23项“禁令”齐发！这类金融组织迎强监管→

Core Viewpoint - The recent issuance of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" marks a significant improvement in the regulatory framework for local AMCs in China, aiming to guide the industry towards more standardized and sustainable development [1][4]. Summary by Relevant Sections Regulatory Framework - The new measures comprehensively regulate the business boundaries, risk management, and supervisory mechanisms of local AMCs, clearly defining what is permissible and what is prohibited, thus enhancing risk management and compliance levels [1][3]. Business Operations - Local AMCs are primarily focused on preventing and resolving regional financial and real economy risks, with a defined scope of operations including the acquisition, management, and disposal of non-performing assets [3][4]. - The measures prohibit local AMCs from engaging in activities such as helping financial institutions conceal non-performing assets and providing financing channels for local government financing platforms [5][6]. Risk Management - Specific risk management requirements are established, including limits on exposure to single clients and groups, ensuring that local AMCs maintain a balanced risk profile [7][8]. - Local AMCs are required to hold a minimum amount of high-quality liquid assets to manage liquidity risks effectively [8]. Regulatory Responsibilities - The provincial local financial management institutions are designated as responsible for the supervision and risk management of local AMCs, ensuring a unified and authoritative regulatory approach [9]. - The measures emphasize the importance of collaboration between local and national regulatory bodies to promote healthy industry development [9]. Transition Period - A transition period is set for local AMCs to comply with the new regulations, which is expected to last no more than three years, allowing companies to adjust their business models accordingly [10][11].