Fund Registration "New Deal Effect" Appears: Some Institutions Pressure Rhythm, Backlog "Change Track" Phenomenon Frequently.

The implementation of the new policy for public fund products is just the full moon, and the "new deal effect" has come to the fore.

"The approval of public funds has been speeded up after the implementation of the new deal." In November 21st, a product manager of a large fund said to the twenty-first Century economic correspondent, "we keep the policy to follow up, because every fine adjustment will bring great changes and is still being fine-tuning."

Executives of a large fund company said that the public offering product approval of the new deal is beneficial to the development of equity funds, while the development of bond funds is limited. Because of the strong equity fund in the industry ranking, the company is the beneficiary of the new deal. At present, the company focuses on the layout of ETF and other equity funds.

"The public offering product approval new deal is more advantageous to large fund companies, but to some small and medium sized fund companies mainly based on bond funds." The executives said frankly.

Declaration options of fund companies

In late October, the new deal of public fund product approval has affected the choices of various companies.

In accordance with the direction of the new deal, the regulatory authorities implement the common product classification registration mechanism of the public offering fund, and apply the differentiated registration process to the conventional products declared by different managers. They are divided into two categories: quick registration and regular registration.

Among them, according to the plan, the audit cycle of fast registration mechanism products is intended to compress 2/3. The routine products incorporated into the rapid registration process, in principle, cancel the written feedback link, significantly enhance the registration efficiency, and the registration period of equity, mixed and bond funds does not exceed 10 days, 20 days or 30 days, which is more than 2/3 shorter than the original registration period. For the regular products which are not included in the fast registration mechanism, the securities and fund supervision department shall further standardize the product registration process, and the conventional products shall adopt rolling declaration, and the registration period of equity, mixed and bond funds shall not exceed 30 days, 40 days and 75 days in principle.

With the new deal full moon, a number of fund industry sources told reporters that the approval of regulators for new fund products is accelerating, and the speed of equity, fixed income and mixed classes is different. The approval of fast track is not the same as that of non fast track.

"Basically, it's the same speed as publicity." One of the respondents pointed out.

However, some of the fund companies that reporters learned did not speed up their declarations, but kept the pace of reporting in the past.

"We will not speed up declarations and declare on demand, because approval is easy to backlog, which will lead to greater pressure on issuance." The product manager of the fund company said.

"We will not accelerate or increase the declaration fund because of the approval of the new product of the public fund products, because the fund managers and other Limited talents will declare the new fund according to the pace of their own needs. However, at present, the layout of ETF equity products has been increased. "

"The new public offering product has come out of the new deal, the fund's approval time has been greatly shortened, and the efficiency has been enhanced. The situation that the new fund will be approved in large numbers will continue." A third party organization in Shanghai said when interviewed.

Industry changes show

Public fund product approval new deal is reshaping the fund industry.

A fund company's local responsible person said that the rights and interests of the fund benefit, while the ordinary bond funds are limited, for example, each fund company has only one bond fund approved by the same type, and the debt ceiling alone is 1 billion yuan, which is unfavorable to some small and medium-sized funds which rely on the debt base expansion mode.

"The public offering fund product approval new deal is mainly to encourage the development of equity funds. Now, the proportion of stock funds held by public fund accounts for a relatively low proportion of the market circulation market value, which is close to 10% from the highest time in 2007. Up to now only 3%. More equity funds are also conducive to the development of the stock market. Through the fast registration channel, we can improve the issuing efficiency and speed up the examination and approval of some equity products of eligible fund companies. On the one hand, the examination and approval of equity funds may accelerate; on the other hand, the approval of bond funds is limited. " Yang Delong, chief economist of Qianhai open source fund, said.

Yang Delong believes that the approval of the new deal is equivalent to giving public funds a direction of guidance, that is, the advantage of public offering funds is to invest in equity, and guide public offering funds to issue more equity funds to help the capital market. And there are certain restrictions on products like money funds and bond funds. A prosperous stock market and a prosperous capital market can play a better role in promoting economic development and transformation.

"Under the approval of the new deal, the main beneficiaries are some of the fund companies that have done relatively well in equity, especially the performance of equity funds, which are relatively outstanding, and may have some impact on fixed income based fund companies." Yang Delong said.

"From this new deal, it is more conducive to the issuance of equity funds, and there are certain restrictions on the approval of bond funds. This will cause some small and medium-sized fund companies to rely on bond business to encounter certain restrictions, but they will have less influence on large fund companies with strong management capabilities. Those third party organizations believe that.

According to its logic, the new deal encourages the issuance of equity funds, and the approval time for fund companies with excellent long-term performance and strong management ability will be faster. This will be beneficial to strong fund companies. Similarly, the competition of equity funds will become more intense, and the survival of the fittest will be more obvious.

A senior fund company executive said: "our company's equity management is more prominent. Approving new policies is beneficial to us. In developing equity funds, on the one hand, we are now vigorously developing ETF for the needs of institutional customers. For example, the more funds overseas institutions enter into the domestic market, they do not understand domestic listed companies. They generally do not choose active management funds, but prefer to subscribe to ETF. On the other hand, for retail investors, we will issue some active stock funds which are relatively stable and have a higher return than passive funds.

For bond funds, the fund executives said that social security funds and annuities demand for the company's bond funds, so the company's bond funds are mainly for the development of institutional customers.

The above public funds people believe that the future fund companies will form a strong and strong situation, which will be disadvantageous to the small and medium-sized fund companies. The development of small and medium-sized fund companies should find their own characteristics.

Another senior manager of a banking fund company said that the company has been better at fixing products, and the rights and interests of products are not dominant. But in the four quarter, the company vigorously launched the "passive tool" products like ETF and other passive index. And because of the relatively good returns of equity funds this year, the company also attached more importance to the active equity fund.