Titan Media App reported on August 25 that the person in charge of the relevant department of the China Banking and Insurance Regulatory Commission answered a reporter's question on the "Administrative Measures for Internal Control of Wealth Management Companies". The formulation of the "Measures" mainly follows four principles: First, adhere to the problem orientation, put forward specific requirements for the weak links and deficiencies in the internal control management of wealth management companies, and improve the enforceability and operability of the rules. The second is to adhere to industry benchmarking, fully learn from domestic and foreign financial industry practices, and promote the consistency of similar business rules. The third is to adhere to the bottom line of risks, strengthen the prudent management concept of wealth management companies, and effectively enhance the ability to prevent and resolve various risks and hidden dangers, so as to ensure stable and sustainable development. Fourth, insist on protecting the legitimate rights and interests of investors, give full play to the role of the internal control management mechanism, and implement detailed investor protection requirements. The "Measures" adhere to the combination of internal supervision and external supervision, and jointly promote wealth management companies to improve the long-term internal control mechanism. First, the internal control functional department of the wealth management company is required to organize internal control evaluations at least annually, and the evaluation results are included in the performance evaluation index system. The second is to require the internal audit department of wealth management companies to conduct internal control audit evaluations at least annually to play a role of supervision and checks and balances. The third is that the regulatory authorities strengthen continuous supervision, gradually establish an evaluation system for wealth management companies, and improve the effectiveness of supervision.
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