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Shadow banking "Basic Law" came out: many questions a clear concept and regulatory regimes, etc. | shadow | Basic
At the beginning of 2014, China's shadow banking or will face a comprehensive regulatory storm.
According to informed sources, a concept designed to clarify the shadow banking, shadow banking regulators clear division of responsibilities and improve the regulatory system has recently issued a formal document.
All along, from the basic concept, the exact size of the final qualitative and all walks of life for China's shadow banking there is a huge controversy. Above-mentioned document is the first time at the official level a clear concept of the shadow banking supervision system and other issues. To some extent, this is a Chinese shadow banking system, "the Basic Law", the next step to strengthen the shadow banking supervision of the direction.
"Definitely the historical inevitability and positive contribution to the shadow banking, require combining guidance, while avoiding disadvantages." A banking analyst said the ministries are expected to respond to this document, publish concrete measures for landing. For example, the market long-awaited "No.9."
"The market has been very much discussed, it is time to conduct a comprehensive monitoring of." A joint-stock banks are on the "First Financial Daily" said, the overall supervision of the shadow banking news in the industry for a long time has passed, he would not be surprised.
Yesterday, reporters whether it has received this document, and if they would be issued "No.9" to the CBRC confirmation, but as of press time, the CBRC has not yet received a reply.
Shadow banking was finally clarified
All along, China's shadow banking appears to dense fog, since the calculation of different caliber,air tn requin plating homme, the size of the shadow banking, nor an accurate value. China had more than the size of shadow banking institution estimates, from 5.8 trillion - 30 trillion yuan range.
For example,hogan rebel ebay, the Chinese Academy of Social Sciences Law and Financial Supervision of Financial Base "issued by China Financial Supervision Report 2013" is expected by the end of 2012 or the scale of Chinese shadow banking reached 20.5 trillion yuan (based on market data).
In fact, in China, the concept of shadow banking, belong to the "exotic", how to define there has been widespread controversy.
Narrowest diameter includes only two types of trust and wealth management business; narrow caliber include narrowest diameter,louboutin pas cher, finance companies, auto finance companies, financial leasing companies, consumer finance companies and other non-bank financial institutions; including narrower than the wide caliber caliber,hogan rebel, interbank business, entrusted loans, the table service, financing guarantee companies, pawn shops, small loan companies and other non-bank financial institutions; most include relatively wide caliber wide caliber and private lending.
"To regulate the shadow banking, you need to identify the scope of shadow banking." Lian Ping, chief economist at Bank of the newspaper analysis said. He said that many people talk about the shadow banking will be considered to be a negative thing, it is not.
The source believes that China's shadow banks mainly include three categories: First, do not hold financial license, totally unregulated credit intermediaries, including the new online financial companies, third-party financial institutions; second is not held financial license exists insufficient supervision of credit agencies, including the financing guarantee companies, small loan companies; Third, financial institutions hold a license, but there is inadequate supervision or to circumvent regulatory operations, including money market funds, asset securitization, financial services and other part .
In fact, as early as in the previous, the role of the shadow banking regulators nor hold overall negative attitude.
For example, the central bank governor Zhou Xiaochuan had said when talking about the shadow banking, financial services do need to diversify the past for some traditional banking services is not easy to provide, so there will be a variety of other services produced, which is inevitable.
"Shadow banking arises financial development,cappelli hip hop, the inevitable result of financial innovation as a useful complement to the traditional banking system, in the service of the real economy,scarpe hogan outlet, enrich residents' investment channels played a positive role." However, The source also said that in 2008 The international financial crisis also shows that the shadow banking risk is complex, subtle, fragility,louboutin chaussures, sudden and infectious, are likely to cause systemic risk.
Who grant institutions established who is responsible for risk management
Since it is likely to cause systemic risk, how to evaluate the risks of the current Chinese shadow banking system?
A total judgment The source is given, present, China's shadow banking risk overall control. At the same time,hogan prezzi, for the future development of the shadow banking, "blocking sparse combination" principle is established.
"Adhere to single-handedly promote financial development, financial innovation in one hand and strengthen financial supervision and prevent financial risks, and assign responsibilities,louboutin, strengthen coordination, combining guidance, while avoiding disadvantages in the shadow banking play an active role, and its negative impact on risk reduction to a minimum. "the source also said.
At this stage, China's financial system is "separate operation, separate supervision",adidas jeremy scott animal, based on this reality, the huge shadow banking system, a clear division of labor regulation becomes necessary and urgent.
"Who granted in accordance with the principles established institutions who is responsible for risk management, and supervision and management responsibility for the implementation of each of various types of shadow banking body." The source also said that the establishment of the central and local sub-system integration, the State Council departments division of labor, clear responsibilities, rights liability matching, and efficient operation of supervision and management system.
Specifically, the regulatory division of labor is mainly reflected in four aspects:
First, we have a statutory regulatory authorities, according to the division by the relevant statutory responsibilities were to implement the centralized supervision and management. Among them, the various financial institutions financial services by the State Council departments to strengthen supervision and management of financial regulation in accordance with the principles of both statutory duties and off-balance sheet business.
Financial Services banking institutions by the China Banking Regulatory Commission is responsible for monitoring; financial securities and futures business institutions and various private equity funds by the Commission is responsible for monitoring; financial services by the CIRC insurance agencies responsible for monitoring; financial institutions and cross-market financial services business by the third party The central bank is responsible for supervision and coordination,hogan prezzi.
China Merchants Securities analyst Xie Yaxuan macro that financial institutions Mixed Development and Regulation contradiction, jointly coordinated shadow banking regulators need to "line 3 will" and other relevant regulatory authorities. In fact, for the shadow banking supervision division also reflects the coordination of various regulatory agencies.
Secondly, the rules have been clearly established by the relevant departments of the State Council, local people's governments in charge of management, the implementation of the local people's government under the responsibility of the Uniform Rules. For example, the financing guarantee company led by the China Banking Regulatory Commission financing guarantee business supervision inter-ministerial meeting to develop a unified supervision and management system and management rules, local people's governments in charge of specific supervision and management.
Third, the government has made it clear the local people responsible for the supervision and management of the State Council a clear industry focal sectors, by the local people's government in accordance with the requirements of the industry department is responsible for specific centralized supervision and management department led the development of the industry focal improve relevant laws and regulations and policy measures.
Finally,hogan donna, the regulatory body is not yet clear,chopard occhiali da sole, we need to pay close attention to studies. Among them, the third-party financial and non-financial institutions, asset securitization, and other online financial activities required by the central bank with the relevant departments to study the development approach.
"The biggest areas of shadow banking is owned pan pipes financing business, is a focus of future regulation." Lian Ping said the analysis from the total social financing, the scale of the rapid development of non-credit, excluding bonds and securities financing, there Pan is a considerable part of the financing of the information management business areas, the elimination of barriers in various agencies of foreign expansion extending cross to make financial supervision is no longer easy.
In addition, the insider also said to play an active role in financial supervision and coordination of inter-ministerial joint conference system, with a focus on cross-industry, cross-market cross-sector financial services regulatory harmonization.
Delineation of regulatory red line
In a clear division of regulatory responsibility,louboutins, based on the refined to the specific types of shadow banks, regulators already thinking clearly.
"Financial institutions financial business, various financial regulatory authorities in accordance with the financing agency, caveat emptor,jet fixer fourre-tout michael kors, sellers due diligence requirements, strict supervision of financial institutions, financial services." The source said, urging financial institutions will be managed separately from financial services the establishment of a separate financial services organization system, under the jurisdiction of a franchise sector; establish a separate business management system, the implementation of a separate prepare accounts management; to establish a separate business supervision system, strengthen the supervision of the entire business process.
All along, the bank financing due to the large scale, involving many investors, subject to the highest concern. As early as March last year, the CBRC has also issued the "No. 8", requiring non-standard compression debt assets. The financial institutions financial services norms, is not limited to commercial banks, securities companies, insurance companies are mentioned.
The source said that commercial banks to set aside capital and accrued in accordance with the principle of substance over form. Commercial bank financing agency funds should be used separately with its own funds, bank loans can not buy this, not to carry out financial fund pool business, and make sure the use of funding sources and correspondence. Net capital of securities companies to strengthen management, to strengthen the solvency of insurance company management.
For assets has more than 10 trillion yuan trust, the focus is to accelerate and promote trust in business transformation. Explicitly trust "entrusted by the people, generation financial management" function positioning, business model transformation to promote trust, the trust return the main industry. Trust net capital management constraints using credit class of business, trust company may carry out non-standardized financial capital pools have characteristics shadow banking business. Establish and improve product registration information system of trust, the trust shall explore transfer.
Further, the source also said that cross product and business cooperation between financial institutions, must be clearly exposures subject and channel functions in the body in the form of contracts,hogan olympia uomo, risk-taking by the industry body responsible for the supervision and management department under the jurisdiction of,cinture milano, the practical implementation of risk prevention control responsibility.
It is worth noting that this does not negate the informed sources, "the main channel function", but a clear requirement in the form of contract.
All along, the trust is considered to be the main channel of bank balance-sheet financing, regulatory agencies have had halted "bank-trust cooperation", then there is more innovation in the evolving cooperation. The last two years, with the emergence of innovation, brokers, funds and other subsidiaries also joined the "Channel business" carnival.
"Now the bank's innovative business, a larger proportion of business class channel. Standardize further compression channel business, innovative business means that the bank will change the way." A local commercial bank governor told this newspaper that many banks and business innovation sheet business related.
In addition, small loan companies, pawn shops, security companies,scarpe hogan, financial leasing, finance and other areas of the network, the person familiar with the breakdown of all the taboo areas.
Specifically, the small loan companies can not take deposits, may not usury, not use illegal means to close the loan; pawn pawn to return to the main industry, can not be enlarged leveraged financing; financial leasing companies to rely on appropriate lease business, may not be lent Bank loans and corresponding assets; non-financing guarantee company shall not engage in financing guarantee business.
Online payment platform, network financing platform, network platform and other credit institutions to comply with the financial laws and regulations, not illegal use of Internet technology in the banking business. For private equity funds, it is strictly prohibited to carry out debt financing business class.
Banking financial institutions by the provisions of the financing of small loan companies happen to be business as normal commercial credit management. Banking financial institution shall not provide guarantees for all types of bonds, notes issuance.
"Shadow banking supervision, need to open the right way to close the evil ways." Bank of China Institute of International Finance Deputy Director Zong said the bank sheet business if the scale of compression, you can develop asset securitization.
In lianping opinion, the shadow banking supervision tighter, more standardized development, in the long run is a good thing. This avoids the risk of the occurrence of some unexpected, but also to avoid more stringent regulation. Drawing / Jiang Haoming
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