People's Daily Online, Beijing, June 11 (reporter Luo Zhizhi) According to the news on the official website of the CBRC, in order to strengthen the supervision and management of cash management financial products (hereinafter referred to as cash management products) of commercial banks and financial management companies, promote the standardized and healthy development of cash management products, and protect the legitimate rights and interests of investors according to law, the CBRC The People's Bank of China issued the Notice on Regulating Matters Related to the Management of Cash Management Financial Products (hereinafter referred to as the Notice).

The person in charge of the relevant departments of the CBRC and the People's Bank of China said that the formulation of the Notice mainly followed the following principles: First, it fully drew on the regulatory system of similar asset management products at home and abroad to ensure consistency with the regulatory standards of similar products such as money market funds, promote fair competition and prevent regulatory arbitrage. Second, clarify long-term institutional arrangements to promote the smooth operation of relevant businesses and financial markets. The Circular takes full account of the affordability of institutions and prudently sets a transition period, which is conducive to stabilizing market expectations, eliminating uncertainty and preventing banks from selling assets collectively before the end of the transition period. The third is to refine the management requirements for cash management products to prevent individual institutions and systemic risks. The Notice clarifies the regulatory standards for cash management products, strengthens the standardized management of business, enhances the compliance and robustness of banks and wealth management companies, promotes the orderly rectification of banks' stock business and the "clean start" of wealth management companies, avoids the disordered development of business, and prevents potential systemic risks.

What are the provisions of the Notice on investment management of cash management products? According to the above person in charge, the first is to specify the scope of product investment. Cash management products should be invested in cash, bank deposits, bond repurchases, central bank bills, inter-bank certificates of deposit with a maturity of less than one year (including one year), bonds with a residual maturity of less than 397 days (including non-financial enterprise debt financing instruments), asset-backed securities issued in the inter-bank market and stock exchange market and other monetary market instruments. Not to invest in stocks; Convertible bonds and exchangeable bonds; Floating rate bonds with fixed deposit interest rate as the benchmark interest rate, except those that have entered the last interest rate adjustment period; Bonds, asset-backed securities and other financial instruments with a credit rating below AA+.

The second is to stipulate the requirements for investment concentration. For each cash management product to invest in financial instruments of the same institution, fixed term bank deposits, financial instruments issued by institutions with an entity rating lower than AAA, and all cash management products to invest in the same bank deposits, interbank certificates of deposit and bonds, the proportion limit is proposed.

What are the provisions of the Notice on liquidity and leverage control? The head of relevant departments of the CBRC and the People's Bank of China said that first, we should strengthen portfolio liquidity management. Specify the lower limit of the proportion of high liquidity assets held by cash management products and the upper limit of the proportion of liquidity restricted assets. The second is to strengthen leverage control. It is required that the leverage level of cash management products should not exceed 120%. Third, strengthen duration management. The average remaining term of the restricted portfolio shall not exceed 120 days, and the average remaining term shall not exceed 240 days. The fourth is to strengthen the degree of diversification of investors. For cash management products with a single investor holding more than 50% of the shares, it is required to make full disclosure and identification in the sales documents. It is not allowed to sell to individual investors to avoid unfair treatment of individual investors; For the cash management products with the concentration of the top 10 investors exceeding 20% and 50%, further improve the regulatory requirements such as the duration of the portfolio and the proportion of liquid assets held. Fifth, strengthen the management of financing transactions. It is required to strengthen the liquidity, counterparty and operational risk management of inter-bank financing of products, adopt scientific and reasonable valuation methods for the collateral of resale transactions, and prudently determine the discount coefficient of collateral.

It is worth noting that the Notice specifies the valuation and accounting requirements for cash management products "amortized cost+shadow pricing", requires banks and wealth management companies to conduct shadow pricing based on fair value, evaluate the fairness of net asset value calculated by amortized cost method, and determine the deviation degree between net asset value determined by shadow pricing and amortized cost method, Take corresponding adjustment measures.

"The Notice fully refers to the practice of linking the size of money market funds with their risk reserves, and reasonably sets the upper limit of the size of cash management products calculated using the amortized cost method in combination with the actual situation of wealth management business. In terms of banks, the end of month net asset value of cash management products accounted by the same commercial bank using the amortized cost method should not exceed 30% of the end of month net asset value of all its financial products. For the financial management company, the net asset value of cash management products accounted by the same financial management company using the amortized cost method at the end of the month shall not exceed 200 times the balance of its risk reserve at the end of the month. At the initial stage of the establishment of the wealth management company, the CBRC will take measures to properly arrange the business scale of cash management products before accumulating sufficient risk reserves. The above policy arrangements fully refer to the current business status of banks and wealth management companies to avoid significant impact on existing business operations. " The above person in charge said.

In order to ensure a smooth transition, the Notice fully considers the potential impact on the operation of banks and wealth management companies and the financial market, reasonably sets the transition period, and according to the actual situation of the asset portfolio of cash on hand management products, and in accordance with the spirit of the new asset management regulations, the transition period is extended by one year, and clearly defines the transition period from the implementation date of the Notice to the end of 2022, to promote the smooth transition of related businesses.

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