Every time the hot review 丨 pension investment trustee should follow the "cautious investor rules"

Recently, the CSRC drafted the "Interim Provisions on the Management of the Business Management of Public Pension Investment Public Investment Fund (Draft for Soliciting Opinions)" (hereinafter referred to as the "Interim Provisions") and publicly solicited opinions. The author believes that it needs to be clear that pension investment trustees should follow the "cautious investor rules."

Not long ago, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pensions", which clarified that the individual pension participants could choose to purchase financial products that meet the prescribed regulations. The "Interim Provisions" made an institutional arrangement for the personal pension investment fund. Among them, the fund products that clarify the personal pension can have the characteristics of operational safety, mature and stable, standard specifications, and long -term value preservation. Pension target funds with a scale of not less than 50 million yuan; stable investment style, clear investment strategies, good long -term performance, and stable operations, suitable for stock funds, hybrid funds, bond funds, funds in funds, other funds, other funds, other funds, other funds. fund".

Personal pension investment fund business has business attributes such as voluntary participation, independent investment, and self -risk. This has clearly stipulated in the "Interim Provisions". After all, investment public funds also have certain risks. How to ensure the security and stability of personal pension should be the focus of everyone's attention. At present, although the security of personal pension investment is principled, there is still sufficient security measures in specific operations.

For example, personal pensions can invest in pension target funds, but the security of investment target funds for the pension target fund does not clearly specify. "Guidelines for Pension Target Securities Investment Fund (Trial)" stipulates that if the closure operation period of regularly open the elderly target fund or the shortest period of investor holding is not as short as one, 3 years or 5 years, the fund is invested in stock and stock funds The total proportion of hybrid funds and commodity funds (including commodity futures funds and gold ETFs) is not more than 30%, 60%, and 80%in principle. In terms of stock targets alone, there are no investment restrictions. Trash stocks, problem stocks, group stocks, risk warning stocks, losing stocks, and high price -earnings ratio shares may not rule out the possibility of being included in the investment target, let alone the investment risk of commodity futures.

In the same way, if personal pensions directly invest in stock funds, mixed funds, etc., the underlying assets (including stocks) invested by these funds do not seem to specify sufficient margins of security, and some high -risk stocks may also enter the investment portfolio.

The security of personal pensions invests, and the safety of its underlying assets is not an exaggeration to emphasize it anyway. Risk is proportional to the income, but personal pensions cannot bear excessive risks, and they prefer to benefit a little lower income, and do not lose safety and stability.

Fund belongs to entrustment wealth management. It is undeniable that public funds still have the moral risks of individual fund managers. In addition, some fund managers' investment styles are relatively radical and lack of caution. To ensure the safety of personal pensions investing in public funds, all trustees in the commissioned fund entrusted chain of public fund should follow the principles of caution.

In this regard, the United States has established the "Care Investor Rules" for the trustee, which is mainly reflected in the "Revision of the Trust Law" (third edition) and the "Unified Care Investor Law". Investors should have the way to deal with trust affairs ", this method is: the trustee should consider the corresponding risk and income standards in combination with the overall investment of the investment rather than a single investment project; Principles, etc. In short, when the trustee manages trust affairs, it should be a cautious ordinary businessman to handle their affairs, which absorbs the essence of modern investment portfolio theory (MPT). Although theoretically fund managers can make any types of securities investment without being constrained by a single securities risk, a single securities in the actual operation will still affect the risk of the entire portfolio. Managers are not "do whatever they want" in the selection of investment varieties.

my country's "Trust Law" stipulates that the trustee to manage the trust property must fulfill its duties and fulfill the obligations of honesty, credit, cautiousness, and effective management. Article 9 of the Fund Law stipulates that the fund manager shall abide by the prudent business rules in the investment of securities to effectively prevent and control risks. But these regulations still seem to have a certain distance from the "cautious investor rules". It is suggested that in the "Trust Law" and "Fund Law", the trustee can also stipulate the "cautious investor rules", including the trustee to follow the decentralized investment concept, and establish a prudent investment target in accordance with the "cautious investor rules". Library rules, select the right investment target. At the same time, the underlying assets of the fund investment must be established, including risk warning stocks, large hidden dangers stocks, and high price -earnings ratio shares, etc., all should be included in the "banned projects", because these stocks may be right. The safety of personal pensions constitutes a huge threat.

Daily Economic News

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