Chinanews.com, May 27. According to the website of the China Banking and Insurance Regulatory Commission, in order to regulate the sales activities of wealth management products of wealth management companies, protect the legitimate rights and interests of investors, and promote the healthy development of wealth management businesses, the China Banking and Insurance Regulatory Commission issued the "Interim Measures for the Administration of the Sales of Wealth Management Products by Wealth Management Companies" ( Hereinafter referred to as the "Measures"), it will come into force on June 27, 2021.
The Measures are closely aligned with the unified requirements of the new asset management regulations, and clearly stipulate that no non-financial institution or individual may sell wealth management products as an agent without the permission of the financial supervision and management department.
The "Measures" clearly stipulate the sales agencies of wealth management products and their sales business activities.
The first is to define the conceptual scope of financial product sales activities.
The Measures clarify that the sales of wealth management products of wealth management companies include some or all of the following business activities for investors: (1) To display, introduce, and compare part or all of the characteristic information of a single or multiple wealth management products and directly or indirectly provide subscription, Promote and promote wealth management products through subscription and redemption services; (2) Provide investment advice for single or multiple wealth management products; (3) Handle the subscription, purchase and redemption of wealth management products for investors; (4) Others recognized by the China Banking and Insurance Regulatory Commission Business Activity.
At the same time, the Measures are closely aligned with the unified requirements of the new asset management regulations, clearly stipulating that no non-financial institution or individual may sell wealth management products without the permission of the financial supervision and management department.
The second is to clarify the scope of sales agencies for wealth management products.
The Measures divide wealth management product sales organizations into two categories: one is the wealth management company that sells the company's wealth management products; the other is the agency sales organization that accepts the trust of the wealth management company to sell its wealth management products.
At this stage, the "Measures" allow wealth management companies and banking financial institutions that absorb public deposits to act as sales agents, maintaining the continuity and stability of the existing wealth management product sales system.
Wealth management companies are a new type of non-bank financial institution. The type of institution, product attributes, brand reputation, etc. are in the initial stage of cultivation, and the degree of regional discrimination needs to be gradually improved.
The scope of existing sales organizations generally continues the mature channel model of bank wealth management products sales, which is easy for investors to identify.
In the next step, the China Banking and Insurance Regulatory Commission will expand the scope of sales institutions of wealth management products to other financial institutions and professional institutions in a timely manner based on the transformation and development of bank wealth management products.
The third is to propose the conditions that should continue to be met for engaging in sales activities.
Specifically include: good financial status, standardized and stable operation, self-owned channels, information systems and other facilities and sales process self-control capabilities that are compatible with independent financial product sales business activities, safe and reliable data protection capabilities, management systems and supporting facilities , Complete management system, organizational system, operation process, monitoring mechanism and other aspects.
The "Measures" stipulate the prohibition of wealth management product sales institutions and their sales staff from engaging in wealth management product sales activities, including misleading sales, false publicity, improper display of performance comparison benchmarks, conflation with deposits or other products, mandatory bundling, and tying Other services or products, inducing investors to conduct frequent short-term operations, illegal valet operations, strengthening product exchanges, private sales of "flying orders" products, etc., focus on the outstanding problems faced by asset management product sales, further clarify rules and requirements, and strengthen behavior specification.
In addition, the "Measures" put forward requirements for the management of sales personnel of wealth management products at the institutional and employee levels.
Consolidate responsibilities at the institutional level.
Require wealth management product sales organizations to establish and complete systems for job qualifications, continuous training, information disclosure, inquiry and verification, etc., and implement them effectively.
Without the management of wealth management product sales agencies to conduct qualification certification and sign labor contracts, no personnel may engage in wealth management product sales business activities.
At the same time, financial product sales agencies are required to register and publicize the information of all sales personnel.
Strengthen constraints at the employee level.
Sales personnel are required to introduce themselves and inform information inquiry and verification channels before promoting the sale of wealth management products to investors, so as to facilitate investors' inquiry and verification, and to prevent counterfeiting of identities and false propaganda.
The "Measures" also make relevant provisions for wealth management product sales institutions to sell wealth management products through business outlets and electronic channels.
Wealth management product sales institutions can sell wealth management products of wealth management companies through business outlets, or they can sell wealth management products through their own electronic channels such as official websites and mobile financial client applications (mobile banking APP).
For those who sell wealth management products to non-institutional investors through business outlets, the "Measures" require wealth management product sales institutions to implement wealth management product sales area management in accordance with regulatory provisions, set up obvious signs for the sales area, and sell each wealth management product in the sales area The process is recorded and recorded.
Unless there is a written agreement with non-institutional investors in person, the sales of wealth management products with a rating of four or higher should be conducted at business outlets.
For those selling wealth management products to non-institutional investors through electronic channels, the “Measures” require wealth management product sales institutions to actively take effective measures and technical means to completely and objectively record marketing promotion, product risks and key information reminders, investor confirmation and feedback, and other key sales Links to ensure that it can meet the needs of retrospective inspection and verification and evidence collection.
The China Banking and Insurance Regulatory Commission stated that the issuance and implementation of the "Measures" is a specific measure taken by the China Banking and Insurance Regulatory Commission to implement new asset management regulations, new financial management regulations, and "Wealth Management Subsidiary Measures" and other institutional requirements. It will help regulate wealth management companies' wealth management product sales business activities and protect investors' legality. rights and interests.
In the next step, the China Banking Regulatory Commission will do a good job in the implementation of the Measures, continue to improve the system of rules and regulations, strengthen supervision and management, and promote the healthy development of wealth management business.