新规出台，助力地方AMC规范化专业化发展丨曾刚专栏

Core Viewpoint - The recent issuance of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" aims to provide institutional support for the high-quality development of local AMCs, addressing issues such as business diversification, risk accumulation, and regulatory arbitrage that threaten their stability and the regional financial system [1][6]. Group 1: Development and Challenges of Local AMCs - Local AMCs have significantly grown in scale, with 59 established across all provinces except Tibet, and total assets exceeding 1 trillion yuan, playing a crucial role in mitigating regional financial risks [2][3]. - They have disposed of over 5 trillion yuan in non-performing assets, demonstrating their importance in resolving banking sector issues and supporting the real economy [2]. - However, local AMCs face challenges such as blurred business boundaries, weak risk management, and a single profit model, which necessitate regulatory reforms [3][4]. Group 2: Regulatory Framework and Measures - The new measures clarify the functional positioning of local AMCs, emphasizing their role in preventing and resolving regional financial risks rather than merely pursuing scale and profit [6][7]. - A quantitative requirement mandates that at least 30% of new investments must be in the acquisition of financial non-performing assets, ensuring a focus on core business [7]. - The measures establish a risk management framework addressing concentration, liquidity, and related party transaction risks, including limits on financing balances to mitigate systemic risks [8][9][10]. Group 3: Supervision and Coordination - The regulatory framework introduces a collaborative supervision model, with provincial financial management institutions responsible for daily oversight and the National Financial Supervision Administration providing support and coordination [10][11]. - This structure aims to enhance regulatory efficiency and prevent regulatory arbitrage, ensuring a unified standard across different regions [11]. - The implementation of these measures marks a new phase of standardized and professional development for local AMCs, aligning with ongoing economic and financial reforms [11].