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2024年8月16日，金融監(jiān)管總局發(fā)布《金融機(jī)構(gòu)合規(guī)管理辦法（征求意見(jiàn)稿）》（“《辦法》”）。《辦法》主要適用于依法由金監(jiān)局及其派出機(jī)構(gòu)監(jiān)管的銀行、保險(xiǎn)公司和金融公司。如商業(yè)銀行、政策性銀行、金融控股公司、保險(xiǎn)集團(tuán)（控股）公司、保險(xiǎn)公司（包括再保險(xiǎn)公司）、消費(fèi)金融公司、汽車金融公司、金融資產(chǎn)投資公司等機(jī)構(gòu)。與現(xiàn)行《商業(yè)銀行合規(guī)風(fēng)險(xiǎn)管理指引》相比，《辦法》將合規(guī)監(jiān)管對(duì)象的范圍擴(kuò)大到員工，明確指出合規(guī)管理對(duì)象包括金融機(jī)構(gòu)經(jīng)營(yíng)管理行為及其員工履職行為；創(chuàng)設(shè)“合規(guī)官”崗位，明確合規(guī)官需屬于高級(jí)管理人員并應(yīng)取得任職資格許可及相關(guān)資格條件，細(xì)化首席合規(guī)官、合規(guī)官一系列權(quán)責(zé)，包括對(duì)重大違法違規(guī)行為或者重大合規(guī)風(fēng)險(xiǎn)隱患存在瞞報(bào)、漏報(bào)情形的，對(duì)責(zé)任機(jī)構(gòu)和相關(guān)負(fù)責(zé)人的“一票否決”權(quán)，重大事項(xiàng)合規(guī)審查權(quán)，違規(guī)行為/風(fēng)險(xiǎn)隱患報(bào)告權(quán)，組織合規(guī)監(jiān)督檢查權(quán)等職權(quán)。與現(xiàn)行《保險(xiǎn)公司合規(guī)管理辦法》相比，《辦法》加強(qiáng)“三道防線”職責(zé)：以刪除定期合規(guī)自查等具體要求并強(qiáng)調(diào)負(fù)責(zé)本條線本領(lǐng)域合規(guī)規(guī)范的嚴(yán)格執(zhí)行與有效落實(shí)，促進(jìn)各業(yè)務(wù)及職能部門和下屬機(jī)構(gòu)主動(dòng)進(jìn)行日常合規(guī)管控，進(jìn)而強(qiáng)化由各業(yè)務(wù)及職能部門、下屬各機(jī)構(gòu)構(gòu)成的“第一道防線”；以強(qiáng)調(diào)合規(guī)管理部門負(fù)責(zé)推動(dòng)各部門和下屬機(jī)構(gòu)開(kāi)展合規(guī)管理工作的功能，強(qiáng)調(diào)合規(guī)管理部門“第二道防線”的定位；以將《保險(xiǎn)公司合規(guī)管理辦法》中建立“明確的合作和信息交流機(jī)制”的要求提升到建立“有效的信息交流機(jī)制”，加強(qiáng)由內(nèi)部審計(jì)部門構(gòu)成的“第三道防線”。

2. 金融監(jiān)管總局：發(fā)布《關(guān)于印發(fā)金融租賃公司業(yè)務(wù)發(fā)展鼓勵(lì)清單、負(fù)面清單和項(xiàng)目公司業(yè)務(wù)正面清單的通知》

2024年8月16日，金融監(jiān)管總局印發(fā)了《金融租賃公司業(yè)務(wù)發(fā)展鼓勵(lì)清單》（“《鼓勵(lì)清單》”）、《金融租賃公司業(yè)務(wù)發(fā)展負(fù)面清單》（“《負(fù)面清單》”）和《金融租賃公司項(xiàng)目公司業(yè)務(wù)正面清單》（“《正面清單》”）。《鼓勵(lì)清單》列出了金融租賃公司可積極開(kāi)展的業(yè)務(wù)領(lǐng)域，包括農(nóng)林牧漁、新能源、醫(yī)藥、船舶和海洋工程等27個(gè)產(chǎn)業(yè)中的農(nóng)業(yè)機(jī)械、風(fēng)電光伏、光熱發(fā)電、醫(yī)藥研發(fā)、船舶等重要設(shè)備和重大技術(shù)裝備；《負(fù)面清單》重申了已發(fā)布實(shí)施的《國(guó)家金融監(jiān)督管理總局關(guān)于促進(jìn)金融租賃公司規(guī)范經(jīng)營(yíng)和合規(guī)管理的通知》中的禁止性業(yè)務(wù)領(lǐng)域要求，例如構(gòu)筑物、字畫、古玩玉石、低值易耗品等，這一措施旨在避免金融資源的錯(cuò)配和不當(dāng)使用，并明確新老劃斷原則，以妥善處置存量業(yè)務(wù)；《正面清單》的建立基于《金融租賃公司項(xiàng)目公司管理辦法》第三條，并增加了集成電路和算力中心設(shè)備。

2024年8月23日，金融監(jiān)管總局在《網(wǎng)絡(luò)小額貸款業(yè)務(wù)管理暫行辦法（征求意見(jiàn)稿）》及《中國(guó)銀保監(jiān)會(huì)關(guān)于加強(qiáng)小額貸款公司監(jiān)督管理的通知（銀保監(jiān)辦發(fā)〔2020〕86號(hào)）》（“86號(hào)文”）等文件的基礎(chǔ)上，發(fā)布了《小額貸款公司監(jiān)督管理暫行辦法（征求意見(jiàn)稿）》（“《暫行辦法》”）。與86號(hào)文相比，《暫行辦法》主要修訂如下：（1）明確將網(wǎng)絡(luò)小額貸款公司納入監(jiān)管范圍；（2）對(duì)網(wǎng)絡(luò)小額貸款公司的展業(yè)方式、經(jīng)營(yíng)區(qū)域、貸款集中度、互聯(lián)網(wǎng)業(yè)務(wù)信息系統(tǒng)要求、風(fēng)險(xiǎn)防控體系、信息披露要求及過(guò)渡期等作出特別規(guī)定；（3）明確小額貸款公司可開(kāi)展商業(yè)匯票貼現(xiàn)業(yè)務(wù)及相關(guān)資質(zhì)要求；（4）加強(qiáng)了對(duì)貸款集中度、融資杠桿、貸款用途的監(jiān)管，保留86號(hào)文中“小額貸款公司對(duì)同一借款人的各項(xiàng)貸款余額不得超過(guò)其凈資產(chǎn)的10%的基礎(chǔ)上，對(duì)同一借款人及其關(guān)聯(lián)方的各項(xiàng)貸款余額不得超過(guò)其凈資產(chǎn)的15%的要求，小額貸款公司通過(guò)銀行借款、股東借款等非標(biāo)準(zhǔn)化形式融入資金的余額不得超過(guò)其凈資產(chǎn)的一倍，通過(guò)發(fā)行債券、資產(chǎn)證券化產(chǎn)品等標(biāo)準(zhǔn)化形式融入資金的余額不得超過(guò)其凈資產(chǎn)的四倍”的相關(guān)規(guī)定的基礎(chǔ)上，《暫行辦法》進(jìn)一步區(qū)分了消費(fèi)和生產(chǎn)經(jīng)營(yíng)兩種貸款并設(shè)置了額度限制；（5）《暫行辦法》在融資用途方面新增了不得用于“股本權(quán)益性投資”和“償還貸款或償還其他融資”。

《境外機(jī)構(gòu)投資者境內(nèi)證券期貨投資資金管理規(guī)定》（“《管理規(guī)定》”）相比于2020年的舊規(guī)，修訂了以下幾個(gè)方面的內(nèi)容：（1）新規(guī)合并證券交易人民幣專用存款賬戶和衍生品交易人民幣專用存款賬戶，減少合格境外機(jī)構(gòu)投資者在同一境內(nèi)托管機(jī)構(gòu)為不同類型投資開(kāi)立賬戶的數(shù)量，減輕其成本負(fù)擔(dān)。同一境外機(jī)構(gòu)投資者的合格投資者專用賬戶內(nèi)資金與中國(guó)債券市場(chǎng)投資專用資金賬戶內(nèi)資金，可根據(jù)境內(nèi)投資需要在境內(nèi)直接雙向劃轉(zhuǎn)，后續(xù)交易及資金使用、匯兌等遵循劃轉(zhuǎn)后渠道的相關(guān)管理要求；（2）新規(guī)優(yōu)化了合格境外機(jī)構(gòu)投資者跨境資金流動(dòng)管理，完善了資金流入和流出的幣種管理原則。新規(guī)允許以人民幣匯出，進(jìn)一步滿足了境外投資者資金匯兌的便利需求，但值得注意的是，如果合格境外機(jī)構(gòu)投資者的投資本金和收益是以人民幣匯入的，則只能以人民幣匯出；（3）根據(jù)新規(guī)，合格境外機(jī)構(gòu)投資者還可以通過(guò)其他境內(nèi)金融機(jī)構(gòu)，或成為中國(guó)外匯交易中心會(huì)員，進(jìn)入銀行間外匯市場(chǎng)開(kāi)展即期結(jié)售匯和外匯衍生產(chǎn)品交易，不再局限于舊規(guī)中只能通過(guò)境內(nèi)托管銀行開(kāi)展的相對(duì)單一的模式。

2024年8月28日，海南省政府辦公廳發(fā)布修訂后的《海南自由貿(mào)易港建設(shè)投資基金管理辦法》（“《辦法》”）。《辦法》有以下三點(diǎn)值得關(guān)注：

（1）規(guī)定自貿(mào)港基金原則上采用“母-子基金”投資方式運(yùn)作，但經(jīng)基金投資運(yùn)作聯(lián)席會(huì)議審議同意，自貿(mào)港基金也可直投項(xiàng)目或參與發(fā)起設(shè)立項(xiàng)目制專項(xiàng)子基金；

（2）明確自貿(mào)港基金對(duì)子基金的出資比例、返投要求、收益分配和讓利措施，將自貿(mào)港基金對(duì)社會(huì)資本的讓利與子基金投資省內(nèi)項(xiàng)目金額掛鉤，若子基金投資省內(nèi)項(xiàng)目的金額達(dá)到自貿(mào)港基金出資額2倍、2.5倍、3倍的，自貿(mào)港基金可將該子基金投資所得超額收益的20%、40%、60%進(jìn)行讓利；

（3）規(guī)定基金績(jī)效評(píng)價(jià)指標(biāo)、實(shí)施方法、績(jī)效評(píng)價(jià)結(jié)果應(yīng)用等事項(xiàng)，將績(jī)效評(píng)價(jià)結(jié)果與管理費(fèi)支付等掛鉤，績(jī)效評(píng)價(jià)結(jié)果為優(yōu)秀、良好、合格、較差的，自貿(mào)港基金將分別按照實(shí)際到位投資額100%、80%、60%、40%的比例相應(yīng)支付年度管理費(fèi)。

自2024年8月1日實(shí)施《私募證券投資基金運(yùn)作指引》（“《運(yùn)作指引》”）以來(lái)，基金管理人在新產(chǎn)品備案過(guò)程中收到中基協(xié)諸多反饋。為幫助管理人順利備案，我們總結(jié)了重點(diǎn)反饋意見(jiàn)：

（1）在設(shè)計(jì)產(chǎn)品時(shí)，約定按周開(kāi)放的固定開(kāi)放日如遇非交易日的，不得跨周順延，基金管理人可以選擇不順延或者順延至下一交易日，如本周無(wú)下一交易日的則本周不開(kāi)放，以避免順延后可能會(huì)造成一周開(kāi)放兩次；

（2）雖然《運(yùn)作指引》未明確，但場(chǎng)外衍生品、私募基金、資管產(chǎn)品、新三板等投資標(biāo)的屬于指引規(guī)定的流動(dòng)受限資產(chǎn)，基金投資該等資產(chǎn)合計(jì)超過(guò)凈資產(chǎn)20%的，至多每季度開(kāi)放一次申購(gòu)、贖回，每次開(kāi)放不得超過(guò)5天；

（3）基金合同中應(yīng)明確約定份額鎖定期且不少于3個(gè)月，否則必須約定基金份額持有期限對(duì)應(yīng)的短期贖回費(fèi)用安排，相關(guān)贖回費(fèi)至少應(yīng)覆蓋3個(gè)月，贖回費(fèi)用歸屬于基金，基金管理人及其員工跟投的，鎖定期不少于6月。

2024年8月16日，證監(jiān)會(huì)發(fā)布2024年上半年證監(jiān)會(huì)行政執(zhí)法情況綜述。2024年上半年，證監(jiān)會(huì)在行政執(zhí)法方面繼續(xù)加強(qiáng)對(duì)證券市場(chǎng)的監(jiān)管，確保市場(chǎng)的公正與透明。首先，證監(jiān)會(huì)積極推動(dòng)法規(guī)的全面落地，認(rèn)真落實(shí)《關(guān)于進(jìn)一步做好資本市場(chǎng)財(cái)務(wù)造假綜合懲防工作的意見(jiàn)》相關(guān)要求以及《國(guó)務(wù)院關(guān)于加強(qiáng)監(jiān)管防范風(fēng)險(xiǎn)推動(dòng)資本市場(chǎng)高質(zhì)量發(fā)展的若干意見(jiàn)》。其次，證監(jiān)會(huì)加大了對(duì)違法違規(guī)行為的打擊力度，特別是在信息披露、市場(chǎng)操縱和內(nèi)幕交易等領(lǐng)域，通過(guò)嚴(yán)格查處一系列案件，強(qiáng)化了對(duì)市場(chǎng)參與者的警示作用，維護(hù)了投資者的合法權(quán)益。此外，證監(jiān)會(huì)加強(qiáng)了與最高人民法院、最高人民檢察院、中華人民共和國(guó)財(cái)政部、中國(guó)人民銀行以及中華人民共和國(guó)公安部等部門的協(xié)作，通過(guò)信息共享與聯(lián)合執(zhí)法，提高了案件查處的效率和效果。

2024年8月23日，中基協(xié)發(fā)布2024年第1期《私募基金登記備案動(dòng)態(tài)》，對(duì)《私募投資基金登記備案辦法》和配套指引實(shí)施以來(lái)私募基金管理人登記中的共性問(wèn)題、典型問(wèn)題、熱點(diǎn)和難點(diǎn)問(wèn)題予以解析。典型問(wèn)題包括：（1）提供虛假登記材料，如偽造高管履歷及投資業(yè)績(jī)材料；（2）控股股東、普通合伙人、實(shí)際控制人財(cái)務(wù)狀況和經(jīng)營(yíng)情況存在問(wèn)題，如日常經(jīng)營(yíng)所得不足以覆蓋債務(wù)成本、資產(chǎn)負(fù)債率高以及股東與關(guān)聯(lián)方之間存在大額異常資金往來(lái)等情況；（3）控股股東、實(shí)際控制人和高管的專業(yè)性不佳，在控股股東和實(shí)際控制人不是同一主體的情況下，應(yīng)當(dāng)兩者均符合專業(yè)性要求，并且在審查過(guò)往工作經(jīng)驗(yàn)的相關(guān)機(jī)構(gòu)時(shí)，除了關(guān)注原任職機(jī)構(gòu)的類型、業(yè)務(wù)性質(zhì)和工作年限外，還需要重點(diǎn)對(duì)運(yùn)作正常、合規(guī)穩(wěn)健等要求進(jìn)行核查。

On August 16, 2024, the NFRA released the “Measures for the Compliance Management of Financial Institutions (Draft for Comments)” (“Measures”). The Measures primarily applies to banks, insurance companies, and financial companies regulated by the NFRA and its regional offices. These include but not limit to commercial banks, policy banks, financial holding companies, insurance groups, insurance companies (including reinsurers), consumer finance companies, auto finance companies, and financial asset investment companies.

(1) The “first line of defense” is enhanced by removing the requirement for periodic self-assessments and emphasizing strict enforcement of compliance by all departments and subordinate institutions, encouraging proactive daily compliance management;

(2) The “second line of defense” emphasizes the role of the compliance management department in overseeing compliance efforts across all departments and institutions;

(3) The “third line of defense” formed by internal audit departments, is reinforced by upgrading the requirement for “clear cooperation and information exchange mechanisms” to “effective information exchange mechanisms”.

On August 16, 2024, NFRA issued the “Encouraged List for the Business Development of Financial Leasing Companies” (“Encouraged List”), the “Negative List for the Business Development of Financial Leasing Companies” (“Negative List”), and the “Positive List for Project Company Business of Financial Leasing Companies” (“Positive List”). The Encouraged List highlights sectors where financial leasing companies are encouraged to actively engage, including key equipment and major technological assets in 27 industries such as agriculture, forestry, animal husbandry, fisheries, renewable energy, pharmaceuticals, shipbuilding, and marine engineering. The Negative List reaffirms prohibitive business areas as specified in the previously issued “Notice by the State Administration for Financial Regulation of Promoting Standardized Operation and Compliant Management of Financial Leasing Companies”, such as structures, artwork, antiques, and low-value consumables, aimed at avoiding misallocation and misuse of financial resources, while establishing clear distinctions between old and new businesses for ensuring existing operations. The Positive List, based on Article 3 of the “Measures for the Administration of Project Companies of Financial Leasing Companies”, includes additional categories such as integrated circuits and computing center equipment.

Haiwen Comments

On August 23, 2024, the NFRA released the “Interim Measures for the Supervision and Administration of Microfinance Companies (Draft for Comments)” (“Interim Measures”) based on the “Interim Measures for the Administration of Online Microfinance Business (Draft for Comments)” and the “Notice by the General Office of the China Banking and Insurance Regulatory Commission of Strengthening the Supervision and Administration of Microfinance Companies” (“Document No. 86”).

(1) Explicit inclusion of online microfinance companies under the regulatory scope;

(2) Specific provisions on the business model, operational regions, loan concentration, IT system requirements for internet operations, risk control frameworks, information disclosure, and transition periods for online microfinance companies;

(3) Allowance for microfinance companies to engage in commercial bill discounting and the relevant qualification requirements;

(4) Enhanced supervision of loan concentration, financing leverage, and loan usages. In addition to maintaining the requirements from Document No. 86 that a microfinance company’s total outstanding loans to a single borrower must not exceed 10% of its net assets, and loans to a single borrower and its related parties must not exceed 15% of its net assets, the Interim Measures further differentiate between consumer loans and business loans, imposing specific limits;

(5) Introduction of restrictions on financing uses, prohibiting the use of loans for “equity investments” or “repaying loans or other forms of financing”.

The “Provisions on the Administration of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors” (“Provisions”), which came into effect on August 26, 2024, introduced several key revisions compared to the 2020 rules:

(1) The new Provisions consolidates the RMB special deposit accounts for securities transactions and derivatives transactions, reducing the number of accounts that qualified foreign institutional investors (“QFII”) need to open with the same domestic custodian for different types of investments, thereby lowering their cost burden. The funds in the QFII’s special deposit accounts and the funds in the special accounts for the bond market can be directly transferred to each other within China based on domestic investment needs, as required by investment needs, with subsequent transactions and the use of funds adhering to the management requirements of the respective channels after the transfer;

(2) The new Provisions optimizes the management of cross-border capital flows for QFIIs and improve the principles governing the management of currency inflows and outflows. It permits the repatriation of funds in RMB, further facilitating currency exchange for foreign investors. However, it is important to note that if the investment principal and returns are remitted in RMB, they must also be only repatriated in RMB; the principles governing the management of currency inflows and outflows permit the repatriation of funds in RMB.

(3) Under the new Provisions, QFIIs may also engage in spot foreign exchange and foreign exchange derivative transactions in the interbank foreign exchange market through other domestic financial institutions or by becoming a member of the China Foreign Exchange Trading System. This represents a departure from the old rules, which limited such activities to domestic custodian banks.

On August 28, 2024, the General Office of Hainan Provincial Government released the revised “Administrative Measures for Investment Funds in the Hainan Free Trade Port” (“Administrative Measures”).

(1) The Administrative Measures stipulates that the free Trade Port Fund will primarily operate using an parent-subsidiary fund (“FOF”) investment model. However, with approval from the joint fund investment committee, the Free Trade Port Fund may directly invest in projects or participate in the establishment of project-based special purpose underlying funds;

(2) The Administrative Measures clarifies the equity contribution ratios, reinvestment requirements, profit distribution, and profit-sharing measures for the underlying funds. The benefits offered to social capital by the Free Trade Port Fund are linked to the amount invested by subsidiary funds in provincial projects, allowing for profit-sharing of 20%, 40%, or 60% of excess returns based on achieving investment multiples of 2, 2.5, or 3 times the fund's contributions;

(3) The Administrative Measures establishes performance evaluation metrics, methods, and applications of evaluation results, which are tied to the payment of management fees. Based on the results of the performance evaluation (excellent, good, qualified, or poor), the fund will pay annual management fees at 100%, 80%, 60%, or 40% of the actual invested amount, respectively.

The Measures clearly stipulates the functional positioning, management structure, investment operations, and supervision mechanisms of the Free Trade Port Fund, fostering its continuous and healthy operation. Additionally, by establishing incentive mechanisms and performance evaluations, the Administrative Measures aims to achieve efficient allocation and utilization of funds.

Significant Feedback on the Guidelines for the Operation of Private Securities Investment Funds since the implementation of the “Guidelines for the Operation of Private Securities Investment Funds” (the “Operation Guidelines”) on August 1, 2024, have received numerous feedback comments from AMAC during the registration of new products. To assist managers in smoothly completing the registration process, we have summarized key feedback points:

(1) When designing products, if a fixed open day scheduled weekly falls on a non-trading day, the opening day may not be deferred to the next week. Fund managers can either choose not to defer or defer to the next trading day. If there is no subsequent trading day that week, the fund will remain closed to avoid opening twice in one week;

(2) Although the Operation Guidelines do not specify this, investment targets such as OTC derivatives, private equity funds, asset management products, and New Third Board shares are considered illiquid assets under the Operation Guidelines. If a fund invests more than 20% of its net assets in these instruments, it may open for subscriptions and redemptions no more than once per quarter, with each opening lasting no more than five days;

(3) The fund contract should clearly specify a lock-up period for fund units of no less than three months. Otherwise, a short-term redemption fee arrangement must be in place, with the applicable redemption fees covering at least three months. The redemption fees should belong to the fund, and for fund managers or employees investing in the fund, the lock-up period must be at least six months.

On August 16, 2024, the CSRC released an overview of its administrative law enforcement activities for the first half of 2024. During this period, the CSRC continued to strengthen its oversight of the securities market to ensure fairness and transparency.

On August 23, 2024, the AMAC released the first issue of the “Dynamic Report on the Registration and Filing of Private Funds” for 2024, which analyzes common, typical, hot, and difficult issues encountered by private fund managers since the implementation of the “Measures for the Registration and Record-filing of Private Investment Funds” and its supporting guidelines.

(1) Submission of registration materials, such as falsified executive resumes and investment performance records;

(2) Financial and operational issues concerning controlling shareholders, general partners, and actual controllers, such as insufficient daily operational income to cover debt costs, high debt-to-equity ratios, and significant abnormal fund transfers between shareholders and related parties;

(3) Inadequate professionalism of controlling shareholders, actual controllers, and executives. In cases where controlling shareholders and actual controllers are not the same entity, both must meet the required professional requirements. When reviewing the relevant institutions of past work experience, in addition to considering the type, business nature, and tenure at previous employers, it is also important to focus on whether the institutions were operating normally, in compliance, and in a stable manner.