券商欢迎短期融资！央行发布文件修改证券公司的短期财务管理措施，四大变化值得关注

原标题：经纪人欢迎短期融资！央行发布文件修订证券公司的短期财务管理措施，四大值得注意的变化，并再次强调了五大不利清单以筹款为目的

概括

[Brokershort-termfinancingwelcomesgood!Thecentralbankissuedadocumenttorevisethefourmajorchangesinthemanagementmeasuresforsecuritiescompanies’short-termfinancingOnMarch5thecentralbankissuedthe“AdministrativeMeasuresforSecuritiesCompanies’Short-termFinancingBills(RevisedDraftforComment)”andpubliclysolicitedopinionsfromthepublicThisisthefirstrevisioninnearly17yearssincetheCentralBankissuedthe”Measures”in2004Comparedwiththeprevious”Measures”thebiggestchangesinthedraftforcommentsarethefollowing:Firstthepre-issuancefilingiscancelledandthemanagementduringandaftertheeventisstrengthenedThesecondistosubstantiallyrevisetheissuancethresholdofshort-termfinancingbillsbysecuritiescompaniesandestablishamanagementframeworkwithliquiditymanagementasthecoreThethirdistoextendthemaximumperiodofshort-termfinancingbillsThefourthistocancelthemandatoryratingrequirementsforshort-termfinancingbillsissuedbysecuritiescompanies(SecuritiesTimesNetwork)

Securitiesthe companyThe issuance of short-term financing bills is expected to be more convenient in the future.

On March 5, the Central Bank issued the “Administrative Measures for Securities Companies’ Short-term Financing Bills (Revised Draft for Solicitation of Comments)” and publicly solicited opinions from the public. This is the first revision in nearly 17 years since the Central Bank issued the “Measures” in 2004.

Compared with the previous “Measures”, the biggest changes in the draft for comments are as follows:

The first is to cancel the pre-issuance filing and strengthen the management during and after the event.When securities companies issue short-term financing bills in the future, they only need to issue to the people before the first issue each year.bankReport the annual liquidity management plan and issuance plan.

The second is to substantially revise the issuance threshold of short-term financing bills by securities companies and establish a management framework with liquidity management as the core. New issuance requirements such as the new liquidity coverage ratio in the past year has been consistently higher than the industry average.

The third is to extend the maximum period of short-term financing bills. Extending the maximum period of short-term financing bills from no more than 91 days to no more than 1 year will be more conducive for securities companies to independently determine the period of short-term financing bills based on the needs of capital use.

The fourth is to abolish the mandatory rating requirements for short-term financing bills issued by securities companies.bankThe Inter-Market Dealers Association issued a phased plan to cancel the mandatory rating requirements for registered issuance, clarifying that there is no mandatory requirement in the registration processcreditThe direction of rating reform is the same. It can also be seen that the market-oriented mandatory rating of public development bonds is the general trend in the future.

FromBrokerageThe disclosed use of raised funds can be seen that self-operated investment business, capital intermediary business, and financial technology construction are all important flows of short-term liquidity, which also fits the general direction of the current securities firms’ strategic transformation of capital intermediary and financial technology. In recent years, due to the needs of business development, the issuance of short-term financing bills by securities firms has increased year by year.Issuance costMarket capitalinterest rateHighly impact.Since the beginning of this year, securities firms have issued short-term financing bondsinterest rateFrom the lowest 1% in the middle of last year, it has risen to more than 2%, and some even approached 3%.along withcurrencyThe policy has returned to normalization, and the issuance cost of short-term financing bills by securities firms will hardly be as low as 1% this year.interest rate, The increase in costs may have a certain impact on the issuance of short-term financing bills by securities firms this year.

　　Issuance threshold strengthens the liquidity management of securities firms

In 2004, in order to implement the “Nine Articles of the State” on the broadening of securitiesCorporate financeChannel related spirit, peoplebankThe “Measures” were issued to support the short-term financing needs of securities companies.

Regarding this revision, the central bank stated that, at present, the business model, financing environment and risk characteristics of securities companies have undergone major changes. According to the demands of market members and the needs of macro-management of the financial market, the revised “Measures” establishes liquidity management As the core management framework, cancel pre-issuance filing, strengthen management during and after the event, guide securities companies to improve their liquidity management capabilities, and promote the stable and healthy development of the currency market.

Compared with the “Measures”, the content of the draft for comments has been simplified a lot. There are only 22 articles in total, covering the issuer’s qualifications, limit and time limit management, information disclosure, and in-process and after-event management.

From the perspective of the content of the adjusted clauses, the draft for comments combines the “Measures” and the “Procedures” issued in 2018.People’s Bank of ChinaThe Notice of the Department of Financial Markets on Matters Concerning the Management of Short-term Margin Bonds of Securities Companies (hereinafter referred to as the “Notice”) further strengthens the requirements for the liquidity management of securities companies.

The requirements for liquidity management are mainly reflected in the issuance threshold. The draft for comments proposed that a securities company should meet the following conditions for issuing short-term financing bills:

(1) It has strong liquidity management capabilities, a sound liquidity risk management system, can effectively identify, measure, monitor and control liquidity risks, and can meet liquidity requirements in a timely manner at a reasonable cost;

(2) Reasonable structure of assets and liabilities, mismatch of maturity, concentration of counterparties,BondPledgeThe proportions are moderate, and the risk control indicators have continued to meet the regulatory requirements in the past 2 years;

(3) The liquidity coverage rate has been consistently higher than the industry average in the past year;

(4) Obtaining the approval of the CSRC to issue short-term financing bonds;

(5) It has not received any administrative penalties due to major violations of laws and regulations in the past two years;

(6) Other conditions required by the People’s Bank of China.

The first three of the above requirements are new requirements, which are an upgraded version of the “Notice”, and replace the “procurement of national interbankBorrow“Market membership for more than 1 year”, “The issuer has at leastborrowThe market has disclosed detailed financial information for one year in accordance with unified regulatory requirements, and there has been no record of violations of information disclosure in the past year.

　　Streamline administration and delegate powers to cancel mandatory ratings

In addition to constraining the debt risk exposure of securities companies by strengthening the liquidity management of securities companies, another important change in the consultation draft is to streamline administration and delegate powers to facilitate securities companies’Open marketOn financing.

For example, the consultation draft cancels pre-issuance filing, strengthens management during and after the event, and cancels mandatory rating requirements.

Among them, the “Measures” once proposed that securities companies planning to issue short-term financing bills should hire a credit rating agency to conductCredit Rating. This requirement was deleted from the draft for comments.

　　The mandatory rating requirements for the issuance of short-term financing bills by securities companies are consistent with the current reform direction of my country’s credit rating market.China ChengxinInternational creditYan Yan, director of the rating company, said that my country has alwaysBond MarketThere is an over-reliance on external ratings,Credit ratingIt is widely used in multiple links of bond issuance, trading and risk management, invisibly forming many levels of thresholds, and to a certain extent, it brings about the problems of high rating center, insufficient risk pricing function, and untimely risk warning. At the same time, since the 2008 financial crisis, it has become a consensus to reduce the dependence on external ratings.

“At present, various regulatory agencies are gradually forming a joint force in reforms to weaken the dependence on external ratings, which will help promote my country’s rating industry from’regulation-driven’ to’market-driven’, which will help my country’s rating industry to build a new high-standard market order and promote High-quality development of the bond market.” Yan Yan said.

In addition, with regard to the use of funds for short-term financing bills issued by securities firms, the draft continues the five “negative lists” of the Measures, that is, securities companies are not allowed to use short-term financing bills for the following purposes:Investment in fixed assetsAnd business network construction, stock secondary market investment, financing for client securities transactions,Long-term equityInvestment and other purposes prohibited by the People’s Bank of China. At the same time, the remaining short-term financing bills are subject to balance management, and the sum of the outstanding balances of short-term financing bills and other short-term financing instruments does not exceed the requirement of 60% of net capital.

(Source: Securities Times Net)

(Editor in charge: DF380)