CCTV News: According to the website of the People's Bank of China, the People's Bank of China and other six other departments publicly solicited opinions on the "Notice on Standardizing Supply Chain Financial Business and Guide Supply Chain Information Service Institutions to Better Services for Financing of Small and Medium Enterprises (Draft for Comments)".
The Notice has a total of 21 items, mainly including:
(I) Clarify the connotation and direction of the development of supply chain finance and protect the rights and interests of small and medium-sized enterprises. The Notice requires that the development of supply chain finance should be based on serving the real economy, serving the society and people's livelihood, and serving the national strategy. Commercial banks should develop a diversified supply chain financial model, support small and medium-sized enterprises in the supply chain to carry out movable property and rights pledge financing businesses such as credit loans and order loans, inventory loans, and warehouse receipt pledge loans, and promote the expansion of the application of supply chain notes. Core enterprises in the supply chain must pay funds from small and medium-sized enterprises in a timely manner, and shall not use their dominant position to default on accounts of small and medium-sized enterprises, or improperly increase accounts receivable by small and medium-sized enterprises. Supply chain information service institutions must adhere to the positioning of information services, and shall not collect funds directly or indirectly, and shall not conduct financial business without obtaining a license in accordance with the law, so as to prevent information intermediaries from being alienated into credit intermediaries.
(2) Standardize the supply chain financial management of commercial banks and effectively prevent business risks
The "Notice" requires that commercial banks must first improve supply chain financial credit risk management, strictly control the risk exposure of core enterprises, and strictly prevent the use of supply chain financial business to core enterprises to intensify the arrears of upstream and downstream accounts; second, they must strictly fulfill the main responsibilities of loan investigation, risk assessment, credit management, loan fund monitoring, and not outsourcing key management links; third, they must standardize the cooperative management of supply chain financial business, regularly evaluate the situation of cooperative supply chain information service institutions, etc., and for illegal collection of funds and providing false customer information or data information, cooperation should be restricted or refused; fourth, they must strengthen the management of supply chain financial information data, and obtain the information data required for identity verification, pre-loan investigation, risk assessment and post-loan management, and strengthen the protection of borrower information.
(III) Clarify the basic framework for standardized management of electronic vouchers for accounts receivable
First, strengthen the management of authenticity of trade background. The "Notice" requires that the issuance and transfer of electronic vouchers for accounts receivable should have a real trade background. Commercial banks should strictly review trade background materials when conducting relevant financing business, and effectively identify and prevent bank funds embezzlement and fund transactions without trade background. Supply chain information service agencies should reasonably control the level and number of certificates transfers, and promptly verify and report risks for abnormal split transfer behaviors.
The second is to strengthen the timely payment of accounts for small and medium-sized enterprises. In order to strengthen payment guarantee for small and medium-sized enterprises and prevent the use of accounts receivable to extend the account period, the "Notice" requires that the payment period for electronic vouchers for accounts receivable should in principle be within 6 months and the maximum period shall not exceed 1 year. If the payment period exceeds 6 months, commercial banks should strengthen review of the rationality of the reconciliation period and industry settlement practices, and carry out financing business prudently.
The third is to effectively prevent credit risks of core enterprises. The "Notice" requires that the financing of electronic vouchers for accounts receivable should be guaranteed to be registered in the unified registration and publicity system of the movable property financing center of the People's Bank of China. If the debtor of accounts receivable fails to pay as agreed upon when due, or there is a default on issuing bonds or the acceptance notes are continuously overdue, the supply chain information service agency shall promptly stop providing services to its newly opened electronic vouchers for accounts receivable. Establish mechanisms such as collection, inquiry, and risk monitoring of relevant business information to facilitate all parties to effectively grasp and identify the risks of core enterprises.
The fourth is to strengthen the security of funds for clearing and settlement business. The "Notice" proposes that the settlement of funds for electronic vouchers for accounts receivable should be carried out through commercial banks and other institutions with relevant business qualifications. The own accounts of the supply chain information service institutions shall not be used as the fund settlement account for electronic vouchers for accounts receivable business, and shall not occupy or misappropriate relevant funds. Commercial banks should take necessary measures to verify the fund clearance information and transfer funds based on the payment instructions or authorization of the depositor's payment instructions or authorization of the funds.
Fifth, establish a multi-level risk monitoring and management system. The "Notice" proposes that the People's Bank of China and the State Administration for Financial Regulation shall supervise and manage the electronic voucher business of accounts receivable in accordance with the notice and statutory responsibilities, and strengthen policy coordination and information sharing with relevant departments, and guide relevant supply chain finance industry self-discipline organizations, namely the China Internet Finance Association, to carry out self-discipline management of supply chain information service institutions and accounts receivable electronic voucher business; guide the Shanghai Bill Exchange to organize the collection of electronic voucher business information of accounts receivable and carry out statistical monitoring and analysis.
Sixth, ensure the smooth transition of market institutions. The "Notice" proposes that the relevant provisions on electronic vouchers for accounts receivable will be set up with a two-year transition period from the date of publication. During the transition period, all participants should actively carry out business rectification; after the transition period, all participants should strictly strengthen business specifications in accordance with the requirements of the notice.
