Speed up again!
Based on the reform of public fund product registration system in 2013, the CSRC has optimized the public fund product registration mechanism for many times in 2019 and 2020, and there are new changes since 2022.
Fund Jun learned that the latest issue of institutional supervision notice shows that the registration speed of new funds has been further improved since January 1, 2022:
The first is to shorten the registration period of conventional hybrid and bond fund products incorporated into the rapid registration mechanism from no more than 20 days to 15 days in principle.
The second is the conventional active equity, passive equity (broad-based), hybrid and bond fund products that are not included in the rapid registration mechanism. In principle, the registration period is shortened from no more than 30 days, 30 days, 45 days and 45 days to 20 days, 20 days, 35 days and 35 days.
This time, the approval speed has been improved again and the enthusiasm of the industry has been stimulated again. Industry insiders expect that 1898 new funds will be established in 2021, setting a record. With the accelerated approval of new funds in 2022, it is expected that more new products will be released, and the industry will continue to usher in the "golden age".
the registration speed of new funds was further improved
The fund circle has ushered in big news again.
According to the latest issue of institutional supervision bulletin sponsored by the securities fund institution supervision department, in order to deeply implement the requirements of "release management service" and promote the high-quality development of the public fund industry, the securities fund institution supervision department has further optimized the public fund product registration mechanism, continuously improved the registration efficiency and supported industry institutions to increase the supply of high-quality products.
According to the circular, since January 1, 2022, the registration mechanism of conventional fund products has been further optimized to improve the review efficiency, and the core is two "acceleration".
"Speed up" first, the registration period of conventional hybrid and bond fund products incorporated into the rapid registration mechanism is shortened from no more than 20 days to 15 days in principle.
Second, for the conventional active equity, passive equity (broad-based), hybrid and bond fund products that are not included in the rapid registration mechanism, the registration period is shortened from no more than 30 days, 30 days, 45 days and 45 days to 20 days, 20 days, 35 days and 35 days in principle.
Insiders said that the CSRC had previously optimized the registration mechanism of public fund products for many times. This time, it was mainly aimed at the conventional hybrid and bond products included in the rapid registration mechanism, and the registration speed of each type of products was accelerated.
In addition, for conventional active equity, passive equity (broad-based), hybrid and bond fund products that are not included in the rapid registration mechanism, the registration period of these products has been reduced by 10 days and the registration cycle has been shortened by about 1 / 3.
the notice emphasizes the supervision during and after the event
The circular also shows that while improving the efficiency of product registration, we should further improve the supervision during and after the event, and strengthen the main responsibility of compliance risk control of institutions.
The circular puts forward three requirements: first, fund managers should strictly control the quality of application materials and be responsible for the completeness, authenticity, accuracy and integrity of application materials, legality and compliance, and the adequacy of risk disclosure.
Second, fund managers should always adhere to the principle of giving priority to the interests of holders, optimize product design, fully evaluate the necessity and feasibility of product declaration, practically increase the supply of high-quality products and better serve the wealth management of residents and the financial needs of the real economy.
Third, the fund custodian shall strengthen the review and control of the application materials and earnestly undertake the joint fiduciary responsibility.
Next, the securities fund institution supervision department will strengthen the supervision of product application quality to ensure the smooth and orderly operation of the public fund product registration mechanism. Once it is found that the fund manager violates the commitment and deliberately conceals the innovation attribute, the application of the rapid registration mechanism to the relevant fund managers shall be stopped immediately, and the relevant institutions and individuals shall be held accountable in accordance with the law.
According to a product person, due to the great development of the industry in the past two years and the homogenization of products, it is not conducive to protecting the interests of investors. The CSRC strengthens in-process and post event supervision, strengthens efforts to guide fund managers to standardize product declaration behavior, and requires fund managers and fund custodians to stick to their standard, which is to promote the sustainable, stable and healthy development of the public fund industry.
"faster registration system" makes the industry like
This time, the speed has been increased again, which has aroused widespread concern in the industry.
"We received the relevant notice yesterday. The product was approved faster, which is conducive to seizing the market opportunity and applying for relevant new products." A fund company source said.
In addition, another industry source said that at present, it also depends on the effect of the actual approval speed. We are also planning the layout of products according to this situation. However, it will not be reported quickly because of promotion, but mainly according to the rhythm of its own company.
"Personally, I don't think it will have much impact. The current approval speed has been very fast. Relatively speaking, the approval speed of new products of large companies has been very fast. For some small and medium-sized fund companies, they will also be restricted by channel requirements and issuance capacity." Another product person said.
There are also feedback from fund companies to further speed up the audit time of fund products, which is certainly good for the product layout of fund companies. However, it is also noted that the popular industry theme ETF in the past two years has not yet been included in the speed-up range.
In fact, after the "rapid registration system" was adopted for the approval of new funds in 2019, the development speed of the industry was significantly accelerated. In 2019, 2020 and 2021, 1007, 1377 and 1898 new funds were established respectively, far exceeding the number of new funds issued in previous years.
It is worth mentioning that the new fund issuance market in 2021 can be described as "ups and downs" with the shock of a shares, but it has reached a record high with the establishment of 1898 new funds. The total scale of new funds established in 2021 has exceeded 2.98 trillion yuan, becoming the second "hot" year for the issuance of new funds in the history of the fund industry.
With the great development of the new fund, the scale of the fund industry is also developing with great strides. According to the data of China Fund Industry Association, by the end of November 2021, there were 137 fund management companies in China, and the net asset value of public funds managed by these institutions totaled 25.32 trillion yuan. This is the first time that the total scale of public funds has exceeded the 25 trillion mark. At the end of June, the survival scale of bank financial products was 25.80 trillion yuan, and the gap between public funds and bank financial products ranking first in the large asset management industry was further narrowed.
In fact, the total scale of public funds has reached a record high, which has become the norm in the last two years. Especially under the market fluctuation in 2021, the industry still achieves rapid development. The data show that the total scale of public funds increased from 19.89 trillion at the beginning of the year to 25.8 trillion at the end of November, with a big leap increase of 5.4 trillion, an increase of 27.30%, showing the strong growth trend of public funds.
The continuous rise of the total scale of public funds is the perfect internal control system and steady performance of public funds, which has won the trust of investors. In the future, public funds will continue to develop with high quality relying on strong management ability. At the same time, the proportion of institutional investors in the capital market will be further improved, so as to promote the capital market to serve the real economy, enhance the functions of wealth management and Inclusive Finance of public funds, and help the capital market continue to develop with high quality and health.
(China Fund News)
