"Guiding Opinions on Promoting the Healthy Development of Internet Finance"
In order to encourage financial innovation, promote the healthy development of Internet finance, clarify regulatory responsibilities, and regulate market order, with the approval of the Party Central Committee and the State Council The People's Bank of China, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Finance, the State Administration for Industry and Commerce, the Legislative Affairs Office of the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, and the National Internet Information Office jointly The "Guiding Opinions on Promoting the Healthy Development of Internet Finance" (Yinfa [2015] No. 221, hereinafter referred to as the "Guiding Opinions") was issued.
In accordance with the overall requirements of "encouraging innovation, preventing risks, pursuing advantages and avoiding disadvantages, and developing healthily", the "Guiding Opinions" propose a series of policies and measures to encourage innovation and support the steady development of Internet finance, and actively encourage the Internet Innovate financial platforms, products and services, encourage practitioners to cooperate with each other, expand financing channels for practitioners, persist in streamlining administration and delegating power and implementing and improving fiscal and taxation policies, and promote the construction of credit infrastructure and supporting service systems.
The "Guiding Opinions" follow the principles of "legal supervision, appropriate supervision, classified supervision, collaborative supervision, and innovative supervision" and establish Internet payment, online lending, equity crowdfunding, Internet fund sales, and Internet insurance. The division of supervisory responsibilities for major Internet financial businesses such as Internet trust and Internet consumer finance has implemented regulatory responsibilities and clarified business boundaries.
The "Guiding Opinions" adhere to the market-oriented development of Internet finance, follow the overall goals of serving the real economy, obeying macro-control and maintaining financial stability, effectively protect the legitimate rights and interests of consumers, and maintain the market order of fair competition. , in the Internet industry management, third-party custody system of customer funds, information disclosure, risk warning and qualified investor system, consumer rights protection, network and information security, anti-money laundering and prevention of financial crimes, strengthening self-discipline and regulatory coordination of the Internet financial industry Specific requirements have been put forward in terms of data statistics and monitoring.
In the next step, all relevant departments will conscientiously implement the requirements of the "Guiding Opinions" in accordance with the division of responsibilities in the "Guiding Opinions"; Internet financial industry practitioners should follow the relevant provisions of the "Guiding Opinions", Carry out various business activities in accordance with laws and regulations. (End)
Guiding Opinions of the People's Bank of China, Ministry of Public Security, Ministry of Finance, Ministry of Finance, State Administration for Industry and Commerce, Legal Affairs Office, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, and National Internet Information Office on Promoting the Healthy Development of Internet Finance
In recent years, Internet technology and information and communication technology have continued to make breakthroughs, promoting the rapid integration of the Internet and finance, promoting financial innovation, and improving the efficiency of financial resource allocation. However, there are also some problems and hidden risks. In order to fully implement the spirit of the 18th National Congress of the Communist Party of China and the Second, Third, and Fourth Plenary Sessions of the 18th Central Committee of the Communist Party of China, in accordance with the decisions and arrangements of the Party Central Committee and the State Council, and in accordance with the overall policy of "encouraging innovation, guarding against risks, pursuing advantages and avoiding disadvantages, and pursuing healthy development" It is required to proceed from the overall healthy development of the financial industry, further promote financial reform, innovation and opening up to the outside world, and promote the healthy development of Internet finance. With the approval of the Party Central Committee and the State Council, the following opinions are hereby put forward.
1. Encourage innovation and support the steady development of Internet finance
Internet finance is the use of Internet technology and information and communication technology by traditional financial institutions and Internet companies (hereinafter collectively referred to as practitioners) to achieve financial integration, New financial business model for payment, investment and information intermediary services. The deep integration of the Internet and finance is a general trend and will have a more profound impact on investment models, businesses, organizations and services. Internet finance has played a positive role in promoting the development of small and micro enterprises and expanding employment that cannot be replaced by existing financial institutions, opening the door to mass entrepreneurship and innovation. Promoting the healthy development of Internet finance will help improve the quality and efficiency of investment services, deepen financial reform, promote the development of financial innovation, expand the opening of the financial industry internally and externally, and build a multi-level financial system. As a new thing, Internet finance needs to be driven by the market to encourage innovation, and it also needs policy support to promote development.
(1) Actively encourage innovation in Internet financial platforms, products and services to stimulate market vitality. Financial institutions such as banks, securities, insurance, funds, trusts and consumer finance are encouraged to rely on Internet technology to realize the transformation and upgrading of traditional financial businesses and services, and actively develop new products and services based on Internet technology. Support qualified financial institutions to build innovative Internet platforms to carry out online banking, online securities, online insurance, online fund sales, online consumer finance and other businesses. Support Internet companies to establish Internet payment institutions, online lending platforms, equity crowdfunding financing platforms, and online investment product sales platforms in accordance with laws and regulations, establish a multi-level investment service system to serve the real economy, and better meet the investment and financing needs of small, medium and micro enterprises and individuals. , to further expand the breadth and depth of inclusive finance. E-commerce enterprises are encouraged to build and improve their own online investment service systems in compliance with financial laws and regulations, and effectively expand e-commerce supply chain business. Encourage practitioners to actively carry out product, service, technology and management innovation to enhance the core competitiveness of practitioners.
(2) Encourage practitioners to cooperate with each other and achieve complementary advantages. Support various financial institutions to cooperate with Internet companies to establish a good Internet financial ecological environment and industrial chain.
Banking financial institutions are encouraged to carry out business innovation and provide supporting services such as fund custody, payment and settlement for third-party payment institutions and online lending platforms. Support small and micro investment service institutions to carry out business cooperation with Internet companies to achieve business model innovation. Support cooperation between securities, funds, trusts, consumer finance, and futures institutions and Internet companies, expand investment product sales channels, and innovate wealth management models. Encourage insurance companies to cooperate with Internet companies to improve the risk resistance of Internet financial companies.
(3) Expand financing channels for industrial institutions and improve the financing environment. Support social capital in initiating the establishment of Internet financial industry investment funds, and promote in-depth cooperation between practitioners, venture capital institutions, and industrial investment funds. Encourage qualified high-quality practitioners to list and raise funds in domestic capital markets such as the Main Board and GEM. Banking financial institutions are encouraged to support start-up institutions in accordance with various financial policies that support the development of small and micro enterprises. Innovate investment models and services based on the characteristics of Internet companies.
(4) Adhere to streamlining administration and decentralizing power and providing high-quality services. All financial regulatory authorities must actively support financial institutions in developing Internet financial services. In accordance with laws and regulations, implement efficient management of relevant financial businesses carried out by qualified Internet companies. The industrial and commercial administrative departments must support Internet companies in handling industrial and commercial registration in accordance with the law. The telecommunications authorities and the national Internet information management department must actively support Internet financial services. The telecommunications authorities shall supervise the telecommunications businesses involved in Internet financial services. The national Internet information management authorities shall be responsible for the supervision of financial information services, Internet information content and other businesses. Actively carry out legislative research in the field of Internet finance, issue relevant management regulations in a timely manner, and create a good institutional environment conducive to the development of Internet finance. Increase the protection of intellectual property rights such as patents and trademarks of practitioners. Provincial people's governments are encouraged to increase policy support for Internet finance. Support the establishment of professional Internet financial research institutions, encourage the construction of Internet financial information exchange platforms, and actively carry out Internet financial research.
(5) Implement and improve relevant fiscal and taxation policies. In accordance with the principle of tax fairness, business institutions with small business scale and in the start-up stage that meet the conditions of my country's current tax policies for small and medium-sized enterprises, especially small and micro enterprises, can enjoy preferential tax policies in accordance with regulations. In conjunction with the reform of replacing business tax with value-added tax in the financial industry, we will coordinate and improve Internet financial taxation policies. Implement the policy of pre-tax super deduction for new technology and new product research and development expenses of practitioners.
(6) Promote the construction of credit infrastructure and cultivate an Internet financial supporting service system. Support infrastructure construction in technical fields such as big data storage, network and information security maintenance. Practicing institutions are encouraged to establish credit information sharing platforms in accordance with the law. Promote qualified relevant industry institutions to access the basic database of financial credit information. Qualified practitioners are allowed to apply for credit reporting business licenses in accordance with the law. Support qualified credit intermediary organizations to carry out credit ratings of Internet companies and enhance market information transparency. Encourage accounting, auditing, legal, consulting and other intermediary service agencies to provide relevant professional services to Internet companies.
2. Classified guidance, clarifying the regulatory responsibilities of Internet finance
The essence of Internet finance is still finance, and the characteristics of financial risks that are concealed, contagious, widespread and sudden have not changed. Strengthening Internet financial supervision is an inherent requirement to promote the healthy development of Internet finance. At the same time, Internet finance is a new thing and an emerging business format. It is necessary to formulate moderately relaxed regulatory policies to leave room and space for Internet financial innovation. By encouraging innovation and strengthening supervision to support each other, we will promote the healthy development of Internet finance and better serve the real economy. Internet financial supervision should follow the principles of "legal supervision, appropriate supervision, classified supervision, coordinated supervision, and innovative supervision", scientifically and rationally define the business boundaries and access conditions of each business format, implement supervisory responsibilities, clarify the bottom line of risks, protect legitimate operations, and resolutely Crack down on illegal activities and irregularities.
(7) Internet payment. Internet payment refers to services that rely on the Internet to initiate payment instructions and transfer monetary funds through computers, mobile phones and other devices. Internet payment should always adhere to the purpose of serving the development of e-commerce and providing small, fast and convenient small and micro payment services to the society. Banking financial institutions and third-party payment institutions engaged in Internet payments should abide by current laws, regulations and regulatory provisions. When third-party payment institutions cooperate with other institutions, they should clearly define the rights and obligations of each party, and establish an effective risk isolation mechanism and customer rights protection mechanism. Service information must be fully disclosed to customers, business risks must be clearly presented, and the nature and functions of payment service intermediaries must not be exaggerated. The Internet payment business is supervised by the People's Bank of China.
(8) Online lending. Online lending includes individual online lending (i.e. P2P online lending) and online small loans. Individual online lending refers to direct lending between individuals through the Internet platform. Direct lending activities that occur on individual online lending platforms belong to the category of private lending and are regulated by laws and regulations such as Contract Law, General Principles of Civil Law, and relevant judicial interpretations of the Supreme People's Court. Individual online lending must adhere to platform functions and provide intermediary services such as information exchange, matching, and credit assessment for investors and financiers. Individual online lending institutions must clarify the nature of information intermediaries and mainly provide information services for direct lending between borrowers and lenders. They must not provide credit enhancement services or illegally raise funds.
Online small-amount loans refer to small-amount loans provided by Internet companies to customers through the use of the Internet through small loan companies they control. Online small-amount loans should abide by existing regulatory regulations on small-amount loan companies, give full play to the advantages of online loans, and strive to reduce customer financing costs. The online lending business is supervised by the China Banking Regulatory Commission.
(9) Equity crowdfunding. Equity crowdfunding mainly refers to the activities of public small-amount equity financing through the Internet. Equity crowdfunding financing must be conducted through an equity crowdfunding financing intermediary platform (Internet website or other similar electronic media). Equity crowdfunding intermediaries can, on the premise of complying with laws and regulations, conduct innovative explorations of business models, give full play to the role of equity crowdfunding as an integral part of the multi-level capital market, and better serve innovative and entrepreneurial enterprises. Equity crowdfunding financing parties should be small and micro enterprises, and should truthfully disclose the company's business model, operation management, finance, fund use and other key information to investors through equity crowdfunding financing intermediaries, and should not mislead or defraud investors. Investors should fully understand the risks of equity crowdfunding financing activities, have the corresponding risk tolerance, and make small investments. The equity crowdfunding financing business is regulated by the China Securities Regulatory Commission.
(10) Internet fund sales. Fund sales agencies that cooperate with other institutions to sell funds and other investment products through the Internet must effectively fulfill their risk disclosure obligations and must not attract customers through illegal promised returns; fund managers should take effective measures to prevent maturity mismatches and liquidity in asset allocation Risks; if fund sales agencies and their cooperative institutions provide investors with income through other activities, they should comprehensively, truly and accurately state and list the income composition, prerequisites, applicable circumstances, etc., and shall not confuse it with fund product income. In the process of providing fund Internet sales payment services, third-party payment institutions should comply with the relevant regulatory requirements of the People's Bank of China and the China Securities Regulatory Commission regarding customer reserves and fund sales settlement funds. Customer reserves of third-party payment institutions can only be used to handle payment services entrusted by customers, and may not be used to advance the redemption of funds and other investment products. The Internet fund sales business is supervised by the China Securities Regulatory Commission.
(11) Internet insurance. Insurance companies carrying out Internet insurance business should follow the principles of security, confidentiality and stability, strengthen risk management, improve internal control systems, and ensure transaction security, information security and capital security. Professional Internet insurance companies should adhere to the basic positioning of serving Internet economic activities and provide targeted insurance services. Insurance companies should establish management systems for their e-commerce companies and other non-insurance subsidiaries and establish necessary firewalls. Insurance companies selling insurance products through the Internet are not allowed to make untrue statements, one-sided or exaggerated publicity of past performance, illegal promises of expected returns or losses, and other misleading descriptions. The Internet insurance business is supervised by the China Insurance Regulatory Commission.
(12) Internet trust and Internet consumer finance. Trust companies and consumer finance companies that conduct business through the Internet must strictly abide by regulatory regulations, strengthen risk management, ensure that transactions are legal and compliant, and keep customer information confidential. Trust companies that sell products and conduct other trust businesses through the Internet must abide by regulatory requirements such as qualified investors, prudently screen customer identities and assess customer risk tolerance, and cannot sell products to customers who do not match their risk tolerance. Trust companies and consumer finance companies must formulate and improve product document signing systems to ensure that the transaction process is legal, compliant, and safe. Internet trust business and Internet consumer finance business are supervised by the China Banking Regulatory Commission.
3. Improve the system and standardize the order of the Internet financial market
The development of Internet finance must be market-oriented, follow the overall goals of serving the real economy, obey macro-control and maintain financial stability, and effectively Protect the legitimate rights and interests of consumers and maintain the market order of fair competition. It is necessary to refine the management system and create a good environment for the healthy development of Internet finance.
(13) Internet industry management. Any organization or individual that opens a website to engage in Internet financial business must, in addition to performing relevant financial supervision procedures as required, also perform website registration procedures with the telecommunications authorities in accordance with the law. Otherwise, it shall not conduct Internet financial business. The Ministry of Industry and Information Technology is responsible for the supervision of telecommunications businesses involved in Internet financial services, and the Cyberspace Administration of China is responsible for the supervision of financial information services, Internet information content and other businesses. The two departments formulate relevant regulatory rules according to their responsibilities.
(14) Third-party custody system for client funds. Unless otherwise specified, practitioners should select qualified banking financial institutions as fund depository institutions to manage and supervise client funds and achieve separate account management of client funds and the practitioner's own funds. Client fund depository accounts should be independently audited and the audit results disclosed to clients. The People's Bank of China, together with the financial regulatory authorities, implements supervision according to the division of responsibilities and formulates relevant supervisory rules.
(15) Information disclosure, risk warning and qualified investor system. Practicing institutions should fully disclose information to customers and promptly announce relevant information on their operating activities and financial status to investors, so that investors can fully understand the operating status of the practitioners, and promote the steady operation and risk control of the practitioners. Practicing institutions should explain the transaction model, the rights and obligations of the participants in detail to each participant, and provide adequate risk warnings. It is necessary to study and establish a qualified investor system for Internet finance to improve the level of investor protection.
Relevant departments are responsible for supervision according to the division of responsibilities.
(16) Protection of consumer rights and interests. Research and formulate an education plan for Internet financial consumers, and promptly issue rights protection tips. Strengthen the disclosure of information related to consumer interests such as the content of Internet investment model contracts and exemption clauses, and supervise and deal with illegal and illegal behaviors of operators using standard contract clauses to infringe on the legitimate rights and interests of consumers in accordance with the law. Build a diversified dispute resolution mechanism such as online dispute resolution, on-site reception and acceptance, regulatory department acceptance of complaints, third-party mediation, arbitration, and litigation. Refine and improve the principles, standards and operating procedures for the protection of personal information in Internet finance. False propaganda and forced bundled sales in the process of selling investment products online are strictly prohibited. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission, together with relevant administrative law enforcement departments, carry out the protection of the rights and interests of consumers and investors in the Internet financial field in accordance with the division of responsibilities and in accordance with the law.
(17) Network and information security. Practicing institutions should effectively improve the level of technical security, properly keep customer data and transaction information, and shall not illegally trade or leak customer personal information. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Internet Information Office are respectively responsible for supervising the network and information security of relevant practitioners and formulating relevant regulatory rules and technical security standards.
(18) Anti-money laundering and prevention of financial crimes. Business institutions should take effective measures to identify customers, proactively monitor and report suspicious transactions, and properly preserve customer information and transaction records. Practicing institutions are obliged to establish and improve rules and regulations related to assisting in inquiries and freezing in accordance with relevant regulations, assist public security organs and judicial organs in timely inquiry and freezing of property involved in the case in accordance with the law, and cooperate with public security organs and judicial organs in evidence collection and execution. Resolutely crack down on Internet financial crimes involving illegal fund-raising, prevent financial risks, and maintain financial order. When cooperating and acting as agents with Internet companies, financial institutions should sign cooperation and agency agreements that include anti-money laundering and financial crime prevention requirements in accordance with relevant laws and regulations, and ensure that anti-money laundering and financial crime enforcement standards are not lowered due to cooperation and agency relationships. The People's Bank of China takes the lead in supervising the performance of anti-money laundering obligations by practitioners and formulates relevant regulatory rules. The Ministry of Public Security takes the lead in combating Internet financial crimes.
(19) Strengthen self-discipline in the Internet financial industry. Give full play to the positive role of industry self-discipline mechanisms in regulating the market behavior of practitioners and protecting the legitimate rights and interests of the industry. The People's Bank of China, together with relevant departments, established the China Internet Finance Association. Associations should formulate business management rules and industry standards based on business types, and promote business exchanges and information sharing between institutions. The association should clarify the self-discipline and punishment mechanism and improve the binding force of industry rules and standards. Strengthen the awareness of law-abiding, integrity and self-discipline, establish a positive image of practitioners serving economic and social development, and create a good atmosphere for honest and standardized development.
(20) Supervision coordination and data statistical monitoring. All regulatory agencies must cooperate with each other to form synergy and give full play to the role of the inter-ministerial joint conference system for financial regulatory coordination. The People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission should pay close attention to the development of Internet financial businesses and related risks, conduct follow-up evaluations of regulatory policies, make timely suggestions for adjustments, and constantly summarize regulatory experience. The Ministry of Finance is responsible for the financial supervision policies of Internet financial institutions. The People's Bank of China, in conjunction with relevant departments, is responsible for establishing and improving the Internet financial data statistics and monitoring system. Relevant departments are responsible for relevant Internet financial data statistics and monitoring work according to the division of regulatory responsibilities, and realize the sharing of statistical data and information.