
On April 27th this year, "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" (hereinafter referred to as "new asset management regulations") was officially released and implemented, and the asset management market with a total scale of 100 billion yuan ushered in major changes. The night before yesterday, China Banking and Insurance Regulatory Commission issued the Measures for the Supervision and Management of Financial Management Business of Commercial Banks (Draft for Comment) (hereinafter referred to as the "Measures"), which is intended to be issued and implemented as the supporting rules of the new asset management regulations. Then, what changes will the promulgation of the Measures bring to investors’ purchase of bank wealth management products?
status
At the end of June, the balance of non-guaranteed wealth management products of banks was 21 trillion yuan.
According to reports, since 2002, China’s commercial banks have successively carried out wealth management business. The bank wealth management business has played an active role in enriching the supply of financial products, meeting investors’ demand for capital allocation, and promoting the marketization of interest rates. However, in the rapid development, there have also been some problems, such as nonstandard business operation, inadequate management of investors’ appropriateness, insufficient information disclosure, and "buyer’s conceit" on the basis of "seller’s responsibility".
In this regard, China Banking and Insurance Regulatory Commission has always attached great importance to the risk and supervision of bank wealth management business, and constantly improved the supervision framework of bank wealth management business. In the first half of 2018, the overall operation of bank wealth management business was stable. At the end of 2017, the balance of bank non-guaranteed wealth management products was 22.17 trillion yuan, the balance at the end of May 2018 was 22.28 trillion yuan, and the balance at the end of June was 21 trillion yuan. The scale and proportion of interbank wealth management continued to decline. Financial management funds are mainly invested in standardized assets such as bonds, deposits and money market instruments, accounting for about 70%; The investment in non-standardized creditor’s rights assets accounts for about 15%, which is generally stable.
focus
The threshold for public offering of wealth management products was reduced to 10,000 yuan.
The relevant person in charge of China Banking and Insurance Regulatory Commission said that the Measures strengthen the proper management of investors, distinguish between public offerings and private offerings of wealth management products, guide investors to buy wealth management products that match their risk tolerance, and effectively protect the legitimate rights and interests of investors. Public wealth management products are publicly issued to unspecified public, while private wealth management products are privately issued to no more than 200 qualified investors.
The "Measures" require that commercial banks should set an appropriate time limit and sales starting amount according to the nature and risk characteristics of wealth management products.
At present, the minimum bank wealth management products sold by commercial banks are 50,000 yuan. The "Measures" stipulate that if a public offering of wealth management products is issued, the starting point for sales by a single investor shall not be less than 10,000 yuan. When a commercial bank issues private wealth management products, the amount of investment by qualified investors in a single fixed-income wealth management product shall not be less than 300,000 yuan, the amount of investment in a single mixed wealth management product shall not be less than 400,000 yuan, and the amount of investment in a single equity wealth management product, a single commodity and a financial derivative wealth management product shall not be less than 1 million yuan.
Dong Ximiao, a senior researcher at Chongyang Financial Research Institute of the National People’s Congress, believes that lowering the threshold of bank wealth management products will help bank wealth management products to be more universal and cover more ordinary investors, making it easier for more ordinary people to buy bank wealth management products.
sb/sth attracting attention
Bank wealth management products will be able to invest in public securities investment funds.
The current supervision system of bank wealth management business stipulates that public wealth management products can only invest in monetary and bond funds, and may not invest in stocks publicly traded in the domestic secondary market or securities investment funds related to them, and may not invest in the shares of unlisted enterprises or shares privately issued or traded by listed companies.
The "Measures" issued this time have liberalized relevant restrictions and allowed public and private wealth management products to invest in various public securities investment funds; At the same time, consistent with the "new regulations on asset management", the investment of wealth management products in public securities investment funds can no longer penetrate into the underlying assets.
At the same time, the "Measures" also left a "hole" for publicly offered wealth management products to invest in the stock market, pointing out that "the relevant provisions on investing in domestically listed stocks shall be formulated separately by the the State Council Banking Regulatory Authority".
According to the Measures, the market value of a single securities or a single public securities investment fund held by each public wealth management product shall not exceed 10% of the net assets of the wealth management product; The market value of a single securities or a single public securities investment fund held by all public wealth management products of a commercial bank shall not exceed 30% of the market value of the securities or the public securities investment fund; All wealth management products of commercial banks hold shares issued by a single listed company, and shall not exceed 30% of the tradable shares of the listed company.
In addition, there is a negative list of areas where bank wealth management products cannot be invested. The Measures stipulate that wealth management products of commercial banks shall not directly invest in credit assets, directly or indirectly invest in credit assets of the Bank, directly or indirectly invest in wealth management products issued by the Bank or other banking financial institutions, or directly or indirectly invest in subordinated credit asset-backed securities issued by the Bank. The wealth management products issued by commercial banks to non-institutional investors shall not be directly or indirectly invested in non-performing assets or non-performing asset-backed securities, unless otherwise stipulated by the the State Council Banking Regulatory Authority.
pay close attention
Capital preservation and financial management are regulated according to deposits.
At present, there are both guaranteed and non-guaranteed bank wealth management products. Guaranteed wealth management is popular with conservative investors because of its low risk and higher income than deposits in the same period. However, the "Measures" issued this time are consistent with the "New Regulations on Asset Management" and are positioned to standardize non-guaranteed wealth management products of banks.
The relevant person in charge of China Banking and Insurance Regulatory Commission said that non-guaranteed wealth management products are real asset management products; Capital-guaranteed wealth management products can be divided into structured wealth management products and unstructured wealth management products according to whether they are linked to derivative products or not, and should be managed according to structured deposits or other deposits respectively. Structured deposits are widespread in the world, which are essentially different from the asset management attributes of non-principal-guaranteed wealth management products, such as legal relationship, business essence, management mode, accounting treatment and risk isolation.
The Measures stipulate that capital-guaranteed wealth management products shall be managed in accordance with structured deposits or other deposits. At the same time, we will undertake and further clarify the relevant requirements of structured deposits in the current regulatory system in the supplementary provisions, including: bringing structured deposits into the on-balance-sheet accounting of banks, bringing them into the scope of deposit reserve and deposit insurance premiums according to deposit management, and drawing capital and provisions for related assets according to regulations; When selling structured deposits, banks should implement the relevant provisions of the Measures and its annexes on product sales, fully disclose information and risks, and protect the legitimate rights and interests of investors; To carry out structured deposit business, banks need to have corresponding derivatives trading business qualifications.
disclose
Banks can only talk about past performance when promoting wealth management products.
Nowadays, bank wealth management products will show the expected annualized rate of return, and many investors choose products accordingly. In the future, the expected rate of return will not appear in promotional materials.
The Measures require that when selling wealth management products, commercial banks should strengthen the management of investors’ appropriateness, fully disclose information and risks to investors, and must not publicize or promise to protect capital and income, and must not mislead investors to buy wealth management products that do not match their risk tolerance.
When issuing wealth management products, commercial banks are not allowed to publicize the expected rate of return of wealth management products. In the publicity and sales text of wealth management products, only the past average performance and the best and worst performance of the wealth management products or similar wealth management products of the Bank can be published, and investors should be reminded in striking words that "the past performance of wealth management products does not represent their future performance, nor does it equal the actual income of wealth management products, so investment should be cautious".































