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What are the impacts of banks and investors on the new rules of the financial subsidiary?

Edit: Lisa Source: Rong 360 original Date: 2018-12-03


The China Insurance Regulatory Commission issued the "Administrative Measures for Commercial Banking Financial Subsidiaries". What are the major regulations and impacts?

On December 2, the Banking Regulatory Commission issued the “Administrative Measures for Commercial Banking Financial Subsidiaries”, which was nearly one and a half months after the release of the opinion draft on October 19. On the whole, the management methods of the financial subsidiaries are not too different from the draft opinions, and there are adjustments in a small number of places.

Rong 360 financial analysts summarized some major regulations on the management of financial subsidiaries.

  1. Public offerings issued by financial subsidiaries allow direct investment in stocks

According to the new regulations on wealth management and new financial regulations, bank private wealth management products allow direct investment in stocks. Public wealth management products can invest in stocks through public fund introductions. The “Management Measures for Financial Subsidiaries” states that public offerings issued by financial subsidiaries allow direct investment. stock. However, it is only possible to invest in stocks traded on the stock market, and not to invest in the equity of unlisted companies. All open public offerings holding stocks issued by a single listed company must not exceed 15% of the shares of the listed company.

The financing channel of the financial subsidiary is more broad, and ordinary investors can also purchase high-yield and high-risk wealth management products, but this also requires investors to have a higher risk awareness, not to look at the benefits without considering the risk.

  2, no sales starting point

In the new financial regulations, the sales threshold for bank wealth management products has dropped from 50,000 yuan to 10,000 yuan. Since October, many banks have begun to implement this standard. In the "Administrative Measures for Financial Subsidiaries", there is no longer a starting point for the sale of wealth management products.

This also means that the financial subsidiary can set the sales starting point of different products according to its own situation, and the wealth management products of the 1 yuan investment will be compliant, which is lower than the threshold of the public fund. According to the regulations, in the current public fund, the money fund starts at 1 yuan, and the non-monetary fund starts at 1,000 yuan, while the securities company's asset management product has a higher threshold and starts at 50,000 yuan.

The financial subsidiary does not have a starting point for product sales. This is a big advantage compared to other asset management companies. Cash management products and fixed-open products will be very competitive.

  3. Investors' first purchase of wealth management products is not mandatory for offline outlets.

In addition to the high threshold, there is a very big drawback before bank financing. That is, investors must purchase financial products for the first time. They must go to the offline outlets to sign the risk assessment questionnaire. The new regulations and new financial management regulations have not made this. Adjustment. According to the “Administrative Measures for Financial Subsidiaries”, if a bank financial management subsidiary sells wealth management products, it shall conduct risk assessment assessment through the company's channels (including business premises and electronic channels) before the non-institutional investors purchase the wealth management products for the first time.

In the future, investors will purchase wealth management products for the first time, either in the business site to conduct risk assessments or through electronic channels for risk assessment. However, it should be noted that when selecting the electronic channel face-to-face, even if the wealth management products are sold through other channels, it is necessary to conduct risk assessment in the electronic channel of the Bank.

After the signing of this kind of thing is released, it will help the bank to absorb more young customers. After all, young people like to manage money through online channels, and many people are reluctant to go to the bank counter to handle business.

  4. The balance of non-standard investment shall not exceed 35% of the net assets of wealth management products.

In the new financial regulations, the balance of non-standardized debt assets of all wealth management products invested in a single debtor and its affiliated enterprises shall not exceed 10% of the net capital of the Bank; the balance of all wealth management products invested in non-standardized debt assets shall be At any time, it shall not exceed 35% of the net assets of the wealth management products, nor shall it exceed 4% of the total assets disclosed in the Bank's previous annual audit report.

The “Administrative Measures for Financial Subsidiaries” only require that the balance of investment in non-standard credit assets should not exceed 35% of the net assets of wealth management products.

The non-standard investment restrictions of financial subsidiaries are relatively small, but the difficulty of non-standard investment is mainly that the maturity of funds must match the maturity of non-standard assets, but the duration of non-standard assets is usually longer, mostly over one year, and The source of funds or the term of wealth management products are generally very short. Previously, non-standard investment in banks was basically a mismatch of maturities, and it will not work in the future.

  5. The financial subsidiary allows the agency to be sold through other institutions approved by the Banking Regulatory Commission.

The wealth management products issued by the bank's wealth management department can only be sold through the Bank's Bank or other banking channels. The sales channels of the wealth management subsidiaries are further relaxed. They can be sold through the banking channel or through other agencies approved by the Banking Regulatory Commission.

In the past, bank wealth management products could only be purchased at banks. In the future, it is also expected to be able to purchase bank wealth management products on the Internet financial platform. The prerequisite is that these platforms are licensed by the Banking Insurance Regulatory Commission.

  6. Allow the issuance of classified wealth management products

What is a tiered wealth management product? This is similar to a graded fund. Wealth management products are divided into priority and inferior sub-products, and the priority is relatively stable. Regardless of the profit or loss of the product, we can obtain relatively stable income. Of course, the yield will not be too high; after the priority income is allocated, the financial management funds The profit and loss are counted as inferior, earning more when you earn, and losing more when you lose. The inferior level of tiered wealth management products refers to the high-risk, high-leverage part.

Prior to the bank's financial management, it was a stable wealth management product, especially for ordinary investors. However, in the future, the financial subsidiary can issue classified wealth management products, giving ordinary individual investors the opportunity to obtain high returns, and bring more risks of.

  7. Investment in own funds The wealth management products issued by the Bank shall not exceed 20%.

The wealth management subsidiary's own funds can be invested in the wealth management products issued by the Bank, but it must not exceed 20% of its own funds, must not exceed 10% of the net assets of a single wealth management product, and must not invest in the lower-end share of classified wealth management products. In addition, no transfer of benefits between the self-owned assets and the issued wealth management products.

If a financial subsidiary feels that its wealth management products are good, it can also invest, but the investment ratio is limited, and it is not allowed to transfer benefits, giving extra high returns.

  8. The minimum one-time paid-up capital of the financial subsidiary is RMB 1 billion.

The registered capital of the bank financing subsidiary shall be a one-time paid-in monetary capital with a minimum amount of RMB 1 billion or equivalent freely convertible currency.

In terms of registered capital, the Banking Regulatory Commission has put forward relatively high requirements. First of all, most banks can't afford the capital investment of 1 billion yuan, and a small number of affordable banks, although they can get 1 billion yuan, will consume a lot of core capital of banks and reduce the scale of bank credit. Net interest margin income will also be greatly reduced.

Therefore, although the financial subsidiary is more broad in management, although the license of the financial subsidiary is very attractive, the cost is very high, and it is only suitable for a small number of banks. For small and medium-sized banks, even if they have the ability to set up a financial subsidiary, Careful consideration should be given to whether it is necessary. For most small and medium-sized banks that do not have the ability to set up financial management subsidiaries, the financial management competitiveness will be further weakened in the future, and more needs to consider the direction of the transformation of wealth management business in the future.

  The impact of the new rules of the financial subsidiary on investors

The “Management Measures for Financial Subsidiaries” gave banks more opportunities to exert their skills, and the impact on investors was also very significant.

  1. It is more convenient to purchase wealth management products.The first time you purchase a wealth management product, you don't need to go to the offline outlet to sign it. You can directly purchase it online.

  2, wealth management products are more close to the people.Whether it is 50,000 yuan or 10,000 yuan, the threshold for many individual investors is still high, but if you can introduce lower-threshold wealth management products, you can accommodate more young people or low-income groups.

  3. The wealth management products are more abundant and there is more room for selection.Wealth management products are more abundant in terms of terms, risks, benefits and types, and can meet the needs of different types of investors.

  4. Risk awareness needs to be strengthened.Bank financing breaks the rigid redemption, and the guaranteed financial management has to completely withdraw from the historical stage. Moreover, the new regulations stipulate that financial subsidiaries can issue graded funds, which can directly invest in the stock market, which brings opportunities to investors and brings many risks. Those who can no longer close their eyes to buy financial management must improve their risk awareness.

Which bank's wealth management products have the highest revenue? Attention: Treasure notes (rong360licai), reply to "bank financing" to get the latest real-time list.

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