"Interim Regulations on the Supervision of Important Money Market Funds" Public Comments——

Moving the border forward to prevent and control financial risks

　　Our reporter Peng Jiang

　　Recently, the China Securities Regulatory Commission has drafted the Interim Regulations on the Supervision of Important Money Market Funds (Draft for Comments), and has publicly solicited opinions from the public.

The "Interim Provisions" consists of 5 chapters and 20 articles. The main contents include: first, clarify the definition and evaluation methods of important money market funds, and effectively identify important money market funds; second, clarify the additional regulatory requirements of important money market funds to enhance the ability to resist risks The third is to clarify the risk prevention and control and supervision and management mechanism of important money market funds.

　　Why did the regulators formulate the "Interim Regulations" and what impact will the "Interim Regulations" have on the industry and investors?

Economic Daily reporters interpreted the market concerns.

　　Precise "bomb disposal" to prevent and control risks

　　The Central Economic Work Conference proposed that it is necessary to correctly understand and grasp the prevention and resolution of major risks, and continue to follow the guidelines of stabilizing the overall situation, overall planning and coordination, implementing policies by category, and accurately disposing of bombs, and do a good job in risk disposal.

At present, the key to preventing and defusing major risks is to prevent and control financial risks and keep the bottom line that systemic financial risks do not occur.

The formulation of the "Interim Regulations" by the regulatory authorities is an important measure to prevent financial risks.

　　Important money market funds refer to money market funds that may have a significant adverse impact on the capital market and financial system due to the large scale of fund assets or the large number of investors and strong correlation with other financial institutions or financial products. fund.

Experts said that the "Interim Regulations" are an important regulation in recent years to promote the formation of a coordinated system of systemic financial risk prevention and resolution system, and it is a useful supplement for regulators to prevent financial systemic risks from the perspective of financial products.

　　"In recent years, with the rapid development of the Internet and the need for stable returns from large-amount fund management, currency funds were once strong in the limelight, and their weights in major fund companies are getting higher and higher. It should be noted that currency funds It is also an investment fund, and is also affected by many factors such as fluctuations in the interest rate market, changes in the economic environment, etc. In addition, currency funds also have very scattered holders, large differences in the amount of individual accounts, and different risk tolerance of investors. For many problems, there are still blind spots in the regulatory system that need to be repaired. The introduction of the "Interim Regulations" will further standardize market supervision and investment behavior and reduce systemic financial risks." said Chen Li, chief economist at Chuancai Securities.

　　Tian Xuan, deputy dean of the PBC School of Finance, Tsinghua University, believes that the CSRC's new draft for soliciting opinions on important monetary funds is a systematic consideration of the risk prevention of money market funds, which is in line with the "Regulations on the Management of Liquidity Risks of Public Offering of Open-end Securities Investment Funds". Laws and regulations such as the Measures for the Supervision and Administration of Money Market Funds are in the same line and gradually improved.

In recent years, financial regulatory authorities have successively issued the "Guiding Opinions on Improving the Supervision of Systemically Important Financial Institutions", "Measures for the Evaluation of Systemically Important Banks", "Additional Regulations on the Supervision of Systemically Important Banks (Trial)", and "Macroprudential Policy Guidelines (Trial)" The Interim Regulations supplement the regulatory framework for preventing financial systemic from the perspective of financial products.

　　Wang Shaohui, a senior researcher at the Hainan Institute of Financial Research, Bank of China, said that the rapid expansion of domestic and foreign economic conditions and the scale of monetary funds objectively requires precise risk prevention and control within the framework of the original fund supervision system.

"The new crown pneumonia epidemic has caused increased volatility in the international capital market, and the importance of preventing financial systemic risks has become more prominent; with the liberalization of interest rates and the rapid development of tripartite platforms, the scale of domestic monetary funds and the number of investors have expanded rapidly, and many trillions of dollars have appeared. A single-level fund has a greater impact on the market. Therefore, it is necessary to strengthen the precise risk prevention and control of important monetary funds on the basis of the continuation of the above-mentioned regulatory rules." Wang Shaohui said.

　　The development of monetary funds is more standardized

　　Experts said that the formulation of the "Interim Regulations" is on the one hand to require monetary funds to restore the origin of the market, and on the other hand to prevent monetary funds from becoming so large that they form a monopoly effect on the market.

　　The "Interim Regulations" clarify the scope of important money market funds. A single fund with a net asset scale of more than 200 billion yuan, or the number of investors more than 50 million, should be included in the scope of participation.

It should be noted that different money market funds managed by the same fund manager and sold by the same sales agency shall be calculated on a consolidated basis.

　　Wang Shaohui believes that the "Interim Regulations" are stricter than previous regulations in strengthening liquidity management.

In terms of investment indicators, compared with the Measures for the Supervision and Administration of Money Market Funds, the holding ratio of a single investment target and the upper limit ratio of holding liquidity-restricted assets in the Provisional Regulations are reduced to 5%; The ratio is increased to 20%, and the upper limit of the proportion of bank deposits with a maturity period is adjusted to 50%; the upper limit of the leverage ratio is lowered to 110%, and funds above 500 billion cannot be leveraged in principle; the upper limit of the average remaining maturity of the investment portfolio is lowered from 120 days to 90 days , more than 500 billion currency funds were pressed to 60 days.

In terms of accruing risk reserves, compared with the Interim Measures for the Supervision and Administration of Risk Reserves for Publicly Offered Securities Investment Funds, the Interim Regulations increase the provisions on the accrual of risk reserves by fund sales agencies, and reduce the risk of fund managers and custodians. The ratio of reserve provision has been increased to 40% and 20% respectively.

In addition, the provision of short-term financing arrangements within a certain amount through pledged repurchase transactions and other methods has been added to deal with huge redemptions and ensure liquidity.

　　According to Yang Delong, chief economist of Qianhai Open Source Fund, the "Interim Regulations" will play a guiding role in regulating the management of relevant companies, especially to curb the expansion of the scale, and prevent the money fund from being too large if the scale is too large. management.

Ensure that the capacity and scale match, not blindly expand the scale, and further promote the high-quality development of important money market funds and public fund industries.

　　The "Interim Regulations" will have different impacts on relevant market players.

Chen Zhongwen, general manager of the cash management department of Pengyang Fund, believes that the "Interim Regulations" are conducive to improving the resilience of monetary funds and the stability of the financial market.

Judging from the content of regulatory policies, this regulation has tightened the concentration, duration, rating, asset structure, liquidity indicators, leverage ratio, etc. of important monetary fund products. certain influence.

　　Chen Zhongwen said: "In the short term, the policy is favorable for small and medium-sized monetary funds, and some products can obtain the inflow of diverted funds. However, the leading products of leading companies have accumulated certain industry competitive advantages in asset and liability management capabilities. From In the long run, the new regulations reflect the intention of supervision. The original intention is to encourage net worth products, and the purpose is to prevent systemic financial risks. Therefore, net worth cash management products such as short-term debt funds and certificate of deposit index funds are more in line with the current policy orientation. , there is a substitution effect between products, and it is expected to become a new focus of competition between the fund industry and the wealth management market."

　　Guarding the investor's "money bag"

　　我国公募基金行业快速发展，整体规模超过25万亿元，投资者数量突破5亿。货币市场基金作为现金管理类的普惠金融产品，具有安全性高、流动性好、投资成本低等特点，已成为公募基金的重要品种，为广大投资者的财富管理需求提供了便利的服务。

　　《暂行规定》对单一投资者持有份额超过基金总份额5%的申购、赎回等予以约束，保障流动性资产平稳应对投资者赎回；较之前规定中对单个基金份额持有人超过基金总份额10%的单日赎回应对规定更为严格、系统。

　　《暂行规定》还明确，基金管理人的高级管理人员、基金经理等相关人员的考核评价、薪酬奖励等不得直接或间接与基金规模相挂钩。基金托管人应切实履行受托职责，审慎从严监督重要货币市场基金的投资运作情况。专家认为，此举可以引导基金经理更好地追求基金净值的增加而非规模的盲目扩张，为投资者带来更稳健的回报。

　　王少辉表示，新规增加了基金销售机构计提风险准备金规定，并且要求配合基金管理人做好重要货币市场基金持有人结构管理、规模管控等工作，在今后销售过程中销售机构要加强销售的合规性管理，向投资者全面、清晰地揭示重要货币市场基金投资风险，不得对其他基金实施歧视性销售安排，同时基金销售机构需做好合理有效的风险应对预案。