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吉祥彩票官网:Money Market Fund Internet Sales Redemption Service Specification Announced

时间:2018/6/2 11:22:20  作者:  来源:  浏览:0  评论:0
内容摘要: "T + 0 redemption withdrawal" non-implementation of quota managementbankpayment institution shall not engage in or disguised in t...

"T + 0 redemption withdrawal" non-implementation of quota management bank payment institution shall not engage in or disguised in the money market fund sales business

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The China Securities Regulatory Commission’s spokesperson Chang Depeng stated at a regular press conference on June 1 that in order to effectively prevent and control financial risks, the China Securities Regulatory Commission and the People’s Bank of China jointly issued the “About the Further Regulation of Money Market Fund Internet Sales and Redemptions” Guidelines for Service (hereinafter referred to as "Guidance Opinions").

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Chang Depeng said that in recent years, money market funds have been generally welcomed by investors because of their low risk and stable earnings. The scale has continued to grow and the overall development has been relatively stable. However, money market funds also have some problems in Internet sales and redemption of related services, which are not conducive to the protection of investors' interests and fair and orderly market competition. They are concentrated in the following aspects: Some Internet companies that do not qualify for fund sales operations, and non-bank payments Institutions directly or in disguise engage in fund sales operations to avoid supervision; individual funds have exclusive sales and unfair competition; some funds have a one-sided emphasis on profitability and convenience in advertising and promotion, and insufficient disclosure of investor risks. In addition, the rapid redemption business of money market funds has grown rapidly. Some fund managers and fund sales organizations blindly expand their business scale with so-called “real-time big cash withdrawals” as part of their selling point. Some payment institutions have provided funding advances in violation of regulations, bringing unlimited flow to investors. Sexual expectations, potential risks of certain liquidity risks. It is imperative to regulate relevant businesses, prevent risks, and promote normative development.

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Overall, the "Guidance Opinions" mainly requests from five aspects:

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First, in the process of internet sales of money market funds, the principle of "three reinforcements and six prohibitions" should be strictly implemented. That is, to strengthen the licensed operator requirements, and strengthen fund sales settlement funds and closed-loop operation with the card out of the requirements, and strengthen fair competition requires fund sales activities; prohibited non-licensees to carry out fund sales activities, non-investor fund retained its sales information is strictly prohibited Any institution or individual misappropriates fund sales settlement funds, prohibits fund sales settlement funds from being used for “T+0 redemption and cash withdrawal” businesses, prohibits the illegal transfer of fund shares, and prohibits discriminatory, exclusive and binding sales of funds.

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The second is to implement limit management on “T+0 redemption withdrawal”. For a single currency market fund held by a single investor, the “T+0 Redemption and Withdrawal and Cash Withdrawal” limit set at a single fund sales organization no more than 10,000 yuan per day is set. Investors are not affected by normal redemption contract.

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Third, except for commercial banks that have obtained the qualification for sales of funds, other organizations or individuals are prohibited from providing advances for “T+0 redemption and withdrawal” businesses in any way.

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Fourth, regulate the promotion and information disclosure activities of the “T+0 Redemption and Withdrawal” business of fund managers and fund sales agencies, strengthen risk disclosure, and strictly prohibit misleading investors.

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The fifth requirement is that non-bank payment institutions should not provide value-added services that are directly funded by money market fund shares. They must not engage in or disguise themselves as money market fund sales businesses, and must not provide advances for “T+0 redemption and withdrawal” businesses.

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“Guiding Opinions” has been formally implemented since June 1, 2018. Considering that it takes some time for industrial organizations to implement the “Guidance Opinion” requirements, a one-month transitional period is required for the limit of the transformation stock business, which will be given to the transformation of stock business A six-month transitional period.” Chang Depeng said, “Related market organizations should strictly implement the “Guidance Opinions” and be responsible for fulfilling the responsibility, complete the normative rectification of stock business, enhance risk awareness, strive to raise the level of compliance risk control, and promote money market funds. Smooth and healthy development."


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