| Guiding Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange on Regulating the Asset Management Business of Financial Institutions | | 中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会、国家外汇管理局关于规范金融机构资产管理业务的指导意见 |
| (No. 106 [2018] of the People's Bank of China, April 27, 2018) | | （银发〔2018〕106号 2018年4月27日） |
| Over recent years, China's asset management business has expanded rapidly and played a positive role in satisfying the demand of residents and enterprises for investment and financing, improving social financing structure, and other aspects, but there are some problems, such as unregulated development of a portion of business, multi-layered nesting, rigid repayment, dodging of financial regulation, and macro-regulation. According to the decisions and arrangements of the CPC Central Committee and the State Council, for the purposes of regulating the asset management business of financial institutions, unifying the regulation standards for the asset management business of the same kind, effectively preventing and controlling financial risks, guiding social capital in flowing into the real economy, and better support structural adjustment, transformation and upgrading of the economy, with the approval of the State Council, the following opinions are hereby offered: | | 近年来，我国资产管理业务快速发展，在满足居民和企业投融资需求、改善社会融资结构等方面发挥了积极作用，但也存在部分业务发展不规范、多层嵌套、刚性兑付、规避金融监管和宏观调控等问题。按照党中央、国务院决策部署，为规范金融机构资产管理业务，统一同类资产管理产品监管标准，有效防控金融风险，引导社会资金流向实体经济，更好地支持经济结构调整和转型升级，经国务院同意，现提出以下意见： |
| I. Regulating the asset management business of financial institutions by the following principles: | | 一、规范金融机构资产管理业务主要遵循以下原则： |
| 1. Adhering to the bottom-line thinking on strictly controlling risks: Prevention and resolution of the risks of asset management business shall be placed in a more important position, existing risks shall be reduced, and incremental risks shall be strictly prevented. | | （一）坚持严控风险的底线思维。把防范和化解资产管理业务风险放到更加重要的位置，减少存量风险，严防增量风险。 |
| 2. Adhering to the fundamental objective of serving the real economy: The functions of asset management business shall be leveraged, and the demand for investment and financing in the real economy shall be practically satisfied, while strict regulation and direction shall be in place, so as to prevent funds from leaving the real economy for the virtual economy to circulate within the financial system and prevent excessively complicated products from intensifying the transmission of the risks among industries, markets, and regions. | | （二）坚持服务实体经济的根本目标。既充分发挥资产管理业务功能，切实服务实体经济投融资需求，又严格规范引导，避免资金脱实向虚在金融体系内部自我循环，防止产品过于复杂，加剧风险跨行业、跨市场、跨区域传递。 |
| 3. Adhering to a regulatory concept combining macro prudential administration with micro prudential regulation and combining institutional regulation with functional regulation: Full and unified coverage of asset management business conducted by various institutions shall be achieved, effective regulatory measures shall be taken, and the protection of the interests of financial consumers shall be tightened. | | （三）坚持宏观审慎管理与微观审慎监管相结合、机构监管与功能监管相结合的监管理念。实现对各类机构开展资产管理业务的全面、统一覆盖，采取有效监管措施，加强金融消费者权益保护。 |
| 4. Adhering to a targeted problem-oriented approach: Directed in priority at problems in asset management business, such as multi-layered nesting, unclear leverage, serious arbitrage, and frequent speculation, unified standards and rules shall be developed, and in adherence to seeking benefiting aspects, avoiding adverse ones, and seeing the good and evil sides of financial innovation, development space shall be reserved. | | （四）坚持有的放矢的问题导向。重点针对资产管理业务的多层嵌套、杠杆不清、套利严重、投机频繁等问题，设定统一的标准规制，同时对金融创新坚持趋利避害、一分为二，留出发展空间。 |
| 5. Adhering to vigorous, sound and prudential advancement: The relations among reform, development and stability shall be correctly handled, the combination of risk prevention with orderly regulation shall be adhered to, with resolve to dispose of risks, full consideration shall be given to market capacity, transitional periods shall be reasonably established, the order, pace, and intensity of the work shall be effectively controlled, market communication shall be enhanced, and market expectation shall be effectively directed. | | （五）坚持积极稳妥审慎推进。正确处理改革、发展、稳定关系，坚持防范风险与有序规范相结合，在下决心处置风险的同时，充分考虑市场承受能力，合理设置过渡期，把握好工作的次序、节奏、力度，加强市场沟通，有效引导市场预期。 |
| II. "Asset management business" means financial services that a banking, trust, securities, fund, futures, or insurance asset management institution, financial asset investment company, or any other financial institution, as commissioned by an investor, invests and manages the commissioned property of the investor. A financial institution shall perform the obligation of good faith, diligence, and dutifulness for the interests of principals and collect corresponding management fees, and a principal shall invest at its own risk and acquire returns. A financial institution may agree beforehand on reasonable performance pay in the contract with the principal, and performance pay shall be counted among management fees, correspond to products, and be settled on a product-by-product basis, without being confused with that for another product. | | 二、资产管理业务是指银行、信托、证券、基金、期货、保险资产管理机构、金融资产投资公司等金融机构接受投资者委托，对受托的投资者财产进行投资和管理的金融服务。金融机构为委托人利益履行诚实信用、勤勉尽责义务并收取相应的管理费用，委托人自担投资风险并获得收益。金融机构可以与委托人在合同中事先约定收取合理的业绩报酬，业绩报酬计入管理费，须与产品一一对应并逐个结算，不同产品之间不得相互串用。 |
| Asset management business is the off-balance-sheet business of financial institutions, and no financial institution transacting asset management business shall undertake to guarantee principal and returns. In the case of any difficulty in repayment, no financial institution may pay out by bailout in any form. A financial institution may not conduct on-balance-sheet asset management business. | | 资产管理业务是金融机构的表外业务，金融机构开展资产管理业务时不得承诺保本保收益。出现兑付困难时，金融机构不得以任何形式垫资兑付。金融机构不得在表内开展资产管理业务。 |
| Private investment funds shall be governed by the special laws and administrative regulations on private investment funds, or, in the absence of explicit provisions in such laws and administrative regulations, by these Opinions, and the provisions with regard to venture capital funds and government-funded industry investment funds shall be developed separately. | | 私募投资基金适用私募投资基金专门法律、行政法规，私募投资基金专门法律、行政法规中没有明确规定的适用本意见，创业投资基金、政府出资产业投资基金的相关规定另行制定。 |
| III. Asset management products include without limitation RMB and foreign currency banks' non-capital guaranteed wealth management products, money trust, and asset management products issued by securities companies, subsidiaries of securities companies, fund management companies, fund management subsidiaries, futures companies, subsidiaries of futures companies, insurance asset management institutions, and financial asset investment companies. These Opinions shall apply to neither asset securitization business under the rules issued by financial authorities nor pension products under the rules issued by the human resources and social security authorities. | | 三、资产管理产品包括但不限于人民币或外币形式的银行非保本理财产品，资金信托，证券公司、证券公司子公司、基金管理公司、基金管理子公司、期货公司、期货公司子公司、保险资产管理机构、金融资产投资公司发行的资产管理产品等。依据金融管理部门颁布规则开展的资产证券化业务，依据人力资源社会保障部门颁布规则发行的养老金产品，不适用本意见。 |
| IV. Asset management products shall, according to the offering manners, either be publicly or privately offered. Publicly offered products shall be offered to the general public. The determination of public offerings shall be governed by the Securities Law of the People's Republic of China. Privately offered products shall be offered to qualified investors in a non-public manner. | | 四、资产管理产品按照募集方式的不同，分为公募产品和私募产品。公募产品面向不特定社会公众公开发行。公开发行的认定标准依照《中华人民共和国证券法》执行。私募产品面向合格投资者通过非公开方式发行。 |
| Asset management products shall, according to the nature of investment, be divided into fixed-income products, equity products, commodity or financial derivative products, and hybrid products. For a fixed-income product, the proportion of investment in deposit, securities, and other debt assets shall not be less than 80%, for an equity product, the proportion of investment in stock, the shares in unlisted enterprises, and other equities shall not be less than 80%, for a commodity or financial derivative product, the proportion of investment in commodity or financial derivatives shall not be less than 80%, and for a hybrid product, the investment is made in debt assets, equities, and commodity or financial derivatives, and the proportion of investment in any of the three types of assets does not reach the standards for the aforesaid three types of products. Where the non-compliance with the aforesaid proportion requirements is not caused by the subjective factors of a financial institution, the financial institution shall make adjustment to achieve compliance with the requirements within 15 trading days from the date when liquidity-restricted assets are susceptible to sale or transfer or restored for trading. | | 资产管理产品按照投资性质的不同，分为固定收益类产品、权益类产品、商品及金融衍生品类产品和混合类产品。固定收益类产品投资于存款、债券等债权类资产的比例不低于80%，权益类产品投资于股票、未上市企业股权等权益类资产的比例不低于80%，商品及金融衍生品类产品投资于商品及金融衍生品的比例不低于80%，混合类产品投资于债权类资产、权益类资产、商品及金融衍生品类资产且任一资产的投资比例未达到前三类产品标准。非因金融机构主观因素导致突破前述比例限制的，金融机构应当在流动性受限资产可出售、可转让或者恢复交易的15个交易日内调整至符合要求。 |
| A financial institution shall, in issuing an asset management product, expressly explain the type of the asset management product to the investors according to the aforesaid classification standards and make investment based on the nature of the product. The type of a product may not be changed in the interim between the establishment of the product to the date of maturity, without authorization. For a hybrid product, the proportion scale of investment in debt assets, interest assets, and commodity or financial derivatives shall be fixed and expressly explained to investors when the product is offered and may not be changed in the interim between the establishment of the product to the date of maturity, without authorization. For a product, the actual investment may not be contrary to the contract, and to make any change except the investment of a high-risk product in lower-risk assets in excess of the proportion scale, the prior written consent of investors shall be obtained, and the procedures as required by laws, administrative regulations, and financial regulatory authority, such as registration and recordation, shall be observed. | | 金融机构在发行资产管理产品时，应当按照上述分类标准向投资者明示资产管理产品的类型，并按照确定的产品性质进行投资。在产品成立后至到期日前，不得擅自改变产品类型。混合类产品投资债权类资产、权益类资产和商品及金融衍生品类资产的比例范围应当在发行产品时予以确定并向投资者明示，在产品成立后至到期日前不得擅自改变。产品的实际投向不得违反合同约定，如有改变，除高风险类型的产品超出比例范围投资较低风险资产外，应当先行取得投资者书面同意，并履行登记备案等法律法规以及金融监督管理部门规定的程序。 |
| V. Investors in asset management products shall be divided into the general public and qualified investors. "Qualified investor" means a person, either natural or legal, or an organization correspondingly capable of identifying and assuming risks, who make investment not less than a certain amount in an asset management product and meets the following conditions. | | 五、资产管理产品的投资者分为不特定社会公众和合格投资者两大类。合格投资者是指具备相应风险识别能力和风险承担能力，投资于单只资产管理产品不低于一定金额且符合下列条件的自然人和法人或者其他组织。 |
| 1. Having an investment experience of not less than two years and satisfying any of the following conditions: family financial net assets are not less than three million yuan; family financial assets are not less than five million yuan; or the average annual income of the person in the immediate preceding three years is not less than 400,000 yuan. | | （一）具有2年以上投资经历，且满足以下条件之一：家庭金融净资产不低于300万元，家庭金融资产不低于500万元，或者近3年本人年均收入不低于40万元。 |
| 2. A corporate entity whose net assets at the end of the immediate preceding year are not less than ten million yuan. | | （二）最近1年末净资产不低于1000万元的法人单位。 |
| 3. Investors otherwise deemed qualified by financial authorities. | | （三）金融管理部门视为合格投资者的其他情形。 |
| The investment made by a qualified investor in a fixed-income product shall not be less than 300,000 yuan, the investment in a hybrid product shall not be less than 400,000 yuan, and the investment in an equity product, or a commodity or financial derivative product, shall not be less than one million yuan. | | 合格投资者投资于单只固定收益类产品的金额不低于30万元，投资于单只混合类产品的金额不低于40万元，投资于单只权益类产品、单只商品及金融衍生品类产品的金额不低于100万元。 |
| An investor may not invest funds other than own funds raised by taking out a loan or issuing bonds issued in asset management products. | | 投资者不得使用贷款、发行债券等筹集的非自有资金投资资产管理产品。 |
| VI. A financial institution shall, in offering and selling asset management products, adhere to the business concepts of "understanding the products" and "understanding clients," strengthen the suitability management of investors, and sell investors asset management products commensurate with their capability to identify and assume risks. Selling investors, by defrauding or misleading them, asset management products not matching their risk tolerance shall be prohibited. A financial institution shall not sell, by splitting an asset management product or any other means, an asset management product to any investor whose capability of risk identification and risk tolerance is lower than the risk rating of the product. | | 六、金融机构发行和销售资产管理产品，应当坚持“了解产品”和“了解客户”的经营理念，加强投资者适当性管理，向投资者销售与其风险识别能力和风险承担能力相适应的资产管理产品。禁止欺诈或者误导投资者购买与其风险承担能力不匹配的资产管理产品。金融机构不得通过拆分资产管理产品的方式，向风险识别能力和风险承担能力低于产品风险等级的投资者销售资产管理产品。 |
| Financial institutions shall strengthen education for investors, constantly raise investors' level of financial knowledge and awareness of risks, inform investors of the concept of "sellers fulfill duties, and buyers bear risks themselves," and abstain from rigid repayments. | | 金融机构应当加强投资者教育，不断提高投资者的金融知识水平和风险意识，向投资者传递“卖者尽责、买者自负”的理念，打破刚性兑付。 |
| VII. A financial institution that conducts asset management business shall have corresponding management systems and rules commensurate with the development of asset management business, feature good corporate governance, and have complete risk management, internal control and accountability mechanisms. | | 七、金融机构开展资产管理业务，应当具备与资产管理业务发展相适应的管理体系和管理制度，公司治理良好，风险管理、内部控制和问责机制健全。 |
| A financial institution shall establish and improve qualification determination, training, appraisal and assessment, and accountability systems for asset management professionals, ensure that personnel conducting asset management business have necessary professional knowledge, industry experience and management capability, fully understand the relevant laws, regulations, regulatory provisions, and the legal relationships, transaction structure, main risks, and manners of risk management and control of asset management products, observe the code of conduct and professional ethics. | | 金融机构应当建立健全资产管理业务人员的资格认定、培训、考核评价和问责制度，确保从事资产管理业务的人员具备必要的专业知识、行业经验和管理能力，充分了解相关法律法规、监管规定以及资产管理产品的法律关系、交易结构、主要风险和风险管控方式，遵守行为准则和职业道德标准。 |
| Punitive measures, including cancellation of practicing qualifications, shall be taken according to the law against any asset management professional of a financial institution who violated the relevant laws or regulations, or these Opinions, and he shall be prohibited from engaging in asset management business in another financial institution of any other type. | | 对于违反相关法律法规以及本意见规定的金融机构资产管理业务从业人员，依法采取处罚措施直至取消从业资格，禁止其在其他类型金融机构从事资产管理业务。 |
| VIII. A financial institution shall, in investing capital with authorization, observe the rules for prudential business, develop a scientific, reasonable investment strategy and risk management system, and effectively prevent and control risks. | | 八、金融机构运用受托资金进行投资，应当遵守审慎经营规则，制定科学合理的投资策略和风险管理制度，有效防范和控制风险。 |
| A financial institution shall fulfill the following duties as a manager: | | 金融机构应当履行以下管理人职责： |
| 1. Raising funds according to the law and issuing, selling and registering shares of products. | | （一）依法募集资金，办理产品份额的发售和登记事宜。 |
| 2. Undergoing the procedure for recordation or registration of products. | | （二）办理产品登记备案或者注册手续。 |
| 3. Separately managing, keeping separate accounts of, and invest the authorized property of each product managed by it. | | （三）对所管理的不同产品受托财产分别管理、分别记账，进行投资。 |
| 4. Determining a return distribution plan by product contract and distributing returns to investors in a timely manner. | | （四）按照产品合同的约定确定收益分配方案，及时向投资者分配收益。 |
| 5. Conducting product accounting and preparing a product financial accounting report. | | （五）进行产品会计核算并编制产品财务会计报告。 |
| 6. Calculating and disclosing the book value or investment returns of a product according to the law and fixing prices of subscription and redemption. | | （六）依法计算并披露产品净值或者投资收益情况，确定申购、赎回价格。 |
| 7. Handling information disclosure matters relating to the authorized property management business. | | （七）办理与受托财产管理业务活动有关的信息披露事项。 |
| 8. Retaining the records, books, statements and reports, and other materials of the authorized property management business. | | （八）保存受托财产管理业务活动的记录、账册、报表和其他相关资料。 |
| 9. In the name of the manager, representing investors in exercising rights of action or performing any other juridical acts. | | （九）以管理人名义，代表投资者利益行使诉讼权利或者实施其他法律行为。 |
| 10. At payment of commissioned funds and returns, a financial institution shall procure that the commissioned funds and returns are remitted to the original account or another account of the principal, or the beneficiary's account as stipulated in the contract. | | （十）在兑付受托资金及收益时，金融机构应当保证受托资金及收益返回委托人的原账户、同名账户或者合同约定的受益人账户。 |
| 11. Duties otherwise provided by financial regulatory authority. | | （十一）金融监督管理部门规定的其他职责。 |
| A financial institution shall be liable towards investors according to the law for the damage caused to the latter by its failure to practically fulfill the duty of commissioned management according to the principle of good faith, diligence, and dutifulness. | | 金融机构未按照诚实信用、勤勉尽责原则切实履行受托管理职责，造成投资者损失的，应当依法向投资者承担赔偿责任。 |
| IX. A financial institution that sells by procuration the asset management product of another financial institution shall meet the qualification conditions as specified by financial regulatory authority. A non-financial institution or an individual shall, without the permission of financial regulatory authority, not sell an asset management product by procuration. | | 九、金融机构代理销售其他金融机构发行的资产管理产品，应当符合金融监督管理部门规定的资质条件。未经金融监督管理部门许可，任何非金融机构和个人不得代理销售资产管理产品。 |
| A financial institution shall develop a sale concession management system for asset management products, specify the access standards and procedures for sales agents, the rights and obligations of both parties, and liability for assumption and manners of transfer of relevant risks. | | 金融机构应当建立资产管理产品的销售授权管理体系，明确代理销售机构的准入标准和程序，明确界定双方的权利与义务，明确相关风险的承担责任和转移方式。 |
| A financial institution that sells an asset management product by procuration shall develop corresponding procedures for internal approval and risk control, conduct a reasonable investigation of the credit standing and capability of business management, market investment, and risk disposition of the issuing or management institution, request the issuing or management institution to provide detailed product introduction, an analysis of relevant markets, and a risk return calculation report, conduct a full information verification and risk review, and ensure that the product it sells by procuration conforms to these Opinions and it is correspondingly liable. | | 金融机构代理销售资产管理产品，应当建立相应的内部审批和风险控制程序，对发行或者管理机构的信用状况、经营管理能力、市场投资能力、风险处置能力等开展尽职调查，要求发行或者管理机构提供详细的产品介绍、相关市场分析和风险收益测算报告，进行充分的信息验证和风险审查，确保代理销售的产品符合本意见规定并承担相应责任。 |
| X. A publicly offered product shall mainly invest in standard debt assets and publicly traded stock and, except as otherwise provided by any law or regulation, abstain from investing in the shares in unlisted enterprises. A publicly offered product may invest in a commodity or financial derivative according to the laws, regulations, and the relevant provisions issued by financial authorities. | | 十、公募产品主要投资标准化债权类资产以及上市交易的股票，除法律法规和金融管理部门另有规定外，不得投资未上市企业股权。公募产品可以投资商品及金融衍生品，但应当符合法律法规以及金融管理部门的相关规定。 |
| The investment scope of a privately offered product shall be stipulated in contract, and investment may be made in debt assets, publicly traded or listed stock, equities (including debt-swapped equities) and beneficiary rights of unlisted enterprises, and other assets in conformity with the provisions of the laws and regulations and shall remain in strict accordance with the requirements for suitability management of investors. It shall be encouraged to support market-oriented and law-based debt-for-equity swaps by leveraging privately offered products. | | 私募产品的投资范围由合同约定，可以投资债权类资产、上市或挂牌交易的股票、未上市企业股权（含债转股）和受（收）益权以及符合法律法规规定的其他资产，并严格遵守投资者适当性管理要求。鼓励充分运用私募产品支持市场化、法治化债转股。 |
| XI. An asset management product shall, in investment, conform to the following provisions: | | 十一、资产管理产品进行投资应当符合以下规定： |
| 1. Standard debt assets shall meet the following conditions: | | （一）标准化债权类资产应当同时符合以下条件： |
| (1) Susceptible of equal shares and trading. | | 1.等分化，可交易。 |
| (2) With information fully disclosed. | | 2.信息披露充分。 |
| (3) Registered in a centralized manner and in independent custody. | | 3.集中登记，独立托管。 |
| (4) Fairly priced and under a sound liquidity mechanism. | | 4.公允定价，流动性机制完善。 |
(5) Traded on interbank markets, stock exchange markets, and other trading markets established with the approval of the State Council.
．．．．．． | | 5.在银行间市场、证券交易所市场等经国务院同意设立的交易市场交易。 |
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