China News Agency, Beijing, February 17th (Reporter Chen Kangliang) The China Securities Regulatory Commission announced on the 17th that in order to strengthen the supervision of important money market funds, the China Securities Regulatory Commission and the People's Bank of China issued the "Interim Regulations on the Supervision of Important Money Market Funds" (next referred to as the "Interim Regulations").
The person in charge of the relevant department of the China Securities Regulatory Commission stated that in recent years, China's public offering fund industry has developed rapidly, and the overall scale has exceeded 27 trillion yuan (RMB, the same below), and the number of investors has exceeded 700 million.
As an inclusive financial product for cash management, money market funds have the characteristics of high security, good liquidity, and low investment costs. They have become an important variety of public funds and actively serve residents' wealth management.
At the same time, some money market fund products are large in scale or involve a large number of investors. If risks occur and are likely to have a negative impact on the financial market, more stringent and prudent regulatory requirements should be put forward.
According to reports, the "Interim Provisions" has five chapters and 20 articles. The main contents include: First, clarify the definition of important money market funds and the evaluation conditions, standards, and procedures to effectively identify important money market funds.
An important money market fund refers to a money market that may have a major adverse impact on the capital market and the financial system if a major risk occurs 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.
Money market funds that meet the conditions of a scale greater than 200 billion yuan or the number of investors greater than 50 million should be included in the scope of evaluation.
The China Securities Regulatory Commission will evaluate the participating products, determine the final list and make it public.
The second is to clarify the special regulatory requirements for important money market funds, and enhance the risk resistance capabilities of fund managers and products.
The "Interim Regulations" stipulates that the fund managers of important money market funds, Custodians and sales agencies put forward stricter and prudent requirements.
The third is to clarify the risk prevention and control and disposal mechanism of important money market funds.
Including: requiring fund managers and relevant market entities to formulate reasonable and effective risk response plans and make arrangements for risk disposal in advance.
It is stipulated that the China Securities Regulatory Commission, together with the People's Bank of China and other relevant departments, shall establish an information sharing mechanism, and clarify the risk handling mechanism in the case of major risks.
Under different risk situations, fund managers' own funds, risk reserves, major shareholders and other sources of funds for risk disposal shall be stipulated.
The above-mentioned person in charge said that in the next step, the China Securities Regulatory Commission will guide various industry institutions to conscientiously implement the "Interim Regulations", continue to do a good job in the daily supervision and risk monitoring of important money market fund products in conjunction with the central bank, and effectively protect the legitimate rights and interests of fund share holders. Promote the stable and healthy development of related products.
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