為便于業(yè)界及時(shí)了解金融資管行業(yè)熱點(diǎn)，海問每月發(fā)布《海問金融資管月刊》，介紹并簡(jiǎn)評(píng)監(jiān)管新規(guī)及行業(yè)動(dòng)態(tài)。
2024年12月，監(jiān)管新規(guī)方面，國(guó)家金融監(jiān)督管理總局（“金融監(jiān)管總局”）發(fā)布《金融機(jī)構(gòu)合規(guī)管理辦法》；中國(guó)證券監(jiān)督管理委員會(huì)（“中國(guó)證監(jiān)會(huì)”）發(fā)布《香港互認(rèn)基金管理規(guī)定》；金融監(jiān)管總局發(fā)布《保險(xiǎn)資金運(yùn)用內(nèi)部控制應(yīng)用指引（第4號(hào)-第6號(hào)）》；國(guó)家金融監(jiān)督管理總局海南監(jiān)管局（“海南金融監(jiān)管局”）發(fā)布《關(guān)于海南銀行業(yè)保險(xiǎn)業(yè)全力支持海南自貿(mào)港封關(guān)運(yùn)作的指導(dǎo)意見》。行業(yè)動(dòng)態(tài)方面，金融監(jiān)管總局發(fā)布《關(guān)于公司治理監(jiān)管規(guī)定與公司法銜接有關(guān)事項(xiàng)的通知》；中國(guó)證監(jiān)會(huì)就《上市公司信息披露管理辦法》以及上市公司年報(bào)、半年報(bào)格式準(zhǔn)則修訂稿公開征求意見。
1. 金融監(jiān)管總局發(fā)布《金融機(jī)構(gòu)合規(guī)管理辦法》
2024年12月25日，金融監(jiān)管總局發(fā)布《金融機(jī)構(gòu)合規(guī)管理辦法》（“《合規(guī)管理辦法》”），自2025年3月1日起施行。相比于《商業(yè)銀行合規(guī)風(fēng)險(xiǎn)管理指引》《保險(xiǎn)公司合規(guī)管理指引》等規(guī)定，《合規(guī)管理辦法》有以下五大亮點(diǎn)：
（1）擴(kuò)大適用的金融機(jī)構(gòu)范圍：《合規(guī)管理辦法》不僅將政策性銀行、商業(yè)銀行、保險(xiǎn)公司等金融監(jiān)管總局及其派出機(jī)構(gòu)原本監(jiān)管的各類金融機(jī)構(gòu)納入其中，還新增了金融資產(chǎn)管理公司、信托公司、企業(yè)集團(tuán)財(cái)務(wù)公司、金融租賃公司、汽車金融公司、消費(fèi)金融公司、貨幣經(jīng)紀(jì)公司、理財(cái)公司、金融資產(chǎn)投資公司、保險(xiǎn)公司（包括再保險(xiǎn)公司）、保險(xiǎn)資產(chǎn)管理公司、保險(xiǎn)集團(tuán)（控股）公司、相互保險(xiǎn)組織等機(jī)構(gòu)，并表明金融控股公司、農(nóng)村合作銀行、農(nóng)村信用合作社、外國(guó)銀行分行和外國(guó)再保險(xiǎn)公司分公司等機(jī)構(gòu)參照?qǐng)?zhí)行。
（2）明確金融機(jī)構(gòu)合規(guī)相關(guān)涵義：《合規(guī)管理辦法》明確“合規(guī)風(fēng)險(xiǎn)”的定義為“因金融機(jī)構(gòu)經(jīng)營(yíng)管理行為或者員工履職行為違反合規(guī)規(guī)范，造成金融機(jī)構(gòu)或者其員工承擔(dān)刑事、行政、民事法律責(zé)任，財(cái)產(chǎn)損失、聲譽(yù)損失以及其他負(fù)面影響的可能性”；闡明“合規(guī)規(guī)范”不僅涵蓋法律、行政法規(guī)、部門規(guī)章及規(guī)范性文件等外部規(guī)范，也包含金融機(jī)構(gòu)為落實(shí)監(jiān)管要求而制定的內(nèi)部規(guī)范；表明“合規(guī)管理”的定義為“金融機(jī)構(gòu)以確保遵循合規(guī)規(guī)范、有效防控合規(guī)風(fēng)險(xiǎn)為目的，以提升依法合規(guī)經(jīng)營(yíng)管理水平為導(dǎo)向，以經(jīng)營(yíng)管理行為和員工履職行為為對(duì)象，開展的包括建立合規(guī)制度、完善運(yùn)行機(jī)制、培育合規(guī)文化、強(qiáng)化監(jiān)督問責(zé)等管理活動(dòng)”。
（3）設(shè)立高效獨(dú)立的合規(guī)管理部門：《合規(guī)管理辦法》要求金融機(jī)構(gòu)設(shè)立專門的合規(guī)管理部門，建立崗位與人員的“防火墻”制度，實(shí)現(xiàn)合規(guī)管理由專職團(tuán)隊(duì)負(fù)責(zé)。合規(guī)管理部門的職責(zé)具體可細(xì)化為制度和計(jì)劃的制定、經(jīng)營(yíng)和業(yè)務(wù)的支持、合規(guī)審查和執(zhí)行、合規(guī)考核和問責(zé)、合規(guī)宣講和培訓(xùn)。
（4）首次明確首席合規(guī)官的合規(guī)核心作用：《合規(guī)管理辦法》明確了首席合規(guī)官在金融機(jī)構(gòu)內(nèi)的合規(guī)核心地位，其具體職責(zé)包括全面負(fù)責(zé)合規(guī)管理、出具合規(guī)審查意見、開展合規(guī)監(jiān)督檢查、報(bào)告違法違規(guī)行為或合規(guī)風(fēng)險(xiǎn)隱患。此外，《合規(guī)管理辦法》也通過以下方式確保首席合規(guī)官職權(quán)的獨(dú)立性：首席合規(guī)官接受董事長(zhǎng)和行長(zhǎng)（總經(jīng)理）雙重領(lǐng)導(dǎo)；首席合規(guī)官不得負(fù)責(zé)管理職責(zé)沖突的部門；首席合規(guī)官的年度薪酬原則上不得低于同等條件的高級(jí)管理人員；針對(duì)首席合規(guī)官安排獨(dú)立專業(yè)的考核機(jī)制。
（5）明確董事會(huì)、高級(jí)管理人員及部門主要負(fù)責(zé)人職責(zé)：《合規(guī)管理辦法》規(guī)定董事會(huì)或不設(shè)董事會(huì)時(shí)的董事承擔(dān)最終合規(guī)責(zé)任、高級(jí)管理人員承擔(dān)領(lǐng)導(dǎo)合規(guī)責(zé)任、部門及機(jī)構(gòu)主要負(fù)責(zé)人承擔(dān)首要合規(guī)責(zé)任。
海問簡(jiǎn)評(píng)
《合規(guī)管理辦法》拓寬了監(jiān)管范圍并提升了合規(guī)管理的專業(yè)性。對(duì)合規(guī)風(fēng)險(xiǎn)的明確界定以及設(shè)立專門合規(guī)管理部門和首席合規(guī)官的要求，不僅強(qiáng)化了金融機(jī)構(gòu)的內(nèi)部治理結(jié)構(gòu)，也為維護(hù)金融市場(chǎng)的穩(wěn)定與透明性提供了有力保障。
2. 中國(guó)證監(jiān)會(huì)發(fā)布《香港互認(rèn)基金管理規(guī)定》
2024年12月20日，中國(guó)證監(jiān)會(huì)發(fā)布《香港互認(rèn)基金管理規(guī)定》（“《互認(rèn)基金管理規(guī)定》”），自2025年1月1日起實(shí)施。《香港互認(rèn)基金管理暫行規(guī)定》同時(shí)廢止。
《互認(rèn)基金管理規(guī)定》主要修訂內(nèi)容包括：（1）對(duì)香港互認(rèn)基金在內(nèi)地的銷售比例（在內(nèi)地的銷售規(guī)模占基金總資產(chǎn)的比例）上限進(jìn)行了調(diào)整，由原先的50%提升至80%；（2）適度放寬了香港互認(rèn)基金投資管理職能的轉(zhuǎn)授權(quán)限制，允許其將投資管理職能轉(zhuǎn)授予集團(tuán)內(nèi)部的所在國(guó)家或地區(qū)證券監(jiān)管機(jī)構(gòu)與中國(guó)證監(jiān)會(huì)簽訂監(jiān)管合作諒解備忘錄并保持有效監(jiān)管合作關(guān)系的海外關(guān)聯(lián)機(jī)構(gòu)；（3）為未來更多常規(guī)類型產(chǎn)品納入香港互認(rèn)基金范疇預(yù)留了充足的空間。海問簡(jiǎn)評(píng)
《互認(rèn)基金管理規(guī)定》是中國(guó)證監(jiān)會(huì)推動(dòng)資本市場(chǎng)開放的重要舉措。其放寬銷售比例限制、放松投資管理職能轉(zhuǎn)授權(quán)限制等修訂內(nèi)容，既拓展了香港互認(rèn)基金在內(nèi)地的市場(chǎng)空間，又引入了更豐富的國(guó)際投資資源。3. 金融監(jiān)管總局發(fā)布《保險(xiǎn)資金運(yùn)用內(nèi)部控制應(yīng)用指引（第4號(hào)-第6號(hào)）》
2024年12月6日，金融監(jiān)管總局發(fā)布《保險(xiǎn)資金運(yùn)用內(nèi)部控制應(yīng)用指引（第4號(hào)-第6號(hào)）》（“《應(yīng)用指引（4-6號(hào)）》”）。
《應(yīng)用指引（4-6號(hào)）》針對(duì)保險(xiǎn)公司投資未上市企業(yè)股權(quán)、不動(dòng)產(chǎn)、金融產(chǎn)品等非標(biāo)準(zhǔn)化資產(chǎn)，在項(xiàng)目篩選、立項(xiàng)審批、盡職調(diào)查、商務(wù)談判、投資決策、合同簽署、交易執(zhí)行、投后管理等業(yè)務(wù)環(huán)節(jié)，明確了操作流程要求，同時(shí)強(qiáng)化投資決策委員會(huì)履職盡責(zé)，并細(xì)化投后管理要點(diǎn)。
（1）股權(quán)投資：保險(xiǎn)公司進(jìn)行直接股權(quán)投資需依照監(jiān)管規(guī)定聘請(qǐng)第三方專業(yè)機(jī)構(gòu)提供盡職調(diào)查等服務(wù)，這些專業(yè)機(jī)構(gòu)的資質(zhì)必須符合相關(guān)監(jiān)管要求。而對(duì)于間接股權(quán)投資，保險(xiǎn)公司則應(yīng)根據(jù)監(jiān)管指引，對(duì)股權(quán)投資管理機(jī)構(gòu)的投資管理能力及其所發(fā)行基金進(jìn)行評(píng)估。
（2）不動(dòng)產(chǎn)投資：保險(xiǎn)公司應(yīng)在盡職調(diào)查中重點(diǎn)審視五個(gè)關(guān)鍵要素：首先，要關(guān)注意向投資的不動(dòng)產(chǎn)項(xiàng)目的產(chǎn)權(quán)、地理位置、管理權(quán)以及土地使用年限等信息；其次，對(duì)于以物權(quán)方式投資不動(dòng)產(chǎn)的項(xiàng)目，需重點(diǎn)審查投資標(biāo)的的權(quán)證及其限制情況；第三，若以項(xiàng)目公司股權(quán)進(jìn)行投資，則應(yīng)關(guān)注項(xiàng)目公司產(chǎn)權(quán)歸屬、資產(chǎn)抵押、債務(wù)狀況、經(jīng)營(yíng)范圍、不動(dòng)產(chǎn)用途及相關(guān)法律訴訟等問題；第四，在投資于不動(dòng)產(chǎn)金融產(chǎn)品時(shí)，需重點(diǎn)評(píng)估投資管理機(jī)構(gòu)的能力、產(chǎn)品的合法性及合規(guī)性、基礎(chǔ)資產(chǎn)的可靠性與充分性，此外還要考量投資策略與方案的可行性；最后，還需關(guān)注其他可能影響交易安全及保險(xiǎn)資金投資安全的因素。
（3）金融產(chǎn)品投資：保險(xiǎn)機(jī)構(gòu)應(yīng)關(guān)注金融產(chǎn)品管理人是否建立了完善的投資者權(quán)益保護(hù)機(jī)制。其中，包括金融產(chǎn)品管理人或融資主體是否承諾不隨意變更資金使用方向、是否承諾將業(yè)績(jī)報(bào)酬（如適用）計(jì)入管理費(fèi)用、不同產(chǎn)品之間的獨(dú)立性、以及金融產(chǎn)品管理人是否就其符合勤勉盡職的監(jiān)管要求作出相應(yīng)承諾。此外，其他與投資者權(quán)益保護(hù)相關(guān)的事項(xiàng)也應(yīng)納入關(guān)注范圍。
海問簡(jiǎn)評(píng)
《應(yīng)用指引（4-6號(hào)）》針對(duì)保險(xiǎn)公司在非標(biāo)準(zhǔn)化資產(chǎn)投資中的具體操作流程提出了明確要求，尤其是對(duì)股權(quán)投資和不動(dòng)產(chǎn)投資的盡職調(diào)查重點(diǎn)以及對(duì)金融產(chǎn)品管理人投資者權(quán)益保護(hù)機(jī)制的關(guān)注，有助于進(jìn)一步規(guī)范保險(xiǎn)資金運(yùn)用管理機(jī)制和流程，提升保險(xiǎn)機(jī)構(gòu)風(fēng)險(xiǎn)管理能力，推動(dòng)保險(xiǎn)業(yè)高質(zhì)量發(fā)展。4. 海南金融監(jiān)管局發(fā)布《關(guān)于海南銀行業(yè)保險(xiǎn)業(yè)全力支持海南自貿(mào)港封關(guān)運(yùn)作的指導(dǎo)意見》2024年12月16日，海南金融監(jiān)管局發(fā)布《關(guān)于海南銀行業(yè)保險(xiǎn)業(yè)全力支持海南自貿(mào)港封關(guān)運(yùn)作的指導(dǎo)意見》（“《自貿(mào)港封關(guān)運(yùn)作指導(dǎo)意見》”）。
為了助力海南自貿(mào)港2025年底前如期封關(guān)，《自貿(mào)港封關(guān)運(yùn)作指導(dǎo)意見》主要提出四個(gè)方面的具體措施：
（1）推進(jìn)跨境資金流動(dòng)的便利性與金融開放：為實(shí)現(xiàn)跨境資金流動(dòng)的自由與便利，應(yīng)積極推廣多功能自由貿(mào)易賬戶，以促進(jìn)資金的自由流動(dòng)。同時(shí)，探索與金融領(lǐng)域國(guó)際高標(biāo)準(zhǔn)經(jīng)貿(mào)規(guī)則的對(duì)接，并開展跨境資產(chǎn)管理業(yè)務(wù)的試點(diǎn)，以擴(kuò)展金融的高水平對(duì)外開放。
（2）服務(wù)實(shí)體經(jīng)濟(jì)與提升金融體系韌性：金融體系需積極為實(shí)體經(jīng)濟(jì)提供服務(wù)，這包括支持海南自貿(mào)港封關(guān)后的基礎(chǔ)設(shè)施建設(shè)、針對(duì)重點(diǎn)領(lǐng)域加大金融服務(wù)的精準(zhǔn)力度、促進(jìn)新型生產(chǎn)力的因地制宜發(fā)展，以及加強(qiáng)對(duì)國(guó)家生態(tài)文明試驗(yàn)區(qū)的建設(shè)支持。此外，還要充分發(fā)揮保險(xiǎn)業(yè)作為經(jīng)濟(jì)減震器和社會(huì)穩(wěn)定器的作用。
（3）金融基礎(chǔ)設(shè)施建設(shè)與營(yíng)商環(huán)境優(yōu)化：積極加強(qiáng)金融基礎(chǔ)設(shè)施的建設(shè)，以大力優(yōu)化營(yíng)商環(huán)境。這可以通過推動(dòng)各類境外優(yōu)質(zhì)銀行和保險(xiǎn)機(jī)構(gòu)參與海南自貿(mào)港的建設(shè)、加快銀行和保險(xiǎn)業(yè)的數(shù)字化轉(zhuǎn)型、打造具有自貿(mào)港特色的應(yīng)用場(chǎng)景，并提供專業(yè)的金融服務(wù)以滿足自貿(mào)港人才的需求來實(shí)現(xiàn)。
（4）保障措施：實(shí)施保障措施同樣至關(guān)重要，應(yīng)加強(qiáng)統(tǒng)籌協(xié)調(diào)，推動(dòng)政策的落實(shí)，爭(zhēng)取更多政策支持，并強(qiáng)化風(fēng)險(xiǎn)防控機(jī)制，以確保各項(xiàng)措施的順利實(shí)施。
海問簡(jiǎn)評(píng)
《自貿(mào)港封關(guān)運(yùn)作指導(dǎo)意見》對(duì)海南銀行業(yè)、保險(xiǎn)業(yè)支持海南自貿(mào)港封關(guān)運(yùn)作提出了具體工作要求，有利于加強(qiáng)對(duì)海南自貿(mào)港封關(guān)運(yùn)作的金融支持，提升整體封關(guān)運(yùn)作效率。
1. 金融監(jiān)管總局發(fā)布《關(guān)于公司治理監(jiān)管規(guī)定與公司法銜接有關(guān)事項(xiàng)的通知》2024年12月17日，金融監(jiān)管總局發(fā)布《關(guān)于公司治理監(jiān)管規(guī)定與公司法銜接有關(guān)事項(xiàng)的通知》（“《公司法銜接事項(xiàng)的通知》”），自印發(fā)之日起施行。
《公司法銜接事項(xiàng)的通知》根據(jù)《中華人民共和國(guó)公司法》的最新規(guī)定，進(jìn)一步明確金融機(jī)構(gòu)監(jiān)事會(huì)、職工董事設(shè)置等要求，具體如下：
（1）金融機(jī)構(gòu)可依據(jù)自身實(shí)際情況，對(duì)監(jiān)督機(jī)構(gòu)的設(shè)置進(jìn)行優(yōu)化。這意味著可以選擇繼續(xù)保留監(jiān)事會(huì)和監(jiān)事，或選擇由董事會(huì)下設(shè)審計(jì)委員會(huì)來承擔(dān)監(jiān)事會(huì)的職能，也可以不設(shè)監(jiān)事會(huì)及監(jiān)事；
（2）對(duì)于職工人數(shù)超過三百的機(jī)構(gòu)，除了依法設(shè)立監(jiān)事會(huì)并配備職工監(jiān)事的情況外，其董事會(huì)成員中必需有職工董事。職工董事應(yīng)由公司職工通過職工代表大會(huì)、職工大會(huì)或其他民主方式選舉產(chǎn)生。需要注意的是，董事會(huì)的高級(jí)管理人員和監(jiān)事不得同時(shí)擔(dān)任職工董事的職務(wù)；
（3）金融機(jī)構(gòu)應(yīng)當(dāng)強(qiáng)化與股東及職工等利益相關(guān)方的溝通，結(jié)合具體情況推進(jìn)公司章程的修訂和人員的選任工作。
2. 中國(guó)證監(jiān)會(huì)就《上市公司信息披露管理辦法》以及上市公司年報(bào)、半年報(bào)格式準(zhǔn)則修訂稿公開征求意見2024年12月27日，中國(guó)證監(jiān)會(huì)發(fā)布通知就其擬修訂的《上市公司信息披露管理辦法》《公開發(fā)行證券的公司信息披露內(nèi)容與格式準(zhǔn)則第2號(hào)—年度報(bào)告的內(nèi)容與格式》《公開發(fā)行證券的公司信息披露內(nèi)容與格式準(zhǔn)則第3號(hào)—半年度報(bào)告的內(nèi)容與格式》向社會(huì)公開征求意見，主要修訂內(nèi)容如下：
（1）風(fēng)險(xiǎn)揭示：公司應(yīng)確保充分披露那些可能對(duì)其核心競(jìng)爭(zhēng)力、經(jīng)營(yíng)活動(dòng)以及未來發(fā)展帶來重大不利影響的風(fēng)險(xiǎn)因素。對(duì)于在上市時(shí)并未實(shí)現(xiàn)盈利且上市后繼續(xù)虧損的公司，必須詳細(xì)說明未盈利的原因，同時(shí)闡明其對(duì)公司現(xiàn)金流、業(yè)務(wù)擴(kuò)展、人才吸引、團(tuán)隊(duì)穩(wěn)定性、研發(fā)支出、戰(zhàn)略性投資以及生產(chǎn)經(jīng)營(yíng)的可持續(xù)性等方面的潛在影響。
（2）行業(yè)經(jīng)營(yíng)信息：明確上市公司應(yīng)結(jié)合所屬行業(yè)的特性，全面公布與行業(yè)相關(guān)的經(jīng)營(yíng)信息，特別是針對(duì)行業(yè)競(jìng)爭(zhēng)力的技術(shù)、產(chǎn)業(yè)、業(yè)態(tài)與商業(yè)模式等信息，以便為投資者提供合理決策的依據(jù)。
（3）非交易時(shí)間發(fā)布信息：明確在非交易時(shí)段，上市公司及相關(guān)信息披露義務(wù)人在有必要的情況下可以對(duì)外發(fā)布重大信息，但需在下一個(gè)交易時(shí)段開始前對(duì)相關(guān)公告進(jìn)行披露。
（4）增加可持續(xù)發(fā)展信息披露、信息披露暫緩與豁免相關(guān)條款：滬深北交易所已出臺(tái)有關(guān)上市公司可持續(xù)發(fā)展報(bào)告的自律監(jiān)管指引，為進(jìn)一步完善可持續(xù)信息披露制度，計(jì)劃新增相關(guān)條款；同時(shí)，根據(jù)監(jiān)管實(shí)際情況，明確在涉及國(guó)家秘密與商業(yè)秘密的情況下，可以暫緩或豁免信息披露。
● http://www.csrc.gov.cn/csrc/c100028/c7516180/content.shtml
● http://www.csrc.gov.cn/csrc/c100028/c7526427/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1192220&itemId=924&generaltype=0
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191125&itemId=861&generaltype=1
● https://www.nfra.gov.cn/branch/hainan/view/pages/common/ItemDetail.html?docId=1190980&itemId=1579
● http://www.csrc.gov.cn/csrc/c100028/c7528813/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191727&itemId=880&generaltype=1
Haiwen Finance and Asset Management Monthly (December 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 December 2024, regarding regulatory updates, the National Financial Regulatory Administration (“NFRA”) issued the “Administrative Measures for Financial Institution Compliance Management”; the China Securities Regulatory Commission (“CSRC”) issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds”; NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds (Guidelines 4-6)”; NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port”.
Regarding industry developments, NFRA issued “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law”; CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies” and Format Guidelines for Annual and Semi-Annual Reports.
I Latest Rules and Regulation
1. NFRA issued the “Administrative Measures for Financial Institution Compliance Management”
NFRA issued the “Administrative Measures for Financial Institution Compliance Management” (“Administrative Measures”) on December 25, 2024, which will take effect from March 1, 2025. Compared to the “Compliance Risk Management Guidelines for Commercial Banks” and the “Compliance Management Guidelines for Insurance Companies”, the Administrative Measures present the following five significant highlights:(1) Expanding Regulatory Scope of Applicable Financial Institutions: The Administrative Measures not only include various financial institutions originally supervised by the NFRA and its local agencies, such as policy banks, commercial banks, and insurance companies, but also newly incorporate financial asset management companies, trust companies, corporate group financial companies, financial leasing companies, auto finance companies, consumer finance companies, money brokerage firms, wealth management companies, financial asset investment companies, insurance companies (including reinsurance companies), insurance asset management firms, insurance groups (holding companies), and mutual insurance organizations. Furthermore, it stipulates that financial holding companies, rural cooperative banks, rural credit cooperatives, branches of foreign banks, and branches of foreign reinsurance companies shall refer to these requirements.(2) Clarifying Compliance Management Related Definitions: The Administrative Measures explicitly define “compliance risk” as the possibility of financial institutions or their employees facing criminal, administrative, or civil legal liabilities, as well as property loss, reputation damage, and other negative impacts due to violations of compliance norms arising from management behaviors or employee functions. It clarifies that “compliance norms” encompass external regulations such as laws, administrative regulations, departmental rules, and normative documents, along with internal regulations established by financial institutions to meet regulatory requirements. Moreover, it defines “compliance management” as management activities aimed at ensuring adherence to compliance norms and effective risk prevention, oriented towards enhancing legal and compliant operational management levels, and focused on management behaviors and employee functions, including establishing compliance systems, improving operational mechanisms, cultivating a compliance culture, and strengthening supervision and accountability.(3) Establishing Efficient and Independent Compliance Management Departments: The Administrative Measures require financial institutions to establish dedicated compliance management departments and implement a “firewall” system concerning positions and personnel, ensuring that compliance management is handled by a specialized team. The duties of the compliance management department are to be detailed in areas such as formulating policies and plans, supporting operations and business, conducting compliance reviews and enforcement, assessing compliance and accountability, and delivering compliance training and communications.(4) First-time Clarification of the Core Compliance Role of Chief Compliance Officer: The Administrative Measures specify the Chief Compliance Officer’s (“CCO”) central position within financial institutions, with duties including comprehensive oversight of compliance management, issuing compliance review opinions, conducting compliance supervision and inspections, and reporting illegal activities or compliance risk exposures. Additionally, the Administrative Measures ensure the independence of the CCO’s authority through several ways: the CCO is required to report to both the Chairman of the Board and the President (General Manager); the CCO is not to manage departments where conflicts of duty exist; CCO’s annual compensation should not be lower than that of other senior management under comparable conditions; and an independent professional assessment mechanism is to be established for the CCO.(5) Clarifying Responsibilities of the Board of Directors, Senior Management, and Department Heads: The Administrative Measures stipulate that the Board or, where there is no Board, the directors, bear ultimate compliance responsibility; senior management bears leading compliance responsibilities; and main department heads bear primary compliance responsibilities.Haiwen Comments
The Administrative Measures broaden the scope of regulation and enhance the professionalism of compliance management. The explicit definition of compliance risks, along with the requirements for specialized compliance management departments and the CCO, not only strengthen the internal governance structure of financial institutions but also provide robust assurance for the stability and transparency of the financial market.2. CSRC issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds”
CSRC issued the “Regulations on the Management of Hong Kong Mutual Recognition Funds” (“MRF Regulations”) on December 20, 2024, which will take effect from January 1, 2025. The “Interim Regulations on the Management of Hong Kong Mutual Recognition Funds” will be simultaneously revoked.The main amendments by the MRF Regulations include:(1) Adjustment of the sales ratio of the Hong Kong mutual recognition funds in the mainland (the proportion of sales in the mainland relative to the total assets of the funds) has been adjusted from the original 50% to 80%;(2) Moderate relaxation of the restrictions on the delegation of investment management functions for Hong Kong mutual recognition funds, allowing for the delegation of these functions to overseas affiliated institutions that are located in countries or regions with which the local securities regulatory authority has signed a regulatory cooperation memorandum of understanding and maintains an effective regulatory cooperation relationship with the CSRC;(3) Reservation of ample space for the inclusion of more conventional types of products into the category of Hong Kong mutual recognition funds in the future.Haiwen Comments
The MRF Regulations represent an important initiative by the CSRC to promote the openness of the capital market. The relaxation of sales limits and the loosening of the restrictions on the delegation of investment management functions will both expand the market space for Hong Kong mutual recognition funds in the Mainland and introduce a richer array of international investment resources.3. NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds (Guidelines 4-6)”NFRA issued the “Application Guidelines for Internal Controls in the Use of Insurance Funds” (“Application Guidelines 4-6”) On December 6, 2024.Application Guidelines 4-6 focus on the investment by insurance companies in non-standardized assets such as equity of non-listed companies, real estate, and financial products. They clarify operational procedures during various phases of the investment process, including project selection, project approval, due diligence, business negotiations, investment decision-making, contract signing, transaction execution, and post-investment management, while also reinforcing the responsibilities of the Investment Decision-Making Committee and detailing key points of post-investment management.(1) Equity Investment: For direct equity investments, insurance companies are required to engage third-party professional institutions to provide due diligence services in accordance with regulatory requirements. These professional institutions must meet relevant regulatory qualifications. For indirect equity investments, insurance companies should evaluate the investment management capabilities of equity investment management institutions and the funds they issue as regulatory guidelines.(2) Real Estate Investment: Insurance companies must focus on five key elements during due diligence for real estate investments: First, attention should be paid to the property's ownership, geographic location, management rights, and land-use tenure; second, when investing in real estate through property rights, a thorough examination of the investment subject’s certificates and their restrictions is required; third, if the investment is made via the equity of a project company, the ownership of the project company, asset pledges, debt status, operational scope, intended use of the property, and related legal disputes need to be scrutinized; fourth, when investing in real estate financial products, it is crucial to assess the capabilities of the investment management institution, the legality and compliance of the products, the reliability and adequacy of underlying assets, as well as the feasibility of the investment strategy and plan; finally, attention should also be given to other factors that may affect transaction security and the safety of insurance fund investments.(3) Investment in Financial Products: Insurance institutions should ensure that the financial product managers have established comprehensive mechanisms for protecting investors' rights. This includes whether the financial product managers or financing entities commit to not arbitrarily changing the direction of fund usage, whether they promise to account for performance-based remuneration (if applicable) as part of management expenses, the independence among different products, and whether the financial product managers make corresponding commitments to meet the regulatory requirements of due diligence. Additionally, other matters related to the protection of investors' rights should also be included in the scope of scrutiny.Haiwen Comments
The Application Guidelines 4-6 set forth explicit requirements regarding the specific operating procedures for insurance companies in their investments in non-standardized assets including a particular focus on the due diligence priorities for equity investments and real estate investments, as well as an emphasis on the protection mechanisms for investor rights established by financial product managers. These measures are instrumental in further standardizing the management mechanisms and processes for the utilization of insurance funds, enhancing the risk management capabilities of insurance institutions, and promoting the high-quality development of the insurance industry.4. NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port”NFRA Hainan issued the “Guiding Opinions on Hainan Banking and Insurance Industries Fully Supporting the Operation of Hainan Free Trade Port” (“Guiding Opinions on the Operation of Hainan Free Trade Port”) on December 16, 2024.To support the timely completion of Hainan's Free Trade Port operations by the end of 2025, the Guiding Opinions on the Operation of Hainan Free Trade Port propose specific measures in four areas:(1) Promoting the Convenience of Cross-Border Capital Flows and Financial Openness: To facilitate the free and convenient flow of cross-border capital, it is imperative to actively promote multifunctional free trade accounts to encourage the unhindered movement of funds. Additionally, efforts should be made to explore alignment with high international standards in trade and economic rules in the financial arena, as well as launching pilot programs for cross-border asset management to expand the high-level openness of finance.(2) Serving the Real Economy and Enhancing the Resilience of the Financial System: The financial system must actively serve the real economy, which includes supporting infrastructure construction following the Free Trade Port’s operations, intensifying financial services for key sectors, promoting the location-specific development of innovative productivity, and reinforcing support for the construction of the national ecological civilization pilot zone. Furthermore, the role of the insurance industry as an economic buffer and social stabilizer needs to be fully leveraged.(3) Strengthening Financial Infrastructure and Optimizing the Business Environment: Efforts should be made to actively strengthen financial infrastructure to significantly improve the business environment. This can be achieved by encouraging various high-quality offshore banks and insurance institutions to participate in the construction of Hainan’s Free Trade Port, accelerating the digital transformation of the banking and insurance sectors, creating specialized application scenarios that reflect the characteristics of the Free Trade Port, and providing specialized financial services to meet the needs of talents in the Free Trade Port.(4) Security Measures: The implementation of security measures is equally crucial. It is necessary to enhance overall coordination, promote policy implementation, seek additional policy support, and strengthen risk prevention and control mechanisms to ensure that all measures are executed smoothly.Haiwen Comments
The Guiding Opinions on the Operation of Hainan Free Trade Port provide specific work requirements for the banking industry and insurance industry in support of Hainan’s Free Trade Port operations, which is conducive to strengthening financial support for the Free Trade Port and enhancing the overall efficiency of operational activities.
1. NFRA issued the “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law”
NFRA issued the “Notice on Matters Related to the Connection Between Corporate Governance Regulatory Provisions and the Company Law” (“Notice on Company Law Connection”) on December 17, 2024, which will take effect from the date of issuance.The Notice on Company Law Connection, based on the latest provisions of the “Company Law”, further clarifies the requirements for the establishment of supervisory committees and employee directors in financial institutions, specifically as follows:(1) Financial institutions may optimize the setup of supervisory bodies according to their specific circumstances. This means they can choose to either retain a supervisory board and supervisors or establish an audit committee under the board of directors to perform the functions of a supervisory board, or they may opt not to have a supervisory board or supervisors at all;(2) For institutions with over 300 employees, apart from the cases where supervisory boards are legally established with employee supervisors, there must be employee directors among the members of the board of directors. Employee directors must be elected by the company’s employees through an employee representative assembly, an employee meeting, or other democratic methods. It is important to note that senior management members of the board and supervisors cannot simultaneously serve as employee directors;(3) Financial institutions shall strengthen communication with stakeholders, including shareholders and employees, and promote the revision of corporate bylaws and the selection of personnel in accordance with specific circumstances.
2. CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies” and Format Guidelines for Annual and Semi-Annual Reports
CSRC solicited public opinion on the “Measures for Information Disclosure by Listed Companies”, as well as “Guideline No. 2 on Information Disclosure Content and Format for Companies Issuing Securities to the Public—Content and Format of Annual Reports” and “Guideline No. 3 on Information Disclosure Content and Format for Companies Issuing Securities to the Public—Content and Format of Semi-Annual Reports” on December 27, 2024, which primarily include the following:(1) Risk Disclosure: Companies must ensure comprehensive disclosure of risk factors that may significantly adversely affect their core competitiveness, operational activities, and future development. For companies that have not achieved profitability at the time of listing and continue to incur losses thereafter, a detailed explanation of the reasons for the lack of profitability is required, along with an assessment of the potential impacts on the company's cash flow, business expansion, talent acquisition, team stability, research and development expenditures, strategic investments, and the sustainability of operations.(2) Industry Operating Information: It is mandated that listed companies consider the characteristics of their respective industries and fully disclose operational information pertinent to those industries, particularly information related to technological advancements, industrial developments, business models, and competitive factors, in order to provide investors with sound decision-making data.(3) Information Disclosure During Non-Trading Hours: It is specified that during non-trading periods, listed companies and relevant information disclosure obligors may release significant information if necessary; however, they must disclose the related announcements before the commencement of the next trading session.(4) Addition of Sustainable Development Disclosure, and Provisions for Temporary Delay and Exemption of Disclosure: The Shanghai, Shenzhen, and Beijing stock exchanges have issued self-regulatory guidelines concerning the sustainable development reports of listed companies. To further enhance the sustainable information disclosure framework, additional relevant provisions are planned. Additionally, based on the realities of regulation, it is clarified that information involving state secrets or commercial secrets may be temporarily withheld from or exempted from disclosure.
Source of Information：
● http://www.csrc.gov.cn/csrc/c100028/c7526427/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1192220&itemId=924&generaltype=0
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191125&itemId=861&generaltype=1
● https://www.nfra.gov.cn/branch/hainan/view/pages/common/ItemDetail.html?docId=1190980&itemId=1579
● http://www.csrc.gov.cn/csrc/c100028/c7528813/content.shtml
● https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1191727&itemId=880&generaltype=1
題21-1_畫板 1 副本.png)
題21-1_畫板 1.png)
.png "備案圖標(biāo).png"){kind=small}
京公網(wǎng)安備110105011258
