Regulating asset management

1. What is the asset management situation in China like at the moment How do the various types of institutions carry on their asset management business

A comprehensive asset management regime, including commercial banks and trust companies subject to the regulation of the China Banking Regulatory Commission (CBRC), securities companies, fund management companies (both public and private) and futures companies subject to the regulation of the China Securities Regulatory Commission (CSRC), insurance companies subject to the regulation of the China Insurance Regulatory Commission (CIRC) as well as the various third party wealth management institutions, private asset management companies and wealth management companies, which have not been incorporated into the above-mentioned regulation systems, has now taken shape in China. Of course, this also includes the four large financial asset management companies subject to the regulation of the People's Bank of China, which have slowly been moving from their original mission of disposing the non-performing assets of banks to participating and engaging in various types of asset management businesses.

The various types of asset management institutions provide a wide range of asset management services, including the wealth management products and certain asset management plans of commercial banks, trust plans of trust companies, asset management plans of securities companies, dedicated asset management plans of fund companies, asset management plans of futures companies and debt investment plans of insurance compa­nies. As for the various types of third party wealth management institutions and wealth management companies, many provide other asset management services through the sale of various wealth management plans, trust products, limited partnership units and others on an agency basis.

2. What important asset management policies were issued in China in the first half of 2014 What is their significance

The Circular on Issues Relevant to Strengthening the Regulation of Shadow Banking issued by the General Office of the State Council intensifies the regulation of those whose pan-asset management business falls within the scope of shadow banking and that do not have a financial institution licence, such as third party wealth management institutions, money market funds, asset securitisation and certain asset management business. The document additionally places restrictions on and regulates the following businesses: regulates the development of the wealth management business of financial institutions, strictly prohibits the non-standard wealth management fund pool business of trust companies, expressly distinguishes, by way of contract, the responsible entity and functional entity in the cooperative business of financial institutions and strictly prohibits the debt-type financing business of private equity funds. One can see from the issuance of Document 107 that the Chinese regulators, while wishing to further promote the orderly development of the various types of asset management businesses, are increasing the control and regulation over shadow banking services and, with respect to asset management businesses that pose relatively large risks or for which there currently exists a policy vacuum, they propose clear requirements regarding the regulators and the formulation of business codes.

With respect to the requirements of the Document, the General Office of the CBRC subsequently issued the Guiding Opinions on Regulating Trust Company Risks, reiterating that trust companies may not engage in non-standard wealth management fund pool businesses, regulating the channelling business of trust companies and proposing that trust companies develop and innovate in new businesses such as debt-type direct financing instruments, equity investment, M&A, asset securitisation and family wealth management. From this it can be seen that the regulators are not satisfied with the trust company business model in which the channelling business is the core busi­ness, and that developing and innovating in new business areas will be the emphasis for trusts in future.

The Several Opinions on Further Promoting the Healthy Develop­ment of Capital Markets recently issued by the State Council contain policies that will be favourable to the asset management business. The Opinions set forth guidance for China's stock market, bond market, futures market and private offering market as well as for further relaxing the capital markets. These guiding opinions, with direct and positive significance, show that China's securities regulators are currently putting their efforts in pushing forward the administrative philosophy of moving from prior approval to during-the-event and after-the-event regulation.

3. What policy adjustments made recently by the CSRC with respect to the asset management and fund business of securities brokerages are worthy of note

(1) Public funds: the Measures for the Administration of the Operation of Publicly Offered Securities Investment Funds make the review of publicly offered products subject to the registration system rather than the check and approval system, specify the criteria for distinguishing, and the requirements regarding the investment in, different types of funds and specify for the first time the requirements regarding investment in FOF.

(2) Private funds: the Measures for the Registration of Private Investment Fund Managers and Record Filing of the Funds (Trial Implementation) specify that the regulation of private funds is effected through the registration and record filing system, and that funds are subject to after-the-fact record filing.

(3) Asset management by securities brokerages: the Supplementary Circular on Matters Relevant to Further Regulating the Asset Management Business of Securities Companies sets forth specific requirements with respect to banks involved in bank-securities company cooperation, further regulates requirements regarding graded pooled asset management plans, specifies that pooled asset management plans may not engage in the channelling business, etc. The Opinions on Further Promoting the Innovation and Development of Securities Business Firms permit the investment in equity, debt and other property rights that have not been transferred on a stock exchange and propose the trying out of research on the REIT system.

(4) Fund subsidiaries: the Circular on Further Strengthening the Management of the Risks Posed by the Specific Customer Asset Management Business Engaged in by Fund Management Companies and Their Subsidiaries strictly prohibits the fund pool business and “one to many” channelling business, and subjects products to the record filing system.

4. What does the revision by the CIRC of the Tentative Measures for the Administration of the Application of Insurance Capital signify

In contrast to the CSRC's hard and soft approach to regulatory policy for the various types of asset management businesses it regulates, the CIRC has a greater tendency to issue supportive and encouraging policies that are beneficial to the continuously growing insurance asset management business.

The issuance of the Circular on Issues Relevant to the Investment of Insurance Capital in Stocks of Companies Listed on Growth Enterprise Market and Other Stocks and the Circular on Matters Relevant to the Investment of Insurance Capital in Pooled Fund Trust Plans indicates that the regulator is further expanding the scope of investment of insurance capital in various sectors.

The recently revised Tentative Measures for the Administration of the Application of Insurance Capital abolish the original restrictions on the investment percentages for insurance capital, replacing them with the methods of regulation of categories of assets specified in the Circular on Strengthening and Improving the Oversight of the Percent­ages for the Application of Insurance Proceeds issued earlier. They humanise operation and change the original regulation solely exer­cised by the external authority to a model that combines external regulation and internal monitoring, reflecting the regulator's philos­ophy of simplifying governance and delegating authority.

5. From your experience in the industry, which sector of the asset management industry requires greater regulation

The various online finance platforms, the various “** Treasure” and P2P platforms and other such new sector financial institutions on the market do not have a clear regulator or industry code. The various private wealth management companies also pose a large market risk, which mainly includes the lack of clarity on the status of entities, the absence of qualified buyers' distinguishing criteria, product reviews and follow-up regulation control as well as the inadequacy of risk warnings. The Tentative Measures for the Regulation of Private Investment Funds, currently at the stage of solicitation of comments, set forth relevant provisions with respect to the method of distinguishing qualified investors, risk warnings, etc. of firms acting as agents, and once the Measures are promulgated, they will serve as a good guide for similar institutions and similar business.

1.中国目前形成的资产管理格局是怎样的？各类机构都是通过什么形式进行资管业务？

中国目前已经形成了包括由银监会监管的商业银行、信托公司；由证监会监管的证券公司、基金管理公司（包括公募和私募）、期货公司；由保监会监管的保险公司以及尚未进入规范监管体系的各类第三方理财机构，各种民间资产管理公司、财富管理公司等在内的综合资产管理体系，当然还包括由人民银行监督管理的四大金融资产管理公司目前也渐渐从原来专职处置银行不良资产到参与从事各类资产管理业务。

各类资管机构提供的资管业务种类繁多，包括商业银行的理财产品和部分银行资管计划；信托公司的信托计划；证券公司的资管计划；基金公司的专项资管计划；期货公司的资产管理计划；保险子公司的债权投资计划等。各类第三方理财机构以及财富管理公司等更多的是通过代理销售各类理财计划、信托产品、有限合伙份额等方式提供其他资产管理业务。

2. 2014年上半年度，中国又有哪些关于资管的重要政策出台？有何意义？

国务院办公厅发布的《关于加强影子银行监管有关问题的通知》将无金融牌照的第三方理财机构、货币市场基金、资产证券化、部分理财业务等泛资管业务归为影子银行，对该类业务加大监管力度。文件同时对如下业务做出了限制和规范： 规范发展金融机构理财业务，严禁信托公司非标理财资金池业务，以合同方式明确区分金融机构的合作类业务中的责任主体和功能主体，严格禁止私募股权基金的债权类融资业务等。107号的出台可以看出中国的监管部门在希望进一步推动各类资管业务的有序发展同时，加大对影子银行类业务的控制和监管，对于各类风险较大或存在政策空白的资管业务提出了明确监管部门、制定业务规范的要求。

针对文件的要求，银监会办公厅随后发布《关于信托公司风险监管的指导意见》，重申信托公司不得开展非标准化理财资金池业务，并对信托公司从事通道类业务进行规范，同时提出信托公司应对债权型直接融资工具，股权投资，并购业务，资产证券化业务、家族财富管理等新型业务进行发展和创兴。可见监管部门并不满意和满足信托公司以通道业务为主的经营模式，发展和创新新的业务领域将是今后信托的重点。

国务院近期出台的《国务院关于进一步促进资本市场健康发展的若干意见》对资管类业务是一个利好政策。《若干意见》分别对中国的股票市场、债券市场、期货市场、私募市场以及扩大资本市场开放等方面做出指导，这些具有正面和积极意义的指导意见，反映出中国的证券监管部门正在着力推行由事前审批转向事中事后监管的行政理念。

3. 近期证监会对于券商资管和基金类业务，有哪些值得关注的政策调整

(1) 公募基金：《公开募集证券投资基金运作管理办法》，将公募产品的审核由核准制改为注册制，明确了不同类型基金的区分标准及投资要求，首次明确了FOF的投资要求。

(2) 私募基金：《私募投资基金管理人登记和基金备案办法（试行）》，明确私募基金的监管为登记备案制，而且是事后备案。

(3) 券商资管： 《关于进一步规范证券公司资产管理业务有关事项的补充通知》，对进行银证合作的银行提出了具体要求，进一步规范了分级集合资产管理计划的要求，明确集合资管计划不能开展通道业务等。《关于进一步推进证券经营机构创新发展的意见》，允许投资于未通过证交所转让的股权、债权及其他财产权利，提出尝试REITs的制度研究等。

(4) 基金子公司：《关于进一步加强基金管理公司及其子公司从事特定客户资产管理业务风险管理的通知》，严禁资金池业务和“一对多”通道业务，对产品实施备案制。

4. 保监会对于《保险资金运用管理暂行办法》的修改说明什么？

相对于证监会对于其监管的各类资管业务“软硬兼施”的监管政策，日益壮大的保险资管则更多的出台了一些支持和鼓励性的利好性政策。

《关于保险资金投资创业板上市公司股票等有关问题的通知》和《关于保险资金投资集合资金信托计划有关事项的通知》的颁布，表明监管机构进一步加大了保险资金对于各类领域的投资范围。

近期修订的《保险资金运用管理暂行办法》取消了原来对于保险资金投资比例的限制，以之前发布的《关于加强和改进保险资金运用比例监管的通知》中规定的大类别资产监管方式取而代之，操作更为人性化，同时将原来单一的外部监管调整为外部监管和内部监控相结合的方式，也体现了监管部门简政放权的理念。