Public Funds Enter The Era Of Registration System

As an important supporting regulation of the new fund law, the "measures" are the business norms that must be generally observed in fund raising, purchase and redemption, investment, income distribution and holders' meetings. The key points of revision include investor oriented demand and the market-oriented reform of the fund industry on the basis of protecting investors' interests, further widening the innovation space of the industry, and enhancing the innovation vitality of the industry. However, when the fund product ushered in a new era of registration system, some people in the industry suggested that the elimination rule of the mini fund needs further clarifying.

　　 Strengthening supervision afterwards

"According to the requirements of the new fund law, the examination of the public fund products from the approval system to the registration system is the main highlight of the" measures ". Insiders interviewed said. "Do not limit the number of products issued, do not regulate the pace of review, do not interfere with the product release time, the completion of the 20 days of mature products to complete the review of the summary procedure. The transformation of regulatory mode to fully reserved space for innovation will also provide more adequate design space for fund companies to set up specific products and form an important support for diversified innovation of products. Further analysis by the personage said, "strengthening supervision after the event, on the basis of full disclosure of information and protection for investors, has further reduced the invisible operation cost of fund companies, giving the fund managers more room for specific operation."

Good buy fund research center believes that registration system and the approval system, pay more attention to information disclosure, protect investors' right to know, at the same time reduce the intervention of micro activities, release the market main body's innovation vitality, guide public offering fund to meet the needs of customers' fund products, and ultimately more conducive to protecting the vital interests of investors.

Dacheng Fund believes that the formulation of the measures mainly follows the guiding ideology of "strengthening supervision and deregulation". First, we must adhere to the institutional advantages of "joint investment, mandatory trusteeship, public disclosure, independent operation and strict supervision" of the public offering fund, strengthen the supervision afterwards, increase the investigation and handling of illegal activities, earnestly protect the legitimate rights and interests of small and medium-sized investors. Two, we should really implement the requirements of decentralization and supervision transformation, implement the fund product registration system, and fully stimulate the vitality of market organization's product innovation.

　　 inspire innovate vitality

According to industry experts, fund products Registration system There will be ample room for fund company's product innovation, and the vitality of fund companies will be further stimulated. "The effect of the future registration system is likely to continue to ferment. When the performance of fund companies is widen, the competition among fund companies will become more intense, so the whole industry will change accordingly." Some experts said.

The registration system of public fund products is a sign of the marketization of our fund products. The products are not issued, what they are issued, and how much they are issued has the final say of the market, which is a great benefit to fund companies. In recent years, the threshold for issuing new funds has gradually decreased, and the number of fund issuing has expanded rapidly. Statistics show that the issuing speed of fund companies has increased from 2~3 products to 10~20 products every year, and it is foreseeable that the registration system will further stimulate the number of funds issued.

Yang Delong, chief strategist of the southern fund, believes that under the approval system, the fund company may issue a product cycle for half a year, resulting in the market environment of the fund company has been changed to the time of issuance, which is very unfavorable to fund companies and investors. Under the registration system, the cycle of fund products from design to collection will be greatly shortened, and the registration period of mature fund products can be shortened to 20 working days, which will effectively solve the issue of fund issuing time.

Stagnation is beneficial. Fund company Issuing corresponding products according to market demand will help to promote industry innovation.

"According to the SFC's statement, the original intention of the registration system is to improve the industry's innovation." Yang Delong said that after the implementation of the new regulation, the establishment of fund products will be more market-oriented, and the direction of future fund innovation will be reflected in three aspects: first, the innovation of product investment, such as investing in futures and options, is expected to be faster in the market. Secondly, the fee standard of Jin Jin products is expected to be more innovative, more in line with the demands of the market and investors, and enhance the attractiveness of the fund; and again, in the management, the fund industry is expected to introduce more products for the market segments.

　　 Performance or further differentiation

The industry generally believes that the conversion from the approval system to the registration system will allow public funds to enter the "Warring States era". "In addition to the increase in circulation, the performance of future fund companies will be further differentiated." Ceng Linghua, a good buy fund analyst, said that because the new method provided sufficient space for the innovation of the fund company, the performance of the future fund will definitely be further differentiated. The fund company with strong R & D capability is sure to get on like this, and the fund company with weak Rd capability will be more severe in the future.

In the future, with the release of a large number of fund products, the issuing capacity of the public offering funds will also be tested. The fund issuing companies with strong distribution capabilities will benefit from the registration system, but the registration system will not be of great significance to some small companies which have less channel resources and are unable to adapt to the fast issuing rhythm.

Yang Delong believes that at present, investors are not enthusiastic about investment funds, and the scale of single funds will shrink after the issuance increases, and a large number of mini funds will appear in the market. He predicted that the first "winding up" fund would be possible in the near future. In addition to the number of funds issued and the size of the fund, he believes that the increase in circulation will bring cost burden to the fund companies. It is expected that "one drag" will become more common and the management difficulty of fund companies will also increase. "In a sense, the new regulations make the survival of fund companies tend to deteriorate, and some small fund companies may not survive." He said.

Statistics show that the average size of fund products is decreasing now. There are many fund products with a scale of less than 50 million yuan, and some products are less than one million yuan. At the same time, many analysts believe that the fund industry should introduce a product withdrawal mechanism.