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澳门赌博排名:Boshi Fund: The short-term impact of the new asset management regulations on financial markets is slightly more profitable

时间:2018/5/3 18:22:21  作者:  来源:  浏览:0  评论:0
内容摘要: April 27, the central bank, Bank CIRC, CSRC and SAFE jointly issued the "Guiding Opinions on Regulating financial institutional asset ...

April 27, the central bank, Bank CIRC, CSRC and SAFE jointly issued the "Guiding Opinions on Regulating financial institutional asset management business," marks the official arrival of the new regulations and information management, which is China's financial institutions and financial markets Normative development has far-reaching implications.

In this regard, Boshi macro strategy at analysts said, compared with the draft, the main changes in the new regulations officially released information management are:

1. The transition period is extended to the end of 2020. The one-and-a-half period of the transitional period for the draft of the consultation paper in November last year exceeded the market’s expectation, implying that there will be a transition period of more than two-and-a-half years for inventory management products that do not meet the new regulations on assets management. Helps the smooth conversion of various asset management businesses of financial institutions and reduces the impact on the real economy.

2. Rigidity against payment. The new information management rules defined the Recognition and Enforcement of payment rigid standards, but in terms of product value management, encourage the use of the market value of the measurement, but also allow some qualified underlying assets measured at amortized cost method. The supervisory level does not engage in a uniform approach to measuring the net value of products, and considers the fact that some assets do not have the actual conditions for measuring market value.

3. Eliminate multi-level nesting. The level of nesting is limited to one level, and the level of nesting must be public equity investment funds (including public offerings), and multi-level nesting and channel businesses are prohibited.

4. Leverage ratio restrictions on asset management products have expanded to trust and private equity products, and share prices for public offerings and open private placement products cannot be classified. This means that the current rating fund will no longer exist after expiry. Even if there is no product that has a maturity limit, it will need to adjust the fund contract and gradually exit the rating mechanism.

5. With respect to artificial intelligence, it is clearly required to have investment qualifications, and it is required that non-financial institutions should not rely on intelligent investment to take over-scope operations or disguise to develop asset management operations.

6. There are small changes in the standards for the identification of qualified investors.

Boshi macro strategy at that the impact of the new information management rules for different types of financial institutions vary, but on the whole system to eliminate arbitrage between financial institutions, standardized asset management business of financial institutions. In terms of real impact, a new information management regulations commercial banks , trust and financial impact of the Internet is larger, less impact on the securities, funds and other financial institutions Insurance the right.

1) information management business of commercial banks to fully transition. To achieve the transition period to break the bank financing payment rigid, non-guaranteed wealth management shifted from the expected return of foreign net capital pool table business gradually clean up, quit, had the presence of nesting, leverage and non-compliant asset management business, but also Gradually standardize. Butt bank's existing financial product transition, the pipe-owned commercial banks to set up companies or will be the trend.

2) The fiduciary business of the trust is subject to greater trials. Due to the shrinking of bank wealth management and off-balance-sheet businesses, the sources of trust funds and channel businesses will be greatly limited. Coupled with the impact of regulatory policies to eliminate the nesting, control of leverage and maturity mismatch, the asset management of the trust may or may not be significant. shrink.

3) "Internet finance" should be gradually normalized. The new asset management regulations do not have much ink on Internet finance, but there is no doubt that it will be included in the scope of supervision. The new regulations on assets management also pointed out that if non-financial institutions illegally develop asset management operations, they shall be subject to standardized clean-up in accordance with state regulations. For internet finance, the "Notice of the General Office of the State Council on Issuing the Implementation Plan for the Special Rectification of Internet Financial Risks" issued at the end of 2016 remains the most important regulatory document for Internet finance. Combining the requirements of the new regulations on asset management, the strict management of qualifications of financial institutions will be a major pressure. If there is no qualification for qualifications and asset management qualifications, certain Internet financial platforms and institutions will have to be cleared out; in business operations, It will also gradually clear the pool of funds, eliminating nested, structured products and strict investor recognition standards.

4) The asset management business of the securities fund continues to improve. Due to the relative transparency and standardization of asset management operations of securities funds, there are not many places that need to be changed in general. This is mainly to further strict management of public and private equity products, and to continue to clean up classified funds and nested products, especially for the expiration of classified products and customized public offerings. after the exit. As the regulatory arbitrage space after the new regulations for asset management ceased to exist, the channel business of the securities fund subsidiary was basically completed, and its business transformation was imperative.

5) The liabilities of insurance institutions have a greater impact. For insurance institutions, it is mainly to break the rigid payment of insurance products such as universal insurance products and shift to net-value products. There are few restrictions on the use of investment in insurance assets or funds, continue to eliminate the multi-level nesting and leverage problems in the stock insurance asset management products, and give full play to their investment management advantages in infrastructure financing and other non-standard assets.

The short-term impact of the new regulations on financial markets is slightly more positive. On the one hand, the market had previously expected that the new regulations on assets will be postponed, but now, once it has landed, market uncertainty about this will be eliminated. On the other hand, the extension of the transition period to the end of 2020 exceeds the scope of the transition period set out in the consultation draft and the market's expectations before this, and the adverse impact on the real economy and financial markets will be further controlled.

As for the medium and long-term impact, the macro strategy department of the Bo Shi Fund stated that it should be said that all the spirits of the new regulations for assets management have been or are being implemented. At least for securities and funds, prior to the release of the new regulations on asset management, these institutions have already updated and adjusted investments in investor applicability, grading funds, custom public offerings, currency funds , etc. in accordance with regulatory measures issued by the China Securities Regulatory Commission. arrangement. In contrast, commercial banks, trusts and other institutions may also experience painful adjustments. The transition of bank wealth management products to net worth and non-standard assets to standard assets will have a greater impact on the financing of the real economy and require regulators. The supporting hedging design will be conducted to control and reduce the impact on the real economy of the transition process of bank trust assets. For financial markets, especially the stock market, the asset management adjustments of bank trusts do not constitute a major negative, because the degree of bank financial management involvement in the stock market is not deep, and the intent of the transition of bank financial management to net worth is Expand investment in standard assets including deposits, bonds and stocks.



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