Event: on May 20, the CSRC issued the measures for the supervision and administration of managers of publicly offered securities investment funds (hereinafter referred to as the “measures”) and its supporting rules.
Strengthening management from the six aspects of “access – internal control – operation – Governance – Exit – supervision”, relaxing the licensed public offering of securities companies and encouraging differentiated operation are the two major directions. 1) Access: strengthen the equity management of fund companies, optimize the license system of public fund managers, and expand the team of managers. 2) Internal control: strengthen the monitoring of investment and trading behavior, strengthen the centralized and unified management of fund management companies, and highlight cultural construction and clean practice supervision; 3) Operation: support the company to achieve differentiated development on the basis of optimizing and strengthening the main business of public funds. 4) Governance: improve the governance mechanism of fund management companies and highlight the long-term assessment mechanism. 5) Withdrawal: add a special chapter to clarify the withdrawal mechanism of public fund managers. 6) Supervision: strengthen the whole process control and responsibilities of all parties. We believe that the issuance of the measures will better meet the wealth management needs of residents and serve the reform and development of the capital market, and the expansion of public funds may be further accelerated.
The public offering license will be expanded, and the public offering with asset management license of securities companies will bring new business increment. The measures essentially relaxed the number limit of “one participation and one control” of public offering licenses held by the same subject. On the premise of continuing to adhere to the “one participation and one control” of fund management companies, professional asset management institutions such as securities asset management companies, insurance asset management companies and bank financial management subsidiaries under the same group are allowed to apply for public offering licenses. We judge that the application for public offering license of asset management of securities companies will be further accelerated, and the expansion of public offering license will bring new business increment to securities companies.
Under the guidance of differentiated development, the profitability of head fund companies will continue to improve, and the securities companies participating in and holding large public funds will benefit the most. The measures point out that fund management companies with prominent public offering main business, stable compliance operation and appropriate professional ability are supported to set up professional subsidiaries, specializing in public offering REITs, private equity investment fund management, fund investment consulting, pension financial services and other businesses. At present, the profit model of fund companies is relatively single, and the degree of product homogeneity is high. We believe that under the guidance of encouraging differentiated operation in the measures, the head fund company is expected to realize diversified business development and further improve its profitability with excellent investment and research ability and comprehensive operation ability.
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Risk warning: the capital market fluctuates sharply; Policy promotion is less than expected; The growth of public funds was less than expected
