Once there is any new trend in asset management, it will cause great repercussions. Since the release of the draft in this regard in November, major media have been scrambling to report. They want to see what new impact it will bring to the financial field. According to reliable sources, the proposal has been passed. Let's take a look at the three changes brought about by the new regulations on asset management?
First, the direction remains unchanged and flexible processing.
The implementation rules have made some more moderate treatment to the original new regulations on asset management, but it does not represent a change in direction. The principle of only reducing but not increasing and rectification at the expiration of the period still needs to be observed. During the transition period, the requirements for non-standard rectification are relaxed, and even some supportive benefits appear, but the requirements of only reducing but not increasing in the stock scale remain unchanged; The rectification progress shall be handled flexibly, the organization shall promote independently, and no rigid requirements shall be set, but the deadline at the end of 2020 remains unchanged.
Second, relax the non-standard compression.
In the recent actual implementation of the new asset management regulations, many non-standard assets are difficult to undertake through the bank's on balance sheet assets, resulting in a large 'financing gap' in the real economy. In this case, the excessive contraction of off balance sheet financing has brought about a sharp slowdown in the growth of social financing, which has exacerbated the downward pressure on the real economy and the credit risk caused by the difficulty of enterprise financing.
In the detailed rules, it is clear that public fund-raising management products can be invested in non-standard products, old products can be issued to invest in new assets during the transition period, and measures such as expanding the scope of application of amortized cost measurement are good measures for non-standard assets and the correction of excessive policies in the second quarter to avoid too rapid compression of non-standard assets.
Third, focus on supporting non-standard return forms.
While relaxing the rectification requirements for non-standard assets, the central bank officially launched specific measures to support non-standard return to the balance sheet and transform it into on balance sheet credit business. A major problem with the non-standard return statement is that the bank's capital adequacy ratio is insufficient, resulting in limited credit space and unable to undertake non-standard assets.