Two weathervanes of financial industry: suspending new products or obtaining new business approval

category:Finance
 Two weathervanes of financial industry: suspending new products or obtaining new business approval


In response, Zhao Yi (pseudonym), a senior business person of the gold exchange, told 21st century economic reporter that the implementation of policies in different places is different. However, we are doing two things. One is to ban the exchange without the approval of the Financial Bureau; the other is to investigate and make statistics on the cross-border business of the exchange.

HKFE suspends new product launch

On November 21, 2020, the HKFE issued a notice to its members that app would suspend the release of new products from 0:00 on November 23, 2020 due to the companys product update. During the suspension period, the company and app are running normally. Members can log in normally, query the information of purchased products and cashing information.

On December 1, the reporter of 21st century economic report verified the authenticity of the above information. The customer service of the exchange said: the new product release is suspended because of APP upgrade, and the business may be adjusted. As for when the new product will be released, we havent been informed yet.

Some people familiar with the matter said that it was a regulatory policy factor.

New business approved by Nanning Jinjiao

In March 2019, China Securities Regulatory Commission (CSRC) issued the notice on issues related to the cleaning up and rectification of local trading places during the three-year war (qzbh [2019] No. 35), which defined the business scope of financial assets trading places, that is, to carry out the transfer of non listed state-owned property rights of financial enterprises, the transfer of non-performing assets of local asset management companies, and local financial supervision Financial products trading, etc.

In September 2011, the Ministry of finance once printed and issued the rules on non listed state-owned property rights transactions of financial enterprises, which had a detailed explanation on the non listed state-owned property rights transactions of financial enterprises. The term financial enterprises as mentioned in these rules includes all enterprises that have obtained financial business licenses, financial holding companies, guarantee companies and other financial enterprises. The state-owned enterprises above the county level (hereinafter referred to as the state-owned enterprises above the county level) or the state-owned enterprises above the county level (hereinafter referred to as the state-owned financial departments) or the financial departments at or above the county level (hereinafter referred to as the state-owned financial departments) and the financial departments at or above the county level (hereinafter referred to as the financial departments at or above the county level) and the financial departments at or above the county level (hereinafter referred to as the financial departments at or above the county level) shall, after the approval The activities of property rights trading institutions to release property rights transfer information and publicly list and transfer the property rights (including financial and non-financial) of non listed state-owned financial enterprises held by them.

State owned property rights transactions are basically listed in the property rights exchange. For example, there is a property rights exchange in Jiangsu Province. The head of an East China Financial Exchange told the 21st century economic news reporter that on the other hand, with the increasingly strict supervision of the industry and limited business space, the transfer of non-performing assets of local asset management companies may be a new direction.

On November 26, Nanning financial investment group announced that Nanning Financial Exchange Center was approved as an unlisted financial enterprise state-owned assets property rights trading institution.

Nanning financial investment group said that recently, the Finance Department of the autonomous region and the local financial supervision and Administration Bureau of the autonomous region approved Nanning financial assets trading center Co., Ltd. as a state-owned property trading institution of non listed financial enterprises directly performing the responsibilities of investors by financial departments at all levels in the region.

As far as I know, only Beijin institute could carry out this business before, which is another wind vane. Zhao Yi disclosed that, therefore, they are also actively applying for this business.

According to the official website of Beijing financial assets exchange, Beijing financial assets exchange is a bond issuance and trading platform approved by the peoples Bank of China, a designated trading platform approved by the peoples Bank of China by the association of Chinas inter-bank market dealers, a service platform authorized by the peoples Bank of China for the transfer of overdue default bonds and bond repurchase, and a financial state-owned asset authorized by the Ministry of Finance No. 54 The property trading platform is a market-oriented asset trading place for converting debt to equity and a technical support and operation and maintenance organization of market-oriented debt to equity information reporting platform authorized by the inter ministerial joint conference office.

(author: Xie Shuiwang, editor: Ma Chunyuan)

Source: editor in charge of economic report in the 21st century: Zhong Qiming_ NF5619