央行：发布金融控股公司监督管理试行办法

（本文来自人民银行官网）

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4092990/index.html

中国人民银行有关负责人就《金融控股公司监督管理试行办法》答记者问

2020年9月13日，《金融控股公司监督管理试行办法》（中国人民银行令〔2020〕第4号，以下简称《金控办法》）正式发布。日前，中国人民银行有关负责人就《金控办法》相关问题接受了记者采访。

一、为什么要制定《金控办法》？

近年来，我国一些大型金融机构开展跨业投资，形成了金融集团；还有部分非金融企业投资控股了多家多类金融机构，成为事实上的金融控股公司。其中，一些实力较强、经营规范的机构通过这种模式，优化了资源配置，降低了成本，丰富和完善了金融服务，有利于满足各类企业和消费者的需求，提升金融服务实体经济的能力。但在实践中，也有少部分企业盲目向金融业扩张，隔离机制缺失，风险不断累积。

党中央、国务院高度重视金融控股公司监管工作，明确要求规范金融综合经营和产融结合，加强金融控股公司统筹监管，加快补齐监管制度短板。2020年9月13日，国务院发布了《关于实施金融控股公司准入管理的决定》（国发〔2020〕12号，以下简称《准入决定》），授权人民银行对金融控股公司开展市场准入管理并组织实施监管。人民银行会同相关部门广泛听取各方意见，制定形成了《金控办法》。制定实施《金控办法》是贯彻落实党中央、国务院决策部署的重要举措，人民银行将依法依规开展金融控股公司准入管理和持续监管，防范化解系统性风险，增强金融服务实体经济的能力。

二、为什么对金融控股公司实施市场准入管理？

根据《准入决定》和《金控办法》，人民银行对金融控股公司实施市场准入管理。主要考虑：一是金融控股公司往往规模大、业务多元化、关联度较高，跨机构、跨市场、跨行业、跨区域经营，关系到国家金融安全和社会公共利益，需要实施市场准入予以规范。二是设立明确的行政许可，是对金融控股公司依法监管的重要环节，有利于全方位推动金融控股公司依法合规开展经营，防范风险交叉传染。三是体现了金融业是特许经营行业和依法准入的监管理念，也符合主要国家和地区的通行做法。

三、《金控办法》的适用范围是什么？

《金控办法》将符合以下情形的金融控股公司纳入监管：一是控股股东、实际控制人为境内非金融企业、自然人以及经认可的法人；二是实质控制两类或两类以上金融机构；三是实质控制的金融机构的总资产或受托管理资产达到一定规模，或者按照宏观审慎监管要求需要设立金融控股公司。

对于金融机构跨业投资控股形成的金融集团，参照《金控办法》确定监管政策标准，具体规则另行制定。

四、金融控股公司监管的总体思路和监管架构是什么？

《金控办法》遵循宏观审慎管理理念，对非金融企业投资形成的金融控股公司依法准入，实施监管。对金融控股公司依照金融机构管理，以并表为基础，对资本、行为及风险进行全面、持续、穿透监管，规范经营行为，防范风险交叉传染，促进经济金融良性循环。

《金控办法》明确，人民银行对金融控股公司实施监管，金融管理部门依法按照金融监管职责分工对金融控股公司所控股的金融机构实施监管。人民银行会同相关部门建立金融控股公司监管跨部门联合机制，加强监管合作和信息共享。

五、设立金融控股公司有哪些程序？

对于已具备设立情形且拟申请设立金融控股公司的，应当在《金控办法》实施之日起12个月内，向人民银行提出申请。《金控办法》实施后，拟实质控制两个或两个以上不同类型金融机构，符合金融控股公司设立情形的，也应当向人民银行提出申请。获批准的金融控股公司，凭人民银行颁发的金融控股公司许可证向市场监督管理部门办理登记，名称中应当包含“金融控股”字样。

六、如何规范金融控股公司的股东和资本管理？

一是在核心主业、公司治理、财务状况、股权结构、风险管理等方面，对股东资质提出要求，并对主要股东、控股股东和实际控制人连续盈利等提出差异化要求。二是投资资金来源应依法合规，监管部门对其实施穿透管理。三是设定负面清单，明确禁止金融控股公司控股股东从事的行为。四是建立资本充足性监管制度，金融控股集团的资本应当与其资产规模和风险水平相适应。

七、对金融控股公司的股权结构有何要求？

一是金融控股公司的股权结构应当简明、清晰、可穿透，法人层级合理，与自身资本规模、经营管理能力和风险管控水平相适应，其所控股机构不得反向持股、交叉持股。二是金融控股公司所控股金融机构不得再成为其他类型金融机构的主要股东，但金融机构控股与自身同类型的或者属于业务延伸的金融机构并经金融管理部门认可的除外。三是在《金控办法》实施前已存在的、但股权结构不符合要求的企业集团，经金融管理部门认可后，在过渡期内降低组织架构复杂程度，简化法人层级。

八、对金融控股公司的公司治理和风险管理有何要求？

一是金融控股公司应当完善公司治理结构，依法参与所控股机构的法人治理，不得干预所控股机构的独立自主经营。对金融控股公司的董事、监事和高级管理人员任职实施备案管理。二是金融控股公司应当在并表基础上建立健全全面风险管理体系，覆盖所控股机构和各类风险。三是建立健全集团风险隔离机制，规范发挥协同效应，注重客户信息保护。四是加强关联交易管理，集团相关关联交易应依法合规、遵循市场原则。

九、为何《金控办法》提高了对违规行为的处罚金额？

根据《中华人民共和国行政处罚法》《国务院关于贯彻实施〈中华人民共和国行政处罚法〉的通知》（国发〔1996〕13号）的相关规定，经国务院批准，《金控办法》提高了对违规行为的罚款金额。这有利于促进金融控股公司及相关人员树立依法合规的经营和从业理念，营造公平的竞争环境，维护金融稳定，保护公众利益。

十、《金控办法》对金融市场有何影响？

总体看，《金控办法》对金融机构、非金融企业和金融市场的影响正面。由股权架构清晰、风险隔离机制健全的金融控股公司作为金融机构控股股东，有助于整合金融资源，提升经营稳健性和竞争力。从长期看，《金控办法》的出台有利于促进各类机构有序竞争、良性发展，防范系统性金融风险。

十一、过渡期如何安排？

已具备设立情形且拟申请设立金融控股公司的机构，应当在《金控办法》正式实施后的12个月内向人民银行提出设立申请，经批准后，设立金融控股公司。其中，在股权结构等方面未达到监管要求的机构，应当根据自身实际情况制定整改计划。人民银行将合理设置过渡期，把握好节奏和时机，引导存量企业有序调整，平稳实施。

十二、公开征求意见及吸收情况如何？

2019年7月26日至8月24日，我们通过中国政府法制信息网及人民银行网站向社会公开征求关于《金控办法》的意见，期间共收到反馈意见594条。人民银行对意见逐一分析研究，并采纳吸收了其中大多数意见，如对金融控股公司股东实施差异化要求、延长提交金融控股公司设立申请的时限、放宽金融控股公司法人层级要求、豁免新设金融控股公司成为金融机构股东的部分资质条件、提高对违规行为的罚款金额等。对于部分放松监管要求的意见未予采纳。对于进一步细化相关条款的建议，人民银行将研究制定配套文件，不断完善金融控股公司监管制度框架。

http://www.pbc.gov.cn/en/3688110/3688172/4048269/4098744/index.html

PBC Officials Answer Press Questions on Trial Measures on Regulation of Financial Holding Companies

On September 13, 2020, the Trial Measures on Regulation of Financial Holding Companies (Order No. 4 [2020] of the People’s Bank of China, hereinafter referred to as the Measures) was officially promulgated. A few days ago, officials of the People’s Bank of China (PBC) answered press questions on the Measures.

I. What is the purpose of formulating the Measures?

In recent years, some large financial institutions have engaged in cross-sector investment and evolved into financial groups, while some non-financial enterprises have held several different types of financial institutions through investment and become de facto financial holding companies (FHCs). Among them, some highly competitive and well-regulated institutions have improved resource allocation, reduced cost as well as enriched and improved their financial services through this business model, which was conducive to meeting the demands of various enterprises and consumers and to boosting the capacity of the financial sector for serving the real economy. However, there were also a few enterprise, which have expanded blindly into the financial sector in the absence of isolation mechanisms, and led to continuous accumulation of risks.

Attaching great importance to the regulation of FHCs, the CPC Central Committee and the State Council have stated clearly that efforts should be made to regulate the comprehensive financial operations as well as the integration of industry and finance, to step up coordinated regulation of FHCs , and to shore up the weak links in the supervisory and regulatory systems. On September 13, 2020, the State Council issued the Decisions on Implementing the Access Management of Financial Holding Companies (Guofa No. 12 [2020], hereinafter referred to as the Decisions), which authorized the PBC to perform market access management of FHCs and to organize the supervision and regulation. The PBC, along with relevant departments, extensively solicited opinions from all parties concerned and then formulated the Measures, which is an important step to implement the decisions and arrangements of the CPC Central Committee and the State Council. The PBC will carry out market access management and sustained regulation of FHCs in accordance with laws and regulations to forestall and defuse systemic risks, and to strengthen the capacity of the financial sector for serving the real economy.

II. What is the reason for launching the market access management of FHCs?

In line with the Decisions and the Measures, the PBC conducts market access management of FHCs for the following reasons. First, FHCs tend to be large in size, with diverse and connected businesses across different institutions, markets, industries and regions, and thus are related to the country’s financial security and public interests. which call for the regulation of their market access. Second, launching explicit administrative permit is an important step in regulating FHCs in accordance with laws. It helps prompt FHCs to operate according to laws and regulations in an all-round manner and forestall risk contagion. Third, aligned with the established practice of major countries and regions, it reflects the regulation philosophy that the financial sector is a franchising industry and market access should be granted according to the law.

III. What’s the application scope of the Measures?

According to the Measures, an FHC should be subject to regulation under the following circumstances: first, its controlling shareholders or actual controllers are domestic non-financial enterprises, natural persons or authorized legal persons; second, it has de facto control of at least two types of financial institutions; third, the total assets of the financial institutions actually controlled by it or the assets entrusted to it for management reach a certain scale, or it is established as required by macroprudential regulation.

For financial groups formed by financial institutions through cross-sector investment as controlling shareholders, the regulation policies and standards should be established with reference to the Measures. Specific rules will be formulated separately.

IV. What are the general principles and supervisory framework of the regulation on FHCs?

In line with the principle of macroprudential management, the Measures regulates the law-based market access of FHCs formed via the investment by non-financial enterprises. The regulation of FHCs should be consistent with that of financial institutions to render all-round, continued and look-through regulation of their capital, market conducts and risks on the basis of consolidated management, regulate business activities, prevent risk contagion and promote the virtuous cycle of the economy and finance.

The Measures makes it clear that the PBC should exercise the regulation of FHCs, while financial regulators should, in accordance with the law and the division of responsibility for financial regulation, regulate corresponding financial institutions controlled by FHCs. The PBC should join hands with relevant authorities to institute an inter-ministerial mechanism for the regulation of FHCs to strengthen supervisory cooperation and information sharing.

V. What are the procedures for establishing an FHC?

Where the conditions for the establishment of an FHC are met and its establishment is proposed, an application should be submitted to the PBC within 12 months after the implementation of the Measures. After the implementation of the Measures, if an FHC intends to have de facto control of two or more financial institutions of different types and the conditions for its establishment are met, an application should be submitted to the PBC as well. Upon approval by the PBC, the FHC should, with a license of FHC issued by the PBC, register with the market regulator with the words “financial holding” in Chinese characters (“金融控股”) included in its name.

VI. How does the Measures regulate the management of the shareholders and capital of FHCs?

First, rules will be set for the qualifications of shareholders in terms of the FHC’s  core business, corporate governance, financial conditions, ownership structure, and risk management. Differentiated requirements will be made for the continuous profitability of principal shareholders, controlling shareholders and actual controllers. Second, regulators should adopt the “look-through” approach to oversee the source of investment funds, which must be legal and meet relevant regulations. Third, a negative list will be made, stipulating the conducts that controlling shareholders of FHCs are prohibited from. Fourth, a regulatory mechanism for capital adequacy will be established. The capital of an FHC should be compatible with its asset size and risk exposure.

VII. What are the requirements for the ownership structure of FHCs?

First, the ownership structure of an FHC should be simple, clear, and transparent.  Reasonable corporate levels which are compatible with its own capital scale, business operation and risk management should be set up. Reverse-shareholding or cross-shareholding within an FHC are prohibited. Second, a financial institution controlled by an FHC should not be the principal shareholder of other types of financial institutions, except when it controls financial institutions of the same type as its own, or the controlling of financial institutions is considered as its business extension as approved by financial regulators. Third, corporate groups with unqualified ownership structure established before the Measures takes effect should streamline their organizational structure and simplify the number of their corporate levels within the transitional period as approved by the financial regulators.

VIII. What are the requirements for the corporate governance and risk management of FHCs?

First, FHCs should improve their corporate governance structures, participate in the corporate governance of the institutions they control according to the law, and should not interfere in the independent management of such institutions. The appointment of board directors, supervisors, and senior executives of an FHC should be filed for record. Second, the FHC should establish a sound all-encompassing risk management system on the basis of consolidated financial statements, covering all institutions it controls and all types of risks. Third, a risk isolation mechanism within the company group should be established and improved, and well-regulated synergy should be brought into play with priority given to the protection of customer information. Fourth, the management of related-party transactions should be enhanced. Related-party transactions within the group should be legal and in line with market principles.

IX. Why is the penalty amount raised in the Measures?

According to relevant rules in the Law of the People’s Republic of China on Administrative Penalty and the Circular of the State Council on Implementing the Law of the People’s Republic of China on Administrative Penalty (Guofa No.13 [1996]), as approved by the State Council, the Measures has increased the penalty amount for violations. This would help FHCs and relevant personnel to develop an awareness of running companies legally and conducting business activities in a law-based manner, create a fair-competition environment, maintain financial stability, and protect public interests.

X. How will the Measures affect the financial market?

Generally speaking, the Measures will have positive effects on financial institutions, non-financial enterprises, and the financial market. With a clear ownership structure and a well-established risk isolation mechanism, FHCs, as the controlling shareholders of financial institutions, would help integrate financial resources, improve the soundness of business operations, and enhance their competitive edges. In the long run, the introduction of the Measures will facilitate the orderly competition among and sound development of various types of institutions, and help prevent systemic financial risks.

XI. What is the arrangement for the transition period?

Institutions that meet the aforesaid conditions and are scheduled to set up FHCs should apply to the PBC within 12 months after the Measures takes effect, and then proceed with their plans once approved. Those that fail to meet regulatory requirements in ownership structure or other areas should make rectification plans based on their own circumstances. The PBC will set a reasonable transition period, keep an opportune moment and pace, and instruct existing companies to make orderly adjustments at, so as to facilitate the smooth implementation of the Measures.

XII. How was the solicitation and adoption of public opinions?

From July 26 to August 24, 2019, we sought public opinions on the Measures through websites of the Legal Information of the Chinese Government (chinalaw.gov.cn) and the PBC, and received 594 comments. Most have been adopted after a thorough study on these comments one by one, including setting differentiated requirements for the shareholders of FHCs, extending the time limit on the application for setting up an FHC, easing requirements on the number of corporate levels, canceling some qualifications for new FHCs to become shareholders of financial institutions, and raising the penalty amount for violations. Some comments on relaxing certain regulatory requirements were not adopted. Regarding the suggestion that relevant articles need to be further specified, the PBC will formulate supporting regulations to continuously improve the regulatory framework for FHCs.