In order to implement the "Some Opinions on Promoting the Reform and Opening of Capital Markets" (Guofa [2004] No. 3), promote the coordinated development of the financial market, encourage financial innovation, and ensure that the commercial bank has established fund management company pilot work, China The People's Bank, the China Banking Regulatory Commission and the China Securities Supervision and Administration Committee have formulated the "Special Administrative Measures for the establishment of fund management companies", and is now announced.
China People's Bank of China China Banking Supervision and Management Committee China Securities Regulatory Commission
February 20, 2005
annex:
Commercial bank set up fund management company pilot management measures
Chapter 1 General
The first article is to implement the "Some Opinions on Promoting the Reform and Opening of Capital Markets" (Guo Fa [2004] No. 3), to ensure that the pilot work of commercial banks set up fund management companies smoothly, according to the "People's Republic of China" "China Securities Investment Fund", "People's Bank of China", "People's Republic of China People's Bank of China", and the Law of the People's Republic of China on China and the Law of the People's Republic of China, the Laws and Regulations of the Law of the People's Republic of China.
Article 2 These Measures referred to as commercial banks refer to state-owned commercial banks and joint-stock commercial banks approved by the China Banking Regulatory Commission (hereinafter referred to as China Banking Regulatory Commission) in the territory of the People's Republic of China.
Article 3 The Fund Management Company of these Measures refers to the company's legal persons who have been approved by the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) in the territory of the People's Republic of China. .
Article 4 The fund management company established by commercial banks raised and managed funds in accordance with the Business Schemes stipulated by the Ministry of Securities and Investment in the People's Republic of China. At the beginning of the pilot, you can raise and manage monetary market funds and bond funds, and invest in fixed income securities, and other types of funds can also be raised and managed.
Article 5 The People's Bank of China will work with the China Banking Regulatory Commission and the China Securities Regulatory Commission, responsible for the integrated coordination of fund management companies in commercial banks.
Chapter 2 Apply for Approval Procedures
Article 6 The commercial banks applying for investment fund management companies shall submit materials in accordance with the relevant provisions of the China Banking Regulatory Commission, and should be copied in the People's Bank of China during the pilot period. The China Banking Regulatory Commission reviews the qualifications of commercial bank investment fund management companies from the perspective of the overall risk supervision of commercial banks, and issued commercial banks to the supervision of foreign investment.
Article 7 The commercial banks issued by the China Banking Regulatory Commission have agreed to the investment fund management company, according to relevant laws and regulations such as the Administration of Securities Investment Fund Management, China Securities Regulatory Commission is submitted to the China Securities Regulatory Commission to establish the relevant materials, China The Securities Regulatory Commission conducts approval according to law.
Commercial banks apply for the establishment of fund management companies to copy the People's Bank of China during the pilot period.
Article 8 Encourage commercial banks to set up fund management companies in equity diversification.
Article 9 In addition to the provisions of this Measures, the conditions and shareholders of the fund management company established by the Commercial Bank shall be implemented in accordance with the relevant provisions of the Administration of Securities Investment Fund Management.
Chapter III Risk Control
Article 10 The fund management company established by commercial banks shall establish a good corporate governance structure. Commercial banks should strictly follow the principle of "legal division", and establish an effective risk isolation system between fund management companies established by the fund, and report to the China Banking Regulatory Commission.
Article 11 Commercial Banks only assume limited liability to the established fund management company, and exercise shareholders 'rights through the shareholders of the fund management company, and shall not overreport the shareholders' meeting and the board of directors to intervene.
Article 12 The Fund Management Company established by commercial banks shall not violate the national provisions to provide customer information information, and the business is not allowed to harm the legitimate legitimate rights and interests of customers.
Article 13 The staff of the fund management company established by commercial banks must be separated from the payroll and labor contract with commercial banks, and may not be part-time job. The senior management of the fund management company shall comply with the relevant provisions of the Administrative Measures for the Senior Management of the Securities Investment Fund Industry.
Article 14 The fund assets managed by the Fund Management Company established by commercial banks shall not be used to purchase their shareholders issued and underwriting price securities.
Article 15 The funds supporting the fund management company for fund management companies shall be implemented in accordance with relevant state regulations.
Article 16 The commercial bank shall not serve as a hostee of the fund managed by the fund management company established. Article 17 The commercial bank can act in selling its fund management companies issued by the fund, but may not provide better than non-related third parties in the sales schedule, service rate standard, participation fund product development, etc. The conditions for similar transactions, may not discriminate against other agent funds, and must not be unfair sales behavior and unfair competition.
Article 18 The Fund Management Company established by the Commercial Bank does not trade better than non-related third-party similar transactions in the inter-bank bond market.
Article 19 The implementation rules of the related transactions between commercial banks and their fund management companies are jointly developed by the China Banking Regulatory Commission and the China Securities Regulatory Commission.
Commercial banks established by commercial banks and commercial banks in the Fund Management Company shall be disclosed in accordance with the relevant provisions of the China Securities Regulatory Commission and the China Banking Regulatory Commission.
Chapter IV Supervision and Management
Article 20 Funds raised by the fund management company established by commercial banks, approved by the China Securities Regulatory Commission.
Article 21 The China Banking Regulatory Commission formulates the calculation standards for the establishment of a relevant risk supervision index to establish a fund management company, and implement and supervise.
Article 22 The China Securities Regulatory Commission has carried out supervision and management of fund management companies and its fundraising and management of commercial banks in accordance with the law, ensuring the legal application of fund property and the legal rights of fund share holders are not inferred.
Article 23 The People's Bank of China has entered the fund management company established by the Commercial Bank to record and regulate the national inter-bank bond market.
Article 24 The fund management company established by Commercial Bank and the commercial banks of the Fund Management Company shall submit materials in accordance with the relevant provisions of the China Securities Regulatory Commission and the China Banking Regulatory Commission. At the same time, the People's Bank of China is written at the same time.
Article 25 The People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission established by the Commercial Bank, in accordance with the implementation of the supervision process, in time, in time, the relevant information should be reported to the relevant information, establish a regulatory information sharing system.
Chapter V:
Article 26 The Commercial Bank Acquisition Fund Management Company is implemented with reference to these Measures.
Article 27 The People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission have selected pilot banks, and agrees to agree on pilot work arrangements according to the needs of pilot situations and market development.
Article 28 These Measures shall be interpreted by the People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission.
Article 29 These Measures shall be implemented since February 20, 2005.
People's Bank of China
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Supervision and Management Committee and
China Securities Regulatory Commission
Co-formal "Commercial Bank is established
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Management Company Pilot Management Measures (hereinafter referred to as "Pilot Measures"), the person in charge answered the reporter's question.
Q: Please introduce the meaning of establishing a fund management company in commercial banks.
A: The pilot of commercial banks to establish a fund management company is an important measure to implement the State Council's "Opinions on Promoting Capital Market Reform and Opening and Opening and Stability." Direct financing and indirect financing coordinated development; conducive to steadily promote the reform of commercial banks, maintain finance stability, optimize resource allocation.
my country's financial reform is in the process of transition to direct financing, single banking system to multi-market system in indirect financing. To gradually reduce indirect financing, develop direct financing, while taking into account bank reforms and earnestly improving commercial bank competitiveness, allowing commercial bank development fund business and establishment of fund management companies to be a relatively practical choice. At present, corporate financing is over-reliant on bank loans. On the one hand, the financing risk of the whole society is excessively concentrated to the banking system; on the other hand, some companies have also affected the development of the company because of their low capital is difficult to obtain credit. In the fund configuration, if the market risks and configuration funds are mainly relying primarily, it is not conducive to the optimization configuration of resources and the overall stability of finance. Supporting commercial banks to absorb overseas strategic investors to set up fund management companies, not only compromise the trend of financial industry, but also contribute to commercial bank business innovation and diversified operations, dispersion indirect financing risks, and improve international competition force.
From the prospect of development, the development of my country's capital market and the currency market will have a trend of interaction. my country's capital market has a broad space, and market scale will continue to expand. The transaction variety will be more abundant. The development of the capital market has created good market conditions and development space for commercial bank development fund business and establishment of fund management. At the same time, commercial banks set up fund management companies to effectively deliver savings, providing financial support for capital market development, further enhancing investors in capital market institutions, and strongly promoting the long-term stable development of capital markets. The People's Bank, the China Banking Regulatory Commission and the Securities Regulatory Commission have fully considered the development of fund industry, the reform process of commercial banking, and the issues of supervision coordination and financial macroeconomics, and the establishment of fund management companies in the commercial bank has adopted the development idea of promoting the first pilot. By developing a pilot method, selecting a pilot bank, actively steadily promoting the pilot work of the establishment of fund management companies in commercial banks. The introduction of the "Pilot Measures" marks the pilot work of the establishment of fund management companies in the commercial bank to enter the substantive operational stage.
Q: What is the main content of "Pilot Measures"?
A: The "Pilot Measures" mainly for commercial banks as the shareholders of the fund management company, the provisions of the associated transactions, cross-market risks, etc., especially the isolation mechanism between banking and fund business and three The department's supervision division has made specific regulations. According to the principle of fair competition, the fund management company's shareholders, operation management, and actual operations are fully operated according to existing fund management companies, and the "Administrative Measures for Mechanical Investment Fund Management Company" and "Pilot Measures" will no longer specify.
The "Pilot Measures" include "General", "Application Approval Procedures", "Risk Control", "Supervision Management", and "Papers", and a total of chapters of twenty-nine. The first is the approval process of establishing fund management companies in commercial banks; the second is to specify risk isolation between banking and fund business; the third is to specify the division of labor and coordination between the actual operating time of fund management companies. The scope of "Pilot Measures" is limited to the selected pilot bank to establish a fund management company. In the implementation process, it can be adjusted in a timely manner by the competent department according to the development of the economic financial situation and the practical needs of pilot work.
Q: How do I treat commercial banks to set up a fund management company possible cross-market risk?
A: Allowing commercial banks to set up fund management companies, in fact, commercial banks have seen the phenomenon of cross-industry operation through subsidiaries, but this business risk is capable of controlling. At present, there are two main models in the world. The first is the comprehensive model of the legal person, the same legal persons operate two or more or more or more business in banks, securities, insurance. The typical representative of this type of mode is Germany and Switzerland. This model requires financial institutions with strong legal concepts, good credit cultural traditions and self-discipline awareness, considering the actual situation of China's current phase, it is not mature.
The second is a group integrated model with a capital of the link. This model is divided into two types. First, financial holding company models, financial holding companies are not directly engaged in financial business, but at the same time holding commercial banks, securities companies or insurance companies, such as CITIC Holdings. Due to the market conditions, legal basis and regulatory frameworks needed by the financial holding company, this model is also difficult to use in a short time in a short time. The second is to establish an independent other types of financial institutions as an investment subject investment, such as the establishment of a fund management company in commercial banks. Because commercial banks are not directly engaged in securities business in this comprehensive business model, it is conducive to controlling risk. It is important to note that allowing commercial banks to set up fund subsidiaries than allow commercial banks to set up securities brokerage subsidiaries or investment bank subsidiaries, because securities brokerage companies or investment banks may involve their shareholders, underwriting and financing The trading behavior of the follow the coupon, and the fund subsidiary is only a financial business that the company voluntarily chooses. The existing securities investment fund also entrusted the commercial bank to sell the fund product. This business basically does not involve account intersection and financing. risk.
In order to prevent the unfair relationship transaction between the commercial bank and its fund management company, the "Pilot Measures" specifically targets the operations, personnel, investment, information sharing, and large redemption, cross-hosted, etc. The problem has made a range of regulations and clarifies that the Banking Regulatory Commission and the SFC will formulate detailed related transactions in accordance with the "Pilot Measures" and effectively prevent cross-market risks. Q: In the pilot phase, can commercial banks invest in establishing fund management companies?
A: Given the actual situation of my country's financial industry reform, the establishment of fund management companies can explore two modes. One is indirect investment, which is an investment in fund management companies from institutions that have been equity relationship with commercial banks; another model is directly invested by commercial banks to set up fund management companies. Two modes should be explored simultaneously. Considering that commercial banks take an indirect funding form to set up fund management companies to fully implement in accordance with existing legal provisions, the "Pilot Measures" mainly standardizes direct funding form.
Commercial banks can set up fund management companies through new ways, or to set up fund management companies by purchasing mergers. The key to the new way is to establish a good governance structure and the choice of qualified shareholders. The multi-purchase method should fully identify the existing or potential risks of the proposed menstruation, and promote the improvement of the company's governance structure. The "Pilot Measures" mainly provides specific provisions for commercial banks to make specific provisions, and purchase Fund Management Companies can be implemented with reference to the "Pilot Measures" and other relevant regulations of the Securities Regulatory Commission.
Q: How is the supervision division of the regulatory authorities in the pilot work of the fund management company in the regulatory authorities?
A: The "Pilot Measures" stipulates that in the application for approval procedures, the commercial banks of the investment fund management company shall be submitted to the China People's Bank during the pilot period in accordance with the relevant provisions of the CBRC. The Banking Regulatory Commission reviews the qualifications of commercial bank investment fund management companies from the perspective of the overall risk supervision of commercial banks, and issued regulatory opinions according to law. Bank of China issued a commercial bank that agreed to invest in fund management company, according to relevant laws and regulations such as the Administration of Securities Investment Fund Management Company, the relevant materials to establish fund management companies shall be submitted to the SFC, and the SFC will conduct approval according to law. Commercial banks apply for the establishment of fund management companies to copy the People's Bank of China during the pilot period.
In actual operation, you can establish fund management companies to establish fund management companies for division of labor by several departments in the actual operation. According to the "Administrative Licensing Law of the People's Republic of China", the "Banking Authority of the People's Republic of China", the relevant provisions of the China Securities Investment Fund Law, the Banking Regulatory Commission is responsible for the parallel supervision of the pilot bank, and is responsible for fund management by the SFC The company's regulation, fundraising and managed funds operate in the inter-bank market, and supervised by the People's Bank of China. At the same time, according to the spirit of the State Council, the People's Bank, the Banking Regulatory Commission and the SFC will jointly do a good job in monitoring and organizational coordination of pilot work.
Q: Please introduce the next arrangement for the establishment of the fund management company pilot work.
A: At present, many commercial banks have applied for the establishment of fund management companies. The People's Bank, the China Banking Regulatory Commission and the SFR will consider the business management status of all commercial banks and representation of the representation of the pilot line, and choose the pilot bank to set up a variety of modes to set up fund management companies. Specific approval work will quickly enter the program.
In order to promote the pilot work of the Fund Management Company as soon as possible, we will further improve the specific implementation rules of the associated transactions and information disclosure between commercial banks and its fund management companies and formulate relevant risk supervision. Indicators, and based on the "pilot measures" and relevant laws and regulations, the pilot program of the establishment of fund management companies in commercial banks will conduct research and demonstration, and start the pilot work as soon as possible. At the same time, continue to do a better integrated coordination, strengthen supervision, and effectively prevent risks. Timely summarize experience, when it is ripe, the range is further expanded.
