This approach has existed since 2009 and is not very harmful. It should not be included in the scope of liquidation by brokers. Once all are cleared, subsequent legal issues will emerge, which should attract the attention of regulators.
On the last trading day of last week, the Shanghai stock market reluctantly pulled red after a sharp twist, but compared with the days when the stock index plummeted, these days I am afraid that many trust funders have turned around.
Perhaps due to the fact that the market is already the case, the concerns of the securities regulatory department on the use of mouse control devices have been greatly reduced, and the recent efforts to clean up and rectify the allocation account have been significantly increased. The two time points of September 15th and 30th have made many capital market players palpitate.
The SFC's killer feature is an interface that requires securities companies to disconnect illegal trust accounts. Since the CSRC has rectified the allocation of funds for the three computer asset management systems including Hang Seng, the remaining off-site funding must now rely on the trust company ’s channels. Once the interface is cut, the stock positions in the trust company's products will not show the market changes. The bottom of the kettle is absolutely amazing.
The notice issued by the China Securities Regulatory Commission on September 17 clarified for the first time the scope of the account clearing of trust products, including the different sub-umbrella principals or related parties of the umbrella trust who respectively made investment decisions and shared the account types of the same securities account.
As long as there is direct off-site allocation, even if there is no multi-level structure, it is considered a violation. However, the multi-level umbrella trust directly established by trust companies for customers to operate their own accounts has triggered market disputes.
Although this month, several trust companies have rarely blamed securities companies for cutting off the interface for lack of regulatory basis, but the securities companies are under the high regulatory pressure to do this non-selective action, so I will not move.
Although a spokesperson for the China Securities Regulatory Commission said on September 14 that "the remaining OTC funds will be cleaned up in accordance with the existing methods and rhythm, which will not cause a significant impact on the market." Shows that the rectification slowdown is limited.
Trust companies and securities companies have had a prosperous life together in partnership. But now the trust is intentional and the brokers are ruthless, "Don't dare to violate the order of Gao Tang." The rectification trend has been fixed, and the only thing that may be preserved or converted is an umbrella trust that is directly controlled by the trust company and used to manage the finances of different customers.
This approach has existed since 2009, and it is not harmful. It should not be included in the scope of liquidation by brokers. Once all are cleared, the subsequent legal issues will emerge repeatedly. It is likely that many trust companies such as Zhongrong, Foreign Trade, and Yunnan will fight This, this should attract the attention of the regulator.
It will not be a hundred to blindly clean up the account and cut off the interface. Then how can the civil relationship between the securities company, trust company, trust customer, fund company, bank, and mezzanine investors be cut off in advance? Does the intervention of the China Securities Regulatory Commission mean force majeure for the contracting parties, or does the third party cause the contract to fail to perform, or is it an early warning of an invalid contract? This will become the next problem faced by regulation. Due to the lack of regulations in advance of supervision, many legal details will be encountered in the process of liquidation in the future, which will cause great problems to investors. Therefore, the regulatory level needs to be clearly stated as soon as possible.
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