金融监管总局于2024年10月12日发布了《银团贷款业务管理办法》（以下简称“《银团贷款办法》”），对原《银团贷款业务指引》中的规定进行了修订。

国务院办公厅于2024年10月11日发布《关于加强监管防范风险促进期货市场高质量发展的意见》的通知（以下简称“《加强监管防范风险意见》”）。

海南省委金融办、海南省财政厅、中国人民银行海南省分行、海南金融监管局、海南证监局于2024年10月22日联合发布《金融支持经济高质量发展的十五条措施》（以下简称“《十五条措施》”），引导全省金融机构加大对灾后重建的保障支持力度，提升金融服务实体经济能力，促进海南省经济平稳健康发展。《十五条措施》的主要内容有：

（1）明确重点支持对象，建立金融支持经济高质量发展的白名单机制；主动开展无还本续贷服务，将续贷对象扩展至所有的小微企业贷款，以及2027年9月30日前到期的中型企业流动性贷款；

（2）通过政府主导，国企出资建立，加快组建海南省企业应急续贷资金池；

（3）提高行业不良容忍度，优化调整考核机制，落实尽职免责制度，增加保险产品供给，提高保险覆盖面以支持符合条件的在琼企业利用境内外资本市场融资，恢复重建，发展壮大；

（4）支持符合条件的在琼企业通过发行中小企业集合债券等形式募集资金；

（5）海南省财政出资设立风险补偿资金池实施财金联动政策，推出“复工复产担保贷”和“小客车消费贷款再担保”产品；

（6）发挥海南省智慧金融综合服务平台融资降本作用，推动融资担保机构持续减费让利。

金融监管总局2024年10月18日发布了《关于大力发展商业保险年金有关事项的通知》（以下简称“《发展商业保险年金通知》”），对商业保险年金的定义进行了明确，并提出了一系列促进业务发展的政策措施和监管要求。《发展商业保险年金通知》的核心内容主要包括以下几点：

（1）明确了商业保险年金的内涵，即由商业保险公司设计的、兼具养老风险管理与长期资金稳健积累功能的产品，涵盖合规的年金保险、两全保险及商业养老金等多种形式；

（2）提出推动商业保险年金业务发展的政策导向及监管要求；

（3）《发展商业保险年金通知》还强调优化个人养老金产品供给，以提高产品多样性和投保便利性。进一步，鼓励开发兼具养老保障与财富管理功能的新型产品，以满足更广泛人群的需求，并要求保险公司优化其资产配置，以支持经济高质量发展；

（4）《发展商业保险年金通知》提出建立健全统计和监管制度体系，切实保障保险消费者的合法权益。

中国人民银行、金融监管总局及中国证监会于2024年10月17日联合发布了《关于设立股票回购增持再贷款有关事宜的通知》（以下简称“《股票回购增持的通知》”），宣布设立专门用于支持股票回购和增持的再贷款机制，旨在鼓励金融机构向符合条件的上市公司及其主要股东提供融资支持，以推动其回购和增持本公司股票。

中国人民银行与中国证监会于2024年10月18日联合发布《关于做好证券、基金、保险公司互换便利（SFISF）相关工作的通知》，向参与互换便利操作各方明确业务流程、操作要素、交易双方权利义务等内容。

国务院于2024年10月19日发布《关于做好自由贸易试验区对接国际高标准推进制度型开放试点措施复制推广工作的通知》。

银登中心于2024年10月31日发布《银行业信贷资产登记流转中心有限公司银团贷款转让交易业务规则（试行）》，其要点如下：

（1）明确定义：银团贷款转让交易指的是出让方将其持有的银团贷款通过银登中心业务系统进行事前集中登记并开展转让交易的业务活动。银团贷款转让交易业务应接受金融监管总局管理。

（2）业务要求：银团贷款转让交易业务的参与主体包括银团贷款的出让方和受让方，以及负责银团贷款转让事务的代理行。参与主体应当为具有贷款经营资质的银行业金融机构，或经金融监管总局认可的其他主体。出让方应当确保与转让标的相关的贷款合同及其他文件已由各方有效签署，其对转让标的拥有合法处分权，且转让标的之上不存在包括债务人抵销权在内的任何可能造成转让标的价值减损的其他权利。出让方可以将其持有的银团贷款部分转让，但限于将未偿还本金和应收利息一同按比例拆分转让。单家银行担任牵头行的，转让后其承贷份额原则上不得少于银团融资总金额的15%，分销给其他银团成员的份额原则上不得低于30%。银团贷款增设副牵头行、联合牵头行的，转让后每家牵头行承贷份额原则上不得少于银团融资金额的10%，每家银行的承贷份额原则上不得高于70%。涉及分组银团的，转让后各组别原则上有两家或者两家以上银行参加，仅有一家银行的组别不得超过一个。

（3）集中登记：出让方在开展银团贷款转让交易前应通过银登中心业务系统提交相关材料，办理集中登记。

（4）风险管理：出让方和受让方可聘请律师事务所、会计师事务所、资产评估机构、估值机构、财务顾问等第三方中介机构，协助开展相关工作。

2024年10月基金业协会对多家私募基金管理人出具纪律处分决定书，对涉案私募基金管理人作出撤销管理人登记、进行警告等纪律处分，涉及违规要点包括：

（1）违反专业化运营原则。私募基金管理人专业化运营即指私募基金管理人不可从事私募基金投资管理以外的业务。根据中基协处分〔2024〕411号，2022年8月涉案管理人完成私募基金管理人登记后仍以自有资金与其他公司开展借贷业务。基金业协会对涉案管理人作出撤销管理人登记的纪律处分。

（2）募集说明书存在“被投公司控股股东向基金作业绩承诺，基金任意年度收到的分红低于基金实缴规模8%时，控股股东以自有资金补齐”等误导性陈述，使投资者产生刚性兑付预期。

（3）未及时申请私募基金产品备案。根据中基协处分〔2024〕421号，涉案管理人作为执行事务合伙人设立4家合伙企业对外募集资金，并对外进行投资，相关合伙企业以投资活动为目的，采用基金形式运作，符合《私募投资基金监督管理暂行办法》第二条、第三款所列情形，属于应备案的私募基金产品。涉案管理人未及时将相关产品进行备案，违反了《私募投资基金监督管理暂行办法》第八条关于私募基金管理人应当及时办理基金备案手续的规定。基金业协会对涉案管理人作出警告的纪律处分。

On October 12, 2024, the NFRA issued the Administrative Measures for Syndicated Loan Business (“Syndicated Loan Measures”), revising provisions from the Guidelines for Syndicated Loan Business.

（1）Defining key support targets and establish a white list mechanism for financial support for high-quality economic development; proactively carrying out non-principal repayment loan renewal services and extending the renewal targets to all small and micro enterprise loans, as well as liquidity loans for medium-sized enterprises maturing before September 30, 2027;

（2）Accelerating the formation of an emergency loan renewal pool built by the government and funded by state-owned enterprises in Hainan Province;

（3）Increasing the industry's non-performing tolerance, optimizing and adjusting the assessment mechanism, implementing the due diligence and exemption system, increasing the supply of insurance products, and improving insurance coverage to support eligible enterprises in Hainan to utilize the domestic and overseas capital markets to raise funds to rebuild and grow;

（4）Supporting qualified enterprises in Hainan to raise funds by issuing small and medium-sized enterprise pooled bonds and other forms;

（5）Having set up a risk compensation fund pool by Hainan Provincial Department of Finance to implement the financial linkage policy, and launched products of “Guaranteed Loan for Resumption of Work and Production” and “Re-guarantee of Consumer Loans for Small Vehicle”;

（6）Playing the role of financing and cost reduction of Hainan Province's intelligent financial comprehensive service platform, and promoting financial guarantee institutions to continuously reduce fees and transfer benefits to customers.

The Fifteen Measures focuses on post-typhoon reconstruction and promotes high-quality economic development in Hainan Province through financial support. The policy focuses on setting up an emergency loan renewal pool for enterprises, expanding non-principal repayment loan renewal services, supporting liquidity loans for small and micro enterprises and medium-sized enterprises, as well as increasing the industry's non-performing tolerance. Overall, the policy will effectively alleviate the pressure on the liquidity of enterprises in the post-disaster period, and promote the economic recovery and long-term development.

（1）Clarifying the meaning of commercial insurance annuities, i.e. products designed by commercial insurance companies that combine the functions of pension risk management and sound accumulation of long-term funds, covering various forms such as compliant annuity insurance, endowment insurance and commercial pensions;

（2）Proposing policy guidance and regulatory requirements for promoting the development of commercial insurance annuity business;

（3）The Notice on Development of Commercial Insurance Annuities also emphasizes the optimization of the supply of personal pension products in order to enhance product diversity and the convenience of enrollment. Further, it encourages the development of new products with both pension protection and wealth management functions to meet the needs of a wider range of people, and requires insurance companies to optimize their asset allocation to support high-quality economic development;

（4）The Notice on Development of Commercial Insurance Annuities proposes the establishment of a sound statistical and regulatory system to effectively protect the legitimate rights and interests of insurance consumers.

（1）Definition Clarification: Syndicated loan transfer transactions refer to business activities where the transferring party pre-registers and transfers syndicated loans through the BCAR Center's business system. These transactions are subject to supervision by the NFRA.

（2）Business Requirements: The main parties involved in the syndicated loan transfer and transaction business include the transferor and transferee of the syndicated loan, as well as the agent bank responsible for the transfer of the syndicated loan. The participating entities shall be banking financial institutions with loan operation qualifications, or other entities recognized by the NFRA. The transferor shall ensure that the loan contract and other documents related to the subject matter of the transfer have been validly signed by all parties that has the legal right of disposition, and that there are no other rights over the subject matter of the transfer, including the debtor's right of set-off, which may result in the value of the subject matter of the transfer being impaired. The transferor may transfer part of the syndicated loan held by it, but is limited to transferring the outstanding principal together with the interest receivable in a proportionate split. If a single bank acts as the lead bank, its share of the loan after the transfer must not be less than 15% of the total syndicated financing amount, and the share distributed to other syndicate members must not be less than 30%. If there are co-lead banks or additional co-lead banks in the syndicated loan, each lead bank's share after the transfer must not be less than 10% of the syndicated financing amount, and no single bank's share should exceed 70%. In the case of grouped syndicates, each group must generally have two or more banks participating, and there shall be no more than one group with only one bank.

（3）Centralized registration: The transferor shall submit relevant materials through the business system of the BCAR Center for centralized registration before carrying out the syndicated loan transfer transaction.

（4）Risk management: The transferor and the transferee may engage third-party intermediaries to assist in carrying out relevant work, such as law firms, accounting firms, asset appraisal organizations, valuation organizations, financial consultants and other third-party intermediaries.

（1）Violation of the principle of specialized operation. Private fund managers must exclusively engage in private fund investment management activities. According to AMAC [2024] No. 411, after obtaining registration as a private fund manager in August 2022, the manager continued engaging in lending activities with other companies using its own funds. AMAC revoked the manager’s registration as a disciplinary measure.

（2）The prospectus contained misleading statements creating expectations of guaranteed returns, such as “the investee company’s controlling shareholders commit to using their own funds to supplement dividends if the fund’s annual dividend falls below 8% of its paid-up capital”.

（3）Failure to apply for private equity fund product filing in a timely manner. According to AMAC [2024] No. 421, the manager, as managing partner, established four partnerships for fundraising and investment purposes. These partnerships, operating in fund form for investment activities, fell under Articles 2 and 3 of the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds requiring registration. The manager failed to file these products timely, violating Article 8 of the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds. AMAC issued a warning as disciplinary action against the managers involved.