Abstract [In order to adjust the current regulatory framework and improve the efficiency of policy supervision, recently, from the State Council's joint ministries and commissions to the local financial government level, a large number of financial risk monitoring policies have been introduced, intended to brake the financial innovation] P2P, offline financial management , down payment,...
[In order to adjust the current regulatory framework and improve the efficiency of policy supervision, recently, from the joint efforts of the State Council to various local financial governments, a large number of financial risk monitoring policies have been introduced, intended to brake the financial innovation] P2P, offline financial management, down payment loans, and equity crowdfunding have now been discussed. These new financial formats, which have emerged through financial innovation and the “Internet +†tide, have experienced rapid growth in the past two years. Although financial innovation has been active in the industry to a certain extent, it has also caused a large-scale “financial tsunami†due to the integration of finance and In the two formats of the Internet, the negative impact of the outbreak of new financial risks far exceeds the past.
Such financial innovations are experiencing regulatory brakes. Since the launch of the special rectification of Internet finance on April 14 this year, a series of regulatory policies have been launched from the national level to local governments and financial regulatory authorities, and the Internet finance-related industry rectification sub-plan will soon be introduced.
Starting today, the Shanghai Banking Regulatory Bureau suspended the business cooperation between commercial banks and six intermediaries in the jurisdiction for one month, including Shanghai Chain Real Estate Agency Co., Ltd., which triggered the “down paymentâ€.
Innovation out of control
On July 18, 2015, the central bank and the ten ministries and commissions issued the “Guiding Opinions on Promoting the Healthy Development of Internet Financeâ€. The document was issued after discussion between the State Council and the central government, and its regulation of Internet finance was clearly defined as “healthy developmentâ€.
Internet finance has been active in the financial industry to a certain extent. A large number of financial innovation products have brought new industry growth points. Its characteristics of “small amount, large amount, high frequency†make up for the gap in the traditional financial industry and help small and micro enterprises. Healthy development. However, such benign traits are not understood by every practitioner, and cases of breaking through the boundaries of financial innovation continue to occur.
In essence, since the supervision voice of the P2P online lending industry was issued in April 2014, the bottom line of the supervision of information intermediaries rather than credit intermediaries and the inability to engage in fund pools has appeared in the “four red linesâ€. However, this regulatory bottom line has never been valued by the industry. The problem of fund pools behind asset mismatches and maturity mismatches is widespread.
The "funding pool phenomenon" hides a huge risk loophole. On the one hand, the idle funds of more non-qualified investors have entered the unsustainable field; on the other hand, the extra-territorial funds and private funds that have been unpredictable in volume have entered the on-market financial market with strict firewalls. .
From the perspective of real problems, the risk loopholes in the first aspect have led to the current financial risks, and the intensive offline financial platform "burst" incident has more than one impact. From e-Tibet in 2015, Pan-Asia to the Chinese Jin Department in 2016, the fast deer system, and then to the Hope Group’s boss to take the road to escape, whether it is the amount, the investors involved, or the problem company itself. Product lines, cross-border areas, and inconsistencies between affiliates are all complicated. However, it can be found that every offline wealth management company has a story related to financial innovation and inclusive finance at the beginning of its establishment.
The second type of risk loophole caused a large amount of off-site funds to "flush" into the market. In the past two years, the rumors of leveraged funds have plagued two markets. One is the stock market that has been driven by the bull market in May 2015, which caused the stock market situation to be chaotic. The other is that in 2016, the “down payment†For the financial products represented, more private leveraged funds have flowed into the real estate market, disrupting the financial order.
At the beginning of 2016, Chain Home Finance used the chain home intermediary as a “node†to promote real estate financial products such as down payment loans. However, whether it is grafting P2P mode chain financing or many financial products provided by intermediary mode, there are many non-compliance. In addition, some real estate intermediaries, development companies, and microfinance companies, guarantee companies, asset management companies and other institutions provide real estate over-the-counter financing products, including redemption loans, tail loans, tax loans, and property crowdfunding. Played a role in fueling the situation.
Many financial innovations have gone out of control. In addition to P2P, the phenomenon of ignoring the boundaries of financial innovation is widespread, and the spread of financial risks has taken the form of cross-regional, cross-market and cross-industry. For example, in the field of third-party payment, privately diverting customers' reserve funds and depositing funds from customers; in the field of equity crowdfunding, engaging in equity financing business in the name of equity crowdfunding, unauthorized disclosure or disguised public offering of shares in the field of Internet insurance; Organizations that do not have the financial assets are engaged in the same business as insurance with non-insurance names, and are engaged in illegal fund-raising in the name of financial innovation.
Policy cofferdam
Why is financial innovation development out of control? Many people attribute this reason to the lag of supervision and the disconnection of policies. From the rapid development of the Internet finance industry in the past two years, it can be seen that the innovation cycle and business refurbishment of financial products in different fields have rapidly shortened the status quo. When the efficiency of the Internet hits the financial risks, the balance is biased towards efficiency.
In order to adjust the current regulatory framework and improve the efficiency of policy supervision, recently, from the joint efforts of the State Council to various local financial governments, a large number of financial risk monitoring policies have been introduced, with the intention of financial innovation brakes.
On April 14, 2016, the State Council and 14 ministries and commissions held a video conference. From now until March 2017, a one-year special rectification of the Internet finance sector will be launched nationwide. One of the short-term goals of rectification is to reverse Some of the formats have deviated from the correct direction of innovation, and the Internet finance cases have been rampant. On the same day, the central bank led the joint financial supervision departments to set up a special rectification team, and introduced the "Internet financial risk special rectification work implementation plan" (hereinafter referred to as "implementation plan"). In a penetrating manner, the nature of the business is divided into different regulatory authorities, and the situation of irresponsibility without a license is changed.
The "First Financial Daily" was informed that the nationwide Internet finance special rectification will focus on establishing a centralized registration system for Internet financial products and a centralized management system for fund accounts, and clarifying the penetrating regulatory rules for cross-border cross-linked financial products, thereby establishing and Improve the regulatory system that is suitable for the characteristics of Internet finance.
As an overall plan, the “Implementation Plan†will be followed by sub-solutions on third-party payment, P2P, equity crowdfunding, Internet insurance, Internet cross-border asset management, Internet financial advertising, and financial activities with investment and wealth management.
On the day of April 14, the Central Office of the Central Bank issued the first sub-program “Implementation Plan for the Special Rehabilitation Work of Non-Bank Payment Institutionsâ€, stating that it is necessary to gradually cancel the interest expense on the payment of the payment from the payment institution’s customers and reduce the customer’s provision. The funds in the gold account are deposited, and the interest income is not earned by disguising the deposits in disguise. In addition, the reserve funds will be centrally deposited and must be deposited in a unified manner with the central bank or the bank. At the same time, the focus on rectifying the "undocumented" payment business is not too great.
Local governments and local financial regulatory authorities “first-time†refers to the down payment. On April 20, 2016, the Guangzhou Financial Industry Association, the Guangzhou Internet Finance Association, and the Guangzhou Real Estate Intermediary Association jointly issued a business notice, requiring all member units to It has completely stopped the financial services such as down payment loans and crowdfunding purchases, and thoroughly carried out self-examination and business clean-up. Previously, Beijing, Shanghai and Shenzhen have already stopped the down payment business.
Three days after Guangzhou stopped the down payment business, on April 23, the Shanghai Banking Regulatory Bureau conducted an audit investigation on the personal housing mortgage loan business of some commercial banks within its jurisdiction. According to the results of the audit, it was decided to suspend the business cooperation between the commercial banks and the six intermediaries in the jurisdiction for one month from April 25, including Shanghai Chain Real Estate Co., Ltd., which caused the “down paymentâ€.
On the previous day, a local financial supervision department formally aimed at the special rectification and deployment of P2P network lending risks, and formulated a “one household, one file†system, which classified online lending institutions into three categories: compliance, rectification, and banning. It is pointed out that the online lending platform may not set up a fund pool, self-inflation, provide guarantees to lenders or promise to protect interest and interest, fictitious borrowers and targets, sell bank wealth management and securities business and other products, transfer of illegal credits, participate in high-risk securities market financing or Use the HOMS-like system to engage in off-market fund-raising in the stock market. And focus on the "business expansion too fast", "commitment to high returns", "involving real estate allocation", "involving campus online loans" and other types of platforms.
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