Five types of standardized qualitative non-standar

2022-07-24
  • Detail

Five types of "standardized" qualitative non-standard

release date: Source: Daily Economic Views: 13698 copyright and disclaimer

core tip: in order to avoid large market fluctuations caused by the identification of standard bond assets, whether to conduct the identification of standard bond assets fully respects the wishes of relevant market participants and infrastructure institutions, It also stipulates that the regulatory requirements for stock assets shall remain unchanged during the transition period, so as to promote the smooth transition of the market and effectively prevent the risk of disposal risk

on October 12, in order to regulate the investment in asset management products of financial institutions, strengthen investor protection, promote the healthy development of direct financing, and effectively prevent and control financial risks, the people's Bank of China, together with the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of foreign exchange, drafted the standardized recognition rules for creditor's rights assets (Draft for comments) (hereinafter referred to as the recognition rules), It is proposed to clarify the boundaries, recognition standards and regulatory arrangements between standardized debt assets and non-standard debt assets (hereinafter referred to as standard debt assets and non-standard assets respectively), and guide the standardized development of the market

the person in charge of relevant departments of the central bank said that the recognition rules fully considered the needs of the market, provided a clear recognition path for all kinds of debt assets, and improved the inclusiveness and inclusiveness of the bond market. Specifically, all kinds of new creditor's rights assets after the issuance of the recognition rules can be recognized as standard debt assets according to relevant procedures; If the standard bond assets are recognized, the asset management products can invest in such standard bond assets to replace the stock of non-standard assets

specify the scope of standardized debt assets

it is worth mentioning that, Article 1 of the recognition rules clearly states: "Standardized creditor's rights assets refer to fixed income securities such as bonds and asset-backed securities issued in accordance with the law, mainly including treasury bonds, central bank bills, local government bonds, government support agency bonds, financial bonds, non-financial enterprise debt financing instruments, corporate bonds, corporate bonds, international agency bonds, inter-bank certificates of deposit, credit asset-backed securities, asset-backed notes, and asset-backed certificates listed on stock exchanges Securities, and fixed income publicly offered securities investment funds. "

it is noted that other creditor's rights assets recognized as standardized creditor's rights assets should meet the following five conditions at the same time: equal differentiation, tradable; Adequate information disclosure; Centralized registration and independent custody; Fair pricing and perfect liquidity mechanism; Trading in the inter-bank market, stock exchange market and other trading markets approved by the State Council

among them, "centralized registration and independent custody" refers to centralized registration and independent custody at the bond market registration and custody institution recognized by the people's Bank of China and the financial supervision and regulation department; "Fair pricing and perfect liquidity mechanism" requires that other third-party valuation institutions providing valuation services have a sound corporate governance structure, can effectively handle conflicts of interest, ensure valuation quality through reasonable quality control means, and disclose valuation methods and valuation processes to ensure valuation transparency

in addition, trading in the inter-bank market, the stock exchange market and other trading markets agreed by the State Council mainly refers to the institutions that provide them with infrastructure services such as registration, custody, clearing and settlement. The hydraulic station that has been included in the inter-bank and exchange bond Jinan test hydraulic four ball experimental machine is one piece higher than the lever. The infrastructure of the bond market is under overall supervision according to the principles of hierarchical order, organic complementarity The technological requirements for lithium extraction from Salt Lake are high, and the principle of diversification should be coordinated with other infrastructure in the bond market. Relevant businesses should follow the unified and standardized arrangement of bonds and asset-backed securities. It is worth mentioning that relevant institutions that meet this requirement may apply to the people's Bank of China for the recognition of standardized creditor's rights assets

the head of relevant departments of the central bank said that the trading market is a comprehensive and inclusive concept, which is a collection of various financial infrastructures, participants and financial products and instruments. In terms of coloring, if a certain type of creditor's rights assets are recognized as standard debt assets, the infrastructure institution applying for the application shall timely clear the debris left in the jaws and become an organic part of the inter-bank and exchange bond markets, coordinate with other infrastructure in the bond market, and relevant businesses also need to comply with the laws and regulations of the bond market

the regulatory requirements remain unchanged during the transition period

it is understood that the creditor's rights assets that do not meet the conditions listed in the recognition rules are non standardized creditor's rights assets, except for the assets formed by deposits (including certificates of deposit), reverse repurchase of bonds, interbank borrowing, etc

specifically, the following products belong to non-standard creditor's rights assets: direct financing instruments of banking financial management registration and custody center Co., Ltd., products related to credit asset circulation and usufruct transfer of banking credit asset registration and Circulation Center Co., Ltd., creditor's rights financing plan of Beijing Financial Assets Exchange Co., Ltd., and income vouchers of China Securities inter agency Quotation System Co., Ltd, The debt investment plan and asset support plan of Shanghai Insurance Exchange Co., Ltd

the person in charge of relevant departments of the central bank said that in order to avoid large market fluctuations caused by the identification of standard bond assets as far as possible, whether to conduct the identification of standard bond assets fully respects the wishes of relevant market participants and infrastructure institutions, and stipulates that the regulatory requirements for stock assets should remain unchanged during the transition period, so as to promote the smooth transition of the market and effectively prevent the risk of disposal risks

it is noteworthy that the assets that have not been included in the statistical scope of non standardized creditor's rights assets of the financial supervision and regulation department before the issuance of these rules are within the transition period of the guiding opinions of the people's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and the State Administration of foreign exchange on regulating the asset management business of financial institutions (hereinafter referred to as the Guiding Opinions), The regulatory requirements on term matching, limit management, concentration management and information disclosure of non standardized debt asset investment in the guiding opinions can be exempted. If it is still within the duration after the transition period, it shall be properly handled in accordance with relevant regulations

Copyright © 2011 JIN SHI