20万亿资管市场迎“强监管”信号：欧洲央行提议上收权力，聚焦贝莱德等巨头

Core Viewpoint - The European Central Bank (ECB) advocates for a more centralized regulatory framework for the largest asset management companies in the EU to address potential regulatory blind spots and enhance oversight of cross-border financial risks [1][2][3] Group 1: Regulatory Recommendations - The ECB suggests establishing a more centralized regulatory mechanism for the top ten to fifteen asset management firms in the EU, such as BlackRock and Amundi, due to their significant asset management totaling €6.3 trillion [1] - The ECB recommends granting the European Securities and Markets Authority (ESMA) greater authority to lead or coordinate the daily supervision of these large non-bank financial institutions [1][3] Group 2: Industry Growth and Challenges - The European investment fund industry has experienced explosive growth over the past decade, with total assets under management exceeding €20 trillion (approximately $23.76 trillion), outpacing traditional banking sector growth [1] - The fragmented regulatory framework at the national level complicates the tracking of risks associated with large asset management firms that engage in cross-border activities [2][3] Group 3: Systemic Importance and Financial Stability - The ECB expresses concerns that the current fragmented regulatory model may lead to regulatory blind spots, making it difficult to monitor cross-border capital flows and liquidity risks during market volatility [3] - A more integrated regulatory framework is expected to enhance the resilience of the asset management industry and support credit and liquidity supply during financial stress [3] Group 4: Historical Context and Resistance - Despite the ECB's long-standing push for unified regulation across the EU for funds, it has faced resistance from national regulators reluctant to relinquish control over sensitive markets [3] - The ECB's recent research indicates that asset management companies provide financing for approximately 15% of traditional lending institutions' balance sheets in the Eurozone, accounting for about 10% of total bank assets [3]