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2024-10-29

Haiwen Finance and Asset Management Monthly (Bilingual) (September 2024)

Author: Julia ZHANG WEI, Shuangjuan YANG, Yuge LIU, Weijia LIU, Rui


金融資管月刊9月.jpg


引言



為便于業(yè)界及時(shí)了解金融資管行業(yè)熱點(diǎn),海問(wèn)每月發(fā)布《海問(wèn)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9月,監(jiān)管新規(guī)方面,中央金融委員會(huì)辦公室(“中央金融辦”)和中國(guó)證券監(jiān)督管理委員會(huì)(“證監(jiān)會(huì)”)聯(lián)合印發(fā)《關(guān)于推動(dòng)中長(zhǎng)期資金入市的指導(dǎo)意見(jiàn)》;證監(jiān)會(huì)發(fā)布《證監(jiān)會(huì)系統(tǒng)離職人員入股擬上市企業(yè)監(jiān)管規(guī)定(試行)》和《關(guān)于深化上市公司并購(gòu)重組市場(chǎng)改革的意見(jiàn)》;國(guó)家外匯管理局(“外匯管理局”)發(fā)布《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法(試行)(征求意見(jiàn)稿)》。

行業(yè)動(dòng)態(tài)方面,中國(guó)證券投資基金業(yè)協(xié)會(huì)(“基金業(yè)協(xié)會(huì)”)召開(kāi)《促進(jìn)創(chuàng)業(yè)投資高質(zhì)量發(fā)展的若干政策措施》座談會(huì);國(guó)家金融監(jiān)督管理總局(“金融監(jiān)管總局”)發(fā)布《關(guān)于部分非銀機(jī)構(gòu)差異化適用公司治理等相關(guān)監(jiān)管規(guī)定的通知》《關(guān)于做好金融資產(chǎn)投資公司股權(quán)投資擴(kuò)大試點(diǎn)工作的通知》和《關(guān)于擴(kuò)大金融資產(chǎn)投資公司股權(quán)投資試點(diǎn)范圍的通知》;海南省人民代表大會(huì)常務(wù)委員會(huì)(“海南省人大常委會(huì)”)公布《海南自由貿(mào)易港極簡(jiǎn)審批條例》。


一、新規(guī)速

1. 中央金融辦、證監(jiān)會(huì):聯(lián)合印發(fā)《關(guān)于推動(dòng)中長(zhǎng)期資金入市的指導(dǎo)意見(jiàn)》

2024年9月26日,中央金融辦、證監(jiān)會(huì)聯(lián)合印發(fā)《關(guān)于推動(dòng)中長(zhǎng)期資金入市的指導(dǎo)意見(jiàn)》(《中長(zhǎng)期資金入市指導(dǎo)意見(jiàn)》)提出大力引導(dǎo)中長(zhǎng)期資金入市。指導(dǎo)意見(jiàn)主要包括三方面舉措:

(1)建設(shè)培育鼓勵(lì)長(zhǎng)期投資的資本市場(chǎng)生態(tài)。多項(xiàng)舉措并舉提高上市公司質(zhì)量,鼓勵(lì)具備條件的上市公司回購(gòu)增持,有效提升上市公司投資價(jià)值。嚴(yán)厲打擊資本市場(chǎng)各類(lèi)違法行為,持續(xù)塑造健康的市場(chǎng)生態(tài)。

(2)大力發(fā)展權(quán)益類(lèi)公募基金,支持私募證券投資基金穩(wěn)健發(fā)展。加強(qiáng)基金公司投研核心能力建設(shè),制定科學(xué)合理、公平有效的投研能力評(píng)價(jià)指標(biāo)體系,引導(dǎo)基金公司從規(guī)模導(dǎo)向向投資者回報(bào)導(dǎo)向轉(zhuǎn)變。豐富公募基金可投資產(chǎn)類(lèi)別,建立ETF指數(shù)基金快速審批通道,持續(xù)提高權(quán)益類(lèi)基金規(guī)模和占比。鼓勵(lì)私募證券投資基金豐富產(chǎn)品類(lèi)型和投資策略,推動(dòng)證券基金期貨經(jīng)營(yíng)機(jī)構(gòu)提高權(quán)益類(lèi)私募資管業(yè)務(wù)占比,適配居民差異化財(cái)富管理需求。

(3)著力完善各類(lèi)中長(zhǎng)期資金入市配套政策制度。建立健全商業(yè)保險(xiǎn)資金、各類(lèi)養(yǎng)老金等中長(zhǎng)期資金的三年以上長(zhǎng)周期考核機(jī)制,推動(dòng)樹(shù)立長(zhǎng)期業(yè)績(jī)導(dǎo)向。完善全國(guó)社保基金、基本養(yǎng)老保險(xiǎn)基金投資政策制度,支持具備條件的用人單位放開(kāi)企業(yè)年金個(gè)人投資選擇,鼓勵(lì)企業(yè)年金基金管理人探索開(kāi)展差異化投資。

海問(wèn)簡(jiǎn)評(píng) 

《中長(zhǎng)期資金入市指導(dǎo)意見(jiàn)》展現(xiàn)中央金融辦和證監(jiān)會(huì)對(duì)提振資本市場(chǎng)的前瞻性部署。鼓勵(lì)長(zhǎng)期投資和提升上市公司質(zhì)量的舉措有助提升上市公司的投資價(jià)值并增強(qiáng)市場(chǎng)的穩(wěn)定性。推動(dòng)權(quán)益類(lèi)公募基金和私募基金發(fā)展,鼓勵(lì)私募證券投資基金提供多樣化產(chǎn)品,促進(jìn)資金的有效配置。針對(duì)社保基金和養(yǎng)老保險(xiǎn)基金的靈活投資選擇,將進(jìn)一步激勵(lì)各類(lèi)資金進(jìn)入市場(chǎng),為經(jīng)濟(jì)的可持續(xù)發(fā)展提供強(qiáng)有力的支撐。
2. 證監(jiān)會(huì):發(fā)布《證監(jiān)會(huì)系統(tǒng)離職人員入股擬上市企業(yè)監(jiān)管規(guī)定(試行)》

2024年9月6日,證監(jiān)會(huì)發(fā)布《證監(jiān)會(huì)系統(tǒng)離職人員入股擬上市企業(yè)監(jiān)管規(guī)定(試行)》(“《離職人員監(jiān)管規(guī)定》”),進(jìn)一步加強(qiáng)證監(jiān)會(huì)對(duì)其系統(tǒng)內(nèi)離職人員入股擬上市企業(yè)的管理。《離職人員監(jiān)管規(guī)定》吸納了《監(jiān)管規(guī)則適用指引—發(fā)行類(lèi)第2號(hào)》的主要內(nèi)容,并新增三方面規(guī)定:

(1拉長(zhǎng)離職人員入股禁止期。將離職前五年內(nèi)曾任職發(fā)行監(jiān)管崗位或離職前屬于會(huì)管干部的離職人員入股禁止期延長(zhǎng)至10年;發(fā)行監(jiān)管崗位或會(huì)管干部以外的離職人員,處級(jí)及以上離職人員入股禁止期從3年延長(zhǎng)至5年,處級(jí)以下離職人員從2年延長(zhǎng)至4年。

2擴(kuò)大從嚴(yán)監(jiān)管的離職人員范圍。將從嚴(yán)審核的范圍從離職人員本人擴(kuò)大至其父母、配偶、子女及其配偶。

3提出更高核查要求。中介機(jī)構(gòu)要對(duì)離職人員投資背景、資金來(lái)源、價(jià)格公平性、清理真實(shí)性等做充分核查,證監(jiān)會(huì)對(duì)有關(guān)工作核查復(fù)核。證券交易所在制度執(zhí)行中,應(yīng)當(dāng)向擬上市企業(yè)、中介機(jī)構(gòu)等各方做好政策解讀和引導(dǎo)等工作。

海問(wèn)簡(jiǎn)評(píng) 

《離職人員監(jiān)管規(guī)定》通過(guò)延長(zhǎng)入股禁止期和擴(kuò)大監(jiān)管范圍,有效降低了利益輸送的風(fēng)險(xiǎn)。這些措施有助監(jiān)管層保證資本市場(chǎng)的健康發(fā)展。

3. 證監(jiān)會(huì):發(fā)布《關(guān)于深化上市公司并購(gòu)重組市場(chǎng)改革的意見(jiàn)》


2024年9月24日,證監(jiān)會(huì)發(fā)布《關(guān)于深化上市公司并購(gòu)重組市場(chǎng)改革的意見(jiàn)》(“《上市公司并購(gòu)重組市場(chǎng)改革意見(jiàn)》”),《上市公司并購(gòu)重組市場(chǎng)改革意見(jiàn)》主要內(nèi)容如下:

1)支持上市公司向新質(zhì)生產(chǎn)力方向轉(zhuǎn)型升級(jí)。積極支持上市公司圍繞戰(zhàn)略性新興產(chǎn)業(yè)、未來(lái)產(chǎn)業(yè)等進(jìn)行并購(gòu)重組,包括開(kāi)展基于轉(zhuǎn)型升級(jí)等目標(biāo)的跨行業(yè)并購(gòu)、有助于補(bǔ)鏈強(qiáng)鏈和提升關(guān)鍵技術(shù)水平的未盈利資產(chǎn)收購(gòu),以及支持“兩創(chuàng)”板塊公司并購(gòu)產(chǎn)業(yè)鏈上下游資產(chǎn)等。

2鼓勵(lì)上市公司加強(qiáng)產(chǎn)業(yè)整合。繼續(xù)助力傳統(tǒng)行業(yè)通過(guò)重組合理提升產(chǎn)業(yè)集中度,提升資源配置效率。對(duì)于上市公司之間的整合需求,將通過(guò)完善限售期規(guī)定、簡(jiǎn)化審核程序等方式予以支持。

3進(jìn)一步提高監(jiān)管包容度。證監(jiān)會(huì)將在尊重規(guī)則的同時(shí),尊重市場(chǎng)規(guī)律、尊重經(jīng)濟(jì)規(guī)律、尊重創(chuàng)新規(guī)律,進(jìn)一步提高對(duì)重組估值、業(yè)績(jī)承諾、同業(yè)競(jìng)爭(zhēng)和關(guān)聯(lián)交易等事項(xiàng)的包容度,進(jìn)一步發(fā)揮市場(chǎng)優(yōu)化資源配置的作用。

4提升重組市場(chǎng)交易效率。支持上市公司根據(jù)交易安排,分期發(fā)行股份和可轉(zhuǎn)債等支付工具、分期支付交易對(duì)價(jià)、分期配套融資,以提高交易靈活性和資金使用效率。建立重組簡(jiǎn)易審核程序,對(duì)符合條件的上市公司重組,大幅簡(jiǎn)化審核流程、縮短審核時(shí)限。

5提升中介機(jī)構(gòu)服務(wù)水平。引導(dǎo)證券公司等中介機(jī)構(gòu)充分發(fā)揮交易撮合和專(zhuān)業(yè)服務(wù)作用,助力上市公司實(shí)施高質(zhì)量并購(gòu)重組。

6依法加強(qiáng)監(jiān)管。引導(dǎo)交易各方規(guī)范開(kāi)展并購(gòu)重組活動(dòng)、嚴(yán)格履行信息披露等各項(xiàng)法定義務(wù),打擊各類(lèi)違法違規(guī)行為。

海問(wèn)簡(jiǎn)評(píng) 

《上市公司并購(gòu)重組市場(chǎng)改革意見(jiàn)》鼓勵(lì)產(chǎn)業(yè)整合和簡(jiǎn)化審核流程,減少不必要的行政干預(yù),有助吸引更多資金流入關(guān)鍵領(lǐng)域,提升資源配置效率,推動(dòng)產(chǎn)業(yè)轉(zhuǎn)型升級(jí)。
4. 外匯管理局:發(fā)布《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法(試行)(征求意見(jiàn)稿)》

2024年9月14日,外匯管理局發(fā)布《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法(試行)(征求意見(jiàn)稿)》(“《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法》”)。《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法》規(guī)定銀行在發(fā)現(xiàn)或有合理理由懷疑客戶(hù)存在外匯風(fēng)險(xiǎn)交易行為時(shí)的監(jiān)測(cè)與報(bào)告要求;明確外匯風(fēng)險(xiǎn)交易行為包括虛假貿(mào)易、地下錢(qián)莊、跨境賭博、騙取出口退稅、虛擬貨幣非法跨境金融活動(dòng)等涉嫌違法的跨境資金流動(dòng)活動(dòng);明確報(bào)送方式為銀行通過(guò)其總部或總部指定的機(jī)構(gòu)向外匯管理局報(bào)送,報(bào)送時(shí)限為按外匯風(fēng)險(xiǎn)交易報(bào)告內(nèi)部操作規(guī)程確認(rèn)為外匯風(fēng)險(xiǎn)交易信息后的5個(gè)工作日內(nèi)。辦法還要求銀行加強(qiáng)與外匯展業(yè)改革相關(guān)的內(nèi)部管理,提供必要的人員、系統(tǒng)、信息等資源,建立監(jiān)測(cè)系統(tǒng),確保全面準(zhǔn)確地采集和分析交易主體身份信息和交易信息,并做好資料留存和信息安全管理。

海問(wèn)簡(jiǎn)評(píng) 

《銀行外匯風(fēng)險(xiǎn)交易報(bào)告管理辦法》通過(guò)明確銀行報(bào)送外匯風(fēng)險(xiǎn)交易規(guī)則與路徑,便利銀行履行報(bào)送義務(wù),增強(qiáng)銀行主動(dòng)報(bào)告意識(shí),有助外匯市場(chǎng)的穩(wěn)定運(yùn)行,為市場(chǎng)參與者提供更穩(wěn)定的交易環(huán)境。

二、行業(yè)動(dòng)態(tài)

1. 基金業(yè)協(xié)會(huì):召開(kāi)《促進(jìn)創(chuàng)業(yè)投資高質(zhì)量發(fā)展的若干政策措施》座談會(huì)


2024年9月,基金業(yè)協(xié)會(huì)在廈門(mén)召開(kāi)貫徹落實(shí)《促進(jìn)創(chuàng)業(yè)投資高質(zhì)量發(fā)展的若干政策措施》(“創(chuàng)投十七條”)座談會(huì)暨協(xié)會(huì)早期投資、創(chuàng)業(yè)投資基金及長(zhǎng)期資金委員會(huì)2024年度聯(lián)席會(huì)議。

會(huì)議指出,國(guó)務(wù)院近期印發(fā)的創(chuàng)投十七條提出完善創(chuàng)業(yè)投資政策環(huán)境和管理制度、支持創(chuàng)業(yè)投資做大做強(qiáng)的系列措施,體現(xiàn)了黨中央、國(guó)務(wù)院對(duì)發(fā)展創(chuàng)業(yè)投資,促進(jìn)科技、產(chǎn)業(yè)、金融良性循環(huán)的高度重視,為行業(yè)高質(zhì)量發(fā)展、更好發(fā)揮服務(wù)新質(zhì)生產(chǎn)力功能注入了新動(dòng)能。會(huì)議認(rèn)為,創(chuàng)投行業(yè)發(fā)展面臨政策上和市場(chǎng)上的困難,如募資、投資、退出正向循環(huán)有待進(jìn)一步暢通,稅收、差異化監(jiān)管等政策有待進(jìn)一步落實(shí),長(zhǎng)期資本、耐心資本來(lái)源有待進(jìn)一步拓寬等。希望有關(guān)部門(mén)按照創(chuàng)投十七條部署,進(jìn)一步落實(shí)創(chuàng)投相關(guān)支持和優(yōu)惠政策,優(yōu)化符合創(chuàng)投行業(yè)特點(diǎn)和發(fā)展規(guī)律的營(yíng)商環(huán)境。基金業(yè)協(xié)會(huì)將在證監(jiān)會(huì)領(lǐng)導(dǎo)下,聚焦主責(zé)主業(yè),全面貫徹落實(shí)創(chuàng)投十七條各項(xiàng)要求,積極推動(dòng)包括培育創(chuàng)投主體、拓寬資金來(lái)源、加強(qiáng)引導(dǎo)扶持、健全退出機(jī)制及優(yōu)化市場(chǎng)環(huán)境等工作的落實(shí)落地。同時(shí),進(jìn)一步發(fā)揮好創(chuàng)業(yè)投資、早期投資、長(zhǎng)期資金委員會(huì)專(zhuān)家智庫(kù)和橋梁紐帶作用,積極聽(tīng)取意見(jiàn)建議,與行業(yè)同向發(fā)力,共同推動(dòng)創(chuàng)業(yè)投資高質(zhì)量發(fā)展。

2. 金融監(jiān)管總局:發(fā)布《關(guān)于部分非銀機(jī)構(gòu)差異化適用公司治理等相關(guān)監(jiān)管規(guī)定的通知》


2024年9月10日,金融監(jiān)管總局就金融租賃公司、企業(yè)集團(tuán)財(cái)務(wù)公司、消費(fèi)金融公司、汽車(chē)金融公司和貨幣經(jīng)紀(jì)公司五類(lèi)非銀機(jī)構(gòu)的監(jiān)管,發(fā)布《關(guān)于部分非銀機(jī)構(gòu)差異化適用公司治理等相關(guān)監(jiān)管規(guī)定的通知》(“《非銀機(jī)構(gòu)差異化適用公司治理的通知》”)。主要內(nèi)容包括:

(1)對(duì)于同一股東及其關(guān)聯(lián)方、一致行動(dòng)人合計(jì)全資控股的有限責(zé)任公司形式的非銀機(jī)構(gòu),不強(qiáng)制要求董事會(huì)人數(shù)最少為五人,可以按照《中華人民共和國(guó)公司法》董事會(huì)成員為三人以上的規(guī)定執(zhí)行。

(2)對(duì)于股權(quán)較為集中的非銀機(jī)構(gòu),即主要股東(同一股東及其關(guān)聯(lián)方視為一名股東)數(shù)量不超過(guò)五個(gè)的非銀機(jī)構(gòu),對(duì)同一股東及其關(guān)聯(lián)方提名的董事數(shù)量占比不限制在三分之一以下,并可按照適當(dāng)分散的原則并結(jié)合實(shí)際合理確定獨(dú)立董事、外部監(jiān)事的人數(shù)。

(3)在有效保障董事會(huì)內(nèi)部制衡有效性和董事獨(dú)立性的前提下,對(duì)于全部主要股東均已提名非獨(dú)立董事的非銀機(jī)構(gòu),已經(jīng)提名非獨(dú)立董事的股東及其關(guān)聯(lián)方可以再提名獨(dú)立董事。

(4)同一股東及其關(guān)聯(lián)方、一致行動(dòng)人合計(jì)持股比例超過(guò)50%的未上市非銀機(jī)構(gòu),可以結(jié)合實(shí)際自行決定是否設(shè)置獨(dú)立董事。但不設(shè)立獨(dú)立董事的情況下,應(yīng)當(dāng)建立健全其他內(nèi)部監(jiān)督制衡機(jī)制,保護(hù)中小股東合法權(quán)益。

(5)允許未上市的非銀機(jī)構(gòu)不設(shè)置董事會(huì)秘書(shū)。

(6)企業(yè)集團(tuán)財(cái)務(wù)公司關(guān)聯(lián)交易管理、審查和風(fēng)險(xiǎn)控制等職責(zé)可以由董事會(huì)下設(shè)專(zhuān)業(yè)委員會(huì)負(fù)責(zé)。

(7)適當(dāng)調(diào)整部分資本管理規(guī)定,以契合非銀機(jī)構(gòu)的經(jīng)營(yíng)特征和風(fēng)險(xiǎn)水平。

3. 金融監(jiān)管總局:發(fā)布《關(guān)于做好金融資產(chǎn)投資公司股權(quán)投資擴(kuò)大試點(diǎn)工作的通知》和《關(guān)于擴(kuò)大金融資產(chǎn)投資公司股權(quán)投資試點(diǎn)范圍的通知》


2024年9月14日,金融監(jiān)管總局發(fā)布《關(guān)于做好金融資產(chǎn)投資公司股權(quán)投資擴(kuò)大試點(diǎn)工作的通知》(“《擴(kuò)大試點(diǎn)工作通知》”)。2024年9月24日,金融監(jiān)管總局發(fā)布《關(guān)于擴(kuò)大金融資產(chǎn)投資公司股權(quán)投資試點(diǎn)范圍的通知》(“《擴(kuò)大試點(diǎn)范圍通知》”)。金融監(jiān)管總局介紹,大型商業(yè)銀行下設(shè)的金融資產(chǎn)投資公司通過(guò)先期在上海開(kāi)展股權(quán)投資試點(diǎn),探索了路徑,積累了經(jīng)驗(yàn),鍛煉了隊(duì)伍,已具備擴(kuò)大試點(diǎn)的條件。《擴(kuò)大試點(diǎn)工作通知》提出,納入金融資產(chǎn)投資公司股權(quán)投資試點(diǎn)的地區(qū)應(yīng)滿(mǎn)足經(jīng)濟(jì)實(shí)力較強(qiáng)、科技企業(yè)數(shù)量較多、研發(fā)投入量較大、股權(quán)投資活躍等條件。根據(jù)上述條件,經(jīng)相關(guān)部門(mén)商討,《擴(kuò)大試點(diǎn)范圍通知》規(guī)定金融資產(chǎn)投資公司股權(quán)投資試點(diǎn)范圍由上海擴(kuò)大至北京、天津、上海、重慶、南京、杭州、合肥、濟(jì)南、武漢、長(zhǎng)沙、廣州、成都、西安、寧波、廈門(mén)、青島、深圳、蘇州等18個(gè)大中型城市。

與上海試點(diǎn)政策相比,《擴(kuò)大試點(diǎn)工作通知》在股權(quán)投資金額和比例限制方面進(jìn)行適當(dāng)放寬,將金融資產(chǎn)投資公司表內(nèi)資金進(jìn)行股權(quán)投資的金額占公司上季末總資產(chǎn)的比例由原來(lái)的4%提高到10%,投資單只私募股權(quán)投資基金的金額占該基金發(fā)行規(guī)模的比例由原來(lái)的20%提高到30%;在盡職免責(zé)和績(jī)效考核方面,《擴(kuò)大試點(diǎn)工作通知》指導(dǎo)金融資產(chǎn)投資公司按照股權(quán)投資業(yè)務(wù)規(guī)律和特點(diǎn),落實(shí)盡職免責(zé)要求,完善容錯(cuò)糾錯(cuò)機(jī)制,建立健全長(zhǎng)周期、差異化的績(jī)效考核體系。

4. 海南省人大常委會(huì):公布《海南自由貿(mào)易港極簡(jiǎn)審批條例》


2024年9月30日,海南省人大常委會(huì)發(fā)布《海南自由貿(mào)易港極簡(jiǎn)審批條例》(“《極簡(jiǎn)審批條例》”)。《極簡(jiǎn)審批條例》的主要內(nèi)容有:

(1)聚焦投資全領(lǐng)域全流程,從企業(yè)投資經(jīng)營(yíng)的角度,按行業(yè)全面推行投資領(lǐng)域極簡(jiǎn)審批,并吸收借鑒先進(jìn)地區(qū)“一業(yè)一證”“一照通行”“一件事一次辦”“一枚印章管審批”“信用+免審”“區(qū)域互認(rèn)”等經(jīng)驗(yàn)做法。

(2)優(yōu)化完善行政審批流程。推行“一次性告知”“一次性承諾”“一次性受理”措施;行政審批服務(wù)部門(mén)或者重點(diǎn)園區(qū)管理機(jī)構(gòu)集中統(tǒng)一辦理審批手續(xù),并采用信用免審制度、跨區(qū)域互認(rèn)通用等創(chuàng)新舉措進(jìn)一步縮短審批時(shí)間。

(3)專(zhuān)章規(guī)定工程建設(shè)項(xiàng)目領(lǐng)域的極簡(jiǎn)審批。對(duì)各市縣和經(jīng)營(yíng)主體普遍認(rèn)可的極簡(jiǎn)審批舉措予以充分吸收,并授權(quán)省人民政府公布可以推行工程建設(shè)項(xiàng)目領(lǐng)域極簡(jiǎn)審批的重點(diǎn)園區(qū)和其他條件成熟區(qū)域名錄。

(4)加強(qiáng)社會(huì)信用體系建設(shè)。信用記錄中納入極簡(jiǎn)審批過(guò)程中產(chǎn)生的信用承諾信息和信用承諾履約情況,并依法歸集至信用信息共享平臺(tái);明確建立與信用等級(jí)和風(fēng)險(xiǎn)程度相關(guān)聯(lián)、以“雙隨機(jī)、一公開(kāi)”監(jiān)管為基本手段、以重點(diǎn)監(jiān)管為補(bǔ)充、以信用監(jiān)管為基礎(chǔ)的極簡(jiǎn)審批監(jiān)管機(jī)制。

信息來(lái)源:
  • https://www.amac.org.cn/xwfb/zjyw/202409/t20240930_26039.html
  • http://www.csrc.gov.cn/csrc/c100028/c7504899/content.shtml
  • http://www.csrc.gov.cn/csrc/c100028/c7508366/content.shtml
  • https://www.safe.gov.cn/safe/file/file/20240914/b9e15977e6c34f528fe38965a299a730.pdf
  • https://www.amac.org.cn/xwfb/xhyw/202409/t20240919_26009.html
  • https://www.gov.cn/zhengce/zhengceku/202410/content_6978390.htm
  • https://www.gov.cn/zhengce/zhengceku/202409/content_6976313.htm
  • https://www.gov.cn/zhengce/zhengceku/202409/content_6976320.htm
  • https://db.hainan.gov.cn/xxgk/zcwj/flfg_85051/202409/t20240930_3741517.html


English version

英 文 版
Haiwen Finance and Asset Management Monthly (September 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 September 2024, regarding regulatory updates, the Office of the Central Financial Commission ("CFC Office") and the China Securities Regulatory Commission ("CSRC") jointly issued the "Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market"; the CSRC released the "Regulatory Provisions on Former CSRC System Employees' Investment in Pre-IPO Companies (Trial)" and the "Opinions on Furthering the Market Reform for the Mergers, Acquisitions, and Restructurings of Listed Companies"; the State Administration of Foreign Exchange ("SAFE") issued the "Administrative Measures for Banks' Foreign Exchange Risk Transaction Reporting (Trial) (Draft for Comments)".
Regarding industry developments, the Asset Management Association of China ("AMAC") held a symposium on the "Several Policy Measures to Promote High-quality Development of Venture Capital Investment"; the National Financial Regulatory Administration ("NFRA") released the "Notice of the Differentiated Application of Relevant Regulatory Provisions on Corporate Governance and Other Matters to Certain Non-banking Institutions", the "Notice of Effectively Completing the Work of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" and the "Notice of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies"; the Standing Committee of Hainan Provincial People's Congress ("Hainan PC Standing Committee") promulgated the "Regulations on Ultra-simplified Approval in Hainan Free Trade Port".

I  Latest Rules and Regulations

1. CFC Office and CSRC Jointly Issued the "Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market"

On September 26, 2024, the CFC Office and CSRC jointly issued the "Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market" (the "MLT Funds Guiding Opinions"), which aims to strongly encourage medium and long-term funds to enter the market. The MLT Funds Guiding Opinions primarily include three aspects of measures:

(1) Building and nurturing a capital market ecosystem that encourages long-term investment. Multiple measures are implemented simultaneously to improve the quality of listed companies, encourage qualified listed companies to conduct share buybacks and increase holdings, and effectively enhance the investment value of listed companies. Strictly crack down on various illegal activities in the capital market and continuously shape a healthy market ecosystem.

(2) Vigorously developing equity public funds and supporting the steady development of private securities investment funds. Strengthen fund companies' core investment research capabilities, establish a scientific, reasonable, fair, and effective evaluation system for investment research capabilities, and guide fund companies to shift from scale-oriented to investor return-oriented approaches. Enrich the investable asset classes for public funds, establish a fast-track approval channel for ETF index funds, and continuously increase the scale and proportion of equity funds. Encourage private securities investment funds to diversify product types and investment strategies, promote securities, fund, and futures institutions to increase the proportion of equity private asset management business, and accommodate residents' differentiated wealth management needs.

(3) Focus on improving supporting policies and systems for various medium and long-term funds to enter the market. Establish and improve the three-year or longer evaluation mechanism for commercial insurance funds, various pension funds, and other medium and long-term funds, promoting a long-term performance orientation. Improve investment policy systems for the National Social Security Fund and basic pension insurance funds, support qualified employers to open up individual investment choices for enterprise annuities, and encourage enterprise annuity fund managers to explore differentiated investment approaches.

Haiwen Comments
The MLT Funds Guiding Opinions demonstrate the forward-looking deployment by the CFC Office and CSRC to boost the capital market. Measures encouraging long-term investment and improving listed company quality will help enhance the investment value of listed companies and strengthen market stability. Promoting the development of equity public funds and private funds, while encouraging private securities investment funds to provide diversified products, facilitates effective capital allocation. The flexible investment options for social security funds and pension insurance funds will further incentivize various funds to enter the market, providing strong support for sustainable economic development.

2. CSRC Issued the "Regulatory Provisions on Former CSRC System Employees' Investment in Pre-IPO Companies (Trial)"


On September 6, 2024, the CSRC issued the "Regulatory Provisions on Former CSRC System Employees' Investment in Pre-IPO Companies (Trial)" (the "Former Employee Investment Provisions"), further strengthening the CSRC's management of investments in pre-IPO companies by former employees within its system. The Former Employee Investment Provisions incorporate the main contents of the "Guidelines for the Application of Regulatory Rules - Issuance Series No. 2" and add three new aspects:

(1) Extended prohibition period for former employees' investment. The investment prohibition period is extended to 10 years for former employees who held IPO regulatory positions within five years before departure or were department-level cadres at the time of departure; for former employees other than those in IPO regulatory positions or department-level cadres, the prohibition period is extended from 3 to 5 years for division-level and above former employees, and from 2 to 4 years for below division-level former employees.

(2) Expanded scope of strict review. The scope of strict review is expanded from former employees themselves to include their parents, spouses, children, and their spouses.

(3) Enhanced verification requirements. Intermediary institutions must thoroughly verify former employees' investment background, funding sources, price fairness, and authenticity of disposals, with the CSRC reviewing such verification work. Stock exchanges should provide policy interpretation and guidance to pre-IPO companies, intermediary institutions, and other parties in implementing these regulations.

Haiwen Comments
The Former Employee Investment Provisions effectively reduce the risk of improper benefit transfers through extended prohibition periods and expanded regulatory scope. These measures help regulatory authorities ensure the healthy development of the capital market.

3. CSRC Issued the "Opinions on Furthering the Market Reform for the Mergers, Acquisitions, and Restructurings of Listed Companies"


On September 24, 2024, the CSRC issued the "Opinions on Furthering the Market Reform for the Mergers, Acquisitions, and Restructurings of Listed Companies" (the "M&A Reform Opinions"). The main contents include:

(1) Supporting listed companies' transformation towards new productive forces. Actively support listed companies' M&A activities in strategic emerging industries and future industries, including cross-industry M&A for transformation and upgrading, acquisition of pre-profit assets that strengthen supply chains and enhance key technical capabilities, and supporting companies listed on ChiNext and STAR Market to acquire upstream and downstream assets.

(2) Encouraging industry consolidation by listed companies. Continue supporting traditional industries to reasonably increase industrial concentration through restructuring and improve resource allocation efficiency. Support integration between listed companies through optimized lock-up period provisions and simplified review procedures.

(3) Further increasing regulatory tolerance. While respecting rules, the CSRC will respect market principles, economic laws, and innovation patterns, showing greater tolerance for matters such as restructuring valuation, performance commitments, industry competition, and related-party transactions, further enabling market-based resource allocation.

(4) Improving transaction efficiency. Support listed companies in implementing phased issuance of shares and convertible bonds as payment instruments, staged payment of transaction considerations, and phased matching financing according to trading arrangements, to enhance transaction flexibility and capital utilization efficiency. Establish simplified review procedures for restructuring, significantly streamline the review process and shorten review timelines for qualified listed companies' restructuring activities.

(5) Enhancing intermediary service quality. Guide securities firms and other intermediaries to fully leverage their role in transaction matching and professional services, supporting high-quality M&A by listed companies.

(6) Strengthening regulatory oversight. Guide transaction parties to conduct compliant M&A activities, strictly fulfill information disclosure and other legal obligations, and crack down on violations.

Haiwen Comments
The M&A Reform Opinions encourage industrial consolidation and streamline the review process, reduce unnecessary administrative intervention, attract more capital into key sectors, enhance resource allocation efficiency, and promote industrial transformation and upgrading.

4. SAFE Issued the "Administrative Measures for Banks' Foreign Exchange Risk Transaction Reporting (Trial) (Draft for Comments)"


On September 14, 2024, SAFE issued the "Administrative Measures for Banks' Foreign Exchange Risk Transaction Reporting (Trial) (Draft for Comments)" (the "Forex Risk Reporting Measures"). The Forex Risk Reporting Measures specify monitoring and reporting requirements when banks discover or have reasonable grounds to suspect clients' foreign exchange risk transactions; clarify that foreign exchange risk transactions include illegal cross-border fund movements such as fake trade, underground banking, cross-border gambling, fraudulent export tax rebates, and illegal cross-border virtual currency financial activities; specify that banks should report through their headquarters or designated institutions to SAFE within 5 working days after confirming foreign exchange risk transaction information according to internal procedures. The Forex Risk Reporting Measures also require banks to strengthen internal management related to foreign exchange business reform, provide necessary personnel, systems, and information resources, establish monitoring systems, ensure comprehensive and accurate collection and analysis of transaction entity identification and transaction information, and maintain proper record-keeping and information security management.

Haiwen Comments
The Forex Risk Reporting Measures clarify the rules and procedures for banks to report foreign exchange risk transactions, facilitate banks' compliance with reporting obligations, enhance banks' proactive reporting awareness, contribute to the stable operation of the foreign exchange market, and provide a more stable trading environment for market participants.



II  Industry News

1. AMAC Held a Symposium on "Several Policy Measures to Promote High-quality Development of Venture Capital Investment"


In September 2024, AMAC held a symposium in Xiamen on implementing the "Several Policy Measures to Promote High-quality Development of Venture Capital Investment" ("17 VC Measures") and the 2024 joint meeting of AMAC's Early-stage Investment, Venture Capital Fund, and Long-term Capital Committees.

The meeting highlighted that the 17 VC Measures recently issued by the State Council, which propose improvements to the venture capital policy environment and management systems, along with measures to strengthen venture capital development, demonstrate the high importance that the CPC Central Committee and State Council attach to developing venture capital and promoting positive circulation among technology, industry, and finance. This initiative provides new momentum for high-quality industry development and better service to new productive forces. The meeting noted that the venture capital industry faces policy and market challenges, including the need to further streamline the positive cycle of fundraising, investment, and exit, implement tax and differentiated supervision policies, and broaden sources of long-term and patient capital. The meeting called for relevant departments to further implement support and preferential policies for venture capital and optimize the business environment according to industry characteristics and development patterns. Under CSRC's leadership, AMAC will focus on its core responsibilities to comprehensively implement the 17 VC Measures, actively promoting the implementation of various tasks including nurturing venture capital entities, broadening funding sources, strengthening guidance and support, improving exit mechanisms, and optimizing the market environment. Meanwhile, AMAC will further leverage the expert think tank and bridge-building role of its Venture Capital, Early-stage Investment, and Long-term Capital Committees, actively seek opinions and suggestions, and work with the industry to promote high-quality development of venture capital.

2. NFRA Issued the "Notice of the Differentiated Application of Relevant Regulatory Provisions on Corporate Governance and Other Matters to Certain Non-banking Institutions"


 On September 10, 2024, NFRA issued the "Notice of the Differentiated Application of Relevant Regulatory Provisions on Corporate Governance and Other Matters to Certain Non-banking Institutions" for supervising five types of non-banking institutions (financial leasing companies, corporate group finance companies, consumer finance companies, auto finance companies, and money brokerage companies). Key provisions include:

(1) Non-banking institutions in the form of fully-owned limited liability companies by the same shareholder and its affiliates or persons acting in concert are not required to have a minimum of five board members; they can follow the Company Law requiring at least three board members.

(2) For non-banking institutions with concentrated shareholding (up to five main shareholders, including affiliates as one), there is no restriction on the proportion of directors nominated by the same shareholder to be less than one-third. The number of independent directors and external supervisors can be determined based on appropriate diversification principles and actual conditions.

(3) Under the premise of effectively ensuring the internal checks and balances of the board of directors and director independence, for non-banking institutions where all major shareholders have already nominated non-independent directors, shareholders who have nominated non-independent directors and their related parties may also nominate independent directors.

(4) For unlisted non-banking institutions where a single shareholder and its related parties or persons acting in concert hold a combined stake exceeding 50%, they may decide whether to appoint independent directors based on their actual circumstances. However, if independent directors are not appointed, other internal supervision and checks-and-balances mechanisms should be established to protect the legitimate rights and interests of minority shareholders.

(5) Unlisted non-banking institutions are not required to have a board secretary.

(6) The responsibilities of related-party transaction management, review, and risk control for finance companies can be assigned to specialized committees under the board of directors.

(7) Appropriately adjust certain capital management regulations to align with the operational characteristics and risk levels of non-banking institutions.

3. NFRA Issued the "Notice of Effectively Completing the Work of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" and the "Notice of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies"


On September 14, 2024, the NFRA issued the "Notice of Effectively Completing the Work of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" (the "Pilot Work Notice"). On September 24, 2024, the NFRA issued the "Notice of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" (the "Pilot Scope Notice"). The NFRA explained that financial asset investment companies under large commercial banks have explored pathways, accumulated experience, and developed teams through the initial equity investment pilot program in Shanghai, and are now ready for pilot expansion. The Pilot Work Notice stipulates that regions included in the financial asset investment companies' equity investment pilot program should meet conditions such as strong economic strength, large number of technology enterprises, substantial R&D investment, and active equity investment. Based on these conditions, after discussion among relevant departments, the Pilot Scope Notice expands the pilot program from Shanghai to 18 large and medium-sized cities, including Beijing, Tianjin, Shanghai, Chongqing, Nanjing, Hangzhou, Hefei, Jinan, Wuhan, Changsha, Guangzhou, Chengdu, Xi'an, Ningbo, Xiamen, Qingdao, Shenzhen, and Suzhou.

Compared to Shanghai's pilot policies, the Pilot Work Notice relaxes restrictions on equity investment amounts and proportions. The proportion of equity investments using on-balance-sheet funds to the company's total assets at the end of the previous quarter has been increased from 4% to 10%, and the investment proportion in a single private equity fund has been raised from 20% to 30% of the fund's size. Regarding due diligence exemption and performance assessment, the Pilot Work Notice guides financial asset investment companies to implement due diligence exemption requirements, improve error correction mechanisms, and establish comprehensive long-cycle, differentiated performance assessment systems in accordance with the patterns and characteristics of equity investment business.

4. Hainan PC Standing Committee Promulgated the "Regulations on Ultra-simplified Approval in Hainan Free Trade Port"


On September 30, 2024, the Hainan PC Standing Committee promulgated the "Regulations on Ultra-simplified Approval in Hainan Free Trade Port" (the "Ultra-simplified Approval Regulations"). The main contents include:

(1) Focusing on the entire investment process across all sectors, implementing ultra-simplified approval from the perspective of enterprise investment and operation, and incorporating successful practices from advanced regions such as "one industry, one license," "universal business license", "one-stop service," "one-seal approval," "credit-based exemption," and "regional mutual recognition."

(2) Optimizing administrative approval processes. Ultra-simplified Approval Regulations implement "one-time notification," "one-time commitment," and "one-time acceptance" measures. Administrative approval service departments or key park management institutions will handle approval procedures in a centralized manner, adopting innovative measures such as credit-based exemption and cross-regional mutual recognition to further reduce approval time.

(3) Dedicating a special chapter to ultra-simplified approval in construction projects. The regulations incorporate ultra-simplified approval measures widely recognized by cities, counties, and business entities, and authorize the provincial government to publish a list of key parks and other qualified areas where ultra-simplified approval for construction projects can be implemented.

(4) Strengthening the social credit system. The credit records incorporate credit commitment information and compliance records generated during the ultra-simplified approval process into the credit information sharing platform. The regulations establish an ultra-simplified approval supervision mechanism based on credit rating and risk level, primarily utilizing "Random Inspection, Public Disclosure" supervision, supplemented by key supervision and founded on credit supervision.
The source of industry news in this article
  • https://www.amac.org.cn/xwfb/zjyw/202409/t20240930_26039.html
  • http://www.csrc.gov.cn/csrc/c100028/c7504899/content.shtml
  • http://www.csrc.gov.cn/csrc/c100028/c7508366/content.shtml
  • https://www.safe.gov.cn/safe/file/file/20240914/b9e15977e6c34f528fe38965a299a730.pdf
  • https://www.amac.org.cn/xwfb/xhyw/202409/t20240919_26009.html
  • https://www.gov.cn/zhengce/zhengceku/202410/content_6978390.htm
  • https://www.gov.cn/zhengce/zhengceku/202409/content_6976313.htm
  • https://www.gov.cn/zhengce/zhengceku/202409/content_6976320.htm
  • https://db.hainan.gov.cn/xxgk/zcwj/flfg_85051/202409/t20240930_3741517.html
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