The new rules of the China Insurance Regulatory Commission: How does the threshold of bank wealth management products fall to 10,000? How will it affect you?2018-09-28 20:25:08 43 ℃
Zhongxin Jingwei Client September 28th According to the website of China Banking Regulatory Commission, in order to promote the unified asset management product supervision standards and promote the healthy development of bank wealth management business, the Banking Regulatory Commission has formulated the "Measures for the Supervision and Management of Commercial Banks' Financial Management". (hereinafter referred to as the "Measures"), as the "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" (hereinafter referred to as "the new regulations for asset management"), the implementation rules are promulgated and shall be implemented as of the date of promulgation.
In response to a reporter's question, the person in charge of the relevant department of the China Insurance Regulatory Commission said that from July 20 to August 19, 2018, the Banking Regulatory Commission publicly solicited opinions on the "Measures", and the Banking Supervision and Reform Commission made comments one by one. Conduct serious research and fully absorb scientific and reasonable suggestions. Most of the opinions have been adopted or intended to be adopted in the financial subsidiaries' business rules.
The "Measures" further strengthen the protection of investors' legitimate rights and interests in the aspects of investor appropriateness management, compliance sales, information registration and information disclosure. Among them, the most important change of the "Measures" is: The starting point for the sales of a single public fundraising product will be reduced from the current 50,000 yuan to 10,000 yuan.
The "Measures" clearly distinguish between public and private wealth management products. Publicly-funded wealth management products are open to the public for non-specific public, and private wealth management products are for non-public issuance of no more than 200 qualified investors.
It is understood that the current banking wealth management business system allows private wealth management products to directly invest in stocks, but it is stipulated that public wealth management products can only invest in currency and bond funds. The "Measures" continue to allow private placement of wealth management products to directly invest in stocks; in the case that the wealth management business is still carried out by the bank's internal departments, Let the public offering of wealth management products can not invest in stock-related public funds restrictions , allowing public offerings to indirectly enter the stock market by investing in various types of public funds.
The “Measures” and the “New Regulations for Asset Management” are fully linked to form the regulatory requirements for banks to conduct wealth management business. The main contents include: strictly distinguishing between public and private wealth management products, strengthening the appropriate management of investors; standardizing product operations and implementing net worth management; standardizing the operation of fund pools to prevent “shadow banking” risks; removing channels and strengthening penetration management; Limit, control concentration risk; strengthen liquidity risk management and control, control leverage level; strengthen management of financial investment cooperation institutions, strengthen information disclosure, protect the legitimate rights and interests of investors; implement centralized product registration, and strengthen the management of financial products compliance.
In terms of the transitional arrangements, the “Measures” are consistent with the “New Regulations for Asset Management”, and require banks to develop their own financial management in an independent and orderly manner in accordance with their actual conditions. The business rectification plan shall be submitted to the regulatory authorities for approval after being reviewed and approved by the board of directors and approved by the chairman of the board of directors. The supervisory department supervises and guides all banks to implement the rectification plan, and gives appropriate supervision and incentives to banks that complete the rectification in advance. After the end of the transition period, for non-standardized creditor assets that are difficult to return due to special reasons, and unexpired stock equity assets, the commercial banks may, with the consent of the regulatory authorities, take appropriate arrangements to properly handle them.
Publishing the implementation of the Measures is not only an important measure to implement the new regulations on asset management, but also to fine-tune the financial management requirements of banks, eliminate market uncertainty, stabilize market expectations, and accelerate the development of new products. Guide financial management funds to enter the real economy and financial markets in a legal and regulated form; promote the unification of regulatory standards for similar asset management products, better protect the legitimate rights and interests of investors, gradually break the rigid redemption and effectively prevent and control financial risks.
In the next step, the Bank's Insurance Regulatory Commission will continue to build a supporting system, continuously improve the regulatory framework for wealth management, and actively communicate and coordinate with relevant departments to create a favorable external environment for the healthy development of wealth management business. Commercial banks shall, in accordance with the requirements of the “New Regulations for Assets Management” and the “Measures”, promote the standardization of wealth management business, realize the orderly convergence of new and old rules and the smooth transition of wealth management business. (Zhongxin Jingwei APP)
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