New regulations on financial management of financial institutions release bank financing in the future no longer guaranteed capital gains

category:Society
 New regulations on financial management of financial institutions release bank financing in the future no longer guaranteed capital gains


The new regulations on financial management of financial institutions were finally issued in a thousand calls. Last night, the peoples Bank of China, the China Bank of China insurance supervision and Administration Committee, the China Securities Regulatory Commission, the State Administration of foreign exchange and the State Administration of foreign exchange (State Foreign Exchange Administration) jointly issued the guidance on the regulation of assets management business of financial institutions (hereinafter referred to as the opinion). The aim is to standardize the assets management business of financial institutions, to unify the regulatory standards of similar asset management products, to effectively prevent and control financial risks and to better serve the real economy. Present situation At the end of last year, the total scale of management of management has reached millions of billion yuan Asset management business refers to the financial services of banks, trusts, securities, funds, futures, insurance assets management institutions, financial Property Investment Companies and other financial institutions, which are entrusted by investors to invest and manage the property of the investors entrusted to them. According to the person in charge of the central bank, in recent years, the management of financial institutions in China has developed rapidly and the scale is rising. By the end of 2017, the cross holding factors are not considered, and the total scale has reached millions of billion yuan. Among them, the fund balance of the banks external financial products is 22 trillion and 200 billion yuan, and the trust balance of trust company trustee is 21 trillion and 900 billion yuan. The balance of public fund, private fund, securities company management plan, fund and its subsidiary management plan and insurance management plan are 11 trillion and 600 billion yuan, 11 trillion and 100 billion yuan, and 16 trillion and 800 billion yuan respectively. 13 trillion and 900 billion yuan and 2 trillion and 500 billion yuan. At the same time, Internet companies, investment advisers and other non-financial institutions are also very active in information management. The person in charge said that management has played an active role in meeting the needs of the residents wealth management, enhancing the profitability of the financial institutions, optimizing the social financing structure and supporting the real economy. However, as the regulatory rules and standards of the same kind of management are not consistent, the supervision arbitrage is frequent, some products are nested, the risk base is not clear, the capital pool model contains liquidity risk, some products become the channels of credit out of the table, the rigid cash payment is common, and the shadow of supervision is formed outside the formal financial system. The sub bank, to a certain extent, interferes with the macro regulation and control, improves the cost of social financing, affects the quality of the financial service entity economy, and intensifies the cross industry and cross market transfer of risk. focusing Make a detailed arrangement for breaking the rigid cash payment Breaking rigid payment is a very important part of the new regulation of information management. The rigid payment deviates from the essence of trustee and mans financial management of management products, raises the level of risk-free returns and interferes with the price of funds, which not only affects the decisive role of the market in the allocation of resources, but also weakens the market discipline, causes some investors to venture to speculate, the financial institutions do not fulfill their duties conscientious and moral. The risk is more serious. Breaking the rigid payment has become a social consensus, and a series of detailed arrangements have been made for the opinion. First of all, when defining the information management business, the financial institutions are not required to undertake the guaranteed capital gains. If the products are difficult to pay, they may not be paid in any form. Second, we should guide the financial institutions to change the expected rate of return, strengthen the net value management of products, and make clear the accounting principles. Third, the affirmation of the rigid cash payment includes the violation of the net value determination principle to guarantee the income of the product, to take the rolling issue and so on to protect the income, to raise funds to pay or to entrust other agencies to compensate for it. Fourth, the classification is punished. The deposit type financial institutions have a rigid payment, full payment of deposit reserves and deposit insurance premiums, and non depository financial institutions are corrected and punished by the financial supervision and management departments and the peoples Bank of China. In addition, the audit responsibility and reporting requirements of external audit institutions have been strengthened. In fact, the financial products provided by banks are two major types of floating income and floating income. If investors want capital to maintain capital gains, banks can basically provide savings and certificates of deposit. Some people in the bank management industry said that the banks non - guaranteed financial management is essentially different from the banks deposit and loan products, but many people have a misunderstanding that it will guarantee the interest and interest of the bank as long as it is the product of the bank. The expected yield of financial products is much higher than that of bank deposits, and the corresponding investment risks will certainly be higher. In the future, any financial institutions management products can not promise to guarantee the income, and the investor must choose whether or not to take the corresponding risk according to the product situation and its own reality. change The average annual income of qualified investors is not less than 400 thousand in the last 3 years The new regulation divides the investors of asset management products into two categories: non specific social public and qualified investors. A qualified investor refers to a natural person, legal person or other organization that has a corresponding risk identification ability and a risk bearing capacity, which is invested in a single asset management product which is not less than a certain amount and meets the following conditions. Individual qualified investors need more than 2 years of investment experience and meet the following conditions: home financial net assets are not less than 3 million yuan, family financial assets are not less than 5 million yuan, or in the last 3 years, the average annual income is not less than 400 thousand yuan. The amount of a qualified investor to invest in a single fixed income product is not less than 300 thousand yuan, and the amount invested in a single mixed product is not less than 400 thousand yuan. The amount invested in a single equity product, a single commodity and a financial derivative product is not less than 1 million yuan. follow More than one asset management product investment in the same assets should not exceed 30 billion yuan. The opinions have detailed provisions on preventing the liquidity risks of information management products and regulating the pool of financial institutions. Many financial products now have a very short term, one month or two months, or even a few days or more days. They may be at least three months in the future. The person in charge of the central bank said that, on the basis of the prohibition of capital pool business, the emphasis on the separate management of the asset management products, the individual account building and the separate accounting, the central bank required the financial institutions to strengthen the duration of product management, and the deadline of the closed type management products should not be less than 90 days to correct the short-term tendency of the management products and reduce the value of the products. Eliminate the maturity mismatch and liquidity risk of the source and end of the fund. In addition, the opinion is clearly prohibited by some agencies to break through the restrictions on the number of investors by setting up a number of management products for a single financing project. In order to prevent the risk of the same assets from spreading to many products, the opinion requires that the total capital scale of the same asset should not exceed 30 billion yuan for the same asset, which should be approved by the financial supervision and management department if the same asset is issued by the same financial institution. The transition period of the new management regulations to the end of 2020 The central bank official said that the transitional period should be set according to the principle of new and old delimitation to ensure a smooth transition. From the date of the issuance of this opinion to the end of 2020, the transitional period will give proper supervision and encouragement to the institutions that have completed the rectification ahead of schedule. During the period of transition, the issuance of new products by financial institutions should conform to the provisions of the present opinion; to maintain the necessary liquidity and market stability for the undue assets invested in the continued stock products, the financial institutions can issue the butt of the old products, but should strictly control it in the overall regulations of the stock products and reduce and reduce orderly and diminishing. The cliff effect occurs at the end of the period of the ferry. Financial institutions should formulate plans for rectify and rectify the assets management business during the transition period, make clear the schedule of time, and submit to the relevant financial supervision and management departments, which will be approved and supervised by them, and also be reported to the peoples Bank of China. After the end of the transition period, the asset management products of the financial institutions shall not be reissued or continued in violation of the asset management products that are in violation of the provisions of this opinion, except for the case that the company has not yet been established to reach the requirements of the third party independent trusteeship. Source: Beiqing Net - Beijing Youth Daily editor: Gu Ying _NN6577 The central bank official said that the transitional period should be set according to the principle of new and old delimitation to ensure a smooth transition. From the date of the issuance of this opinion to the end of 2020, the transitional period will give proper supervision and encouragement to the institutions that have completed the rectification ahead of schedule. During the period of transition, the issuance of new products by financial institutions should conform to the provisions of the present opinion; to maintain the necessary liquidity and market stability for the undue assets invested in the continued stock products, the financial institutions can issue the butt of the old products, but should strictly control it in the overall regulations of the stock products and reduce and reduce orderly and diminishing. The cliff effect occurs at the end of the period of the ferry. Financial institutions should formulate plans for rectify and rectify the assets management business during the transition period, make clear the schedule of time, and submit to the relevant financial supervision and management departments, which will be approved and supervised by them, and also be reported to the peoples Bank of China.