Chinanews.com, June 11. According to the news on the website of the China Banking and Insurance Regulatory Commission on the 11th, the China Banking Regulatory Commission and the People’s Bank of China jointly formulated and issued the "Notice on Regulating the Management of Cash Management-type Wealth Management Products" (hereinafter referred to as the "Notice"). It will come into effect today.
The “Notice” is a supporting system for the new asset management regulations, the new financial management regulations, and the “Measures for Wealth Management Subsidiaries”. According to the supplementary notice, the requirements for strict supervision of cash management wealth management products (hereinafter referred to as cash management products) shall be imposed on commercial banks and The cash management products issued by wealth management companies put forward specific regulatory requirements.
The "Notice" as a whole is consistent with the regulatory standards for similar asset management products such as money market funds. The main contents include: clarifying the definition of cash management products; putting forward product investment management requirements, stipulating investment scope and investment concentration; clarifying product liquidity management And leverage control requirements; refine the valuation accounting requirements of "amortized cost + shadow pricing"; strengthen subscription, redemption and sales management; clarify the risk management requirements for cash management products, and apply the amortized cost method for cash management Product scale control is implemented to ensure that the organization's business development matches its own risk management level.
Regarding the arrangements for the transition period, the "Notice" fully considers the potential impact on the organization's business operations and financial markets, and sets a reasonable transition period. In accordance with the spirit of the transition period of the new asset management regulations, the transition period is extended by one year, and the transition period is specified as the date of implementation of the "Notice". From the end of 2022, promote the smooth transition of related businesses.
During the transition period, newly issued cash management products shall comply with the "Notice"; for stock products that do not meet the requirements of the "Notice", commercial banks and wealth management companies shall implement the new regulations on asset management, financial management and the requirements of the "Notice" Rectification.
After the end of the transition period, commercial banks and wealth management companies shall not re-issue or continue cash management products that do not meet the requirements of the "Notice".
The stock of bank capital supplement bonds held by cash management products are allowed to be held until maturity in accordance with the principle of "new and old cut".
The formulation of the "Notice" is a specific measure to implement the new asset management regulations and their supplementary notices, the new financial management regulations and the "Wealth Management Subsidiary Measures". It is conducive to unifying the regulatory standards for similar asset management products, preventing unfair competition and regulatory arbitrage; it is conducive to strengthening The compliance and robustness of the business operations of cash management products prevents the disorderly growth and risk accumulation of irregular products, promotes the standardized rectification of bank wealth management business and the "clean start" of wealth management companies; it is conducive to clarifying long-term institutional arrangements and stabilizing market expectations , Eliminate uncertainty, and promote the smooth operation of related businesses and financial markets.
In the next step, the China Banking and Insurance Regulatory Commission and the People's Bank of China will strengthen the supervision and management of cash management products, promote commercial banks and wealth management companies to develop business in accordance with laws and regulations, promote the standardized transformation and smooth transition of wealth management business, protect the legitimate rights and interests of investors, and achieve standardized wealth management business healthy growth.