The central bank issued a document to standardize the affiliated transaction behavior of the Financial Control Company: It is planned to set up a one -year transition period to focus on preventing the conversion of interests

China Times (chinatimes.net.cn) reporter Liu Jia Beijing report

The central bank issued a document to standardize the affiliated transaction behavior of the financial holding company and promote its stable operation.

On August 30, the People's Bank of China issued the "Administrative Measures for Related Transaction of Financial Holdings Company (Draft for Soliciting Opinions)" (hereinafter referred to as the "Draft for Soliciting Opinions") and publicly solicited opinions from the society.

The solicitation of the comments determines the scope of the related parties of the financial holding company at this level. From multiple dimensions to divide the affiliated transaction category, put forward the overall requirements of internal management, and classify the specific requirements of related related transactions. Essence

In addition, the solicitation draft has set a one -year transitional arrangement to ensure compliance management compliance with affiliated transactions at the expiration of the transition period.

"The draft for the comments was after the" Trial Measures for the Supervision and Management of the Financial Holdings Company "(hereinafter referred to as the" Financial Control Measures "), another very important regulatory method on the company." Baili analyzed the reporter of the Huaxia Times that from the past, the risk of financial control companies is mainly manifested in the complex equity structure, many types of business, chaotic management, and high risk of related transactions. Among them To achieve it, the release of the comments draft is very critical.

Follow the essence and focus

Regulating affiliated transactions is the key to improving the internal control and risk management of financial holding companies, and it is also an important way for financial holding companies to regulate.

The central bank pointed out that as the parent company of the financial holding company, financial holding companies must carry out affiliated transaction management at this level to guide and urge the subsidiaries to meet the corresponding affiliated transaction supervision regulations. Internal transactions and groups are collected and summarized, monitoring, analysis, and early warnings to collect and summarize, monitoring, analysis, and evaluation and early warnings to promote the standardized operation and stable operation of financial holding groups.

Earlier, the "Financial Control Measures" carried out principles for the affiliated transactions of the financial holding company, and the draft for soliciting opinions was to further clarify relevant requirements and standards on this basis to provide guidance and basis for financial holding companies' affiliated transactions.

In terms of applicable scope, it is a financial holding company approved by the central bank, as well as the financial holding group composed of financial holding companies and its affiliated institutions.

The central bank emphasizes that financial holding companies should follow the principles of facts, comprehensively considering substantial control and risk correlation, and in accordance with the "financial measures" and other provisions, they carefully determine the scope of management.

It is worth mentioning that as early as March 17 this year, the central bank announced that China CITIC Financial Holdings Co., Ltd. and Beijing Financial Holdings Group Co., Ltd. set up a license. This means that the first two gold control licenses were officially born.

At present, the application for the establishment of a financial control company has been accepted, and China Everbright Group Co., Ltd., China Wantan Holdings Co., Ltd. and Shenzhen Zhaorong Investment Holdings Co., Ltd.

"The introduction of the regulatory measures of financial control companies is conducive to the improvement of governance and running -in with the new system." Yu Baicheng admitted.

Multi -dimensional division of associated transaction categories

The draft of the solicitation also divides the associated transaction category from multiple dimensions.

According to the main body of the transaction, the affiliated transactions are divided into the affiliated transactions of the financial holding company at this level and affiliated agencies related to the affiliated institution.

According to the different management goals, the group's internal transactions will prevent fictional transactions, transfer profits, hidden risks, and supervision arbitrage, and the Group's key related transactions will prevent the risk of transportation.

According to the type of transaction, the affiliated transactions are divided into investment and financing categories, asset transfer categories, service services, and other to facilitate the development of statistical analysis and risk management.

According to different transactions, the affiliated transactions at this level are divided into major affiliated transactions and general affiliated transactions, and different management requirements are applicable.

It is worth noting that major affiliated transactions refer to a single transaction amount between the financial holding company and the affiliated parties reached a net asset of more than 1%or more than 1 billion yuan in net assets audited by the financial holding company at the end of the previous year, or to a single related party The transaction amount has reached a total of more than 5%or more than 5 billion yuan in net assets that have been audited by the financial holding company at the end of the year.

However, after a cumulative transaction amount of a financial holding company and a single related party within an annual year reaches the previous model, the affiliated transactions that have occurred later reached more than 1%of the net assets audited by the financial holding company at the end of the year. It is identified as a major affiliated transaction.

Yu Baicheng said that in the relevant methods of related transaction regulators, the scope of affiliated transactions, regulatory division, system requirements, and disclosure methods were clarified. In the implementation of specific supervision, how to evaluate the reasonable transaction conditions and the fair transaction price will test the professional capabilities of the supervisor.

Prevent cross -transmission of financial risks and industrial risks

In addition, the central bank also stipulates the prohibition of ten financial holding companies and its affiliated institutions' associated transactions.

Among them, it is clearly prohibited from avoiding relevant regulations through transactions such as Internet data services, financial information services, or using various means such as rules, data, algorithms and other means to implement price control, benefit transmission or improper transfer risk.

Industry insiders told the reporter of Huaxia Times that some Internet companies have changed the structure, functions and properties of some financial products and services through the use of technology, causing these products and service boundaries to blurred and the nature is confusing. It is possible, which is not conducive to financial risk prevention and investor protection. The solicitation draft will also further expand the service category in the associated transaction type, add credit reporting, credit rating, Internet data, software and technical services, non -financial institution payment, financial information services, etc., and sales promotion information display.

In terms of focus, financial holding companies should focus on preventing the risks of financial holding companies and its affiliated institutions to the controlling shareholders, actual controllers and related parties of the financial holding company.

The financial holding company shall strengthen the monitoring and analysis and risk management of related transactions between the financial holding companies and its affiliated institutions and other institutions in the enterprise owned by the financial holding company to prevent cross -transmission between financial risks and industrial risks.

Editor -in -chief: Meng Junlian Editor: Zhang Zhiwei

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