新资管时代我国资管业务穿透式监管探析

An Analysis of Penetrating Supervision of China’s Asset Management in the New Era of Asset Management

2018年,我国《关于规范金融机构资产管理业务的指导意见》发布,这标志着我国对资管行业资管业务的监管开始以穿透式监管为核心手段。资管业务穿透式监管一方面通过向上穿透对投资者的合格性进行核查,一方面则通过向下穿透对投资标的(底层资产)的合格性进行核查,其实质大于形式,是不干预下的穿透。资管业务穿透式监管在制度环境以及基础设施建设方面尚不完善,是否实现“全穿透”存在较大的争议且具体实施的阻力较大。因此,借鉴国际经验,规范资管行业穿透式监管的标准和监测统计指标;从穿透式监管尝试进行重点目标导向监管;在分业监管的总原则上,金融监管职能部门统筹实施混业监管。

In 2018,China's“guidance on regulating asset management business of financial institutions”was released,which marks that China’s supervision of asset management business in asset management industry began to take penetrating supervision as the core means.The penetrating supervision of asset management business,on one hand,checks the qualification of investors through upward penetration,on the other hand,checks the qualification of investment targets(underlying assets)through downward penetration.It is penetration without intervention with its essence greater than its form.The penetrating supervision of asset management business is not perfect in the institutional environment and infrastructure construction,and there are big disputes about whether or not to achieve“full penetration”,and the specific implementation of resistance is great.By analy zing the interational experience of asset management business penetration supervision,we have several suggestions:firstly,standardizing the standards and monitoring stat istical indicators for the implementation of penetrating supervision in the asset management industry;secondly,trying to implement key goal-oriented supervision from the penetrating supervision;thirdly,in the general principle of separate industry supervision,financial supervision departments should implement mixed industry supervision as a whole.