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「320005基金净值」大资管时代已至(2017-02-22)

320005基金净值

320005基金净值——金元证券同花顺

  大资产管理时代已经到来,统一监管趋势明显
  近年来,我国资产管理业务发展迅速。设立多层次的信托基金、多层次的投资基金等不同类型的金融产品,让人们感到困惑。

  《21世纪经济报道》记者多方获悉,近日,在央行的领导下,银监会、证监会、保监会、外管局等部门联合酝酿了针对不同资产管理产品的统一监管体系。其用意是根据资产管理的类型而不是目前发行人的类型,制定行业底线和最低准入标准,对共性问题作出最基本的规定,最大限度地消除套利空间。
  某银行资产管理部人士表示,大资产管理时代已经到来,统一监管标准的呼声一直很高,这也是大势所趋。“据我了解,文件已经起草完毕,还处于讨论阶段,正式发布还有一段时间。”

320005基金净值——选股宝

  2016年11月,中国证监会副主席李超也在公开场合强调了资产管理行业统一监管的趋势。

  He said that China’s current asset management industry is in confusion in the use of laws, inconsistent regulatory standards, lack of unified monitoring and control, and hidden rigid cashing.These will bring many problems, such as not conducive to the protection of investors, leading to market segmentation, affecting the normal functioning of the market, causing regulatory arbitrage, capital from real to virtual and so on.
  Unified regulatory standards

320005基金净值——理财产品哪家银行高

  Under the existing separate supervision system, different supervision departments supervise the asset management business according to the types of institutions.The same products are different in terms of capital risk calculation, investment limit, investment threshold and so on because of different issuers.
  Therefore, the new rules in the pipeline may adopt the principle of “the same standard applies to the same type of products” to reduce the arbitrage space.

  Taking a simple investment threshold as an example, bank financing generally starts at 50000 yuan, trust and private funds generally start at 1 million yuan, insurance asset management products are mainly for institutional investors, and public funds start at 1 yuan.The difference between the investment threshold and the requirements of qualified investors leads to the fact that some asset management products can borrow other channels to lower the threshold of investors.

320005基金净值——江西水泥股吧

  According to the people familiar with the matter, the future idea is not to be so complicated and distinguish different products, just divide them into general public and qualified investors according to public offering and private offering, as well as investors’ risk tolerance and investment experience.Between the two, there is also a big dispute about “small public offering”.The mainstream idea is still allowed, and the regulatory standards refer to public offering.
  In addition, the essence of asset management business is “entrusted by others, financing on behalf of others”, which is the off balance sheet business of financial institutions, and the final risk and income should be the investors themselves.In the brewing policy, this requirement has been reiterated, and financial institutions are required not to promise to guarantee capital and income, breaking the “rigid cashing”.

  In addition, the requirements for capital and risk reserve are different for all kinds of asset management products.For example, bank off balance sheet business is not subject to capital constraints, non-standard bond assets are subject to certain restrictions, trust, securities companies, fund subsidiaries, etc. implement net capital supervision, and withdraw risk funds according to a certain proportion.

  According to people familiar with the matter, differences in regulatory systems are also an important factor in arbitrage of different products.为此,央行建议“金融机构按资产管理收入的10%提取风险准备金”。这一点是否会写入新条例,仍有待官方文件公布。
  激起行业变革

  资产管理产品层层嵌套,结构复杂,难以穿透底层资产。它不仅增加了资金链,而且加剧了资金的内外循环和融资成本。
  市场人士表示,监管层酝酿的政策可能会禁止资产管理产品投资于其他资产管理产品。但是,基金对基金(fof)、经理对经理(MOM)和金融机构的外包投资除外。但规定受托机构不得投资其他资产管理产品。

  此前,为规避贷款规模和资本消耗的调控政策,部分银行利用其他资产管理产品实现表内资产的转移。这种做法可能不会继续下去。
  在资产管理产品中,最常见的方式是通过优先考虑劣质产品等结构性手段筹集资金、提高杠杆率,不同产品的杠杆率不尽相同。对此,酝酿中的新规可能需要统一的杠杆率。以结构性产品为例,优先股和次优股的杠杆率分别为固定收益的3倍、股票的1倍和其他类别的2倍。同时,公募和非公开发行产品的负债率分别设定为140%和200%。

  有券商认为,统一杠杆率要求符合此前“一行三会”文件的要求。比如银监会的规定要求,信托公司优先权比例原则上不得超过1:1,最高不得超过2:1。
  此外,中国证监会2016年7月发布的《证券期货经营机构私募股权资产管理业务经营管理暂行规定》也明确,股票和混合结构资产管理产品的杠杆率不得超过1:1,固定收益资产管理产品比例不得超过1:3,其他机构资产管理产品比例不得超过1:2。结构化资产管理计划的总资产占净资产的比例不超过140%,非结构化集合资产管理计划的比例不超过200%。

  一位不方便透露姓名的知情人士表示,文件一旦完成,将对资产管理行业产生深远影响。短期内可能会出现波动,从长期来看有利于整个行业的健康发展。
  【相关新闻】

  
  2月21日,《21世纪商报》记者从多位银行家处获悉,近日,央行协调第三次会议和有关部门制定了《关于规范金融机构资产管理业务的指导意见》,大监管的思路逐渐清晰。

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