Improve my country's system importance financial institution supervisory brokers will pay more attention to indicators such as capital leverage ratios

24Sep

Our reporter Chang School of the People's Bank of China (hereinafter referred to as the "Central Bank") Macro Prudential Administration issued an article entitled "Improve the Macro Prudential Policy Framework of Macro Protection with Chinese Characteristics" on September 22, stating that continuing research and promotion Establish the evaluation and regulatory rules of system importance insurance companies and system -important securities industry institutions, and further improve the framework of the regulatory system. The chief economist of CITIC Securities clearly told a reporter from the Securities Daily that "strengthening the evaluation and supervision of the systemic securities industry institutions not only is of great significance to the implementation of the macro -prudential policy, but also to prevent the financial system in the economic downturn environment. Sexual risks are very necessary. "Chen Hao, a senior analyst of financial supervision of Xingye Research Company at the time of the regulatory scope of the importance of system importance of the system, introduced to the reporter of the Securities Daily that after the 2008 international financial crisis, in order to prevent financial institutions" big "The potential risks generated, international regulatory organizations such as the Financial Stability Council (FSB) explored and introduced the evaluation and additional regulatory requirements of the global systemic banks, insurance companies, and the evaluation of the importance banks and insurance companies in various economies of the economy. And the principle of supervision. Under the principle of FSB formulation, regulatory agencies around the world have also introduced the evaluation and regulatory framework for financial institutions such as system importance banks and insurance companies to strengthen the risk resistance and orderly recovery of these large financial institutions. The level of disposal, reduce the possibility of risk, and the negative impact on the financial system when risks occur. "In 2018, the Central Reform Commission reviewed the" Guiding Opinions on Improving the Supervision of System Important Financial Institutions "(hereinafter referred to as" Guidance Opinions "), and officially opened the road to improving the supervision of my country's systematic financial institutions." Chen Hao further expressed that Previously, my country has issued relevant regulations on the rules and additional supervision requirements of systematic banks. However, with the reform and development of my country's financial markets, the scale of insurance and other categories of financial institutions in recent years has also improved the importance of financial institutions and the importance of my country's financial system. It has further identified and identified other system importance financial institutions not only in line with international supervision The trend is also conducive to further preventing systemic financial risks in my country, and the regulatory category of system importance financial institutions is expanded from banks to other financial institutions. "Securities Daily" reporter further sorted out and found that the list of important banks in my country has been announced; it has publicly solicited opinions on the evaluation method of system importance insurance companies. At present, there is no specific actions in the systemic importance securities industry. In this regard, it is clearly believed that my country's banking industry and insurance industry have a large volume and concentration, and the importance is higher than the securities industry. At the same time, the proportion of direct financing in my country is relatively low. Therefore, the urgency and priority of the supervision of the banking and insurance industry are higher than that of the securities industry. According to Zhang Yiping, the chief economic analyst of China Merchants Securities Macro Securities, due to the more market -oriented of the securities industry than the banks and insurance companies, the risk preferences are also higher. Requirements, so implementation is difficult. The size of the assets is in the forefront of the forefront of securities firms or can be "on the list" in accordance with the "Guidance Opinions". "Securities Institutions" refer to legal entities engaged in securities, futures, and fund business established in accordance with the law. At the same time, the assessment indicators mainly measure the potential impact of the management of the system of financial institutions on the financial system and the real economy, including the first -level indicators such as institutional scale, association, complexity, alternatives, and asset monetization. Chen Hao predicts that in the future, regulators may refer to the evaluation criteria of FSB on non -bank and insurance institutions in the previous FSB, and combine the evaluation of the evaluation elements of the important banks of the domestic system. Scales (such as total assets, assets of stock customers, etc.), association (asset -liabilities, etc.), complexity (structural complexity, operation complexity, etc.), cross -border activities, etc. Combined with the above supervision requirements, and considering that the scale and complexity of the brokerage business is higher than the development of futures companies and fund companies, additional supervision of head securities firms is relatively urgent. Chen Hao believes that the additional supervision requirements of securities companies may focus on relevant indicators such as net capital and capital leverage, as well as restoration and disposal plans. According to the requirements of the "Administrative Measures for the Risk Control Index of Securities Company", two and more of the securities company operating securities underwriting and sponsorship, securities self -operated, securities asset management, and other securities business shall not be lower than RMB 200 million in net capital. ; Securities companies must continue to meet the standards of risk control indicators such as 8%of capital leverage. At the same time, the CSRC sets up early warning standards for various risk control indicators. For the risk control indicators that specify "not lower than" a certain standard, their early warning standards are 120%of the specified standards; , Its early warning standard is 80%of the specified standards. At present, the requirements for the entry of the net capital of securities companies are not high, but when they correspond to specific business, there is another "additional" threshold. For example, the amount of financing and securities and securities of securities companies must not exceed 4 times that of its net capital; the top five of the ratio of the scale of the business scale of a single customer (containing securities margin) shall not exceed 5%; The top five of the total market value of the stock shall not be less than 20%.

The total amount of self -operated equity securities and their derivatives shall not exceed 100%of net capital; the total amount of self -operated non -equity securities and their derivatives shall not exceed 500%of net capital. Taken together, the business development of head brokers is relatively comprehensive, and net capital has reached a higher level. According to statistics from the China Securities Industry Association, in 2021, the top three brokerage companies in net capital are CITIC Securities, Guotai Junan and Huatai Securities, with the scale of net capital exceeded 100 billion yuan. In addition, Haitong Securities, Shen Wanhongyuan, Galaxy Securities, China Merchants Securities, Guoxin Securities, Guangfa Securities, CITIC Construction Investment Securities, CICC and other net capital also ranked among the top of 2021, all of which are more than 60 billion yuan. According to the domestic system importance bank assessment and identification method, it is clearly believed that in the future, the important securities industry institutions of the system will adopt the method of "scale -oriented, comprehensive assessment". There are more than ten indicators of the domestic system important bank list according to the four dimensions of scale, correlation, alternativeness and complexity. At present, the importance of the important bank assets of the domestic system accounts for more than 60%of the total assets of my country's banking industry. Therefore, the asset size is likely to be "on the list". Zhang Yiping said that in combination with the supervision of system importance banks, it may be on the risk coverage rate, capital leverage ratio, liquidity coverage, net stability funding rate and other indicators in the system importance securities industry institutions. Higher requirements. Speaking of regulatory measures after the securities firms were rated as a systematic securities industry, it was clearly believed that it is expected that its net capital, capital leverage ratio, risk capital preparation, and potential risk issues of the exhibition industry will be supervised accordingly, prompting its healthy and healthy development. Chen Hao believes that the establishment and introduction of the evaluation and regulatory rules of the system importance of the securities industry will strengthen the risk resistance and orderly recovery and disposal level of large financial institutions on the one hand Effectively improve the rules of recovery and disposal to reduce the possibility of systemic financial risks. From the perspective of obviously, after the official release of the evaluation and regulatory rules, it will help the concentration of securities firms to further increase, and it will also help increase the proportion of direct financing in my country and promote the healthy development of economic and healthy development.

System Important Insurance Company's evaluation method "Arrow on the Strings" large -scale insurance companies can plan ahead of the newspaper reporter Leng Cuihua on September 22, and the People's Bank of China published "Improve the Macro Prudential Policies of Chinese Characteristics to Build Systematic Financial Risk Defense". In the first stage, it will continue to study the establishment of system importance insurance companies and systemic importance securities industry organization evaluation and regulatory rules, and further improve the framework of the regulatory system. On July 8 this year, the People's Bank of China and the China Banking Regulatory Commission publicly solicited opinions on the "System Important Insurance Company Evaluation Measures (Draft for Opinions)" (hereinafter referred to as the "Evaluation Measures"), which has been more than two months old. People in the industry believe that although it is difficult to predict the official release time, the "Evaluation Measures" has "arrows on the string." For insurance companies that can be shortlisted for the importance of insurance companies, their brand awareness will be further enhanced, but they also face stricter regulatory regulations. It is necessary to continuously improve capital supplementary capabilities and other aspects to achieve better development. The assessment framework has made it clear which institutions can participate in domestic system importance insurance institutions (D-SII)? The "Evaluation Measures" designed a total of 12 secondary evaluation indicators of scale, association, asset monetization, and replacement, and the weights of the four dimensions were 20%, 30%, 30%, and 20%, respectively. Insurance companies with a score of 1,000 are included in the preliminary list of insurance companies. For insurance companies under 1,000 points, the supervision judgment decision can be determined as a system importance insurance company. According to the "Evaluation Measures", insurance companies, which are first included in the scope of D-SII assessment, are the top 10 insurance companies in all insurance companies in all insurance companies. According to statistics from the reporter, as of the end of 2021, there were 8 insurance companies with a total assets exceeding trillion yuan, namely Ping An Group, Guoshou Group, Taibao Group, Renbao Group, Taikang Insurance Group, Taiping Group, Xinhua Insurance, and everyone insurance group. Analysts believe that the probability of the first shortlisted D-SII for these institutions is higher. In addition, among the insurance companies that have been released in 2021 annual reports, Zhongjie Group and Sunshine Insurance Group are ranked ninth and tenth. However, in view of some insurance institutions have not announced relevant data, there are still some remaining two shortlisted places still exist in some two shortlisted places. variable. Zhou Jin, the management consulting partner of the China Financial Industry Management Consultation, told the reporter of the Securities Daily that from the weight of the above four dimensions, the weight of correlation and asset monetization is large, and the weight of the scale is only 20% of 20%. Essence Therefore, it is not possible to simply equate system importance insurance companies with large -scale companies, and more importantly, paying attention to its impact on the stability of the financial system, that is, the correlation with the financial market. At the same time, because the insurance business involves a large number of C -end customers, preventing systemic risks is also better protecting the interests of consumers. Regulatory standards are more scientifically evaluated and determined that the list of D-SII is to better prevent systemic risks. Related financial institutions that are shortlisted will obtain further improvement of reputation and brand. At the same time, they will also face stricter regulatory measures. According to the "Guiding Opinions on Improving the Institute of System Important Financial Institutions in 2018" (hereinafter referred to as "Guidance Opinions"), the supervision of system importance financial institutions is mainly implemented through two channels. Formulate special regulatory requirements to enhance its continuous operating capabilities and reduce the possibility of major risks; the second is to establish a special treatment mechanism for systemic financial institutions to ensure that when major risks occur, they can get safe, fast, and effective disposal to ensure their safety. The key business and services are not interrupted, while preventing the risk of "big but not down". At the same time, the "Guidance" put forward the opinions of special regulatory requirements, including four aspects: additional capital requirements and leverage requirements, corporate governance, risk management, and information system. So, what special regulatory requirements will be available for D-SII? Zhou Jin believes that the supporting regulatory measures may involve four aspects, including strengthening monitoring in systemic risks and liquidity risks, effectively restoration and disposal, capital requirements, and data requirements. The corresponding requirements are also reflected in the insurance industry regulatory measures. For example, the "Regulations on the Management of Capital Corporation for Insurance Company" proposes that "the amount of additional capital of the insurance company's inverse cycle and the importance of system importance insurance institutions will be provided separately." The company is also this idea, but the quantitative indicators need to be targeted at the international standards and the actual situation of my country's enterprises. "Zhou Jin said. The industry's head effect may be further enhanced, although the evaluation standards for D-SII are currently soliciting opinions, and its additional regulatory regulations have not yet been released. However, analysts believe that according to the "Evaluation Measures" and the additional regulatory regulations that may be adopted, the evaluation and supervision of D-SII will have a greater impact on the industry. Zhou Jin said that selected D-SII, on the one hand, insurance companies can further enhance their reputation and brand, which is conducive to enhancing competitiveness in terms of customer acquisition and sales. On the other hand, in the context of "strict supervision", D-SII information is more transparent, and business structure, management capabilities and asset quality will also be improved, so as to obtain larger business expansion and value growth space.

In addition, with the implementation of the second-generation second-generation and second-generation project, the industry's capital management faces higher requirements, and D-SII is also facing additional capital requirements. Therefore, how to improve and improve the capital management system for D-SII, Including capital planning, capital allocation, capital supplement, etc., will face greater challenges. "Large insurance companies can use the D-SII assessment opportunity to understand the director of other institutions' risk management and business operations, clarify their shortcomings, improve internal management, plan ahead, and calmly cope with future supervision requirements." Zhou Jin said. China Integrity International told a reporter from the Securities Daily that differentiated supervision will put forward higher requirements for the business development of D-SII insurance companies, helping to urge them to form a reasonable development concept of risks, avoid blind expansion, and promote high quality develop. At the same time, in recent years, the growth rate of premiums in the insurance industry has slowed down and competition has intensified. The selection of D-SII will increase the brand influence and market recognition of relevant insurance companies, and the head effect of the insurance industry may be further enhanced. Recommended reading

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