The internal control management system of wealth management company has been introduced to set up a transition period of 6 months

China Times (chinatimes.net.cn) reporter Lu Mengxue Ran East Beijing report

On August 25, the China Banking Regulatory Commission issued the "Administrative Measures for the Internal Control of Financial Company" (hereinafter referred to as the "Measures"). System rules, jointly constitute the rules system of the wealth management company system. The "Measures" will be implemented from the date of announcement, and the transition period is six months from the date of implementation.

"The wealth management company is in the critical period of 'clean starting'. It is urgent to build a internal control compliance management system that is compatible with its own business scale, characteristics and risk status, and provide solid guarantees for compliance and stable operations in accordance with laws." People say.

Du Yang, a postdoctoral of the Bank of China Research Institute, believes that good internal control management helps wealth management companies to discover and respond to internal and external risks in a timely manner, and reduce the possibility of major risk events.

Filling the system blank

The "Half -year Report of the China Banking Wealth Management Market (2022)" released by the banking wealth management custody center shows that as of the end of June 2022, my country's banking wealth management market wealth management products reached 2.915 trillion yuan, an increase of 12.98%year -on -year. The number of investors reached 91.454 million, and the cumulative income for investors in the first half of the year created 417.2 billion yuan.

Among them, the existence of the duration of wealth management companies was 1.914 trillion yuan, an increase of 91.21%year -on -year, accounting for 65.66%of the market. Wealth management companies have become an important force in my country's asset management industry.

In the first half of 2022, a total of 253 banking institutions and 25 wealth management companies issued wealth management products, and 5 wealth management companies were approved for opening. As of the end of June 2022, 29 wealth management companies had been approved for construction, of which 28 were approved.

"As a new type of asset management institution with independent legal person qualifications, wealth management companies need to build a comprehensive and effective internal control management system as soon as possible." The head of the relevant departments of the Banking Insurance Regulatory Commission said when answering the reporter in the "Measures".

The "Measures" mainly put forward specific requirements in the four parts of internal control responsibilities, internal control activities, internal control protection, and internal control supervision. The wealth management company is specified. It focuses on the wealth management company to strengthen the risk isolation from the home bank, reasonably set the standards for major related related transaction judgments, and establish a risk reserve management system.

In terms of strengthening the management responsibilities of wealth management companies, the "Measures" requires wealth management companies to formulate a comprehensive, systematic and standardized internal control system for various business activities and management activities, and conduct a comprehensive evaluation at least once a year. Specifically, we have put forward specific requirements for strengthening product design and duration management, strengthening the management of wealth management business accounts, improving the process of investment and transaction systems, implementing key personnel in important jobs, and strengthening the risk isolation of the parent risk.

In terms of consistency of similar business rules, the Measures fully target the good supervision practice of the domestic and foreign management industry, and detailed relevant requirements in accordance with the characteristics of wealth management companies, including the establishment of chief compliance officers, further strengthening information disclosure, strengthening transaction monitoring, early warning and warning, and warnings. Feedback, and improve personal information protection.

In strengthening the internal and external supervision of wealth management companies, the Measures adhere to the combination of internal supervision and external supervision, and jointly promote the wealth management company to improve the internal control long -term mechanism. For example, the internal control functional department of the wealth management company is required to organize the internal control evaluation at least every year, and the evaluation results are included in the performance evaluation index system; the internal audit department of the wealth management company is required to conduct at least the internal control audit assessment of the internal control audit to play the role of supervision and check -in; System, improve the effectiveness of supervision.

The transition period of the Measures is six months from the date of implementation. According to the CBRC, if the "Measures" stipulates, rectification shall be completed during the transition period.

Promote unified supervision standards for similar asset management business

"The financial regulatory authorities have basically established a rules and systems of wealth management companies and financial management business systems." On August 26, Dong Ximiao, chief researcher of Zhailian Financial, explained to the reporter of the Huaxia Times.

Earlier, the wealth management company mainly relied on the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (New Regulations for Asset Management), "Measures for the Supervision and Management of Commercial Banks" (New Financial Management Regulations), and relevant supervision systems such as wealth management companies. Dong Ximiao believes that the "Measures", as a component of the rules of the wealth management company and the financial business system, will promote wealth management companies to establish a unified and standardized internal control standards, further give full play to the role of internal control lines, and promote the healthy and stable development of wealth management companies and the wealth management market.

"The formulation of internal control management measures for wealth management companies, strengthening and improving the construction of the system, and building a comprehensive and effective internal control management system for wealth management companies are necessary and importance." Dong Ximiao believes that the introduction of the "Measures" is not only the system of filling in the internal control management system of wealth management companies. White, to promote the wealth management company to improve the internal control system, ensure the importance of compliant operation and continuous operation of wealth management companies, also improve the standards of regulatory standards, maintain consistency of similar business supervision rules, promote the healthy and stable development of the wealth management market, promote fair competition in the asset management market market It is of great significance. "Adhering to the combination of internal supervision and external supervision, it is better to urge financial management companies to diligently perform their duties and effectively protect investors' legitimate rights and interests."

"With the further improvement of residents' income level and the enhancement of wealth management willingness, the development of wealth management companies will face a period of major strategic opportunities." Du Yang told media reporters such as "Huaxia Times" that internal control compliance is the steady operation and preventive risk of wealth management companies. It is necessary to require good internal control management to help wealth management companies discover and respond to internal and external risks in time, reduce the possibility of major risk events, and help managers make correct judgments on the operation of wealth management companies, adjust their operations in a timely manner strategy. In addition, at the level of the senior management personnel, the "Measures" proposes that wealth management companies should set up chief compliance officers at senior management. In this regard, Dong Ximiao specifically pointed out that currently my country's financial institutions have not generally established chief compliance officers, and the corresponding system has not clearly required. The "Measures" clearly requires wealth management companies to establish chief compliance officers, which is an institutional innovation with positive significance.

"The establishment of the chief compliance officer of wealth management companies helps to promote the establishment of a compliance management system and supervise its effective operation; the chief compliance officer can directly report to the board of directors and regulatory authorities, which will help better play its role in supervising and balanced. Effectively implement the control of the wealth management company. "Dong Ximiao said.

The establishment of an investment personnel information publicity system proposed by the Measures has previously been generally implemented in securities companies and fund companies. Dong Ximiao believes that establishing an investment personnel information registration and publicity system in wealth management companies is a concrete manifestation of promoting the consistency of similar business supervision rules. Avoid the person who does not meet the career requirements of the occupation requirements.

Editor -in -chief: Meng Junlian Editor: Zhang Zhiwei

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