托管新规影响多大？最新解读

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for the revised "Securities Investment Fund Custody Business Management Measures," aiming to reshape the private fund custody industry and prevent "sick custody" practices. The draft includes stricter entry requirements, enhanced risk isolation, and clearer responsibilities for custodians, with feedback due by May 3, 2025 [1]. Group 1: Regulatory Changes - The draft aims to improve the entry threshold for custodians, strengthen their supervisory responsibilities, and clarify the "one custodian to the end" requirement for private securities investment funds [3][6]. - The new regulations are expected to accelerate the clearing of the industry, leading to a stronger competitive landscape where only the most capable custodians thrive [21][22]. Group 2: Custodian Responsibilities - The draft emphasizes the need for custodians to actively supervise and report any significant discrepancies in fund valuations or net asset values on the same day they are discovered [10][11]. - Custodians are required to refuse to execute investment instructions from fund managers that violate laws or regulations, thereby enhancing their supervisory role [10][11]. Group 3: Industry Impact - The new regulations are anticipated to lead to a significant reshaping of the custody industry, with a focus on compliance and professionalization, potentially resulting in the exit of 20% to 30% of smaller custodians within three years [23]. - The draft encourages a concentration of resources among larger custodians, as smaller firms may struggle to meet the new compliance and operational standards [22][23]. Group 4: Transition Period - A three-year transition period is established for existing private funds that do not meet the "one custodian to the end" requirement, allowing them to rectify their compliance issues [7][22]. - The draft also sets forth that custodians must conduct thorough due diligence and verification of the information provided by fund managers, ensuring a higher standard of operational integrity [10][11]. Group 5: Market Dynamics - The new rules are expected to enhance market transparency and investor protection, as custodians will be held to stricter standards of accountability and operational oversight [15][21]. - The shift towards a more regulated environment is likely to favor larger, more established custodians, thereby increasing the competitive pressure on smaller firms [20][21].