China-Singapore Jingwei Client July 3rd, the person in charge of the relevant department of the central bank responded to questions about the "Standardized Debt Assets Identification Rules" and said that some of the debt assets of market institutions are concerned, such as in the inter-bank and exchange bond markets. The trading of government bonds, railway bonds, central Huijin bonds, panda bonds and other varieties belong to the subdivided varieties of fixed-income securities listed in the "Certification Rules" and are standard debt assets.
What is the scope of the identification of the standard assets?
Article 1 of the "Recognition Rules" has clearly defined all types of debt assets as debt assets, and there is no need to recognize the debt assets; other types of credit assets newly added after the "Recognition Rules" are issued can be marked according to relevant procedures. Debt asset recognition; if it passes the bond asset recognition, asset management products can invest in such bond assets to replace existing non-standard assets.
The People's Bank of China, in conjunction with the financial regulatory authority, shall identify the relevant debt assets in accordance with the conditions and relevant provisions listed in Article 2 of the "Identification Rules". In the follow-up, the People's Bank of China and the financial regulatory authorities will dynamically publish the approved list of creditor assets.
How to understand the relationship between the trading market and the infrastructure institutions that apply for the identification of the debt asset
The five specific conditions specified in the "Guiding Opinions" include "transactions in the inter-bank market, stock exchange market, and other trading markets agreed to by the State Council." Among them, the trading market is a comprehensive and inclusive concept, which is a collection of various financial infrastructures, participants, and financial product tools.
Specifically, if a certain type of debt asset is certified as a bond asset, the infrastructure institution applying for it will become an organic part of the inter-bank and exchange bond market, and coordinate with other infrastructure in the bond market, and related business needs to follow The legal system of the bond market.
How to understand the transition period arrangement in the "Recognition Rules"?
During the transition period of the "Guiding Opinions", for the stocks before the issuance of the "Identification Rules" that "are not included in the statistical scope of the non-standardized debt assets of the financial regulatory authorities before the issuance of this rule", the expiration of non-standard asset investment matching, Regulatory requirements such as limit management, concentration management, and information disclosure. No waiver will be granted for new items added after publication.
Are some of the assets that market institutions are concerned about being debt securities?
The "Recognition Rules" define the standard debt assets as "legally issued bonds, asset-backed securities and other fixed-income securities", and list some standard debt assets. Some debt-related assets that market institutions pay attention to, such as government bonds, railway bonds, central Huijin bonds, and panda bonds that are traded in the inter-bank and exchange bond markets, belong to the subdivision of fixed-income securities listed in the "Identification Rules" Variety, belonging to standard debt assets; for perpetual bonds and convertible bonds, according to the "Accounting Standards for Business Enterprises" and the issuer's accounting attribution, etc., if the asset attribute is clearly a debt, it belongs to the standard debt asset , and if the asset attribute does not belong to the debt, the current The regulatory requirements remain unchanged, and are not handled in accordance with the regulatory requirements for non-standard assets in the Guiding Opinions.
In addition, considering that other fixed-income public offering management products still have a certain gap with the fixed-income public offering securities investment funds in terms of investment scope, information disclosure, and valuation method standardization, the "Recognition Rules" only include the latter Tendered assets, which is also consistent with the spirit of the "Guidance".
How to understand the non-standard asset exclusion categories in the "Recognition Rules"?
The "Recognition Rules" define non-standard assets as debt assets that do not meet the conditions listed in the preceding three articles, except for "deposits (including large deposit certificates) and assets formed by reverse bond repurchase and interbank borrowing". The main considerations are, The above-mentioned assets neither meet the standard for determining the standard debt assets nor the characteristics of the original non-standard assets, and should not be simply classified as standard debt assets or non-standard assets. In view of the fact that financial regulatory authorities have more systematic and strict regulations on such assets, and such assets are not the main objective of the "Guidance", they are included in the non-standard asset exclusion category, maintaining the current regulatory requirements unchanged, and not in accordance with The "Guiding Opinions" deal with the regulatory requirements of non-standard assets.
Subsequent, in addition to the above-mentioned assets that have been clearly excluded, the other debt assets should not belong to the non-standard assets if they do not meet the five specific criteria for determining the standard debt assets. (China-Singapore Jingwei APP)