「資管新規」介評

Introduction and Comment on New Regulation Regarding Asset Management

資管業務是中國大陸快速發展的一項新型金融業務，它在實質上係金融領域中的混業經營，因而偏離了以分業監管為基礎的實定法規範。多個金融監管機構為了在資管業務中實現功能監管，共同制定「資管新規」，作出了部分實現統合立法的有益嘗試。資產管理，在理論上屬於信託事務的延伸，本應以《信託法》為其基礎，但顧及商業銀行與信託分業的實定法規定，或曰容忍商業銀行等金融機構從事信託業務，「資管新規」並未對資產管理的內部法律關係作出明確界定。為了有針對性地解決中國大陸金融市場存在的實踐問題，「資管新規」明令禁止資管業務採用「資金池」形式，以實現每個資管產品之間的相互獨立；宣示「打破剛性兌付」，以緩和金融機構之間的惡性競爭，努力降低金融機構的風險；限制多層嵌套和通道產品，以達成金融服務實體經濟、保護投資者利益的目的；特別規制「非標」產品，以遏制影子銀行現象的蔓延並防控金融風險。

Asset management business is a rapidly-developing new financial business, and it is practically a mix operation in the finance field and thus deviates from regulations that based on separate supervision. Several financial supervisory agencies, aiming at achieving functional regulation in the asset management industry, jointly enacted a new regulation relating to asset management and made a beneficial attempt on integrated legislation. Asset management, theoretically the extension of trust business, should have used the “Trust Law” as its foundation, however, the foregoing new regulation does not clearly define the internal legal relationships of asset management, either due to consideration of separate regulations between commercial banks and trust industry or tolerance to commercial banks’ operation of trust business. To specifically solve the enforcement problem in China’s financial market, the foregoing regulation (i) clearly prohibits the use of “cash pool” to ensure the independence for each asset management product, (ii) declares to break payment’s rigidity to alleviate vicious competition among financial institutions and decrease risks, (iii) restricts multi-layered nesting and channels to realize financial institutions’ goal of serving physical economy and protecting investors’ interests, and (iv) specifically regulates the “non-standard products” to curb the proliferation of shadow banking system and control financial risks.