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涉及50余家机构!金融监管总局发布这项监管新规,如何理解
Jin Rong Shi Bao·2025-07-24 12:23

Core Viewpoint - The introduction of new regulatory measures for local Asset Management Companies (AMCs) in China marks a significant step towards a more standardized and sustainable development phase for the industry, focusing on risk management and compliance [1][2]. Group 1: Current Development of Local AMCs - As of the end of 2024, there are still 59 local AMCs in China, with one company deregistered and another approved for bulk acquisition of corporate non-performing assets [1]. - The role of local AMCs in managing non-performing assets has become increasingly important, with the scale of non-performing loans handled by commercial banks rising from 1.4 trillion yuan in 2017 to 3.8 trillion yuan in 2024 [2]. Group 2: Regulatory Framework and Risk Management - The new regulations establish a comprehensive risk management framework, addressing concentration risk, liquidity risk, and leverage risk [3][4]. - Local AMCs are required to limit their exposure to a single client to no more than 10% of their net assets and to a single group client to 15%, similar to the large exposure requirements for commercial banks [3]. - Local AMCs must maintain high-quality liquid assets to cover net cash outflows for the next 30 days, akin to liquidity coverage ratio requirements for banks [4]. - The leverage ratio is capped at three times the net assets of local AMCs, ensuring they do not excessively increase their business scale through leverage [4]. Group 3: Transition Period and Industry Impact - A three-year transition period has been established for local AMCs to comply with the new regulations, allowing them to adjust their operations without immediate pressure [5]. - The varying number of local AMCs across different provinces may lead to a "reduction in quantity and improvement in quality" as regulatory oversight intensifies [5].