吃鲸!银行理财产品不能保本了,你的钱该如何投资?

作者: 发布时间:2017-12-09 17:18:43  来源: [手机访问]
导读: 来源:央视财经、金融资讯站,保险那点事儿,北京晨报11月17日,中国人民银行、银监会、证监会、保监会、外汇局五部门联合发布《关于规范金融机构资产管理业务的

来源:央视财经、金融资讯站,保险那点事儿,北京晨报

11月17日,中国人民银行、银监会、证监会、保监会、外汇局五部门联合发布《关于规范金融机构资产管理业务的指导意见(征求意见稿)》(以下简称《意见》)。

吃鲸!银行理财产品不能保本了,你的钱该如何投资?

此文的发出,代表着规模达百万亿元的资管行业将迎来新的“游戏规则”,在业内人士看来,中国的资管行业在过去十年中经历了快速成长,而此时资管新规的出台,可以视为是一个弯道,“弯道超车”还是“弯道翻车”,要看各家机构如何把握住机会。“统一规制下,资管市场从过去部分领域存在的不可知、不可预期、不可确定的状态,变成了可预期、有规矩,这对市场是长期利好。

有人开玩笑说,这个意见稿一出,很多业内人士都要准备回家中的带娃了,当然这个纯属开玩笑,但这份即将正式颁布的新政将使现有的资管市场格局更清晰化和专业化,未来各种不同类型的资管机构将更加突出差异性和比较优势,形成自己专业的、独特的竞争力。而随着新规的落地,未来行业的竞争格局势必会发生变化。

这个新规与投资有密切的关系

《意见》总共有29条,总体来看,这个资管新政主要包括了这么几个方面:打破刚性兑付、禁止资金池业务降低期限错配风险、消除多层嵌套和通道、统一杠杆要求禁止资金空转等。

而我们需要关注的重点,就是打破刚性兑付,而这条规定影响较大的是银行理财。

所谓刚性兑付:简单来说,就是金融机构对投资人承诺保本保收益,出现兑付困难时,金融机构要“兜底”、垫付资金,这也是过去行业的通行规则。

而在《意见》中明确提出了打破刚性兑付和禁止资金池,而这两者也是银行理财过去十年快速发展的“红利”。

一直以来,银行理财由于刚性兑付的存在,某种程度上它的利率成为了社会的无风险利率。另一方面,理财产品抬升了银行的成本,使得金融机构层层加杠杆,整体风险加大。一旦金融机构资金池出现问题,无法垫付,就会出现非常严重的群体性事件。由此引发“理财、投资一出事,就找政府闹事”的现象。这不仅扰乱市场纪律,加剧道德风险,更会牵扯大量的行政和社会成本。

此次《意见》打破刚兑两手抓:

1.提出金融机构对资产管理产品应当实行净值化管理。

吃鲸!银行理财产品不能保本了,你的钱该如何投资?

【净值管理】金融机构对资产管理产品应当实行净值化管理,净值生成应当符合公允价值原则,及时反映基础资产的收益和风险。按照公允价值原则确定净值的具体规则另行制定。

【刚兑认定】经人民银行或者金融监督管理部门认定,存在以下行为的视为刚性兑付:

(一)资产管理产品的发行人或者管理人违反公允价值确定净值原则对产品进行保本保收益。

(二)采取滚动发行等方式使得资产管理产品的本金、收益、风险在不同投资者之间发生转移,实现产品保本保收益。

(三)资产管理产品不能如期兑付或者兑付困难时,发行或者管理该产品的金融机构自行筹集资金偿付或者委托其他金融机构代为偿付。

(四)人民银行和金融监督管理部门共同认定的其他情形。

对银行理财来讲,以前是做预期收益率的产品为主,现在全面转到净值化,整个作业模式要发生很大的改变。银行资管要按新规去设计产品,既能够满足监管的要求,同时还要满足客户的投资需求;同时,资产管理人还要提升管理能力特別是权益类管理能力,提升销售渠道服务投资人能力,提高信息披露的水平等。

与之相对应的,在投资者管理方面,过去投资者喜欢到银行来选择绝对收益型、波动率较小的、收益率稳定的产品,而现在客户将要去接受全面净值化的产品。

怎么理解呢?简单说,就是不再给理财产品定预期收益率,也不保证客户的收益,而是像基金那样按净值申购、赎回。在这种情况下,投资者年初买的净值1.05的产品,年底可能变为1.02,他需要自己承担损失。说白了,就是打破刚性兑付的另一种说法。

2.对刚性兑付行为进行界定,并加强惩处。

从法律、制度上规范,并设定惩罚措施,无疑显示了监管机构的决心。

吃鲸!银行理财产品不能保本了,你的钱该如何投资?

【分类惩处】经认定存在刚性兑付行为的,区分以下两类机构加强惩处:

(一)存款类金融机构发生刚性兑付的,认定为利用具有存款本质特征的资产管理产品进行监管套利,由银监会和人民银行按照存款业务予以规范,足额补缴存款准备金和存款保险基金,并予以适当处罚。

(二)非存款类持牌金融机构发生刚性兑付的,认定为违规经营、超范围经营,由相关金融监督管理部门进行纠正,并实施罚款等行政处罚。未予纠正和罚款的由人民银行纠正并追缴罚款,具体标准由人民银行制定,最低标准为漏缴的存款准备金以及存款保险基金相应的2倍利益对价。

【投诉举报】任何单位和个人发现金融机构存在刚性兑付行为的,可以向人民银行和金融监督管理部门消费者权益保护机构投诉举报,查证属实且举报内容未被相关部门掌握的,给予适当奖励。

外部审计机构在对金融机构进行审计时,如果发现金融机构存在刚性兑付行为的,应当及时报告人民银行和金融监督管理部门。

这次提出打破刚性兑付,就是去杠杆,减小金融机构风险,而在投资出现问题时,风险由投资者自行承担。

很多人问:如果购买理财型保险呢?会不会也在其中呢?

专业人士称,保险资管的产品规模在1.7万亿左右,和银行理财、公募基金、资金子公司相比规模要小得多。同时,现阶段保险资管主要是立足于服务保险业内的机构,对保险资金进行管理。未来保险资管参与财富管理市场和所有类型的金融机构置于同一起点,依据基本一致的标准、同一监管规则来开展规范业务,那时候就是“各家看自己能力,不用再去想歪门邪道了”。

所以,这种情况下,投资者买理财可能会减少,反而去存款,买债券,或者是买保险。

最后,小新想问:如果连银行的理财产品都不保本了,你还会买吗?

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}, shareInfo: { shareUrl: 'https://m.toutiao.com/group/6491531556295803406/', abstract: '来源:央视财经、金融资讯站,保险那点事儿,北京晨报11月17日,中国人民银行、银监会、证监会、保监会、外汇局五部门联合发布《关于规范金融机构资产管理业务的指导意见(征求意见稿)》(以下简称《意见》)。
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