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</script></span> </div> <div class="c_content_text"> <div class="c_content_overflow" id="fontzoom"> <p style="text-align: center;"><span style="font-size: 20px;">证券时报记è€?孙璐ç’?/span><span style="font-size:20px;">  </span></p> <p><span style="font-size: 20px;">  </span><span style="font-size:20px;">2017年以来,随着银保监会持续加大监管力度,银行理财业务已在按照监管导向有序调整,总体呈现出更稳健和可持续的发展态势ã€?018年以来,银行理财业务总体运行平稳ï¼?月末ä¸?2.32万亿元。理财资金主要投向债券、存款、货币市场工具等标准化资产,占比约为70%ã€?/span></p> <p><span style="font-size:20px;">  </span><span style="font-size: 20px;">22万亿银行理财终于迎来“靴子”落地。经过两个月的征求意见,9æœ?8日,银保监会正式下发《商业银行理财业务监督管理办法》,即日起实施ã€?/span></p> <p><span style="font-size:20px;">  相比于征求意见稿,《理财办法》在理财产品投资范围、穿透管理和理财投资顾问管理等方面,采纳市场机构反馈意见,进一步明确了相关要求,如明确在银行间市场发行的资产支持证åˆ?包括ABN)属于理财产品投资范围;在流动性风险管理、压力测试和信息披露等方面,进一步区分公募和私募理财产品要求,与其他同类资管产品的监管标准保持一è‡?在私募理财产品销售方面,借鉴国内外通行做法,引入不少于24小时的投资冷静期要求。此外,还进一步提高了条款表述的针对性和准确性ã€?/span></p> <p><span style="font-size:20px;">  2017年以来,随着银保监会持续加大监管力度,银行理财业务已在按照监管导向有序调整,总体呈现出更稳健和可持续的发展态势ã€?018年以来,银行理财业务总体运行平稳ï¼?月末ä¸?2.32万亿元。理财资金主要投向债券、存款、货币市场工具等标准化资产,占比约为70%;非标准化债权类资产投资占比约ä¸?5%左右,总体保持稳定ã€?/span></p> <p><span style="font-size:20px;">  公募理财可通过投资</span></p> <p><span style="font-size:20px;">  公募基金间接入市</span></p> <p><span style="font-size:20px;">  公募理财究竟能否投资二级市场股票,此前市场一直十分关心。此次《理财办法》所明确的内容与征求意见稿基本一致,即公募理财产品可通过投资各类公募基金间接入市,但尚不能直接入市ã€?/span></p> <p><span style="font-size:20px;">  现行银行理财业务监管制度允许私募理财产品直接投资股票,但规定公募理财产品只能投资货币型和债券型基金。《理财办法》继续允许私募理财产品直接投资股ç¥?在理财业务仍由银行内设部门开展的情况下,放开公募理财产品不能投资与股票相关公募基金的限制,允许公募理财产品通过投资各类公募基金间接进入股市。同时,ä¸?ldquo;资管新规”保持一致,理财产品投资公募证券投资基金可以不再穿透至底层资产ã€?/span></p> <p><span style="font-size:20px;">  原工商银行行长杨凯生对此表示,银行也应该为有各类投资意向,有一定风险承受能力的客户提供必要的投资工具和服务,这既是银行客户、社会公众日趋增多的一种金融服务需求,也是资本市场进一步健康发展的需要,关键是如何把握风险与发展的关系。因此,理财办法的这种处理是有道理的,甚至可以说是有一定艺术性的ã€?/span></p> <p><span style="font-size:20px;">  此外,银保监会相关负责人透露,下一步,银行通过子公司开展理财业务后,允许子公司发行的公募理财产品直接投资或者通过其他方式间接投资股票,相关要求在《商业银行理财子公司管理办法》中具体规定ã€?/span></p> <p><span style="font-size:20px;">  理财子公å?/span></p> <p><span style="font-size:20px;">  将有诸多“福利”</span></p> <p><span style="font-size:20px;">  除《理财办法》外,《理财子公司办法》本次并未发布。不过,据了解,目前银保监会已起草了理财子公司办法,并将广泛征求意见及早发布ã€?/span></p> <p><span style="font-size:20px;">  值得注意的是,证券时报记者了解到,相比于《理财办法》,《理财子公司办法》将会在多方面予以放宽要求,以达到与《资管新规》和其他同类金融机构总体保持一致的目的ã€?/span></p> <p><span style="font-size:20px;">  除上述允许理财子公司发行的公募理财产品直接投资股票外,下一步,理财子公司还有以下几é¡?ldquo;福利”:一是监管不设置理财销售起点硬性要求,银行自行设置;相比之下,如果理财业务仍由银行内设部门开展,则公募理财产品的销售起点从过去çš?万元降到äº?万元ã€?/span></p> <p><span style="font-size:20px;">  二是扩大销售渠道和理财投资合作机构范围;《理财办法》中规定,理财产品所投资资管产品的发行机构、受托投资机构和投资顾问为持牌金融机构。相比之下,据了解,下一步,在理财子公司业务规则中,将依法合规、符合条件的私募投资基金纳入理财投资合作机构范围,此举将利于扩大理财产品的销售渠道ã€?/span></p> <p><span style="font-size:20px;">  三是不强制要求个人首次购买理财产品在银行营业网点进行面签,可通过网上面签;四是允许发行分级理财产品ã€?/span></p> <p> </p> <p><span style="font-size:20px;">  åœ?ldquo;资管新规”、《理财办法》和《银行理财子公司办法》三者的关系和定位方面,《理财办法》为“资管新规”的配套实施细则,并与“资管新规”监管要求保持一致,适用于银行尚未通过子公司开展理财业务的情形,银行开展理财业务需同时遵守“资管新规”和《理财办法》。《商业银行理财子公司管理办法》拟作为《理财办法》的配套制度,其适用的监管规定与其他同类金融机构总体保持一致ã€?/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至: <div class="bdsharebuttonbox"><a href="#" class="bds_more" data-cmd="more"></a><a href="#" class="bds_weixin" data-cmd="weixin" title="分享到微ä¿?></a><a href="#" class="bds_tsina" data-cmd="tsina" title="分享到新浪微å?></a><a href="#" class="bds_tqq" data-cmd="tqq" title="分享到腾讯微å?></a><a href="#" class="bds_renren" data-cmd="renren" title="分享到人人网"></a><a href="#" class="bds_qzone" data-cmd="qzone" title="分享到QQ空间"></a><a href="#" class="bds_tqf" data-cmd="tqf" title="分享到腾讯朋å?></a><a href="#" class="bds_kaixin001" data-cmd="kaixin001" title="分享到开心网"></a><a href="#" class="bds_people" data-cmd="people" title="分享到人民微å?></a><a href="#" 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