| Asset Management New Standard Promote Banks to Accelerate the Transformation |
| 资管新规推动银行加快零售转型 |
In the afternoon of April 27th 2018, the people's Bank of China, in conjunction with the China bank insurance supervision Commission, the China supervision Commission and the State Administration of Exchange Control, formally issued the guidance on the regulation of the assets management business of financial institutions.
4月27日下午，中国人民银行牵头联合中国银行保险监督管理委员会、中国证券监督管理委员会、国家外汇管理局正式印发了《关于规范金融机构资产管理业务的指导意见》。
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| Three Points of Asset Management New Standard 资管新规三大看点 |
| Prohibition of maturity mismatch 禁止期限错配 |
| The transition period extended to 2020 过渡期延长至2020年 |
| Beneficial to risky assets 利好风险资产 |
To some extent, there is a game relationship between them. The ultimate goal of financial institutions and regulators is to maintain a long-term, healthy and steady development. However, besides regulation and risk control, financial institutions have more other goals. It is difficult for financial institutions and regulators to keep pace all the time. The game is born.
某种程度上来讲，金融机构和监管部门之间存在着博弈的关系。毫无疑问，两者的最终目标都是要维持一个长期、健康、稳健的发展，但是，除了严谨的规范和严格的风控之外，金融机构无疑还要面对更多的目标，比如市场竞争与份额、盈利增长与增速、短中长期考核目标平衡等等，金融机构与监管部门很难保持时时刻刻的同步与一致，博弈由此而生。 |
| New Changes of Asset Management New Standard 资管新规颁布后金融业新变化 |
Financial risk: From rigid repayment to self-abidence
理财风险性：从刚性兑付到买责自负
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Financial income: From expected revenue to floating net value
理财收益性：从预期收益到浮动净值
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Asset mobility: From flexible maturity to asset matching
资产流动性：从灵活期限到与资产匹配
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A necessary and appropriate regulatory system will play a positive role in ensuring China's financial stability.
事实上，中国的金融领域从2016年起就进入到了强监管的阶段，这无疑是一种与金融行业的地位、重要性、特殊性相适应的未雨绸缪的合理安排，必要而适当的监管体系，将更好的在中国金融的稳健前行中发挥出保驾护航的积极作用。
After the implementation of the new regulations, the competition in the financial products market will be increased, especially for the long-term funds. Those banks who have stronger retail ability, more customer resource and higher retail brand recognition, will take advantage.
资管新规落地之后，银行理财产品市场的竞争必将加大，尤其是对长期资金的竞争。零售实力较强，客户资源较多，零售品牌认可度高的银行将占据优势。
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| Featured Speakers 部分重要演讲嘉宾 |
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