The capital market will usher in new long -term investors!CSRC solicit opinions on the rules of personal pension investment public funds

Author:Securities daily Time:2022.06.25

Wen | Wu Xiaolu Meng Ke

On June 24th, the CSRC asked the society to publicly solicit opinions on the society for the "Interim Provisions on the Management of the Business Management of Securities Investment Fund (Draft for Solicitation of Opinions)" (referred to as the "Interim Provisions") to promote the multi -level and multi -pillar pension insurance system Construction and standardize personal pension investment publicly raised securities investment funds (hereinafter referred to as funds). Market participants said that the scale of personal pension accounts is expected to exceed trillion yuan. After investing in public funds, it is also expected to bring new types of long -term investors to the capital market. Zhang Yiqun, deputy chairman of the Performance Management Commission of the Chinese Finance Society, told the Securities Daily that the state has multiple policy effects on the business of carrying out personal pension investment public funds. First of all, as a supplementary securities business policy that promoted the development of personal pensions in April this year; second, standardize the investment behavior of securities fund, enhance the capitalization and securitization attributes of personal pensions, and ensure the security of personal pensions; finally Instead of increasing the income of personal pension investors, further broadening pension investment channels, and enhancing personal pension investment diversity. On April 21, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pension" to clearly clearly choose to purchase financial products that meet the prescribed regulations. Supervision. In accordance with the requirements of the Opinions, in order to clarify the institutional arrangements of the personal pension participants' investment funds and protect the legitimate rights and interests of investors, on the basis of fully investigating, the Securities and Futures Commission drafted the "Interim Regulations". The "Interim Provisions" has a total of 6 chapters and 30 articles, which mainly specify the following three aspects: First, to clarify the general principles and basic requirements of fund managers and fund sales institutions to carry out personal pension investment fund business; second, clarify that personal pensions can invest in investment The fund product standard requirements are required, and the fund manager's investment management and risk management responsibilities are stipulated; the third is to clarify the exhibition conditions requirements of the fund sales institution, and the information prompts, account services, promotion, appropriate management, appropriate management, and appropriate management of fund sales institutions Investor education and other responsibilities make regulations. Specifically, for the fund product standards that personal pensions can invest, the "Interim Regulations" shows that it is planned to include the pension target funds with a scale of not less than 50 million yuan at the end of the last four quarters. Zhang Yiqun said that it helps to enrich the variety of securities investment funds, achieve excellent selection and excellence, stabilize the scale and income of investment, and better ensure the security of personal pension investors' funds. In addition, long -term long -term assessment and long -term evaluation requirements. The "Interim Provisions" proposes that fund managers and fund sales agencies shall establish a long -term assessment mechanism, and the evaluation cycle of personal pension investment fund business, product performance, and personnel performance shall not be as short as 5 years. Fund evaluation agencies should adhere to the principle of long -term evaluation. The performance evaluation period shall not be shorter than 5 years. They shall not use single indicators for ranking or evaluation. Short -term returns and scale rankings shall not be carried out. In this regard, Zhang Yiqun said that as an innovation in the capital field, the personal pension investment fund is conducive to stabilizing the scale of investment, achieving a medium and long -term investment effect, and further maintaining the stability of the securities market. Li Qiosuo, managing director and strategic analyst of CICC Research Department, believes that for the capital market, the development of a personal pension system will help accelerate the transfer of Chinese residents' assets from real estate and deposits to financial assets New types of long -term funds. In the long run, referring to the experience of overseas personal pension allocation and combining the domestic environment, Chinese personal pensions are expected to gradually increase the proportion of equity asset allocation. Based on certain assumptions, the proportion of equity assets in China's personal pension in 2030 may gradually increase to about 20%, providing an incremental capital of about 200 billion yuan to 600 billion yuan for the stock market. Long -term inflowing of funds is conducive to improving the proportion of investors in the A -share market institution, cultivating the capital market value investment and long -term investment concepts, reducing market volatility, and helping the high -quality development of the capital market.