China: 新瓶何以待老酒?覧过渡期内存续的银行理财产品管理和处置问答

Last Updated: 12 June 2019
Article by Shidong Sang
Most Read Contributor in China, July 2019

近期,中国工商银行、中国建设银行、交通银行的理财子公司获准开业,关于过渡期内存续的母行理财产品的管理问题再次引起了业界广泛关注。我们特依据《关于规范金融机构资产管理业务的指导意见》(银发〔2018〕106号)(下称"《资管新规》")、《商业银行理财业务监督管理办法》(中国银行保险监督管理委员会令2018年第6号)、《商业银行理财子公司管理办法》(中国银行保险监督管理委员会令2018年第7号)等相关法律法规,并参考监管机构相关人士在有关会议上发表的讲话精神,对过渡期内存续的银行理财产品的管理和处置,整理出本问答,以期抛砖引玉。

Q:过渡期的起止时间分别为何时?

A:过渡期始于2018年4月27日(即《资管新规》发布日),终于2020年12月31日。

Q:过渡期内存续的新老产品种类大概有哪些?

A:依据《资管新规》《关于进一步明确规范金融机构资产管理业务指导意见有关事项的通知》的规定,过渡期内,银行发行的产品原则上应为符合《资管新规》规定的产品(下称"新产品"),但为以下目的也可以发行老产品:(一)为接续存量产品所投资的未到期资产,维持必要的流动性和市场稳定;(二)投资新资产,优先满足国家重点领域和重大工程建设续建项目以及中小微企业融资需求。发行老产品的整体规模应当控制在《资管新规》发布前存量产品的整体规模内;发行老产品投资新资产的,所投资新资产的到期日不得晚于2020年底。

因此,母行在过渡期内存续的产品应包括以下产品类别:

(1)《资管新规》实施前发行的老产品;

(2)《资管新规》实施后发行的老产品;

(3)《资管新规》实施后发行的新产品。

Q:过渡期后存续老产品的全面规范要求是什么?

A:依据相关规定,过渡期结束后,老产品原则上应当全面规范。对于由于极为特殊原因而不能规范的,应经金融监管部门同意,进行适当安排妥善处理。

依据《资管新规》第二十九条的规定,过渡期结束后,金融机构的资产管理产品应按照《资管新规》进行全面规范(因子公司尚未成立而达不到第三方独立托管要求的情形除外),金融机构不得再发行或存续违反《资管新规》规定的资产管理产品。

《中国人民银行办公厅关于进一步明确规范金融机构资产管理业务指导意见有关事项的通知》中规定,过渡期结束后,对于由于特殊原因而难以回表的存量非标准化债权类资产,以及未到期的存量股权类资产,经金融监管部门同意,采取适当安排妥善处理。

金融机构应当制定过渡期内的资产管理业务整改计划,明确时间进度安排,并报送相关金融监督管理部门,同时报备中国人民银行。整改计划经金融监督管理部门确认后执行,并由金融监督管理部门监督实施。

Q:理财子公司正式开业后,母行能否再发行理财产品?

A:中国银保监会有关部门负责人于2018年12月2日就《商业银行理财子公司管理办法》答记者问时指出,理财子公司开业后,母行自身不再开展理财业务(继续处置存量理财产品除外)。

据了解,考虑到既有银行理财产品处置的需要,如理财子公司在过渡期内开业的,理财子公司开业后,母行仍被允许发行老产品。据报道,国内首家商业银行理财子公司覧建设银行全资子公司建信理财有限责任公司于2019年6月3日正式开业运营。关于理财子公司开业后母行是否可以继续发行老产品的问题,建信理财董事长表示,过渡期内,老产品可以以建行的名义发行,一边发行一边转型。

因此,出于稳妥有序压降老产品的监管要求,过渡期内理财子公司开业后,母行可以继续发行老产品,母行发行的理财产品与理财子公司发行的理财产品会并存一段时间。需要注意的是,母行应将存量产品规模控制在《资管新规》发布时(2018年4月27日)存量产品的整体规模内。出于规范和减少同行范围内竞争的考虑,在该等并存的时间内,母行应该只能发行老产品,且理财子公司不能发行老产品。

Q:理财子公司开业后,母行已经存续的理财产品如何处置和管理?

A:母行已经存续的理财产品在过渡期结束后原则上应达到全面规范的要求,具体见前关于"过渡期后存续老产品的全面规范要求是什么"之问答。

理财子公司开业后,对于母行已经存续的理财产品如何处置,相关规定并没有明确。中国银保监会党委委员、副主席曹宇在参加"资管新规一周年:回顾与展望"专题研讨会时表示,商业银行应切实担负起存量资产处置和理财业务转型的主体职责,按照存量处置工作"资产在母行、责任在母行、考核在母行"原则,推进理财业务改革转型;商业银行可根据本行实际和工作需要,在母行与理财子公司权责明确、有效隔离、处理好新老产品关系的基础上,按照商业原则,确定是否由母行委托理财子公司处置存量业务。

因此,理财子公司成立后,母行老产品管理和处置由以下三种模式供选择:

(1)仍由母行原资产管理部门管理。该等管理模式的涉及的变化情形较小,银行只需要做好原有的资管业务人员在母行资管部门和理财子公司的岗位调整即可。由于母行仍需继续管理和处置老产品,因此母行资管部门仍需要保留相当数量的岗位和人员。该等模式好处在于,理财子公司能够完全做到"洁净起步、轻装上阵"。

(2)母行委托理财子公司进行处置。在该等管理模式下,母行与投资者之间的投资管理的法律关系不发生变化,母行仅将理财产品的管理和处置业务中的事务性工作委托理财子公司开展,理财子公司在开展该等事务时,仍需以母行的名义进行。该等模式下,母行资管部门的相关人员可以尽快转岗到理财子公司,实现理财子公司对理财业务统一管理。该等模式下,将会涉及到在母行和子公司之间进行委托管理费用的支付问题(原则上,母行应向子公司支付管理费用)。

(3)由理财子公司承接产品的管理和处置。该等模式下,相关产品的管理的法律关系将发生变化,因而需要取得投资者的同意才行。另外,由于监管部门要求理财子公司应坚持"洁净起步、轻装上阵"的原则,理财子公司所承接的产品应为符合《资管新规》、银保监会关于银行理财业务管理规定的产品,不符合《资管新规》或银保监会关于银行理财业务管理规定的产品,理财子公司应不能承接。[1]

Q:过渡期内理财子公司可以发行老产品吗?

A:如前所述,过渡期内,银行发行的产品原则上应为新产品,但为以下目的也可以发行老产品:(一)为接续存量产品所投资的未到期资产,维持必要的流动性和市场稳定,金融机构可以发行老产品对接;(二)投资新资产,优先满足国家重点领域和重大工程建设续建项目以及中小微企业融资需求。

但是,理财子公司的业务开展应洁净起步,实质上符合《资管新规》,因此,理财子公司在过渡期内不得发行老产品。

Q:考虑到前述情况,理财子公司正式开业的时间应如何统筹考虑?

A:银保监会虽然已经批复准许理财子公司可以开业,但理财子公司仍可以考虑自身准备情况,以确定具体开业的时间。

理财子公司正式开业前,母行应确定老产品的管理和处置的方案。当然,还应统筹考虑理财子公司的人员配置、机构设置、业务发展计划等。

文中备注:

[1]据财新报道,银保监会创新部主任李文红曾表示,如果理财子公司要承接银行存量理财产品,应同时符合资管新规、理财新规和理财子公司管理办法的要求;理财子公司不能承接原有的不合规的存量理财产品,但已经改造合规的产品可以划到理财子公司。

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