China: 金融科技规定研究系列:基金销售规定小结(上篇)

Last Updated: 13 June 2019
Article by Bi Xiuli and He Wang
Most Popular Article in China, June 2019

目前市场上的持牌第三方基金销售机构已超过130家,但是相对于巨大的市场而言,代销牌照依然是稀缺资源。从目前的基金代销格局来看,依托互联网平台的第三方基金销售机构发展迅速,不少金融机构追求"全牌照",互联网公司也想利用第三方牌照释放自身的流量。当下中国A股正在经历变革,当基数不断增大,互联网代销平台的发展空间也就随之增大。2018年8月23日,中国证监会北京监管局发布公告,已核准北京百度百盈科技有限公司证券投资基金销售业务资格。在获得代销牌照之前,百度已经拥有了基金支付牌照,以及基金电商许可。腾讯、阿里、京东此前均已获得基金代销牌照。BATJ巨头均已入局,抢滩互联网基金销售也成了大势所趋。银行的销售也呈现线下向线上转移的趋势。资产管理领域竞争加剧。

我国监管层对基金第三方销售牌照的审批趋于收紧。2015年与2016年,取得基金销售牌照的独立销售机构分别为34家、36家,而2017年和2018年合计取得基金销售牌照的机构不到10家。互联网金融风险专项整治工作领导小组办公室于2018年3月28日下发《关于加大通过互联网开展资产管理业务整治力度及开展验收工作的通知》(以下简称《通知》),科技金融被明文纳入监管范围,通过互联网开展资产管理业务的本质是开展资产管理业务。资产管理业务作为金融业务,属于特许经营行业,须纳入金融监管。非金融机构不得发行、销售资产管理产品,国家另有规定的除外。依托互联网公开发行、销售资产管理产品,须取得中央金融管理部门颁发的资产管理业务牌照或资产管理产品代销牌照。未经许可,不得依托互联网公开发行、销售资产管理产品。2019年2月22日,证监会就《公开募集证券投资基金销售机构监督管理办法(征求意见稿)》及相关配套规则公开征求意见。

为了更好的理解基金销售的相关知识及相关监管规定及监管趋势,笔者将基本内容(基金销售牌照、现有法规体系、基本含义及应具备的条件、基金销售的规范运作)、重要制度、《公开募集证券投资基金销售机构监督管理办法(征求意见稿)》等方面来进行简要整理。由于内容较多,笔者将分为三篇文章予以整理,以期抛砖引玉。本文为上篇:基本内容。

上篇 基本内容

本文主要围绕基金牌照、现有法规体系、基本含义及应具备的条件、基金销售的规范运作等几方面予以小结。

一、基金销售牌照

基金销售牌照是颁发给从事基金产品销售的企业或机构的许可证,在国内主要包括银行、基金、证券等金融机构,其中银行是最大渠道,占比一半以上。基金可以由基金管理公司自行销售也可以委托独立第三方代销。金融机构需要拿到基金代销牌照才可以开展基金代销业务。

基金销售牌照是颁发给从事基金产品销售的企业或机构的许可证,在国内主要包括银行、基金、证券等金融机构;基金支付牌照是针对支付企业发放的许可该牌照是针对支付企业发放的许可,指非金融机构在收付款人之间作为中介机构提供的货币资金转移服务。基金销售机构可以选择商业银行或者支付机构从事基金销售支付结算业务。投资者通过直销方式认购、申购基金时可以借助拥有该牌照的第三方支付工具而非银行支付款项。针对客户而言最直接的好处是认购、申购费率的折扣更低。取得了基金支付牌照只能为基金销售提供支付结算业务,只有取得了基金销售牌照才能够销售基金。

二、现有法规体系

目前有关基金销售的法律法规体系主要包括《中华人民共和国证券投资基金法》、《证券期货投资者适当性管理办法》、《证券投资基金销售管理办法》等基本法律法规、2013年以来的《证券投资基金销售管理办法》系列施行或修订的系列规范性文件(包括对于2007年部分规范性文件的修订文件)以及以2017年10月18日颁布《基金募集机构投资者适当性管理实施指引》及附模板性文件为代表的系列文件。其主要规定如下:

三、基本含义及应具备的条件

(一)基金销售的常见几个概念

(二)基金销售机构应具备的条件

1.一般条件

2.独立基金销售机构

除具备上述条件外,独立基金销售机构申请基金销售业务资格还应当具备下列条件:

3.销售机构的股东或合伙人的条件

(1)独立基金销售机构以有限责任公司形式设立的,其股东可分为企业法人或者自然人。

p 法人股东具备的条件

②自然人股东具备的条件

(2)独立基金销售机构以合伙企业形式设立的,合伙人具备的条件

(3)独立基金销售机构申请设立分支机构应具备的条件

四、基金销售的规范运作

为了保证基金销售的规范运作,笔者予以了小结,整理如下:

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