地方资产管理公司监管暂行办法出台

Core Viewpoint - The newly released "Interim Measures for the Supervision and Management of Local Asset Management Companies" aims to strengthen the supervision of local asset management companies, promote healthy industry development, and better prevent and resolve regional financial and real economy risks [1][2]. Group 1: Regulatory Framework - The measures specify the operational behaviors of local asset management companies, including business scope, business ratios, operational areas, and the types of assets that can be acquired [1]. - It prohibits local asset management companies from engaging in practices such as guaranteed principal and fixed income commitments, concealing non-performing assets, and creating new hidden debts for local governments [1][2]. Group 2: Risk Management - The measures enhance risk management by setting concentration risk regulations, limiting the investment balance in equity and debt for single clients and groups to no more than 10% and 15% of net assets, respectively [1]. - Liquidity risk management is also emphasized, requiring that high-quality liquid assets held by local asset management companies must not be less than the net cash outflow expected in the next 30 days [1]. - Related party transaction regulations are established, capping the total debt balance with all related parties at 50% of the previous quarter's net assets [1]. Group 3: Funding and Supervision - Local asset management companies can raise funds through loans from financial institutions, borrowing from shareholders, and issuing bonds, but cannot accept public deposits or indirectly absorb public deposits [2]. - The balance of funds raised must not exceed three times their net assets [2]. - The measures clarify the division of regulatory responsibilities, with provincial financial management institutions being primarily responsible for supervision and risk management of local asset management companies [2].