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id="fontzoom"> <p><span style="font-size:16px;">  资管新规的过渡期q有半年卛_到期Q市场十分关注:资管市场目前q存在哪些问题?资管新老品的转换Ҏ是否能够如期完成Q是否有必要过渡期q行廉Q?/span></p> <p><span style="font-size:16px;">  中国财富理50坛(CWM50Q和清华大学五道口金融学院昨日联合发布《中国资产管理业务监研I报告》(下称报告Q,资产管理行业的q渡期再廉两年Q至2022q底。同时徏议把资管新规实施路径的中间目标直接放在理财品的压羃上,而把复杂的资产处|留l各安行自行决{?/span></p> <p><span style="font-size:16px;">  按资新规要求,2020q底前ؓq渡期,各家机构要在此之前完成整改以辑ֈ资管新规相关要求。该报告Uͼ2018q资新规的发布Q拉开了资行业{型发展的序幕。此后,银行、证券期货、保险等配套l则相落地Q基本Ş成了我国百万亿资񔽎理市场的监制度和规则体系。在资管新规和配套细则的指导下,同类资管业务监管标准逐渐得到l一Q刚性兑付有序打_金融风险得到有效防控Q金融服务实体经能力进一步增强?/span></p> <p><span style="font-size:16px;"><strong>  老品压降存困难 廉q渡?/strong></span></p> <p><span style="font-size:16px;">  “截至目前Q资行业整体规模在百万亿元以上。理财品结构已发生了重要变化,净值型产品余额占比已由新规前的15%大幅提高C50%左右Q?9家理财子公司h讄?rdquo;全国政协l济委员会主仅R中国胦富管?0坛理事长福林表C?/span></p> <p><span style="font-size:16px;">  作ؓ报告的牵头hQ全国h大第十一、十二届财经委副MQ委员、h民银行前副行长吴晓灵坦言Q按目前的情늜Q如果过渡期于今q年底截止,要完全实现新老品的转换Q难度较大。因此课题组提出Q将资񔽎理行业的过渡期再g长两q?/span></p> <p><span style="font-size:16px;">  报告Q进一步细化和明确包括现金理cM品在内的各类C品监标准,资新规发布后发行的不W合监管标准?ldquo;C?rdquo;q原臌品,同时按g长后的过渡期重新明确压降要求。徏议在2020q至2022q_每年的压~比例不低于30%Q?022q底压羃至零?/span></p> <p><span style="font-size:16px;">  当前新老品的转换大体q稳。吴晓灵表示Q监部门在考虑监管政策和进度时Q会从对实体l济的媄响,寚w融市场的影响Q以及对发行产品的实体及其母公司的媄响这三个斚w来考虑政策的^Ex,讲究“一行一{?rdquo;?/span></p> <p><span style="font-size:16px;">  Z理胦董事ѝ中国胦富管?0坛专业成员刘兴华Q尽快出?020q过渡期后的延政策。按?ldquo;总量控制、逐年压降、一行一{?rdquo;的原则,q稳有序推进存量理胦产品整改Q明非标{标、非标回表、非标承接等技术细节?/span></p> <p><span style="font-size:16px;">  “新老理财品ƈ行对理胦市场监管带来不同规范Q需要加快统一。理财公司承接老品的节奏和过渡期安排需要在未来政策中进一步清晰化?rdquo;刘兴华表C?/span></p> <p><span style="font-size:16px;"><strong>  多渠道处|老资?开“非标转标”正门</strong></span></p> <p><span style="font-size:16px;">  “当前Q全球经增长持l放~,国内l济持箋承压Q各cdZ体都在经受较大的l营压力Q短期偿力下降?rdquo;福林认为,行业内部转型压力加大。存量老品受疫情影响Q处|退出势必更加困难?/span></p> <p><span style="font-size:16px;">  报告Q通过多渠道处|老资产。首先是回表处置。徏议银行根据自w情况制定过渡期内的回表计划Q监部门对于回表资产和相关银行适当攑֮考核指标和限Ӟ鼓励老资产应回尽回、尽回快回,q在回表后按真实的资产质量计提?/span></p> <p><span style="font-size:16px;">  其次是资产证券化。报告徏议银行理财作为滚动投资投向重要基设施{PPP目的,可以转ؓ公募基金基础设施基金的试炏V同时允讔R行理财子公司{机构ؓU募证券的创制和发行提供投资银行服务?/span></p> <p><span style="font-size:16px;">  再次是不良资产处|。报告徏议将q有交易价值的表外不良资打包推向市场。符合核销条g的老资产,应当回表及时处置Q胦E部门应当给予核销E序便利和税收支持?/span></p> <p><span style="font-size:16px;">  刘兴华认为,可以推动非标资与标准化资的共同繁荣。标准资产与非标资的区分是动性及信息透明度,可以通过完善信息披露、会计估值等斚w的制度,搭徏非标资交易市场Q开“非标转标”正门。非标资产可以与标准资互ؓ补充Q发挥银行在挖掘客户、把握风险方面的能力优势?/span></p> </div> </div> <div class="contArticle_bot_Artpage"> <span id="pe100_page_contentpage" class="pagecss"></span> </div> <div class="c_contant_end"> 您可以分享或转发本文臻I <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" title="分n到微?></a><a href="#" class="bds_tsina" data-cmd="tsina" title="分n到新微?></a><a href="#" class="bds_tqq" data-cmd="tqq" title="分n到腾讯微?></a><a href="#" class="bds_renren" data-cmd="renren" title="分nCh人网"></a><a href="#" class="bds_qzone" data-cmd="qzone" title="分n到QQI间"></a><a href="#" class="bds_tqf" data-cmd="tqf" 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