Every reporter Yuan Yuan
Recently, a reporter from the "Daily Economic News" learned from relevant channels 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 their main business, and play an active role in the reform of small and medium financial institutions, the China Banking and Insurance Regulatory Commission recently The "Guiding Opinions on Guiding Financial Asset Management Companies to Focus on Their Main Business and Actively Participate in the Reform of Small and Medium Financial Institutions to Reduce Risks" (hereinafter referred to as the "Guiding Opinions") was issued.
It is worth noting that in terms of disposing and revitalizing the stock of non-performing assets, the "Guiding Opinions" focus on intensifying the acquisition and disposal of non-performing assets, actively carrying out entrusted management and disposal business, moderately expanding the scope of acquisition of financial assets, and improving the pricing of non-performing assets in the primary market. The mechanism, the standardization of the anti-entrustment disposal of non-performing assets business, and the standardization of installment payment disposal methods have been clearly stipulated.
Non-intervention in market pricing of non-performing assets
The "Guiding Opinions" require that asset management companies should adhere to the business philosophy of returning to their origins and focusing on their main business, identify their own position in the national economic and financial system, and effectively play a counter-cyclical rescue function. It is necessary to strengthen coordination and cooperation with other institutions, and make new positive contributions to the reform of small and medium-sized financial institutions to reduce risks, the transformation of the financial industry, and the healthy development of the financial market.
At the same time, asset management companies shall, on the basis of consolidating the risk base of small and medium-sized financial institutions, comprehensively assess risks, 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.
In addition, asset management companies must strictly abide by relevant laws and regulations, state-owned financial capital management systems and regulatory requirements, and on the basis of consolidating the main responsibilities of small and medium-sized financial institutions for risk disposal, shareholder responsibilities, local territorial responsibilities, and regulatory responsibilities, participate in the reform in compliance with laws and regulations Risk mitigation. It is necessary to prudently demonstrate feasibility based on factors such as its own financial status, comprehensive business capabilities, and risk management and control capabilities. It is strictly forbidden to hide real risks and non-performing assets 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.
The "Guiding Opinions" proposes that asset management companies should take the initiative to strengthen communication with relevant local party committees and governments, and strive for the understanding and support of local party committees and governments. We will make full use of supporting policies in dealing with local financial risks, and give full play to the synergy of non-performing asset disposal and risk resolution. While doing a good job in the disposal of existing risks, the relevant departments should deeply analyze the causes and root causes of risks in small and medium-sized financial institutions, adhere to the problem orientation, improve the system and mechanism, and fill in the shortcomings of the system, so as to strengthen the internal governance of small and medium-sized financial institutions, strengthen external supervision, and market A long-term mechanism for dealing with risks.
Broaden the scope of acquisition of financial assets
In terms of disposing and revitalizing the stock of non-performing assets, the "Guiding Opinions" focus on intensifying the acquisition and disposal of non-performing assets, actively carrying out entrusted management and disposal business, moderately broadening the scope of acquisition of financial assets, improving the primary market pricing mechanism for non-performing assets, and standardizing the development of countermeasures. The business of entrusting the disposal of non-performing assets and standardizing the disposal methods of installments have been clearly stipulated.
Taking the appropriate expansion of the scope of acquisition of financial assets as an example, the "Guiding Opinions" propose that relevant financial institutions may transfer the following risky assets to asset management companies: projects involving debt committees; debtors have entered bankruptcy proceedings; principal or interest and other rights and interests It has been overdue for more than 90 days; the debtor has defaulted on the issuance of bonds in the open market; due to the impact of the epidemic, after the deferred repayment of principal and interest, overdue assets or related foreclosed assets appear again. 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.
Regarding the requirements for standardizing the business of anti-entrustment disposal of non-performing assets, the "Guiding Opinions" stated that in order to improve the efficiency of financial non-performing assets disposal and give full play to the advantages of the original creditor's financial institutions in terms of personnel, institutions and business, the non-performing assets are authentic and clean. Under the premise, the asset management company can take the method of anti-entrusting the relevant financial institution to dispose of it. The two parties shall sign an anti-entrustment disposal agreement in accordance with the law, clarify the rights, obligations and responsibilities of both parties, agree on the entrusted disposal objectives, disposal period, disposal progress, etc., and consolidate the main responsibilities of the asset management company and the management responsibilities of the entrusted institution. Asset management companies should effectively play a leading role, continue to monitor and manage well during the period of entrusted disposal, promptly correct the entrusted institution's illegal disposal or failure to perform due diligence, etc., when necessary, rescind the entrusted contract in accordance with the law, and strictly prohibit "one entrustment".
In addition, the "Guiding Opinions" also require asset management companies to improve systems and mechanisms, and strengthen industry self-discipline and supervision. For example, asset management companies should strengthen self-discipline and industry self-discipline, prevent "one-up" and "one-out", and strictly prohibit the formation of industry monopoly and unfair competition in any form, disrupting the market order of non-performing assets. Regulatory departments at all levels should strengthen supervision, standardize the business development behavior of asset management companies, take timely regulatory measures or impose administrative penalties on violations of laws and regulations, and seriously investigate the responsibilities of relevant institutions and personnel.
