China: 金融科技规定研究系列:基金销售规定小结(下篇)

Last Updated: 12 July 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。本文为下篇:《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)》(简称"《监督管理办法(征求意见稿》)")内容小结。

下篇:《监督管理办法(征求意见稿)》内容小结

 一、《监督管理办法(征求意见稿)》的制定

(一)出台背景

原《证券投资基金销售管理办法》于2004年首次发布,并于2011年、2013年两次修订;2013年的《证券投资基金销售管理办法》(简称"《销售管理办法》")是《证券投资基金法》的配套规则。

《销售管理办法》及其配套规则的实施,在一定程度上了规范了公募基金销售业务秩序,保护基金投资者合法权益等方面发挥了重要作用。截至2018年末,公募基金个人投资者有效账户数已达6亿。在目前公募基金销售业务初步构建了覆盖场内场外、线上线下、直销代销的多元化销售渠道。行业个人投资者群体不断壮大、普惠金融效应初步显现。但是,新的问题也日益显现,主要体现在:(1)非持牌机构通过多种方式涉足基金销售业务,销售业务日益互联网化,基金销售业务定义需进一步明确,以符合目前市场的实际情况。(2)独立基金销售机构发展不及预期,内控及风险管理制度不健全。(3)销售牌照退出制度不完善,未能实现优胜劣汰等。

为了更加深入保护基金投资者合法权益,2019年2月22日,证监会在2013年发布的《销售管理办法》的基础上拟定了《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)》(以下简称《销售办法》)及相关配套规则公开征求意见,《销售办法》将废止《销售管理办法》。基金销售机构,尤其是市场现存的约130家第三方基金销售机构将迎来严监管。

(二)基本思路

本轮证监会修订的基本思路是,坚持问题和风险导向,以保护投资者合法权益为出发点和落脚点,坚守销售适当性、资金和交易安全底线要求,推进公募基金销售机构提高专业服务能力,提升内部控制和风险管理水平,促进行业长远持续发展,培育行业良性发展生态。

 二、主要内容

1.《监督管理办法(征求意见稿)》共八章,分别为总则、基金销售机构注册、基金销售业务规范(一般规定、基金宣传推介与投资人服务)、内部控制与风险管理(一般管理、独立基金销售机构的特别规定)、基金销售服务机构、销售私募基金的特别规定、监督管理与法律责任、附则。

2.修订内容主要包括:一是厘清公募基金销售业务边界,将各类服务主体纳入监管。二是整合优化公募基金销售牌照注册条件,强化公募基金销售作为金融业务的持牌准入管理。三是全面梳理完善公募基金销售业务规范,强化投资者保护与投资者服务。四是强化对公募基金销售机构特别是独立基金销售机构的内控与风险管理要求。五是推动提升公募基金销售机构专业服务能力,通过资产配置等服务引导客户长期投资。六是进一步完善公募基金销售业务资格退出机制,按照市场化、法治化原则构建良性发展的行业生态。

3.为明确《销售办法》落实安排,特别是存量公募基金销售机构和销售业务规范要求,促进规则平稳落地,本次修订拟配套发布《关于实施<公开募集证券投资基金销售机构监督管理办法>的规定(征求意见稿)》。为体现《销售办法》的基础性与框架性,证监会本次修订过程中还将原办法中涉及宣传推介的核心要求予以保留,其余细化要求与规范性文件《关于证券投资基金宣传推介材料监管事项的补充规定》(证监会公告〔2008〕2号)合并,调整为《公开募集证券投资基金宣传推介材料管理暂行规定》一并发布。

 三、关注要点

通过与《销售办法》比较,《监督管理办法(征求意见稿)》特别关注点主要体现在:(1)明确了独销机构股东条件;(2)对独销机构的控股股东及实际控制人提出了要求;(3)统一了牌照;(4)独立基金销售机构特别制度;(5)销售私募基金的特别规定;(6)牌照的续展制度;(7)牌照不予续展的情形;(8)证监会加强监管;(8)加强支付机构的监管等。

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.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions