Financial Regulation: Pformation From Institutional Regulation To Functional Regulation In The Future

The Central Bank of China issued the 2017 report on China's financial stability, with the theme of "promoting the healthy development of China's asset management business".

Comment:

1, the core point of view: the central bank made a clear attitude to the management of management for the first time. The financial stability report mainly discussed the development of the management of management, the type of business and the mode of cooperation, the risk problems to be concerned and the methods to solve the problem.

It focuses on five major problems and six major solutions.

In conjunction with the recent possible meeting of the central financial work conference, the future regulatory coordination will be strengthened, and the tone will be lowered, leveraged and stable.

We maintain economic L type, stock market repair performance is king, debt cow Eve judgement.

2, the central bank has made a clear attitude towards the information management industry for the first time, pointing out five major problems and six major solutions.

1) the first part briefly introduces the rapid development of information management business is the common demand of the market, and points out the scale of information management of different institutions.

Excluding cross factors, by the end of 2016, the total size of the information management industry was about 60 trillion yuan.

2) the second part introduces the types and modes of information management business in detail.

When introducing the business operation modes of different financial institutions, it is pointed out that the scale of bank financing is the highest and Internet financial management develops rapidly.

Due to the different investment scopes, capital raising and grading levers of different industries, the cooperation modes are mainly interbank financing, bank and credit cooperation, silver and silver based cooperation, bank insurance cooperation, and bank credit card basic insurance cooperation.

3) the third part focuses on the introduction.

Five major issues that need attention in development.

It includes the liquidity risk of the pool of funds, the risk pmission of multi layer nesting of products, the lack of supervision of shadow banking, the risk of rigid payment, and the disorderly development of information management business of some non-financial organizations.

4) the fourth part clearly pointed out that we should solve the problem from the perspective of unified supervision.

A unified standard regulation is adopted to set up a framework of penetrating supervision and macro Prudential framework; break rigid payment, reduce the expected revenue products, improve independent account management, control the lever of stock market debt market, eliminate nesting and restrain the channel business, control and gradually reduce non-standard businesses, prevent shadow banking risks, establish comprehensive statistical system, and record product information for penetrating supervision.

3. Compared with the guiding opinions on standardizing the asset management business of financial institutions in February 21st, the policy ideas have maintained consistency, but the differences between the regulatory departments have been significantly reduced.

Strengthen.

1) the solution put forward by the China financial stability report basically covers the opinions, which is consistent with the policy ideas since 2016.

Previously, the new regulations were mainly promoted from the aspects of risk prevention, service entity economy, macro and micro supervision.

The rules of the opinions give instructions to the industry's key issues.

First, we must break the rigid payment, followed by limiting the investment of non-standard assets, and point out that we need unified leverage requirements.

2) the steering group of the report includes the Ministry of finance,

The SFC and the CIRC personnel are common views of various departments.

Previously, there were different standards in the information management industry according to the different types of institutions. The new regulations were designed to unify the standards of the information management industry, and the main differences were also summarized in the opinion.

The main reason is that there is some controversy about the lever problem, which is mainly the establishment of structured leverage. This report points out that the leverage ratio of similar products should be unified.

3) the new regulation of information management is to solicit the draft. This report is mainly based on analysis. In the future, attention should be paid to the issuance of formal regulatory rules.

At present, the market still has sufficient time to digest the government's opinions on the information management industry.

4, since the financial crisis in 2008, the supervision and coordination of various countries have been strengthened, and the central bank has received the power of macro prudential supervision.

The contradiction between China's financial mixed operation and separate supervision has become increasingly prominent. We expect to pform from institutional regulation to functional regulation in the future. Information management business will formulate unified standards, strengthen supervision and coordination, prevent regulatory arbitrage, and set up a higher level of regulatory coordination mechanism.

For more information, please pay attention to the world clothing shoes and hats and Internet cafes.