The second point is to strengthen liquidity management. Strictly separate management, separate account establishment, separate accounting, and put an end to rolling issue, collective operation, separate pricing and fund use.
The third is to strictly isolate risks and restore measured capital. In the previous period, the lack of effective risk isolation between on balance sheet business and off balance sheet financial management led to the distortion of capital measurement. For example, some banks purchase the asset management products of securities companies through the asset management channels of securities companies, and their own money buy the asset management products of securities companies, and then the asset management products of securities companies in turn purchase the discounted bills of this bank, so as to realize the presentation of discount bills, because the discount accounts for the credit line and capital occupation.
Strict risk isolation, but also to strengthen corporate isolation, strict business isolation. It is not allowed to guarantee the income of principal and insurance through illegal adjustment of net value, rolling issue, self financing, entrusted compensation, etc., and shall not provide guarantee for non-standard creditors rights assets or equity assets invested in asset management products, and undertake risks on behalf of repurchase.
In addition, it is necessary to standardize product classification and leverage ratio, prevent improper related party transactions, simplify investment grade, simplify product structure, and better serve the real economy. On the basis of ensuring that the asset composition of each asset management product is clear, controlling the target asset concentration and dispersing the investment risk are the requirements of micro administrative supervision.
In terms of improving the behavior supervision system of asset management business, the person in charge also put forward specific requirements for each participant.
From the supply side, it is necessary to improve the code of conduct of asset management with fiduciary duty as the core, clarify the responsibilities of sellers, establish a compliant sales system, prohibit fraud and sales misleading, let buyers truly, accurately and completely understand the capital investment direction and substantial investment risks in a timely manner, do a good job in product rating and customer classification, and clarify the responsibilities of managers, custodians and sales investment partners It has become a focus of public opinion to determine the responsibility and transfer mode of relevant risks, and prevent mutual prevarication when problems arise. From the demand side, it is necessary to effectively carry out investor education and popularize the concept of buyers own income and risk.
The person in charge said that it is necessary to increase the punishment for illegal acts and effectively protect the legitimate rights and interests of investors. For the asset management industry, the emphasis is on the sellers responsibility and the buyers responsibility. We just said that we should also break the gang Yu, but there is a premise. The premise is that you cant cheat and mislead in the sales process. If there are fraud, misleading and defects, you may not be able to ask the buyer to assume his own responsibility. Then, the seller may have to pay a compensation, or even even more times the punishment.
The last one is to implement the requirements of public supervision.
The person in charge pointed out that the asset management business, as a typical cross financial business, needs to conduct functional supervision around the essential characteristics of the business, which is classified according to the substantive attributes of products rather than the types of institutions. The same type of products are subject to the same regulatory standards such as investment scope, leverage constraint and information disclosure. It aims at maintaining the market order by keeping the supervision blind spot between the central and local governments.
It is worth noting that the person in charge also proposed that, from the perspective of institutions, in the implementation of the requirements of micro prudential supervision, behavior supervision and anti money laundering, it is necessary to establish a strict internal risk management system, which is the most urgent for the newly established special asset management institution which belongs to independent legal person.