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Heavy! It’s about new fund registration!The latest “Supervisory Notice”: Distinguish the implementation of incentive, prudential and restrictive measures in accordance with the law to encourage fund managers to develop these products…_DayDay Fund Network

  fundThe registration mechanism will be further optimized. The reporter was informed that on May 13, the China Securities Regulatory Commission issued the latest issue of the “Institutional Supervision Circular” (hereinafter referred to as the “Supervision Bulletin”), which intends to give full play to the guiding role of product registration, highlight the regulatory orientation of supporting the good and limiting the bad, and optimize public offerings. Fund registration mechanism to promote high-quality development of the industry.

The “Supervision Bulletin” proposes that, in accordance with the work idea of ​​classified supervision, supporting the superior and limiting the inferior, on the basis of the current classified registration, corresponding assessment indicators should be added to enhance the pertinence and timeliness of supervision, and strengthen product registration and interim and ex post supervision, In particular, the linkage mechanism of institutional risk profiles, and the implementation of incentive, prudential and restrictive measures in accordance with the law in the registration of fund products. The “Supervision Notice” also encourages fund managers to develop products with a closed lock-up period, personal retail products with low volatility, pension investment products, ESG products, and products with reasonable profit margins.

The “Supervision Bulletin” also mentioned that the relevant departments of the CSRC will continue to improve the efficiency of registration of conventional products, and in accordance with the work process for the registration of innovative products of public funds, accelerate the evaluation and demonstration of product innovation plans submitted by fund managers, so as to ensure that the functions of public funds can be played. , Accelerate the pilot registration of products with no regulatory barriers, controllable risks, and effective investor protection, and accelerate the conversion of products with good pilot effects to routine.

“This is a further refinement of the previous regulatory release to support the development of public offerings.” Most people interviewed by reporters from the Shanghai Stock Exchange mentioned that starting from the product side, “supporting the superior and limiting the inferior” to the public offering industry has promptedfund companyChange the phenomenon of “focusing on the initial launch and light on the business”, and be a good investoreducatework to guide investors to focus on long-term investingperformancevalue investing and rational investing.

Industry insiders believe that the above measures can promote the high-quality development of fund companies. By implementing positive incentives and negative constraints, and implementing classified supervision on fund managers, it can further “support the good and limit the bad” and encourage public fund managers to further develop social wealth management. Buyer function and professional buyer function.

  Incentive measures to be implemented in six situations

  What attracts the most attention in the “Supervision Bulletin” is its regulatory idea of ​​implementing classified management of the registration of public funds through the method of “supporting the superior and limiting the inferior”. Among them, for fund managers that meet the following six conditions, incentive measures such as innovative products or business priority pilots shall be adopted.

First, it has strong management capabilities, with good medium and long-term performance of managed fund products, and a high proportion of the scale of management comes from continuous marketing.

Second, the ability to serve investors is strong, investors have a long holding period of fund products, and actively adopt ways to optimize the design of fee rates to benefit investors.

The third is to have a strong sense of adaptation between management capabilities and scale, and take the initiative to take measures to effectively adapt to the management scale.

Fourth, strong innovation capability, high participation in innovative products, stable operation of pilot products and good market effects.

Fifth, it has strong compliance and risk control capabilities, with good business development and no risk events or administrative penalties or administrative supervision measures received from regulatory authorities for a long time.

Sixth, it has a strong sense of social responsibility, adheres to the concept of long-term investment, value investment, and responsible investment, and effectively plays the role of the “stabilizer” and “ballast stone” of the capital market.

  GF FundWhen explaining the “opinions on high-quality development of public offerings”, it was mentioned that public funds should not only cultivate their professional internal skills in investment management, and return the trust of holders with good performance; at the same time, they should also be good investors.educateAccompany with investors, guide longer-term and rational investment behaviors andfinancial managementway, optimize the profit experience, help morecommon peopleReally enjoy the good returns brought by the fund investment.

  Six scenarios for implementing prudential measures

  The “Supervisory Circular” proposes that under the following six circumstances, prudential measures such as suspending the application of the fast-track registration mechanism, prudential assessment, and on-site inspection shall be taken for fund managers within the statutory registration period.

First, the management capability is weak, the mid- and long-term performance of products continues to be poor, and investment and operation risk events occur from time to time.

Second, the long-term investment philosophy is weak, the turnover rate of investment is high, and the problem of “style drift” is prominent.

Third, the pricing power is weak.new sharesThe offer price was clearly unreasonable.

Fourth, the ability to serve investors is weak, and problems such as “redemption and buying new” are prominent.

Fifth, the product development capability is weak, and the number of mini funds, fund liquidation, fundraising failures, and approved but unfunded products have been changed and registered.

Sixth, the reputational risk management ability is weak, employees violate professional ethics and social ethics, and damage the image of the industry.

A person from a fund company in Beijing mentioned that long-term investment and research capabilities will become the foundation of public funds in the future. First, public offerings should strengthen long-term investment and research capabilities, conduct full-dimensional research coverage in macro, strategy, industry and company aspects, and improve stock issuance and pricing capabilities. Secondly, public funds should attach importance to investors’ sense of acquisition. Rather than continue to “launch new products” to expand on a large scale, they should also do a good job in the management of stock products, and use medium and long-term performance to retain customers.

Another fund analyst mentioned that “redemption and buying new” has always been a chronic disease in the industry, which has both channel boosting factors and reasons for investors to take profits and stop profits. When the market is good, the channel allows customers to redeem old funds and buy new funds. The channel makes profits and investors make money, but it is more difficult for fund managers to manage.Quotes are notHershey’s“redemption of old to buy new” will cause customers to make no money, sales agencies and fund managers will also lose the trust of investors.

“Fund companies should pay attention to the issue of ‘redemption and buying new’, and do a good job in ‘after-sales service’ for investors. They can appropriately increase the sales of products they hold, and avoid the problem of a large number of mini funds and liquidation funds.” The above-mentioned person said .

  Three types of problems implement restrictive measures

For fund managers with the following three types of problems, the “Regulatory Circular” pointed out that restrictive measures such as canceling the application of the fast-track registration mechanism, suspending the acceptance of all or some products, and suspending the registration of accepted products will be taken according to law.

The first is that they have received administrative punishment or criminal punishment for major violations of laws and regulations or major dishonesty in the past year, and are under investigation (investigation) by the relevant organs for violations of laws and regulations or dishonesty, or are in the period of rectification.

Second, there are major deficiencies in corporate governance, internal control and risk management, or there are major operational risks such as deterioration of financial conditions.

The third is that the application materials for fund registration submitted within the last year have false records, misleading statements or major omissions.

GF Fund stated that to strengthen professional capacity building, compliance and risk control construction is the foundation. The value of risk management to institutional development should be clearly recognized. Risk management and development are not antagonistic, and development can be more effectively promoted through risk management.

Public funds should continuously optimize and improve the compliance risk control system, strengthen investment in technology, and manage risks with the help of financial technology. The enterprise should improve and optimize the top-level design of comprehensive risk management, consolidate the responsibilities of comprehensive risk management, and promote the innovation of risk management tools by means of information technology. Standardized level.

  Encourage the supply of high-quality products

The “Supervisory Circular” also clarifies the direction of encouraging the supply of high-quality products. The “Regulatory Circular” encourages fund managers to keep upright and innovate, develop products with a closed lock-up period, personal retail products with low and medium volatility, pension investment products, ESG products, and products with reasonable profit margins, focusing on better meeting the diversified financial management needs of residents , serve the real economy, promote the implementation of the national development strategy and carry out product innovation for common prosperity.

A person from a fund company in Beijing said that, taking ESG products as an example, the core value of ESG funds is that, from the perspective of institutional investors, companies are forced to disclose their ESG information more transparently, so as to urge companies to practice the concept of green and sustainable development, so as to achieve high Quality development to better serve the national development strategy.

National Union Metalworking’s recentResearch reportIt is mentioned that for fund products, the profit points of the manager are mainly management fees, subscription fees, redemption fees, sales and service fees, etc. Some products also involve additional management fees and performance commissions. Reasonable profit-sharing products can be products with reasonable low rates or products with optimized rates, such as optimizing the rate structure and reducing the operating expenses of the fund itself.

(Article source: Shanghaisecuritiesnewspaper)

(Original title: Heavy! It is about the registration of new funds! The latest “Supervisory Notice”: Distinguish the implementation of encouraging, prudent and restrictive measures in accordance with the law, and encourage fund managers to develop these products…)

(Editor in charge: 92)

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