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澳门金沙娱乐官网:Private equity welcomes major benefits: Outsourcing funds or other asset management products can be privately funded!

时间:2018/4/28 16:29:50  作者:  来源:  浏览:0  评论:0
内容摘要: The new regulations on asset management that had been brewing for a long time came to the end. On April 27, with the approval of the State ...

The new regulations on asset management that had been brewing for a long time came to the end. On April 27, with the approval of the State Council, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (hereinafter referred to as the "Guiding Opinions") was officially released. Comparing the consultation drafts, the “Guiding Opinions” are mainly used in the transition period, the method of valuation of the net value of transformation, and the limitation on the classification of private placement products. The regulations are relatively loose compared to the consultation draft, and this “Guidance Opinion” will make the transition. The period is extended to the end of 2020. The private equity person pointed out that the transition period of the new regulations for capital management was extended to the end of 2020, which favored the A-share market, which helped ease the squeeze effect of the short-term market and favored the market funds.

Extending the transition period will reduce the impact on the market

What are the differences between the new regulations and the draft of the consultation? One of the main points is to extend the transition period to the end of 2020, which is more than a year and a half from June 30, 2019 set in the consultation draft. In the meantime, old products can be connected during the transitional period. Yang Ling, chief executive of Beijing Starstone Investment, told Volcano that the transition period will be extended to the end of 2020. The extension of the transition period will reduce the short-term impact of the new regulations on the market and enable the market to make a smooth transition. It also encourages financial institutions to encourage financial institutions in advance. Completion has greatly eased the short-term nervousness of the market for supervision.

Qi Xin Fund Research Hu Zilin told the Volcano that, overall, it was a continuation of the previous draft of the draft, some of which were somewhat relaxed and more operational. This is mainly to give financial institutions more time for rectification and transformation. In the interim period, to maintain the necessary liquidity and market stability for the next-generation assets invested in successive stock products, the old products can be issued for docking to prevent the end of the transition period. When there was a cliff effect. The core points of this new regulation include the breaking of rigid payment, the elimination of multi-level nesting and channel services, the further explicit prohibition of capital pool business, and the prohibition of deadline mismatch. On the whole, there will be a certain boost to the short-term market, but the medium and long-term impact will be even greater.

Former Yanghai Open Source Fund Yang Delong analysis believes that the core of the new asset management regulations is to break through the bankruptcy policy, break the multi-level nesting and prohibition fund pool model, clean up financial chaos, reduce the classification of leverage, so that asset management business return to the active management of the source, to create A fair competitive environment, prevention of financial risks, and enhanced financial support for entities. This will help guide funds into regular financial products such as funds, and protect the safety of investors' funds. In the long run, it will be very beneficial to the healthy development of the stock market. In addition, the transition period of the new regulations for capital management will be extended to the end of 2020, which will benefit the stock market, help ease the squeeze effect of short-term market capital, and favor the market funds.

In addition, Yang Ling also told the Volcano that the policy details were basically in line with expectations and took into account market demands. First of all, the net value transformation will not adopt the market price method in a one-size-fits-all manner, allowing financial assets that meet certain conditions to be measured at amortized cost to meet the actual demand for non-standard assets. At the same time, the "Guiding Opinions" also explicitly pointed out that if the degree of deviation exceeds 5%, the financial institution may no longer issue asset management products that measure financial assets at amortized cost, which is not lax; secondly, the threshold for individual qualified investors is slightly higher. The conditions for identification of individual QFIIs are “having more than 2 years of investment experience and satisfying one of the following conditions: the family financial net assets are not less than 3 million yuan, the household financial assets are not less than 5 million yuan, or the person’s financial year is nearly 3 years. The average income is not less than RMB 400,000.”

Sub-funds or other asset management products can be invested in private equity funds.

It is noteworthy that many investors believe that the new regulations on asset management have the greatest impact on the two types of institutional products. One is . Bank financial management, and the other is private equity funds. The impact on private equity funds mainly comes from two aspects: the increase of investment threshold and the limitation of business model (mainly affected by the elimination of multi-level nesting and channel regulations). However, the “Guidance Opinion” also opened the mouth to the business model of private equity funds, that is, to conduct business cooperation with other asset management products as a qualified trustee and investment advisor, this model is allowed to exist within the prescribed scope.

In addition, Yang Ling told the Volcano that the classification restriction of private equity products was relaxed, non-open private equity could be classified, and the new regulation also restricted the leveling of private equity products. Prior to this, the exposure draft issued a uniform stipulation on the types of products that can be designed in a hierarchical manner: Public offerings and open-ended operations, or investment in a single investment target (investment ratio of more than 50% is considered to be single), or private equity products with a standardized asset investment of more than 50% may not be divided into shares. In the "Guidance Opinions", "private equity investment in projects with a single project percentage exceeding 50% can not be divided into shares; private equity products with investment in bonds, stocks and other standardized assets exceeding 50%."

In addition, the "Guiding Opinions" It also pointed out that asset management products can be reinvested in a layer of asset management products, and that “trusted institutions of private equity asset management products can be private equity fund managers”, that is to say, explicitly allowing bank outsourcing funds or other asset management products to invest in private equity. Funds are undoubtedly heavy and beneficial to private equity institutions. In the past, private equity was not a licensee and was in an embarrassing position. Most of them can only use the channel model to cooperate with banks. Now the cooperation between both parties has the support of laws and regulations, and private equity can gradually emerge from the gray zone. It can be said that the "Guidance Opinion" opens a window for direct cooperation between the two sides in the future.

However, for the graded ratio of graded private equity products, the “Guidance Opinion” requires that the total assets of the classified private placement products must not exceed 140% of the net assets of the product. Classified private equity products should be based on the degree of risk of the invested assets to set the classification ratio (priority share/inferior share, intermediate share in priority share). In order to prevent graded products from becoming tools for leveraged buyouts and interest transfers, financial institutions that issue graded products are required to manage the products autonomously and may not be transferred to inferior investors. Graded products may not provide preferential capital protection for primary investors. arrangement.





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