Guiding Opinions on Promoting the Healthy Development of Internet Finance
With the consent of the CPC 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 issued the Guiding Opinions on Promoting the Healthy Development of Internet Finance (Yinfa [215] No.221, hereinafter referred to as the Guiding Opinions).
in accordance with the general requirements of "encouraging innovation, preventing risks, seeking advantages and avoiding disadvantages, and developing healthily", the Guiding Opinions put forward a series of policies and measures to encourage innovation and support the steady development of Internet finance, actively encourage innovation in Internet financial platforms, products and services, encourage mutual cooperation among practitioners, broaden financing channels for practitioners, adhere to decentralization, implement and improve fiscal and taxation policies, and promote the construction of credit infrastructure and supporting service systems.
in accordance with the principles of "legal supervision, moderate supervision, classified supervision, collaborative supervision and innovative supervision", the Guiding Opinions established the division of supervision responsibilities for major Internet finance formats such as Internet payment, peer-to-peer lending, equity crowdfunding financing, Internet fund sales, Internet insurance, Internet trust and Internet consumer finance, fulfilled the supervision responsibilities and defined the business boundaries.
The Guiding Opinions adhere to the market-oriented development of Internet finance, follow the overall goal of serving the real economy well, obeying macro-control and maintaining financial stability, effectively protect consumers' legitimate rights and interests, maintain a fair competition market order, and strengthen self-discipline and regulatory coordination and data in the Internet industry management, customer funds third-party depository system, information disclosure, risk warning and qualified investor system, consumer rights protection, network and information security, anti-money laundering and prevention of financial crimes.
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; Institutions in the Internet finance industry should carry out various business activities in compliance with the law in accordance with the relevant provisions of the Guiding Opinions. (End)
Guiding Opinions of China People's Bank of China, Ministry of Industry and Information Technology, Ministry of Public Security, Ministry of Finance, State Administration for Industry and Commerce, Legislative Affairs Office of China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, National Internet Information Office on Promoting the Healthy Development of Internet Finance
In recent years, Internet technology and information and communication technology have made continuous breakthroughs, promoted the rapid integration of Internet and finance, promoted financial innovation and improved the efficiency of financial resource allocation, but there are also some problems and potential risks. In order to fully implement the spirit of the 18th National Congress of the Communist Party of China and the 2nd, 3rd and 4th Plenary Sessions of the 18th National Congress, follow the general requirements of "encouraging innovation, preventing risks, seeking advantages while avoiding disadvantages and developing healthily", proceed from the overall healthy development of the financial industry, further promote financial reform, innovation and opening up, and promote the healthy development of Internet finance, with the consent of the CPC Central Committee and the State Council, we hereby put forward the following opinions.
1. encourage innovation and support the steady development of internet finance
internet finance is a new financial business model in which traditional financial institutions and internet enterprises (hereinafter referred to as practitioners) use internet technology and information communication technology to realize financing, payment, investment and information intermediary services. The deep integration of Internet and finance is the general trend, which will have a more profound impact on investment mode, business, organization and service. Internet finance has played an irreplaceable positive role in promoting the development of small and micro enterprises and expanding employment, and opened the door for mass entrepreneurship and innovation. Promoting the healthy development of internet finance is conducive to improving the quality and efficiency of investment services, deepening financial reform, promoting financial innovation and development, expanding the opening up of the financial industry to the outside world, and building a multi-level financial system. As a new thing, Internet finance needs both market drive and policy assistance to promote development.
(1) actively encourage innovation in internet financial platforms, products and services to stimulate market vitality. Encourage financial institutions such as banks, securities, insurance, funds, trusts and consumer finance to rely on Internet technology to realize the transformation and upgrading of traditional financial services and actively develop new products and services based on Internet technology. Support qualified financial institutions to build innovative Internet platforms and carry out online banking, internet securities, online insurance, online fund sales and online consumer finance. Support Internet companies to set up Internet payment institutions, peer-to-peer lending platforms, equity crowdfunding platforms and online investment product sales platforms according to laws and regulations, and establish a multi-level investment service system to serve the real economy, so as to better meet the investment and financing needs of small and medium-sized enterprises and individuals and further expand the breadth and depth of inclusive finance. Encourage e-commerce enterprises to build and improve the online investment service system in compliance with financial laws and regulations, and effectively expand the e-commerce supply chain business. Encourage practitioners to actively carry out product, service, technology and management innovation, and enhance the core competitiveness of practitioners.
(2) encourage business institutions to cooperate with each other to achieve complementary advantages. Support all kinds of financial institutions to cooperate with Internet enterprises, and establish a good ecological environment and industrial chain for Internet finance. Encourage banking financial institutions to carry out business innovation and provide supporting services such as fund depository, 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 and realize business model innovation. Support securities, funds, trusts, consumer finance and futures institutions to cooperate with Internet enterprises, broaden the sales channels of investment products, and innovate the wealth management model. Encourage insurance companies to cooperate with Internet companies to enhance the risk resilience of Internet finance companies.
(3) broaden the financing channels of institutions and improve the financing environment. Support social capital to initiate the establishment of Internet financial industry investment funds, and promote in-depth cooperation between practitioners and 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 the Growth Enterprise Market. Banking financial institutions are encouraged to support the start-up institutions in accordance with various financial policies to support the development of small and micro enterprises. According to the characteristics of Internet enterprises, innovative investment models and services.
(4) adhere to decentralization and provide quality services. All financial supervision departments should actively support financial institutions to carry out Internet finance business. In accordance with the provisions of laws and regulations, implement efficient management of relevant financial services for qualified Internet enterprises. The administrative department for industry and commerce should support Internet enterprises to register in industrial and commercial registration according to law. Telecommunications authorities and national internet information management departments should actively support internet financial services. Telecommunications authorities should supervise the telecommunications services involved in internet financial services, and national internet information management departments should be responsible for the supervision of financial information services, internet information content and other services. Actively carry out legislative research in the field of internet finance, introduce relevant management regulations in a timely manner, and create a good institutional environment conducive to the development of internet finance. Strengthen the protection of intellectual property rights such as patents and trademarks of institutions. Encourage provincial people's governments to increase policy support for Internet finance. Support the establishment of specialized Internet finance research institutions, encourage the construction of an Internet finance information exchange platform, and actively carry out Internet finance research.
(5) Implement and improve relevant fiscal and taxation policies. In accordance with the principle of tax fairness, institutions with small business scale and in the initial stage can enjoy preferential tax policies according to regulations if they meet the conditions of China's current tax policies for small and medium-sized enterprises, especially small and micro enterprises. Combine the reform of changing business tax to value-added tax in the financial industry, and make overall plans to improve the tax policy of Internet finance. Implement the pre-tax deduction policy for research and development expenses of new technologies and new products in institutions.
(6) promote the construction of credit infrastructure and cultivate the supporting service system of internet finance. Support infrastructure construction in technical fields such as big data storage, network and information security maintenance. Encourage institutions to establish a credit information sharing platform according to law. Promote qualified relevant institutions to access the basic database of financial credit information. Conditional institutions are allowed to apply for credit information business license according to law. Support qualified credit intermediary organizations to carry out credit rating of Internet enterprises and enhance the transparency of market information. Encourage intermediary service institutions such as accounting, auditing, law and consulting to provide relevant professional services for Internet enterprises.
second, classification guidance, clear the responsibility of internet finance supervision
the essence of internet finance still belongs to finance, and it has not changed the characteristics of financial risk concealment, contagiousness, extensiveness and suddenness. Strengthening the supervision of Internet finance is an inherent requirement to promote the healthy development of Internet finance. At the same time, Internet finance is a new thing and a new format. It is necessary to formulate moderately loose regulatory policies to leave room and space for Internet finance innovation. By encouraging innovation and strengthening supervision and mutual support, 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, moderate supervision, classified supervision, collaborative supervision and innovative supervision", scientifically and reasonably define the business boundaries and access conditions of various formats, implement regulatory responsibilities, clarify the bottom line of risks, protect legitimate operations, and resolutely crack down on illegal and illegal behaviors.
(7) Internet payment. Internet payment refers to the service of issuing payment instructions and transferring monetary funds through computers, mobile phones and other equipment relying on the Internet. Internet payment should always adhere to the purpose of serving the development of e-commerce and providing small, fast and convenient micro-payment services for the society. Banking financial institutions and third-party payment institutions engaged in Internet payment shall abide by the existing laws, regulations and regulatory provisions. When a third-party payment institution cooperates with other institutions, it should clearly define the rights and obligations of all parties, and establish an effective risk isolation mechanism and a customer rights protection mechanism. It is necessary to fully disclose service information to customers, clearly remind business risks, and not exaggerate the nature and functions of payment service intermediaries. Internet payment business is supervised by the People's Bank of China.
(8) peer-to-peer lending. Peer-to-peer lending includes individual peer-to-peer lending (that is, P2P peer-to-peer lending) and online micro-loans. Individual peer-to-peer lending refers to the direct lending between individuals through the Internet platform. Direct lending on the platform of individual peer-to-peer lending belongs to the category of private lending, which is regulated by laws and regulations such as contract law, general principles of civil law and relevant judicial interpretations in the Supreme People's Court. Individual peer-to-peer lending should adhere to the platform function and provide intermediary services such as information exchange, matchmaking and credit evaluation for investors and financiers. Individual peer-to-peer lending institutions should clarify the nature of information intermediary, mainly providing information services for direct lending between borrowers and borrowers, and not providing credit enhancement services or illegal fund-raising. Network micro-loan refers to the micro-loan provided to customers by Internet companies through their controlled micro-loan companies. Network micro-loan should abide by the existing regulatory provisions of micro-loan companies, give full play to the advantages of network lending, and strive to reduce the financing costs of customers. Peer-to-peer lending's business is supervised by CBRC.
(9) Equity crowdfunding. Equity crowdfunding financing mainly refers to the activities of public small equity financing through the Internet. Equity crowdfunding financing must be carried out through the platform of equity crowdfunding intermediary (Internet website or other similar electronic media). Equity crowdfunding financing intermediaries can innovate and explore the business model under the premise of complying with laws and regulations, give play to the role of equity crowdfunding as an organic part of multi-level capital markets, and better serve innovative and entrepreneurial enterprises. Equity crowdfunding financiers should be small and micro enterprises, and should truthfully disclose key information such as business model, management, finance and fund use to investors through equity crowdfunding financing intermediaries, and must not mislead or defraud investors. Investors should fully understand the risks of equity crowdfunding activities, have the corresponding risk tolerance and make small investments. Equity crowdfunding financing business is supervised by the CSRC.
(1) Internet fund sales. If a fund sales institution cooperates with other institutions to sell investment products such as funds through the Internet, it shall earnestly fulfill its risk disclosure obligations and shall not attract customers through illegal promises of income; Fund managers should take effective measures to prevent maturity mismatch and liquidity risk in asset allocation; Where a fund sales institution and its cooperative institutions provide investors with income through other activities, they shall make a comprehensive, true and accurate statement and list of the income composition, prerequisites and applicable circumstances, and shall not be confused with the income of fund products. Third-party payment institutions shall abide by the relevant regulatory requirements of the People's Bank of China and the China Securities Regulatory Commission on customer reserve funds and fund sales settlement funds in the process of developing fund Internet sales payment services. The customer reserve funds of third-party payment institutions can only be used for the payment business entrusted by customers, and may not be used for the redemption of advance funds and other investment products. The Internet fund sales business is supervised by the CSRC.
(11) Internet insurance. Insurance companies should follow the principles of safety, confidentiality and stability when conducting Internet insurance business, strengthen risk management, improve internal control system, and ensure transaction security, information security and capital security. Professional Internet insurance companies should adhere to the basic orientation of serving Internet economic activities and provide targeted insurance services. Insurance companies should establish a management system for their non-insurance subsidiaries such as e-commerce companies and establish necessary firewalls. Insurance companies selling insurance products through the Internet shall not make misleading descriptions such as false statements, one-sided or exaggerated publicity of past performance, illegal promises of expected returns or losses. Internet insurance business is supervised by the CIRC.
(12) Internet trust and Internet consumer finance. Trust companies and consumer finance companies that conduct business through the Internet should strictly abide by regulatory provisions, strengthen risk management, ensure legal and compliant transactions, and keep customer information. When a trust company sells products and conducts other trust businesses through the Internet, it must abide by the regulatory requirements such as qualified investors, carefully identify customers and assess their risk tolerance, and cannot sell products to customers who do not match their risk tolerance. Trust companies and consumer finance companies should formulate and improve the product document signing system to ensure that the transaction process is legal, compliant and safe. Internet trust business and Internet consumer finance business shall be supervised by the CBRC.
Third, improve the system and standardize the market order of Internet finance
The development of Internet finance should be market-oriented, follow the overall goal of serving the real economy, obeying macro-control and maintaining financial stability, effectively protect the legitimate rights and interests of consumers and maintain a fair market order. It is necessary to refine the management system and create a good environment for the healthy development of Internet finance.
(XIII) Internet industry management. Any organization or individual who opens a website to engage in Internet finance business shall, in addition to fulfilling the relevant financial supervision procedures, also fulfill the website filing procedures with the competent telecommunications department according to law, otherwise it shall not carry out Internet finance business. The Ministry of Industry and Information Technology is responsible for the supervision of the telecommunications business involved in Internet finance business, and the National Internet Information Office 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 depository system for client funds. Unless otherwise specified, the institution shall select qualified banking financial institutions as fund depository institutions to manage and supervise the clients' funds, so as to separate the clients' funds from the institutions' own funds.