With STAR Market open, Securities Regulatory Commission promulgates Guidelines for Public Fund Participation in Refinancing Securities Lending Business
Chang Depeng, a spokesman for the Securities Regulatory Commission, said at a regular press conference yesterday that the Securities Regulatory Commission had recently issued the Guidelines for Public Offered Securities Investment Funds Participating in Refinancing Securities Lending Business (hereinafter referred to as the Guidelines), which came into effect on the date of publication.
Chang Depeng said that the "Guidelines" is to coordinate with the smooth launch of STAR Market, improve the securities trading mechanism in the capital market, and regulate the public funds' participation in the refinancing securities lending business (hereinafter referred to as lending business). The Guidelines mainly include four aspects.
Firstly, it clarifies the basic principles of public funds participating in lending business and the main responsibilities of all parties involved in the business; secondly, it clarifies the definition and nature of public funds participating in lending business; thirdly, it stipulates specific product types and investment proportion, strengthens liquidity risk management, and requires fund managers to strengthen credit risk and related transaction management; fourthly, it clarifies relevant valuation accounting and credit requirements for disclosure of interest and legal documents.
Chang Depeng said that next step, the CSRC will strengthen the supervision of public fund lending business according to law, protect the legitimate rights and interests of fund investors, and promote the long-term healthy development of the public fund industry.
According to the Guidelines, the closed-end stock funds and partial-equity mixed funds, open-end stock index funds and related linked funds, strategic placement funds and other fund products approved by the CSRC can participate in lending business in accordance with the provisions of laws and regulations, fund contracts and recruitment instructions.
In the view of Zhang Ya, Director of Huafu Fund Index and Innovation Business, this will be good for the future development of public funds. "Index funds are particularly beneficiary, because the positions of index funds are relatively stable, and the general index is adjusted once a half year, so the composition of the securities will not change in this half year. After participating in the lending business of refinancing securities, the fund will gain additional income, and investment management will be more convenient."
She adds that active managed equity funds are relatively inappropriate for lending because of their relatively frequent repositioning, but some fund managers are also suitable for participating in the business because of the longer holding time of core stocks. At the same time, she stressed that when participating in the refinancing securities lending business, it is necessary to control the daily liquidity of the fund and deal with the redemption of the fund.

Zheng Zhiyong, a wise partner of Hejing, said that the returns from securities lending would be expected to be classified as fund assets according to the usual practice, so the willingness of index funds to lend securities was higher than that of active funds. The introduction of fund securities trading business coincides with the timing, which will further accelerate the development of index funds.

配合科创板推出 证监会发布公募基金参与转融通证券出借业务指引
昨日，证监会新闻发言人常德鹏在例行新闻发布会上表示，证监会近日发布《公开募集证券投资基金参与转融通证券出借业务指引（试行）》（下称《指引》），自公布之日起施行。
常德鹏表示，该《指引》是为配合科创板的顺利推出，完善资本市场融券机制，规范公募基金参与转融通证券出借业务（下称出借业务）的行为。《指引》主要包括四方面内容。
一是明确公募基金参与出借业务的基本原则以及业务参与各方的主体责任；二是明确公募基金参与出借业务的定义和性质；三是规定具体的产品类型及投资比例，强化流动性风险管控，并要求基金管理人加强信用风险以及关联交易管理；四是明确相关估值核算、信息披露、法律文件等方面的要求。
常德鹏表示，下一步，证监会将依法加强对公募基金参与出借业务的监管，保护基金投资者的合法权益，促进公募基金行业长期健康发展。
根据《指引》，处于封闭期的股票型基金和偏股混合型基金、开放式股票指数基金及相关联接基金、战略配售基金以及中国证监会认可的其他基金产品可以依据法律法规的规定和基金合同、招募说明书的约定，参与出借业务。
在华富基金指数及创新业务部总监张娅看来，这将利好公募基金未来的发展。“指数基金尤为受益，因为指数基金持仓比较稳定，一般指数都是半年调整一次，因而在这半年的时间里成份券都不会发生变化，参与转融通证券出借业务后，基金将获得额外增厚的收益，投资管理上也更方便一点。”
她补充道，主动管理型权益基金由于调仓相对频繁，相对而言不太适合出借，但是有的基金经理由于核心股票持仓时间较长，故而也适合参与该业务。同时她强调，在参与转融通证券出借业务时，需要控制好基金的日常流动性并做好基金发生赎回的应对。
合晶睿智合伙人郑志勇表示，按惯例融券收益将有望归入基金资产，故而指数基金出借证券的意愿要高于主动基金。基金融券业务的推出恰逢其时，将推动指数基金进一步加速发展。