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地方AMC迎重磅监管新规:回归主业严限跨区经营,划定五大红线
Di Yi Cai Jing· 2025-07-16 09:38
Core Viewpoint - The introduction of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" fills a regulatory gap at the national level, aiming to enhance the supervision of local AMCs and promote stable and compliant operations [1][2]. Regulatory Framework - The new measures clarify the division of regulatory responsibilities, emphasizing that provincial financial management institutions are responsible for supervising local AMCs and managing risks within their regions [3]. - The Financial Regulatory Bureau is tasked with formulating regulatory rules for local AMCs and providing guidance to provincial financial management institutions [3]. Business Operations - The measures impose strict limitations on cross-regional operations, requiring local AMCs to primarily conduct business within their provincial administrative regions, with few exceptions [4]. - Five critical operational red lines have been established to prevent misconduct, including prohibitions on guaranteeing principal, assisting in false reporting, and providing financing under the guise of acquiring non-performing assets [5]. Industry Challenges - Local AMCs are facing significant transformation challenges as they shift from rapid expansion to improving quality and efficiency, with increasing competition from national AMCs and economic downturns affecting asset quality [6][7]. - The industry is experiencing a "pyramid" structure, where the top five local AMCs account for over 40% of total assets, while smaller institutions are nearing marginalization [7]. Development Recommendations - To promote high-quality development, it is suggested to lower entry barriers for local AMCs, encourage diverse ownership structures, and implement market-based mechanisms for asset acquisition and transfer [8].