| 英文摘要 |
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. |
