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The Securities Regulatory Commission is ready for the filing system of the brokerage asset management bottleneck problem-solving financial plan (VC321)
At the earliest attempt at asset management, the scale and pace of development lags far behind that of public equity funds and the private equity management of Sunshine Private Equity, and finally ushered in a major policy advantage in recent days.
A brokerage asset management person revealed on September 18 that in mid-September, the China Securities Regulatory Commission issued a basic idea for the revision of the "Provisional Measures for the Securities Asset Management Business of Clients of Securities Companies" to various brokerage asset management departments. Widely solicit industry opinions. It involves important clauses such as the proposed cancellation of collection plan approval, product innovation, and deletion of product-related termination conditions.
"It is foreseeable that the introduction and implementation of the final management method will become an important opportunity for the development of the asset management business of securities companies. Many policies will restrict the asset management business of securities companies, and many of the disadvantages in the past in terms of product innovation relative to public funds no longer exist. The brokerage asset management business will usher in a policy spring, which will have far-reaching significance for promoting the growth of the brokerage asset management business. "In this regard, said the managing director of a Shanghai brokerage asset management company.
Recording system is ready
It is reported that on the basis of the “Provisional Measures for the Securities Asset Management Business of Securities Companies†(hereinafter referred to as the “Trial Measuresâ€) and the “Implementation Rules for the Asset Management Business of Securities Companies (Trial)†successively promulgated and implemented in 2004 and 2008, this time The solicited comments on the revision have made major changes in many aspects, and are intended to solve the outstanding problems in the current development of the asset management business.
It is understood that, among the various articles to be revised, the most popular thing is that the Jiji financial plan is to be changed from the original approval system to the filing system.
"At present, the speed of approval by the China Securities Regulatory Commission cannot keep up with the speed of the products we issue. For the approval of a securities firm's collection of reasonable financial products, the regulatory department currently only provides two audit channels for 'big collection' and 'small collection' at the same time." A brokerage asset management The person in charge of the market of the department said that in order to improve the efficiency of their issuance, their multiple product declaration plans are lined up in two channels. One plan was approved, and the next one followed in for approval without any delay.
According to data from the China Securities Regulatory Commission, as of June 2011, the brokerage industry ’s asset management business was entrusted with management funds of 248.7 billion yuan. From the overall situation of the domestic wealth management product market, the asset management business of securities companies faces fierce competition from funds, banks, trusts, insurance and other institutions. The overall size of the business is small, with a market share of only 1%. Securities companies, as professional investment and service institutions, do not match their market positions and face huge challenges.
Previously, the industry has issued many appeals, thinking that the small collection products meet the type of private equity business, but currently the same as the large collection implementation of the approval system, the approval process is long, which is not conducive to improving the efficiency of the issuance, and hopes to quickly "small collection" products 'S issuance was changed to the record system.
In this revised plan, there is no distinction between large and small collections regarding the cancellation of approvals, and the relaxation of the scope of filing is more than the industry expects. It is understood that the China Securities Regulatory Commission has reported to the State Council's Audit and Reform Office to study the cancellation of the approval of the collective plan and change it to the filing method. It will also formulate the "Guidelines for the Management of the Records of the Securities Company's Collective Asset Management Plan".
Product liquidation is not limited by net value
According to the above-mentioned asset management sources, the main content of this revision involves five aspects: 1. Reserve space for the reform of the administrative licensing of asset management business, and adjust the relevant provisions of the "Trial Measures" regarding "approval of collection plans". 2. Enhancing the regulatory requirements regarding fair transactions, information disclosure and investment manager qualification. 3. Combined with asset management business practice and future development needs, amend some restrictive clauses to reserve space for business development and innovation. 4. Adjust the terms that are inconsistent with or repeat the provisions of the "Securities Law", "Regulation Regulations", and "Interim Provisions on the Examination and Approval of the Business Scope of Securities Companies". 5. The "Assembly Rules" and "Orientation Rules" shall be appropriately revised simultaneously.
In addition to the above-mentioned proposed product filing system, important amendment rules also include product innovations such as broadening the scope of investment. For example, it is proposed to remove the restrictive clauses of "the securities in the assets of the collective plan cannot be used for repurchases"; to waive the double 10% and 3% related-party transaction investment restrictions involving indexed products; The hierarchical division of the collection plan shares is beneficial to initiate the establishment of structured products.
According to industry insiders, at present, public funds have made breakthroughs in ETF product design, graded closed-end fund development, industry segmentation and style products. However, the scope of investment in securities products collected by securities firms is also limited to stocks, bonds, funds, and stock index futures, but repurchase is not allowed. Therefore, basic financial products are scarce and structured and graded operations are not allowed, which makes the space for product innovation narrower Securities asset management products are seriously homogenized. Structured products have become one of the most vigorous financial product types in the market. This type of product only exists in trusts and public funds, and the obstacles that hinder the development of such products by brokerage asset management are the limitations of regulations.
In addition, the regulatory department intends to delete the termination conditions of the "Assembly Rules" "The planned net asset value of less than 100 million yuan for 20 consecutive trading days." According to the revised draft for solicitation of opinions, whether the wealth management product is terminated due to the net asset value being below a certain lower limit should be independently judged and decided by the parties to the contract and selected by the market. From the perspective of domestic and international regulatory practices, regulatory requirements for the mandatory termination of wealth management products because the net asset value is below a certain lower limit are rare.
The revised clauses also include allowing conditional transfer of collective plan shares among existing customers; while keeping the overall entry threshold for existing clients of collective plans unchanged, reserve space for securities companies to design low-risk products for small and medium investors ; Allow own funds to participate in or withdraw from the collection plan under specified conditions.
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