China: 金融科技规定研究系列:基金销售规定小结(中篇)

Last Updated: 27 June 2019
Article by Bi Xiuli and He Wang
Most Read Contributor in China, July 2019

目前市场上的持牌第三方基金销售机构已超过130家,但是相对于巨大的市场而言,代销牌照依然是稀缺资源。从目前的基金代销格局来看,依托互联网平台的第三方基金销售机构发展迅速,不少金融机构追求"全牌照",互联网公司也想利用第三方牌照释放自身的流量。当下中国A股正在经历变革,当基数不断增大,互联网代销平台的发展空间也就随之增大。2018年8月23日,中国证监会北京监管局发布公告,已核准北京百度百盈科技有限公司证券投资基金销售业务资格。在获得代销牌照之前,百度已经拥有了基金支付牌照,以及基金电商许可。腾讯、阿里、京东此前均已获得基金代销牌照。BATJ巨头均已入局,抢滩互联网基金销售也成了大势所趋。银行的销售也呈现线下向线上转移的趋势。资产管理领域竞争加剧。

我国监管层对基金第三方销售牌照的审批趋于收紧。2015年与2016年,取得基金销售牌照的独立销售机构分别为34家、36家,而2017年和2018年合计取得基金销售牌照的机构不到10家。互联网金融风险专项整治工作领导小组办公室于2018年3月28日下发《关于加大通过互联网开展资产管理业务整治力度及开展验收工作的通知》(以下简称《通知》),科技金融被明文纳入监管范围,通过互联网开展资产管理业务的本质是开展资产管理业务。资产管理业务作为金融业务,属于特许经营行业,须纳入金融监管。非金融机构不得发行、销售资产管理产品,国家另有规定的除外。依托互联网公开发行、销售资产管理产品,须取得中央金融管理部门颁发的资产管理业务牌照或资产管理产品代销牌照。未经许可,不得依托互联网公开发行、销售资产管理产品。2019年2月22日,证监会就《公开募集证券投资基金销售机构监督管理办法(征求意见稿)》及相关配套规则公开征求意见。

为了更好的理解基金销售的相关知识及相关监管规定及监管趋势,笔者将基本内容(基金销售牌照、现有法规体系、基本含义及应具备的条件、基金销售的规范运作)、重要制度、《公开募集证券投资基金销售机构监督管理办法(征求意见稿)》等方面来进行简要整理。由于内容较多,笔者将分为三篇文章予以整理,以期抛砖引玉。本文为中篇:基金销售的重要制度。

中篇:基金销售的重要制度

为了更好的掌握及理解我国目前对基金销售的规定,对基金销售行为予以规范,笔者整理了基金销售的重要制度,主要包括:(1)投资者适当性管理;(2)基金销售业务资格在合并分立中的管理;(3)基金销售支付结算;(4)基金宣传推介材料;(5)证券投资基金销售业务信息管理平台;(6)销售机构内部控制。

一、投资者适当性管理

(一)基本含义

1.投资者适当性管理

(1)基金销售机构应依法在销售产品或者提供服务的过程中,勤勉尽责,审慎履职,全面了解投资者情况,深入调查分析产品或者服务信息,科学有效评估,充分揭示风险,基于投资者的不同风险承受能力以及产品或者服务的不同风险等级等因素,提出明确的适当性匹配意见,将适当的产品或者服务销售或者提供给适合的投资者,并对违法违规行为承担法律责任。

(2)基金销售机构的适当性匹配意见不表明其对产品或者服务的风险和收益做出实质性判断或者保证。

(3)投资者应当在了解产品或者服务情况,听取基金销售机构适当性意见的基础上,根据自身能力审慎决策,独立承担投资风险。

2.投资者

投资者分为普通投资者与专业投资者。普通投资者在信息告知、风险警示、适当性匹配等方面享有特别保护。

(1)专业投资者

(2)普通投资者

专业投资者之外的投资者为普通投资者。

基金销售机构应当按照有效维护投资者合法权益的要求,综合考虑收入来源、资产状况、债务、投资知识和经验、风险偏好、诚信状况等因素,确定普通投资者的风险承受能力,对其进行细化分类和管理。

(3)普通投资者和专业投资者在一定条件下可以互相转化

3.监管机构

(1)中国证监会及其派出机构在监管中应当审核或者关注产品或者服务的适当性安排,对适当性制度落实情况进行检查,督促基金销售机构严格落实适当性义务,强化适当性管理。

(2)证券期货交易场所应当制定完善本市场相关产品或者服务的适当性管理自律规则。

(二)基金销售机构的适当性义务

二、基金销售业务资格在合并分立中的管理

由于目前我国政策的原因,监管层限制相关牌照的发放,基金销售业务资质在市场上成为稀缺资源,近期的相关业务牌照的转让甚至价格达到亿元以上,因此有必要了解及掌握法定的基金销售业务资格在合并分立中的管理要求。

三、基金销售支付结算

四、基金宣传推介材料

五、基金销售费用

六、销售机构内部控制

(一)目标及原则

1.目标

2.原则

(二)内部控制制度

七、信息平台管理

(一)基本含义

本规定所称的证券投资基金销售业务信息管理平台(以下简称"信息管理平台"),是指基金销售机构使用的与基金销售业务相关的信息系统,主要包括前台业务系统、后台管理系统以及应用系统的支持系统。

信息管理平台的建立和维护应当遵循安全性、实用性、系统化的原则,并且满足以下要求:(1)具备本规定所列示的各项基金销售业务功能,能够履行法律、法规规定的相关责任人的义务;(2)具备基金销售业务信息流和资金流的监控核对机制,保障基金投资人资金流动的安全性;(3)具备基金销售费率的监控机制,防止基金销售业务中的不正当竞争行为;(4)支持基金销售适用性原则在基金销售业务中的运用;(5)具备基金销售人员的管理、监督和投诉机制;(6)能够为中国证监会提供监控基金交易、资金安全及其他销售行为所需的信息。

(二)主要内容

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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