| 英文摘要 |
The operational model of financial products’“capital pool” means the approach that banks use to form a “capital fund” by continuously collecting funds of various types and timelines from the rolling sale of financial products, operating collectively by aligning with multiple project assets. Such model has the features of rolling sale, collective operation, timeline separation, and differential pricing with each feature associating with higher risks. Although the PRC regulatory agency has observed the risks from capital fund’s operational mode and promulgated the relevant regulatory approaches, however, the implementation result wasn’t satisfactory until the publication of the “Guiding Opinion on Regulating Asset Management Business of Financial Institutions”. To regulate capital asset-related financial products and enable normalization, it’s more essential to restructure the said products’ operational models and legal relationships in addition to imposing restrictions aiming at those capital funds’ features. To enable normalization, it’s necessary to follow the below approaches: (1) break guaranteed return and networthify the products, (2) reinforce the disclosure of information and promote investors’ selfassumption of risk, and (3) limit insider trading and guarantee the independence of such products. |
