A reporter from China Securities News exclusively learned on June 6 that in order to further promote the return of financial asset management companies (hereinafter referred to as asset management companies) to their origins, focus on the main business, and play an active role in the reform of small and medium financial institutions Guiding Opinions on Guiding Financial Asset Management Companies to Focus on Their Main Business and Actively Participate in the Reform and Risk Reduction of Small and Medium-sized Financial Institutions.
The "Opinions" clearly pointed out that asset management companies are encouraged to participate in the merger and reorganization of high-risk small and medium-sized financial institutions.
It is worth mentioning that the scope of acquisition of financial assets has been moderately expanded, and assets that are overdue or related foreclosed assets are listed again after the deferred repayment of principal and interest due to the impact of the epidemic.
Do not engage in "lalang matching" and strictly prohibit the "false listing" of non-performing assets
The "Opinions" pointed out that the principle of marketization and the rule of law should be adhered to.Asset management companies shall comprehensively assess risks on the basis of consolidating the risk base of small and medium-sized financial institutions, and independently decide whether to dispose of non-performing assets through market-oriented acquisitions, participate in the design of reform and restructuring plans, etc., and participate in the risk disposal of relevant small and medium-sized financial institutions.Local governments and regulatory authorities should do relevant work according to their responsibilities, and do not engage in "matchmaking", do not allocate tasks, and do not intervene in the pricing of non-performing assets in the market.
The "Opinions" require that asset management companies are strictly prohibited from concealing real risks and non-performing assets from "fake off-balance sheet" through structural design, and strictly prevent the loss of state-owned assets.For major matters involving the shareholders' rights and interests of the asset management company, the corresponding corporate governance procedures shall be performed in strict accordance with the provisions of the internal management system or reported to the board of directors and the general meeting of shareholders.
Moderately widen the scope of acquisition of financial assets
The "Opinions" pointed out that the scope of acquisition of financial assets should be appropriately broadened.Relevant financial institutions can transfer the following risky assets to asset management companies: involving debt committee projects; debtor has entered bankruptcy proceedings; principal or interest and other rights have been overdue for more than 90 days; debtor has defaulted on issuing bonds in the open market; due to the epidemic Affect the reappearance of overdue assets or related foreclosed assets after deferred repayment of principal and interest.The risk weight and operating procedures for asset management companies to acquire the aforementioned types of assets in bulk shall be handled with reference to the non-performing asset bulk acquisition business.
The "Opinions" stated that the primary market pricing mechanism for non-performing assets should be improved.In order to resolve the differences in the valuation of non-performing assets between the transaction parties, relevant financial institutions and asset management companies are allowed to conduct structured transactions based on real valuations and on the premise of real asset transfer.Asset management companies are strictly prohibited from providing channels for banking financial institutions to issue non-performing assets in violation of regulations through structured transactions.
Encourage asset management companies
Participate in the merger and reorganization of high-risk small and medium financial institutions
The "Opinions" proposed to optimize the allocation of financial resources.Promote market clearance of high-risk small and medium-sized financial institutions.Encourage asset management companies to participate in the merger and reorganization of high-risk small and medium-sized financial institutions, promote the orderly clearing of high-risk small and medium-sized financial institutions, optimize regional financial layout, and increase effective financial supply.Asset management companies should give full play to their own advantages in knowledge, technology, law, etc. to provide advice to acquirers or local governments or formulate merger and reorganization plans.Relevant intermediary business services can be charged in a market-oriented manner to ensure that the price charged is consistent with the content and quality of the services provided.Asset management companies are strictly prohibited from directly contributing to holding equity interests in risky financial institutions to prevent new risks arising from the disposal of risks.
The "Opinions" proposed to optimize financing sources and structures.Asset management companies should strengthen the overall planning of assets and liabilities, gradually reduce their reliance on short-term financing, appropriately lengthen the duration of liabilities, and improve the stability of liabilities.The financial management department supports asset management companies to appropriately increase the scale of financial bond issuance, reduce financing costs, improve the liability structure, and comprehensively enhance the ability to acquire and dispose of financial non-performing assets.Encourage commercial banks and insurance companies to subscribe for debt financing and capital instruments issued by asset management companies in accordance with laws and regulations, enhance the capital and capital strength of asset management companies, and support asset management companies to better play their role in resolving financial risks.Commercial banks and other financial institutions hold the risk weight of financial bonds issued by asset management companies. If the relevant regulatory requirements are met, the commercial bank weight may be applied.
(Editor in charge: Guan Jing)
