system, clarifying periodic reports, interim reports, announcements of major events, investment risk disclosure requirements, and specific content and format. Disclosure of product net worth or investment income on the official website of the institution or through easy access by investors, and regularly disclose other important information: open products are disclosed according to open frequency, and closed products are disclosed at least once a week.

For private equity products, the information disclosure method, content and frequency are stipulated in the product contract, but financial institutions should disclose the net product value and other important information to investors at least quarterly.

For fixed-income products, financial institutions should fully disclose and prompt the investment risks of products to investors through conspicuous means, including but not limited to market risks such as interest rate and exchange rate changes faced by product investment bonds, and bond price fluctuations. Financing customers, project names, remaining financing periods, maturity income distribution, transaction structure, risk status, etc. of non-standardized debt assets.

For equity products, financial institutions should fully disclose and prompt the investment risks of products to investors through conspicuous means, including the risks faced by product investment stocks and stock price fluctuations.

For commodity and financial derivatives products, financial institutions should make full disclosures of the products' linked assets, position risks, control measures, and changes in the fair value of derivatives through conspicuous means.

For mixed products, financial institutions should clearly disclose the investment portfolio of products to investors through conspicuous means, and fully disclose and prompt the corresponding investment risks according to the proportion of investment in fixed income, equity, commodity and financial derivatives.

13. Financial institutions whose main business does not include asset management business shall establish an asset management subsidiary with independent legal person status to carry out asset management business, strengthen the risk isolation of legal persons, and temporarily set up a special asset management business operation department without conditions. business.

Financial institutions may not provide any direct or indirect, explicit or implicit guarantees, repurchases, etc., for the risk-bearing commitments of non-standardized debt assets or equity assets invested in asset management products.

When a financial institution conducts asset management business, it should ensure that the asset management business is separated from other businesses. The asset management products are separated from the financial products they sell, the asset management products are separated, and the asset management business operations are separated from other business operations.

14. After the release of this opinion, assets of asset management products issued by financial institutions shall be independently managed by third-party institutions with custody qualifications, except as otherwise provided by laws and administrative regulations.

During the transition period, commercial banks with securities investment fund custody business qualifications can administer the Bank's wealth management products, but separate escrow accounts should be opened for each product to ensure asset segregation. After the transition period, a commercial bank with the qualification of a securities investment fund custody business shall establish a subsidiary with independent legal person status to carry out asset management business. The commercial bank may administer asset management products issued by subsidiaries, but shall implement substantive independent custody. Independent trusteeship is notified and is corrected and punished by the financial supervision and administration department.

15. Financial institutions shall manage the funds of each asset management product separately, establish separate accounts, and conduct separate accounting. They shall not carry out or participate in the fund pool business with rolling distribution, collective operation, and separate pricing characteristics.

Financial institutions shall reasonably determine the maturity of assets invested in asset management products, strengthen liquidity risk management for maturity mismatches, and financial supervision and management departments shall formulate liquidity risk management regulations.

In order to reduce the risk of maturity mismatch, financial institutions should strengthen the management of asset management products for a long period of time. The term of closed asset management products must not be less than 90 days. Asset management products are directly or indirectly invested in non-standardized debt assets. The termination date of non-standardized debt assets shall not be later than the expiration date of closed asset management products or the latest open day of open asset management products.

If an asset management product invests directly or indirectly in an unlisted enterprise's equity and its rights to receive (receive), it shall be a closed asset management product and clarify the exit arrangement of the equity and its rights to receive (receive) benefits. The exit date of the unlisted enterprise equity and its rights to receive (received) shall not be later than the expiration date of the closed asset management product.

Financial institutions may not violate the regulations of the financial supervision and management department, and break through the investment limit or other regulatory requirements in a disguised form by setting up multiple asset management products for a single financing project. If the same financial institution issues more than one asset management product to invest in the same asset, in order to prevent the risk of the same asset from affecting multiple asset management products, the total amount of funds invested by multiple asset management products in the asset shall not exceed 30 billion yuan. If the limit is exceeded, it must be approved by the relevant financial supervision and administration department.

16. Financial institutions should match the risk level of the assets invested in each asset management product with the risk-taking ability of investors, so that the assets invested in each product are clearly structured and the risks can be identified.

Financial institutions should control the concentration of assets invested in asset management products:

(1) The market value of a single public asset management product investment single securities or a single securities investment fund shall not exceed 10% of the net assets of the asset management products.

(2) The market value of all public asset management products, investment securities or single securities investment funds issued by the same financial institution shall not exceed 30% of the market value of the securities or the market value of the securities investment funds. Among them, the shares issued by a single listed company of all open-ended public asset management products of the same financial institution shall not exceed 15% of the tradable shares of the listed company.

(3) All stocks of the same financial institution investment in a single listed company shall not exceed 30% of the shares of the listed company.

Except as otherwise provided by the financial supervision and administration department.

If the above-mentioned proportional restrictions are not caused by subjective factors of financial institutions, financial institutions shall adjust to meet the relevant requirements within 10 trading days after the liquidity-restricted assets are available for sale, transferable or resumed.

17. The financial institution shall make a risk reserve according to 10% of the asset management product management fee income, or measure the operational risk capital or the corresponding risk capital preparation according to the regulations. When the risk reserve balance reaches 1% of the product balance, it can no longer be withdrawn. The risk reserve is mainly used to make up for losses caused by financial institutions' illegal or illegal regulations, violations of asset management product agreements, operational errors or technical failures to property management products or investors. Financial institutions should regularly report the use of risk reserves to the financial management department.

18. Financial institutions shall implement net value management of asset management products. The net value generation shall comply with the provisions of the enterprise accounting standards, and timely reflect the income and risks of the underlying financial assets. The custodian shall conduct accounting and provide reports on a regular basis, and the external audit institution shall conduct audits. Confirm that the audited financial institution should disclose the audit results and submit it to the financial management department at the same time.

Financial assets adhere to the principle of fair value measurement and encourage the use of market value measurement. If one of the following conditions is met, it can be measured at amortized cost in accordance with the Accounting Standards for Business Enterprises:

(1) Asset management products are closed products, and the financial assets invested are for the purpose of collecting contractual cash flows and are held for maturity.

(2) Asset management products are closed products, and the financial assets invested do not have an active trading market for the time being, or there is no quotation in an active market, and the fair value cannot be reliably measured using valuation techniques.

Financial institutions that measure the net value of financial assets at amortized cost should use appropriate risk control measures to assess the fairness of the net value of financial assets. When the measurement of amortized cost can not truly and fairly reflect the net value of financial assets, the custodian institution should urge financial institutions to adjust accounting and valuation methods. The deviation between the weighted average price of financial assets measured by a financial institution at amortized cost and the value of financial assets at the time of actual redemption of asset management products shall not exceed 5% or more, and if the number of products deviating from 5% or more exceeds the total number of products issued 5% of financial institutions may not issue asset management products that measure financial assets at amortized cost.

XIX. As determined by the financial management department, the following acts are regarded as rigid redemption:

(1) The issuer or manager of the asset management product violates the principle of true fairness and determination of net value, and protects the product from the guaranteed income.

(2) Adopting a rolling issue, etc., so that the principal, income and risk of the asset management products are transferred between different investors, and the product guarantees the guaranteed income.

(3) When the asset management products cannot be redeemed or redeemed as scheduled, the financial institution that issues or manages the product raises funds by itself or entrusts other institutions to pay for it.

(4) Other circumstances as determined by the financial management department.

If it is determined that there is a rigid redemption act, the following two types of institutions shall be divided to punish:

(1) If a deposit-type financial institution has a rigid redemption, it is determined to use the asset management products with the essential characteristics of deposits for regulatory arbitrage, which shall be regulated by the Banking Insurance Supervision and Administration Office of the State Council and the People's Bank of China in accordance with the deposit business, and the deposit preparation shall be paid in full. Gold and deposit insurance premiums, and administrative penalties.

(2) If a non-deposit-type licensed financial institution is subject to rigid redemption, it shall be deemed to be in violation of regulations, and shall be corrected and punished by the financial supervision and administration department and the People's Bank of China according to law.

Any unit or individual that finds that a financial institution has rigid redemption behavior may report it to the financial management department, verify that it is true and the content of the report is not in the possession of the relevant department, and give appropriate rewards.

When an external audit institution conducts an audit of a financial institution, if it finds that the financial institution has rigid redemption behavior, it shall promptly report to the financial management department. The external auditing organization failed to diligently perform its duties during the auditing process, and investigated the relevant responsibilities according to law or administrative punishment according to the law, and incorporated relevant information into the national credit information sharing platform to establish a joint disciplinary mechanism.

20. Asset management products shall set the upper limit of the proportion of liabilities (total assets/net assets), and the same products shall apply the upper limit of the proportion of liabilities. The total assets of each open public offering shall not exceed 140% of the net assets of the product. The total assets of each closed public offering and each privately-held product shall not exceed 200% of the net assets of the product. When calculating the total assets of a single product, the total assets of the invested asset management products shall be combined and calculated according to the principle of penetration.

Financial institutions may not pledge financing with the share of asset management products under management, and amplify leverage.

Twenty-one, public offerings and open-ended private equity products may not be classified.

The total assets of a graded private equity product may not exceed 140% of the net assets of the product. Graded private equity products should be graded according to the degree of risk of the assets being invested (priority share/inferior share, intermediate share is included in priority share). The proportion of fixed-income products shall not exceed 3:1, the proportion of classified products shall not exceed 1:1, and the proportion of commodity and financial derivative products and mixed products shall not exceed 2:1. A financial institution that issues a graded asset management product shall conduct its own management of the asset management product and shall not transfer it to a lower-level investor.

Hierarchical asset management products may not directly or indirectly provide priority share subscribers with a guaranteed shareholding arrangement.

The term “strategic asset management products” as used in this Article refers to products that have a certain level of share or more to provide certain risk compensation for other levels, and the income distribution is not calculated according to the proportion of shares, and the products are separately agreed by the asset management contract.

22. Financial institutions shall not provide channel services for asset management products of other financial institutions to circumvent regulatory requirements such as investment scope and leverage constraints.

Asset management products can reinvest in a layer of asset management products, but the asset management products invested must not be invested in asset management products other than publicly funded securities investment funds.

When a financial institution invests asset management products in asset management products issued by other institutions, and entrusts the assets of the institution's asset management products to other institutions for investment, the trustee institution shall be a financial supervision and management department with professional investment ability and qualifications. Regulatory body. The trustee of the public asset management product shall be a financial institution, and the trustee of the private equity management product may be a private fund manager. The entrusted institution shall earnestly perform its active management duties, may not transfer the entrustment, and may not reinvest in asset management products other than the public offering securities investment fund. The entrusting agency shall conduct due diligence on the entrusted institution, implement a list system management, and clearly define the access standards and procedures, responsibilities and obligations, duration management, conflict prevention mechanism, information disclosure obligations, and exit mechanism of the trustee. The entrusting institution shall not waive its own responsibility for entrusting other institutions to invest.

Financial institutions may employ professionally qualified institutions supervised by financial supervision and management departments as investment advisers. The investment adviser provides investment advice to guide the operation of the entrusting agency.

The financial supervision and management department and the relevant state departments shall implement equal access and fair treatment for all types of financial institutions to carry out asset management business. Asset management products should enjoy equal status in terms of account opening, property rights registration, and legal proceedings. The financial supervision and management department, based on risk prevention and control considerations, does need to take restrictions on asset management products issued by financial institutions in other industries, and should fully seek the opinions of relevant departments and reach an agreement.

Twenty-three, the use of artificial intelligence technology to carry out investment advisory business should obtain investment consultant qualifications, non-financial institutions must not rely on intelligent investment consultants to operate beyond the scope or in disguise to carry out asset management business.

Financial institutions using artificial intelligence technology to conduct asset management business should strictly abide by the general provisions of this opinion regarding investor suitability, investment scope, information disclosure, risk isolation, etc., and must not use artificial intelligence services to exaggerate the promotion of asset management products or mislead investors. The financial institution shall report to the financial supervision and management department the main parameters of the artificial intelligence model and the main logic of asset allocation, and set up an intelligent management account for the investors, fully demonstrating the inherent defects and use risks of the artificial intelligence algorithm, clarifying the transaction process, and strengthening the stay. Trace management, strictly monitor the trading position, risk limit, transaction type, price authority, etc. of the intelligent management account. If a financial institution causes losses to investors due to violations of laws or regulations or improper management, it shall be liable for damages according to law.

Financial institutions should develop corresponding artificial intelligence algorithms or programmatic transactions according to different product investment strategies, avoiding the homogenization of algorithms to aggravate the procyclicality of investment behaviors, and formulate response plans for the risk of market fluctuations that may arise from this. Financial institutions should promptly adopt manual intervention measures to force adjustment or termination due to algorithmic homogenization, programming design errors, insufficient use of artificial intelligence algorithm models or system anomalies, leading to herding effects and affecting the stable operation of financial markets. Artificial intelligence business.

24. Financial institutions may not use the funds of asset management products to conduct improper transactions, interest transmission, insider trading and manipulation of the market, including but not limited to investing in false projects of related parties, jointly acquiring listed companies with related parties, This institution invests capital.

If an asset management product of a financial institution invests in securities issued or underwritten by the institution, the custodian institution and its controlling shareholder, actual controller or company with other significant interests, or engages in other major related transactions, it shall establish a sound internal approval mechanism and Evaluate the mechanism and fully disclose the information to investors.

25. Establish a unified reporting system for asset management products. The People's Bank of China is responsible for coordinating the data coding and comprehensive statistical work of asset management products. It will work with the financial supervision and management department to formulate a statistical system for asset management products, establish an asset management product information system, standardize and unify product standards, information classification, codes, and data formats. Only product statistics, basic information, fundraising information, asset and liability information, and termination information. The People's Bank of China and the financial supervision and management department strengthen the sharing of statistical information on asset management products. Financial institutions shall submit information on asset management products containing debt investment to the basic database of financial credit information.

The financial institution shall submit the basic product information and the initial collection information to the People's Bank of China and the financial supervision and management department within 5 working days after the establishment of each asset management product; submit the information and assets for the duration of the collection before the 10th of each month. The liability information shall be submitted to the termination information within 5 working days after the termination of the product.

China Government Securities Depository Trust & Clearing Co., Ltd., China Securities Depository and Clearing Co., Ltd., Interbank Market Clearing House Co., Ltd., Shanghai Stock Exchange Co., Ltd., Shanghai Gold Exchange, Shanghai Insurance Exchange Co., Ltd., China Insurance Insurance Assets Registration Trading System Co., Ltd. submits information on asset management products holding its registered financial instruments to the People's Bank of China and the financial supervision and management department before the 10th of each month.

Before the asset management product information system is officially put into operation, the People's Bank of China and the financial supervision and management department shall formulate a unified transition period data submission template according to the statistical system; each financial supervision and management department shall issue asset management products issued by the financial institutions of the industry at 10 per month. Recently, according to the data submission template, the Bank of China provided data to the People's Bank of China to timely communicate major risk information and issues across industries and markets.

The People's Bank of China supervises and inspects the statistical work of asset management products of financial institutions. The specific system for asset management product statistics is separately formulated by the People's Bank of China in conjunction with relevant departments.

26. The People's Bank of China is responsible for the implementation of macro-prudential management of the asset management business, and the financial supervision and management department to formulate standard regulations for asset management business. The financial supervision and management department shall implement market access and daily supervision of the asset management business and strengthen investor protection. In accordance with this opinion, the People's Bank of China shall formulate the implementation rules for the respective regulatory areas.

After the formal implementation of this opinion, the People's Bank of China will establish a working mechanism with the financial supervision and management department, continuously monitor the development and risk status of the asset management business, regularly evaluate the effectiveness and market impact of the standard regulation, timely revise and improve, and promote the sustainable development of the asset management industry. development of.

27. The implementation of the supervision of asset management business follows the following principles:

(1) The combination of institutional supervision and functional supervision, functional supervision according to product type rather than institution type, the same type of asset management products apply the same regulatory standards, reducing regulatory vacuum and arbitrage.

(2) Implementing penetrating supervision. For multi-level nested asset management products, the final investor who identifies the product upwards, and identifies the underlying assets of the product (except public equity investment funds).

(3) Strengthen macro-prudential management, establish a macro-prudential policy framework for asset management business, improve policy tools, and strengthen monitoring, evaluation, and adjustment from a macro, counter-cyclical, and cross-market perspective.

(4) Real-time supervision, comprehensive dynamic supervision of the issuance, sales, investment, and redemption of asset management products, and the establishment of a comprehensive statistical system.

28. The financial supervision and administration department shall, in accordance with the provisions of these Opinions, formulate and improve penalties for violations, impose penalties according to law, and ensure that the penalties are consistent. If the asset management business violates the macro-prudential management requirements, the People's Bank of China shall impose penalties in accordance with laws and regulations.

Twenty-nine. After the implementation of this opinion, the financial supervision and management department shall study and formulate supporting rules within the framework of this opinion. The supporting rules shall be linked to each other to avoid new regulatory arbitrage and unfair competition. Set the transition period according to the principle of “new and old cut” to ensure a smooth transition. The transition period is from the date of the issuance of the opinion to the end of 2020, and appropriate supervision and incentives are given to the institutions that have completed the rectification in advance. During the transition period, the issuance of new products by financial institutions shall comply with the provisions of this opinion; for the unexpired assets invested in the subsequent stocks to maintain the necessary liquidity and market stability, financial institutions may issue old products for docking, but should be strictly controlled. Within the overall scale of the stock products, there is an orderly compression reduction to prevent the cliff effect from occurring at the end of the transition period. The financial institution shall formulate the rectification plan for the asset management business during the transition period, clarify the time schedule, and submit it to the relevant financial supervision and management department for approval and supervision, and report to the People's Bank of China. After the end of the transition period, the asset management products of financial institutions shall be fully regulated in accordance with this opinion (except in the case that the factor company has not been established and cannot meet the requirements for independent third-party custody), and the financial institution may not reissue or survive the asset management in violation of the provisions of this opinion. product.

30. Asset management business, as a financial business, belongs to the franchise industry and must be included in financial supervision. Non-financial institutions may not issue or sell asset management products, except as otherwise stipulated by the state.

Non-financial institutions violate the above-mentioned regulations, in order to expand the scope of investors, lower investment thresholds, use the Internet platform to publicize and split sales of investment targets with investment thresholds, over-emphasize credit enhancement measures to cover product risks, and establish secondary trading markets for products. Acts, in accordance with state regulations to carry out standard clean-up, constitute illegal fund-raising, illegally absorb public deposits, illegally issue securities, and pursue legal responsibility according to law. If a non-financial institution conducts asset management business in violation of laws and regulations, it shall be punished according to law; at the same time, if it promises or conducts rigid payment, it shall be severely punished according to law.

31. This opinion shall be implemented as of the date of promulgation.

The term "financial management department" as used in this opinion refers to the People's Bank of China, the State Council's banking insurance regulatory authority, the State Council's securities regulatory authority and the State Administration of Foreign Exchange. “Issuance” refers to the act of issuing a subscription offer to an investor of an asset management product, either publicly or privately, for fundraising. “Sales” refers to activities in which investors promote and promote asset management products and handle product purchases and redemptions. “Agent sales” refers to the activities of accepting the cooperation of the cooperation organization, promoting the promotion and promotion of asset management products issued by the cooperative organization according to law in the channel of the institution.