為便于業(yè)界及時了解金融資管行業(yè)熱點，海問每月發(fā)布《海問金融資管月刊》，介紹并簡評監(jiān)管新規(guī)及行業(yè)動態(tài)。
2024年10月，監(jiān)管新規(guī)方面，國家金融監(jiān)督管理總局（以下簡稱“金融監(jiān)管總局”）發(fā)布《銀團貸款業(yè)務管理辦法》；國務院辦公廳發(fā)布《關于加強監(jiān)管防范風險促進期貨市場高質(zhì)量發(fā)展的意見》；中共海南省委金融委員會辦公室（以下簡稱“海南省委金融辦”）、海南省財政廳、中國人民銀行海南省分行、海南省地方金融監(jiān)督管理局（以下簡稱“海南金融監(jiān)管局”）、中國證券監(jiān)督管理委員會海南監(jiān)管局（以下簡稱“海南證監(jiān)局”）聯(lián)合出臺《金融支持經(jīng)濟高質(zhì)量發(fā)展的十五條措施》。行業(yè)動態(tài)方面，金融監(jiān)管總局發(fā)布《關于大力發(fā)展商業(yè)保險年金有關事項的通知》；中國人民銀行、金融監(jiān)管總局、中國證券監(jiān)督管理委員會（以下簡稱“中國證監(jiān)會”）發(fā)布《關于設立股票回購增持再貸款有關事宜的通知》；中國人民銀行、中國證監(jiān)會聯(lián)合發(fā)布《關于做好證券、基金、保險公司互換便利（SFISF）相關工作的通知》；國務院發(fā)布《關于做好自由貿(mào)易試驗區(qū)對接國際高標準推進制度型開放試點措施復制推廣工作的通知》；銀行業(yè)信貸資產(chǎn)登記流轉中心（以下簡稱“銀登中心”）發(fā)布《銀行業(yè)信貸資產(chǎn)登記流轉中心有限公司銀團貸款轉讓交易業(yè)務規(guī)則（試行）》；中國證券投資基金業(yè)協(xié)會（以下簡稱“基金業(yè)協(xié)會”）對多家私募基金管理人出具紀律處分決定書。1. 金融監(jiān)管總局：發(fā)布《銀團貸款業(yè)務管理辦法》
金融監(jiān)管總局于2024年10月12日發(fā)布了《銀團貸款業(yè)務管理辦法》（以下簡稱“《銀團貸款辦法》”），對原《銀團貸款業(yè)務指引》中的規(guī)定進行了修訂。
《銀團貸款辦法》共設七章六十一條，涵蓋總則、銀團成員、銀團貸款的發(fā)起與組建、銀團貸款合同、管理流程、轉讓交易等內(nèi)容。本次修訂的重點內(nèi)容主要包括以下幾個方面：首先，明確監(jiān)管方向，要求銀行在開展銀團貸款業(yè)務時應更好地支持實體經(jīng)濟發(fā)展，要求銀行加強對重大戰(zhàn)略、重點領域和薄弱環(huán)節(jié)的優(yōu)質(zhì)金融服務同時有效防范和化解潛在風險。其次，擴展銀團組建的模式，優(yōu)化分銷比例（明確單家銀行擔任牽頭行時，其承貸份額原則上不得少于銀團融資總金額的15％，分銷給其他銀團成員的份額原則上不得低于30%；銀團中增設副牽頭行、聯(lián)合牽頭行時，每家牽頭行承貸份額原則上不得少于銀團融資金額的10%，每家銀行的承貸份額原則上不得高于70%），并完善二級市場的轉讓規(guī)則，以提高銀團貸款業(yè)務的操作便利性。此外，進一步規(guī)范銀團收費的原則及方式，從而完善其定價機制。最后，對銀團貸款管理提出了更加系統(tǒng)化和細致的要求。海問簡評
此次修訂為銀團貸款市場的健康發(fā)展提供了更為系統(tǒng)化的管理框架。具體而言，明確了銀行在銀團貸款中的監(jiān)管導向，強調(diào)支持實體經(jīng)濟與風險防范的雙重目標；優(yōu)化了銀團籌組模式和二級市場轉讓規(guī)則，增強了業(yè)務便利性；同時規(guī)范了收費原則和定價機制，有助于提升市場透明度與合規(guī)性。2. 國務院辦公廳：發(fā)布《關于加強監(jiān)管防范風險促進期貨市場高質(zhì)量發(fā)展的意見》
國務院辦公廳于2024年10月11日發(fā)布《關于加強監(jiān)管防范風險促進期貨市場高質(zhì)量發(fā)展的意見》的通知（以下簡稱“《加強監(jiān)管防范風險意見》”）。
《加強監(jiān)管防范風險意見》明確提出要強化對期貨交易的監(jiān)管力度，實行穿透式監(jiān)管，對各類交易行為實施全過程監(jiān)控，特別是對高頻交易的監(jiān)管要進一步加強。同時，《加強監(jiān)管防范風險意見》強調(diào)要嚴厲打擊期貨市場中的違法違規(guī)行為，遏制過度投機炒作現(xiàn)象，嚴格懲處相關違規(guī)操作。此外，還要求對期貨公司的全流程進行嚴格監(jiān)督，尤其是股權管理與公司治理，確保其子公司的運營規(guī)范，并逐步建立期貨公司風險出清的長效機制。在風險防范方面，《加強監(jiān)管防范風險意見》提出要進一步鞏固期貨市場的風險防控與預警體系，提升市場風險處置和應對能力。同時，《加強監(jiān)管防范風險意見》強調(diào)需提升商品期貨市場對實體經(jīng)濟的服務效能，充分發(fā)揮商品期貨及期權工具的功能，以助力實體經(jīng)濟的高質(zhì)量發(fā)展。在金融期貨及衍生品市場的建設上，要求穩(wěn)步提升市場水平，深化資本市場領域內(nèi)的衍生品監(jiān)管改革，推動金融期貨市場穩(wěn)健發(fā)展。此外，《加強監(jiān)管防范風險意見》提出要穩(wěn)妥推進期貨市場的對外開放，進一步擴大制度型開放的深度與廣度，并強化在開放環(huán)境下的監(jiān)管能力建設。最后，《加強監(jiān)管防范風險意見》要求深化期貨市場的監(jiān)管合作，優(yōu)化監(jiān)管資源的配置，著重加強跨部門及跨地區(qū)的監(jiān)管協(xié)同，以提升整體監(jiān)管效率。海問簡評
《加強監(jiān)管防范風險意見》強調(diào)穿透式監(jiān)管、高頻交易監(jiān)管以及對違法違規(guī)行為的嚴厲打擊，旨在抑制過度投機。通過強化期貨公司管理與風險機制，提升市場服務實體經(jīng)濟的能力，并推動金融期貨和衍生品市場的發(fā)展，促進期貨市場的穩(wěn)健與高質(zhì)量發(fā)展。3. 海南省委金融辦、海南省財政廳、中國人民銀行海南省分行、海南金融監(jiān)管局、海南證監(jiān)局：聯(lián)合發(fā)布《金融支持經(jīng)濟高質(zhì)量發(fā)展的十五條措施》
海南省委金融辦、海南省財政廳、中國人民銀行海南省分行、海南金融監(jiān)管局、海南證監(jiān)局于2024年10月22日聯(lián)合發(fā)布《金融支持經(jīng)濟高質(zhì)量發(fā)展的十五條措施》（以下簡稱“《十五條措施》”），引導全省金融機構加大對災后重建的保障支持力度，提升金融服務實體經(jīng)濟能力，促進海南省經(jīng)濟平穩(wěn)健康發(fā)展。《十五條措施》的主要內(nèi)容有：
（1）明確重點支持對象，建立金融支持經(jīng)濟高質(zhì)量發(fā)展的白名單機制；主動開展無還本續(xù)貸服務，將續(xù)貸對象擴展至所有的小微企業(yè)貸款，以及2027年9月30日前到期的中型企業(yè)流動性貸款；
（2）通過政府主導，國企出資建立，加快組建海南省企業(yè)應急續(xù)貸資金池；
（3）提高行業(yè)不良容忍度，優(yōu)化調(diào)整考核機制，落實盡職免責制度，增加保險產(chǎn)品供給，提高保險覆蓋面以支持符合條件的在瓊企業(yè)利用境內(nèi)外資本市場融資，恢復重建，發(fā)展壯大；
（4）支持符合條件的在瓊企業(yè)通過發(fā)行中小企業(yè)集合債券等形式募集資金；
（5）海南省財政出資設立風險補償資金池實施財金聯(lián)動政策，推出“復工復產(chǎn)擔保貸”和“小客車消費貸款再擔保”產(chǎn)品；
（6）發(fā)揮海南省智慧金融綜合服務平臺融資降本作用，推動融資擔保機構持續(xù)減費讓利。
海問簡評
《十五條措施》著眼于臺風災后重建，通過金融支持促進海南省經(jīng)濟高質(zhì)量發(fā)展。政策重點包括設立企業(yè)應急續(xù)貸資金池、擴大無還本續(xù)貸服務、支持小微企業(yè)和中型企業(yè)流動性貸款，以及提高行業(yè)不良容忍度，整體來看，該政策將有效緩解災后企業(yè)資金周轉壓力，推動全省經(jīng)濟恢復與長遠發(fā)展。1. 金融監(jiān)管總局：發(fā)布《關于大力發(fā)展商業(yè)保險年金有關事項的通知》金融監(jiān)管總局2024年10月18日發(fā)布了《關于大力發(fā)展商業(yè)保險年金有關事項的通知》（以下簡稱“《發(fā)展商業(yè)保險年金通知》”），對商業(yè)保險年金的定義進行了明確，并提出了一系列促進業(yè)務發(fā)展的政策措施和監(jiān)管要求。《發(fā)展商業(yè)保險年金通知》的核心內(nèi)容主要包括以下幾點：
（1）明確了商業(yè)保險年金的內(nèi)涵，即由商業(yè)保險公司設計的、兼具養(yǎng)老風險管理與長期資金穩(wěn)健積累功能的產(chǎn)品，涵蓋合規(guī)的年金保險、兩全保險及商業(yè)養(yǎng)老金等多種形式；
（2）提出推動商業(yè)保險年金業(yè)務發(fā)展的政策導向及監(jiān)管要求；
（3）《發(fā)展商業(yè)保險年金通知》還強調(diào)優(yōu)化個人養(yǎng)老金產(chǎn)品供給，以提高產(chǎn)品多樣性和投保便利性。進一步，鼓勵開發(fā)兼具養(yǎng)老保障與財富管理功能的新型產(chǎn)品，以滿足更廣泛人群的需求，并要求保險公司優(yōu)化其資產(chǎn)配置，以支持經(jīng)濟高質(zhì)量發(fā)展；
（4）《發(fā)展商業(yè)保險年金通知》提出建立健全統(tǒng)計和監(jiān)管制度體系，切實保障保險消費者的合法權益。
2. 中國人民銀行、金融監(jiān)管總局、中國證監(jiān)會：發(fā)布《關于設立股票回購增持再貸款有關事宜的通知》
中國人民銀行、金融監(jiān)管總局及中國證監(jiān)會于2024年10月17日聯(lián)合發(fā)布了《關于設立股票回購增持再貸款有關事宜的通知》（以下簡稱“《股票回購增持的通知》”），宣布設立專門用于支持股票回購和增持的再貸款機制，旨在鼓勵金融機構向符合條件的上市公司及其主要股東提供融資支持，以推動其回購和增持本公司股票。
該再貸款機制的首期額度為3000億元，年利率設定為1.75%，貸款期限為1年，并可根據(jù)實際情況進行展期。此項機制覆蓋各類所有制的上市公司。國家開發(fā)銀行、政策性銀行、國有商業(yè)銀行、中國郵政儲蓄銀行及股份制商業(yè)銀行等21家全國性金融機構（以下簡稱“21家金融機構”），將在政策框架內(nèi)為上市公司提供支持，以助力其股票回購和增持計劃。這21家金融機構將自主決定是否發(fā)放相關貸款，并在合理評估風險的基礎上自主設定貸款條件，貸款利率原則上不超過2.25%。貸款資金需做到“專款專用，封閉管理”。21家金融機構按《股票回購增持的通知》規(guī)定發(fā)放的股票回購增持貸款，若與“信貸資金不得流入股市”等相關監(jiān)管規(guī)定不符的，豁免執(zhí)行相關監(jiān)管規(guī)定；豁免之外的信貸資金，執(zhí)行現(xiàn)行監(jiān)管規(guī)定，嚴禁流入股市。3. 中國人民銀行、中國證監(jiān)會：聯(lián)合發(fā)布《關于做好證券、基金、保險公司互換便利（SFISF）相關工作的通知》
中國人民銀行與中國證監(jiān)會于2024年10月18日聯(lián)合發(fā)布《關于做好證券、基金、保險公司互換便利（SFISF）相關工作的通知》，向參與互換便利操作各方明確業(yè)務流程、操作要素、交易雙方權利義務等內(nèi)容。
中國人民銀行授權中債信用增進公司作為特定的公開市場業(yè)務一級交易商，與符合行業(yè)監(jiān)管要求的證券公司、基金公司和保險公司開展互換交易。互換的期限為1年，并可根據(jù)實際情況進行展期調(diào)整。互換費率通過參與機構的招標流程來確定。作為質(zhì)押品的資產(chǎn)包括債券、股票ETF、滬深300成分股以及公募REITs等，且質(zhì)押品的折扣率將依據(jù)其風險特征進行分檔設置。通過此工具獲得的資金必須專用于資本市場，具體用于股票和股票ETF的投資及做市操作。目前，共有20家證券和基金公司獲批參與互換便利操作，首批申請額度已超過2000億元。自通知發(fā)布之日起，中國人民銀行將依據(jù)機構的實際需求，正式啟動相關操作，以進一步支持資本市場的平穩(wěn)發(fā)展。4. 國務院：發(fā)布《關于做好自由貿(mào)易試驗區(qū)對接國際高標準推進制度型開放試點措施復制推廣工作的通知》
國務院于2024年10月19日發(fā)布《關于做好自由貿(mào)易試驗區(qū)對接國際高標準推進制度型開放試點措施復制推廣工作的通知》。
此次推廣的試點措施覆蓋貨物貿(mào)易、服務貿(mào)易、數(shù)字貿(mào)易、人員入境、營商環(huán)境及風險防控六大領域。其中，有17項措施將在所有自由貿(mào)易試驗區(qū)復制推廣，包括在重點行業(yè)開展再制造產(chǎn)品進口試點，允許外資金融機構提供與中資金融機構相同的新型金融服務，完善境外專業(yè)人才的能力評估程序，以及允許外資企業(yè)內(nèi)部調(diào)動專家的配偶和家屬享有與專家相同的停居留期限等。此外，13項措施將在全國范圍內(nèi)推廣，包括不因原產(chǎn)地證書的微小差錯而拒絕優(yōu)惠關稅待遇、在預裁定有效期屆滿前及時對展期申請作出決定，以及允許進口葡萄酒標簽標注特定形容詞等規(guī)定。5. 銀登中心：發(fā)布《銀行業(yè)信貸資產(chǎn)登記流轉中心有限公司銀團貸款轉讓交易業(yè)務規(guī)則（試行）》
銀登中心于2024年10月31日發(fā)布《銀行業(yè)信貸資產(chǎn)登記流轉中心有限公司銀團貸款轉讓交易業(yè)務規(guī)則（試行）》，其要點如下：
（1）明確定義：銀團貸款轉讓交易指的是出讓方將其持有的銀團貸款通過銀登中心業(yè)務系統(tǒng)進行事前集中登記并開展轉讓交易的業(yè)務活動。銀團貸款轉讓交易業(yè)務應接受金融監(jiān)管總局管理。
（2）業(yè)務要求：銀團貸款轉讓交易業(yè)務的參與主體包括銀團貸款的出讓方和受讓方，以及負責銀團貸款轉讓事務的代理行。參與主體應當為具有貸款經(jīng)營資質(zhì)的銀行業(yè)金融機構，或經(jīng)金融監(jiān)管總局認可的其他主體。出讓方應當確保與轉讓標的相關的貸款合同及其他文件已由各方有效簽署，其對轉讓標的擁有合法處分權，且轉讓標的之上不存在包括債務人抵銷權在內(nèi)的任何可能造成轉讓標的價值減損的其他權利。出讓方可以將其持有的銀團貸款部分轉讓，但限于將未償還本金和應收利息一同按比例拆分轉讓。單家銀行擔任牽頭行的，轉讓后其承貸份額原則上不得少于銀團融資總金額的15%，分銷給其他銀團成員的份額原則上不得低于30%。銀團貸款增設副牽頭行、聯(lián)合牽頭行的，轉讓后每家牽頭行承貸份額原則上不得少于銀團融資金額的10%，每家銀行的承貸份額原則上不得高于70%。涉及分組銀團的，轉讓后各組別原則上有兩家或者兩家以上銀行參加，僅有一家銀行的組別不得超過一個。
（3）集中登記：出讓方在開展銀團貸款轉讓交易前應通過銀登中心業(yè)務系統(tǒng)提交相關材料，辦理集中登記。
（4）風險管理：出讓方和受讓方可聘請律師事務所、會計師事務所、資產(chǎn)評估機構、估值機構、財務顧問等第三方中介機構，協(xié)助開展相關工作。
6. 基金業(yè)協(xié)會：對多家私募基金管理人出具紀律處分決定書
2024年10月基金業(yè)協(xié)會對多家私募基金管理人出具紀律處分決定書，對涉案私募基金管理人作出撤銷管理人登記、進行警告等紀律處分，涉及違規(guī)要點包括：
（1）違反專業(yè)化運營原則。私募基金管理人專業(yè)化運營即指私募基金管理人不可從事私募基金投資管理以外的業(yè)務。根據(jù)中基協(xié)處分〔2024〕411號，2022年8月涉案管理人完成私募基金管理人登記后仍以自有資金與其他公司開展借貸業(yè)務。基金業(yè)協(xié)會對涉案管理人作出撤銷管理人登記的紀律處分。
（2）募集說明書存在“被投公司控股股東向基金作業(yè)績承諾，基金任意年度收到的分紅低于基金實繳規(guī)模8%時，控股股東以自有資金補齊”等誤導性陳述，使投資者產(chǎn)生剛性兌付預期。
（3）未及時申請私募基金產(chǎn)品備案。根據(jù)中基協(xié)處分〔2024〕421號，涉案管理人作為執(zhí)行事務合伙人設立4家合伙企業(yè)對外募集資金，并對外進行投資，相關合伙企業(yè)以投資活動為目的，采用基金形式運作，符合《私募投資基金監(jiān)督管理暫行辦法》第二條、第三款所列情形，屬于應備案的私募基金產(chǎn)品。涉案管理人未及時將相關產(chǎn)品進行備案，違反了《私募投資基金監(jiān)督管理暫行辦法》第八條關于私募基金管理人應當及時辦理基金備案手續(xù)的規(guī)定。基金業(yè)協(xié)會對涉案管理人作出警告的紀律處分。
● https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1181809&itemId=915&generaltype=0● https://www.gov.cn/zhengce/content/202410/content_6979353.htm● https://www.hainan.gov.cn/hainan/ywzsk/202410/bb0ed77d92de41eebb4f2054bdd83bda.shtml● https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1183331&itemId=915&generaltype=0● http://www.csrc.gov.cn/csrc/c100028/c7513043/content.shtml● http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5481008/index.html● https://www.mofcom.gov.cn/xwfb/rcxwfb/art/2024/art_22d2d2b8bfca4f979f61a196b621327f.html● https://www.amac.org.cn/zlgl/jlcf/scfjg/202410/P020241011589830097359.pdf● https://www.amac.org.cn/zlgl/jlcf/scfjg/202410/P020241011590029600371.pdfHaiwen Finance and Asset Management Monthly (October 2024)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwen prepares the “Haiwen Finance and Asset Management Monthly”. This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.In October 2024, regarding regulatory updates, the National Financial Regulatory Administration (“NFRA”) issued the “Administrative Measures for Syndicated Loan Business”; the General Office of the State Council released the “Opinions on Strengthening Supervision, Mitigating Risks, and Promoting High-Quality Development of the Futures Market”; Office of the Financial Committee of the CPC Hainan Provincial Committee (“Hainan Provincial Committee Financial Office”), Hainan Provincial Department of Finance, the Hainan Branch of the People's Bank of China, Hainan Local Financial Supervision and Administration Bureau (“Hainan Financial Bureau”), and the Hainan Bureau of the China Securities Regulatory Commission (“Hainan CSRC”) jointly introduced the “Fifteen Measures for Financial Support of High-Quality Economic Development”.Regarding industry developments, NFRA issued the “Notice on Matters Concerning the Vigorous Development of Commercial Insurance Annuities”; the People's Bank of China (“PBOC”), NFRA, and the China Securities Regulatory Commission (“CSRC”) released the “Notice of Matters on Re-lending for Share Repurchase and Increase in Shareholding”, the PBOC and CSRC also jointly released the “Notice on the Work Related to the Securities, Funds and Insurance Companies Swap Facility (SFISF)”; the State Council issued the “Notice on Replicating and Promoting Pilot Measures for Aligning Free Trade Zones with International High Standards to Advance Institutional Openness”; the Banking Credit Asset Registration and Transfer Center (“BCAR Center”) issued the “Rules for Syndicated Loan Transfer and Trading in BCAR Center (Trial)”; the Asset Management Association of China (“AMAC”) issued disciplinary action decisions against several private fund managers.I Latest Rules and Regulations
1. NFRA issued the “Administrative Measures for Syndicated Loan Business”On October 12, 2024, the NFRA issued the Administrative Measures for Syndicated Loan Business (“Syndicated Loan Measures”), revising provisions from the Guidelines for Syndicated Loan Business.
The Syndicated Loan Measures comprise seven chapters and 61 articles, covering general provisions, syndicate members, initiation and formation of syndicated loans, syndicated loan contracts, management processes, transfer transactions, etc. Key revisions include the following:Firstly, the orientation of regulation is clarified, requiring banks to better support the development of the real economy when carrying out syndicated loan business, and requiring banks to strengthen high-quality financial services for major strategies, key areas and weak links while effectively preventing and resolving potential risks. Secondly, the Syndicated Loan Measures expand the mode for forming syndicates and optimizes the distribution ratios (specifying that when a single bank acts as the lead bank, its loan share should generally not be less than 15% of the total syndicated financing amount, and the share distributed to other syndicate members should generally not be less than 30%; when adding deputy lead banks or joint lead banks in the syndicate, each lead bank's loan share should generally not be less than 10% of the syndicated financing amount, and each bank's loan share should generally not exceed 70%), and improves the transfer rules in the secondary market in order to improve the operational convenience of the syndicated loan business. Furthermore, the Syndicated Loan Measures further standardize the principles and methods of syndicate fees to refine the pricing mechanism. Finally, more systematic and detailed requirements for the management of syndicated loans are proposed.These revisions provide a more structured framework for the healthy development of the syndicated loan market. Specifically, they clarify regulatory orientation, emphasizing dual objectives of supporting the real economy and risk prevention; optimize syndicate formation modes and secondary market transfer rules, enhancing operational convenience; and standardize pricing principles and mechanisms, contributing to market transparency and compliance.2. General Office of the State Council released the “Opinions on Strengthening Supervision, Mitigating Risks, and Promoting High-Quality Development of the Futures Market”
On October 11, 2024, the General Office of the State Council released the Opinions on Strengthening Supervision, Mitigating Risks, and Promoting High-Quality Development of the Futures Market (“Opinions on Futures Market Development”).The Opinions on Futures Market Development explicitly calls for enhanced regulation of futures trading by implementing a penetrating supervision approach. This entails comprehensive monitoring of all types of trading activities, with a particular focus on intensifying oversight of high-frequency trading. Additionally, the Opinions on Futures Market Development emphasizes the necessity of strictly combating illegal and irregular activities in the futures market, curbing excessive speculative behavior, and rigorously penalizing related violations. Furthermore, it mandates stringent supervision of the entire operational process of futures companies, especially in areas such as equity management and corporate governance, to ensure the standardized operation of their subsidiaries. A long-term mechanism for risk resolution in futures companies is also to be gradually established.From the aspect of risk prevention, the Opinions on Futures Market Development proposes to further consolidate the risk prevention, control and early warning system of the futures market, and to enhance the market's risk disposal and response capability. At the same time, the Opinions on Futures Market Development emphasizes the needs to enhance the effectiveness of the commodity futures market's services to the real economy, and to give full play to the functions of commodity futures and options tools, so as to assist the high-quality development of the real economy. From the aspect of construction of financial futures and derivatives market, it is required to steadily improve the market level, deepen the reform of derivatives regulation in the field of capital market, and promote the sound development of financial futures market. In addition, the Opinions on Futures Market Development proposes to steadily promote the opening up of the futures market, further expand the depth and breadth of systematic opening, and strengthen the construction of supervisory capacity under the opening environment. Finally, the Opinions on Futures Market Development calls for deepening regulatory cooperation in the futures market, optimizing the allocation of regulatory resources and focusing on strengthening cross-sectoral and cross-regional regulatory synergies in order to enhance the overall regulatory efficiency.The Opinions on Futures Market Development emphasizes penetrating regulation, high-frequency trading regulation as well as severe crackdowns on violations, aiming at curbing excessive speculation. By strengthening the management and risk mechanism of futures companies, it enhances the market's ability to serve the real economy, and promotes the development of the financial futures and derivatives market, thereby facilitating the sound and high-quality development of the futures market.3. Hainan Provincial Committee Financial Office, Hainan Provincial Department of Finance,the Hainan Branch of the People's Bank of China, Hainan Financial Bureau, and the Hainan CSRC jointly introduced the “Fifteen Measures for Financial Support of High-Quality Economic Development”
On October 22, 2024, Hainan Provincial Committee Financial Office, Hainan Provincial Department of Finance, the Hainan Branch of the People's Bank of China, Hainan Financial Bureau, and the Hainan CSRC jointly introduced the “Fifteen Measures for Financial Support of High-Quality Economic Development”(“Fifteen Measures”), guiding the province's financial institutions to increase support for post-disaster reconstruction protection, enhance the ability of financial services to the real economy, and promote the stable and healthy development of Hainan Province's economy. The main contents of the Fifteen Measures are as follows:（1）Defining key support targets and establish a white list mechanism for financial support for high-quality economic development; proactively carrying out non-principal repayment loan renewal services and extending the renewal targets to all small and micro enterprise loans, as well as liquidity loans for medium-sized enterprises maturing before September 30, 2027;
（2）Accelerating the formation of an emergency loan renewal pool built by the government and funded by state-owned enterprises in Hainan Province;
（3）Increasing the industry's non-performing tolerance, optimizing and adjusting the assessment mechanism, implementing the due diligence and exemption system, increasing the supply of insurance products, and improving insurance coverage to support eligible enterprises in Hainan to utilize the domestic and overseas capital markets to raise funds to rebuild and grow;
（4）Supporting qualified enterprises in Hainan to raise funds by issuing small and medium-sized enterprise pooled bonds and other forms;
（5）Having set up a risk compensation fund pool by Hainan Provincial Department of Finance to implement the financial linkage policy, and launched products of “Guaranteed Loan for Resumption of Work and Production” and “Re-guarantee of Consumer Loans for Small Vehicle”;
（6）Playing the role of financing and cost reduction of Hainan Province's intelligent financial comprehensive service platform, and promoting financial guarantee institutions to continuously reduce fees and transfer benefits to customers.
The Fifteen Measures focuses on post-typhoon reconstruction and promotes high-quality economic development in Hainan Province through financial support. The policy focuses on setting up an emergency loan renewal pool for enterprises, expanding non-principal repayment loan renewal services, supporting liquidity loans for small and micro enterprises and medium-sized enterprises, as well as increasing the industry's non-performing tolerance. Overall, the policy will effectively alleviate the pressure on the liquidity of enterprises in the post-disaster period, and promote the economic recovery and long-term development.
1. NFRA issued the “Notice on Matters Concerning the Vigorous Development of Commercial Insurance Annuities”
On October 18, 2024, the NFRA issued the “Notice on Matters Concerning the Vigorous Development of Commercial Insurance Annuities” (“Notice on Development of Commercial Insurance Annuities”), clarifies the definition of commercial insurance annuities and proposes a series of policy measures and supervisory requirements to promote business development. The core contents of Notice on Development of Commercial Insurance Annuities mainly include the following points:（1）Clarifying the meaning of commercial insurance annuities, i.e. products designed by commercial insurance companies that combine the functions of pension risk management and sound accumulation of long-term funds, covering various forms such as compliant annuity insurance, endowment insurance and commercial pensions;
（2）Proposing policy guidance and regulatory requirements for promoting the development of commercial insurance annuity business;
（3）The Notice on Development of Commercial Insurance Annuities also emphasizes the optimization of the supply of personal pension products in order to enhance product diversity and the convenience of enrollment. Further, it encourages the development of new products with both pension protection and wealth management functions to meet the needs of a wider range of people, and requires insurance companies to optimize their asset allocation to support high-quality economic development;
（4）The Notice on Development of Commercial Insurance Annuities proposes the establishment of a sound statistical and regulatory system to effectively protect the legitimate rights and interests of insurance consumers.
2. PBOC, NFRA, and CSRC released the “Notice of Matters on Re-lending for Share Repurchase and Increase in Shareholding”
On October 17, 2024, PBOC, NFRA, and CSRC released the “Notice of Matters on Re-lending for Share Repurchase and Increase in Shareholding” (“Notice of Share Repurchase and Increase”), announcing the establishment of a refinancing facility specifically designed for the support of share repurchase and increase of holdings with the aim of encouraging financial institutions to provide financing support to eligible listed companies and their major shareholders in order to promote their repurchase and additional holding of their company's shares.The refinancing facility has an initial amount of RMB 300 billion, with an interest rate set at 1.75% per annum and a loan tenure of one year, which can be rolled over according to the actual situation. This facility covers listed companies of all types of ownership. 21 national financial institutions (“21 financial institutions”), including China Development Bank, policy banks, state-owned commercial banks, China Postal Savings Bank and joint-stock commercial banks, will provide support to listed companies within the policy framework to facilitate their share repurchase and additional shareholding programs.The 21 financial institutions will decide on their own whether or not to issue the relevant loans, and set their own loan terms based on a reasonable assessment of risk, with the interest rate of the loans not exceeding 2.25% in principle. Loan funds shall be “earmarked for specific purposes and managed in a closed manner”. For stock repurchase loans issued by these institutions in accordance with the Notice of Share Repurchase and Increase, exemptions will be granted from regulatory provisions such as “credit funds shall not flow into the stock market”. However, credit funds not covered by this exemption must strictly comply with existing regulations and are prohibited from flowing into the stock market.3. PBOC and CSRC jointly released the “Notice on the Work Related to the Securities, Funds and Insurance Companies Swap Facility (SFISF)”
On October 18, 2024, PBOC and CSRC jointly released the “Notice on the Work Related to the Securities, Funds and Insurance Companies Swap Facility (SFISF)”, clarifying the business process, operational elements, and rights and obligations of the two trading parties to all parties involved in the operation of the swap facility.PBOC authorizes China Bond Credit Enhancement Corporation to act as the primary dealer for specific open market operations and to carry out swap transactions with securities companies, fund companies and insurance companies that meet the regulatory requirements of the industry. The term of the swaps is one year and can be rolled over and adjusted according to the actual situation. Swap rates are determined through the bidding process of participating institutions. Assets pledged as collateral include bonds, equity ETFs, CSI 300 constituent stocks and public REITs, etc., and the discount rate of the collateral will be set in tranches based on its risk characteristics. Funds obtained through this instrument must be used exclusively in the capital market, specifically for investment in stocks and ETFs and market making operations.At present, a total of 20 securities and fund companies have been approved to participate in the swap facilitation operation, and the first batch of application quota has exceeded RMB 200 billion. Since the date of issuance of the notice, PBOC will formally launch the relevant operations based on the actual needs of the institutions, in order to further support the smooth development of the capital market.4. The State Council issued the “Notice on Replicating and Promoting Pilot Measures for Aligning Free Trade Zones with International High Standards to Advance Institutional Openness”
On October 19, 2024, the State Council issued the “Notice on Replicating and Promoting Pilot Measures for Aligning Free Trade Zones with International High Standards to Advance Institutional Openness”.The pilot measures being promoted cover six major areas: goods trade, service trade, digital trade, entry of persons, business environment and risk prevention and control. 17 measures among them will be replicated and promoted in all pilot free trade zones, including launching pilot projects for the import of remanufactured products in key industries, allowing foreign-invested financial institutions to provide the same new types of financial services as those provided by domestic financial institutions, improving the procedures for assessing the competence of overseas professionals, and allowing the spouses and family members of experts who have been internally mobilized by foreign-invested enterprises to enjoy the same period of stopover as that of the experts. In addition, 13 measures among them will be promoted nationwide, including provisions on no denial of preferential tariff treatment due to minor errors in certificates of origin, timely decisions on extension applications before the expiration of the validity period of advance rulings, and allowing imported wine labels to be marked with specific adjectives.5. BCAR Center issued the “Rules for Syndicated Loan Transfer and Trading in BCAR Center (Trial)”
On October 31, 2024, BCAR Center issued the “Rules for Syndicated Loan Transfer and Trading in BCAR Center (Trial)”. The main points are as follows:（1）Definition Clarification: Syndicated loan transfer transactions refer to business activities where the transferring party pre-registers and transfers syndicated loans through the BCAR Center's business system. These transactions are subject to supervision by the NFRA.
（2）Business Requirements: The main parties involved in the syndicated loan transfer and transaction business include the transferor and transferee of the syndicated loan, as well as the agent bank responsible for the transfer of the syndicated loan. The participating entities shall be banking financial institutions with loan operation qualifications, or other entities recognized by the NFRA. The transferor shall ensure that the loan contract and other documents related to the subject matter of the transfer have been validly signed by all parties that has the legal right of disposition, and that there are no other rights over the subject matter of the transfer, including the debtor's right of set-off, which may result in the value of the subject matter of the transfer being impaired. The transferor may transfer part of the syndicated loan held by it, but is limited to transferring the outstanding principal together with the interest receivable in a proportionate split. If a single bank acts as the lead bank, its share of the loan after the transfer must not be less than 15% of the total syndicated financing amount, and the share distributed to other syndicate members must not be less than 30%. If there are co-lead banks or additional co-lead banks in the syndicated loan, each lead bank's share after the transfer must not be less than 10% of the syndicated financing amount, and no single bank's share should exceed 70%. In the case of grouped syndicates, each group must generally have two or more banks participating, and there shall be no more than one group with only one bank.
（3）Centralized registration: The transferor shall submit relevant materials through the business system of the BCAR Center for centralized registration before carrying out the syndicated loan transfer transaction.
（4）Risk management: The transferor and the transferee may engage third-party intermediaries to assist in carrying out relevant work, such as law firms, accounting firms, asset appraisal organizations, valuation organizations, financial consultants and other third-party intermediaries.
6. AMAC Issued Disciplinary Action Decisions Against Several Private Fund Managers
On October 2024, AMAC has issued disciplinary decisions against a number of private equity fund managers, and has taken disciplinary actions against the private equity fund managers involved, such as revoking the registration of the manager and issuing warnings, involving points of violation, including:（1）Violation of the principle of specialized operation. Private fund managers must exclusively engage in private fund investment management activities. According to AMAC [2024] No. 411, after obtaining registration as a private fund manager in August 2022, the manager continued engaging in lending activities with other companies using its own funds. AMAC revoked the manager’s registration as a disciplinary measure.
（2）The prospectus contained misleading statements creating expectations of guaranteed returns, such as “the investee company’s controlling shareholders commit to using their own funds to supplement dividends if the fund’s annual dividend falls below 8% of its paid-up capital”.
（3）Failure to apply for private equity fund product filing in a timely manner. According to AMAC [2024] No. 421, the manager, as managing partner, established four partnerships for fundraising and investment purposes. These partnerships, operating in fund form for investment activities, fell under Articles 2 and 3 of the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds requiring registration. The manager failed to file these products timely, violating Article 8 of the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds. AMAC issued a warning as disciplinary action against the managers involved.
The source of industry news in this article：● https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1181809&itemId=915&generaltype=0 ● https://www.gov.cn/zhengce/content/202410/content_6979353.htm● https://www.hainan.gov.cn/hainan/ywzsk/202410/bb0ed77d92de41eebb4f2054bdd83bda.shtml● https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1183331&itemId=915&generaltype=0● http://www.csrc.gov.cn/csrc/c100028/c7513043/content.shtml● http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5481008/index.html● https://www.mofcom.gov.cn/xwfb/rcxwfb/art/2024/art_22d2d2b8bfca4f979f61a196b621327f.html● https://www.amac.org.cn/zlgl/jlcf/scfjg/202410/P020241011589830097359.pdf ● https://www.amac.org.cn/zlgl/jlcf/scfjg/202410/P020241011590029600371.pdf
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