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修订版出炉 社保基金投资信托规范“升级”

近日，全国社保基金会发布《全国社会保障基金信托贷款投资管理暂行办法（2016年修订版）》，这让规模上万亿的社保基金在信托领域的投资规范有了最新的“升级”。

具体来看，《暂行办法（修订版）》明确，为社保基金信托贷款项目提供担保的大型企业应具备以下条件：净资产不低于150亿元；信用评级不得低于偿债主体的信用评级；同一大型企业全部担保金额占其净资产的比例不得超过50%；偿债主体母公司或实际控制人提供担保的，大型企业净资产不得低于偿债主体净资产的1.5倍。

“这说明了社保基金在实际操作过程中更加注重管理的灵活性。将原本的担保主体范围从银行扩充到了银行和大型企业。”北京某大型信托公司人士表示。他分析称，当前由于银行队伍的扩大，许多民营银行的信用评级其实和大型企业相当、甚至还不如大型企业，他认为这样的调整使得信托公司在实际投资过程中有了更大的灵活度和施展空间。

而在合作对象的筛选方面，虽然在信托公司的进入门槛上与此前要求一致，但社保基金同样给予了信托公司一定的项目推荐权，展现了一定的灵活度。按照第一版的《暂行办法》规定，只有信托贷款项目入选了社保基金设立的股权部所建立的备选库之后，信托公司才有可能获得社保基金下属的股权部发出的合作邀请，进而成为受托人。

但在《暂行办法（修订版）》中，信托公司只要满足受托管理社保基金信托资产的条件，便可向社保基金推介信托贷款项目。而信托公司推介的项目若获得社保基金的尽调和审查，则可由该信托公司担任项目受托人。

另一个值得关注的现象是，在新发布的《暂行办法（修订版）》中，对于实际操作中需要明确的一些细节也做了规定。此次发布的相关内容中，除去原先已有的对于信托公司和信托投资项目的选择外，增加了有关“账户监管银行的选择”的内容。规定“银行担保的信托贷款项目，由担保银行作为信托专户和信托贷款账户的监管银行，账户监管费等银行收费标准由借款人和担保人协商确定。大型企业担保的信托贷款项目，由信托公司选择信托专户和信托贷款账户的监管银行，账户监管费包含在信托报酬中。”

至于风险控制方面，新规特地增加了投前管理和投资管理过程中的风控细节。《暂行办法（修订版）》规定，由股权部负责信托贷款项目的投前风险管理，规划研究部负责信托贷款业务的整体资产配置和整体投资风险管理。此外，股权部和规划研究部对信托投资决策执行情况和已投资项目进行监测和控制，及时报告风险状况，有效处置突发风险事件。

不过，也有信托业内人士指出，此前社保基金投资信托贷款项目时，投资占比有严格规定。根据《财政部、劳动保障部关于调整全国社保基金投资范围审批方式的通知》，社保基金投资信托贷款项目，按成本计算，不得超过总资产的5%；单一项目的投资，不得超过总资产的1%。“之前信托业内一直有声音在呼吁能否将此比例进行调整，但此次发布的新办法中并没有做出新的说明。”有信托业内人士稍显失望地表示。

整体而言，信托公司对于社保基金这一“庞然大物”依然青睐有加。据社保基金理事会披露的2015基金年度报告显示，截至2015年末，社保基金的资产总额为19138.21亿元。其中委托投资资产10356.44亿元，占基金资产总额的54.11%。

华东地区某信托业内人士分析称：“信托公司的创新转型并非一朝一夕可以完成，为社保基金这样的机构服务，至少可以为信托提供一笔稳定的收入，这对于信托而言无疑是不错的业务机会。”

NCSSF’s revised standard for social security fund to invest in trust field

Recently, National Council for Social Security Fund (NCSSF) has issued Interim Management Measure for Trust Loan Investment of National Social Security Fund (2016 revision), providing the latest investment standard for social security fund of over 1 trillion yuan in the trust field. 

In terms of details, the said revision sets thresholds for large enterprises going to guarantee trust loan projects of social security fund that they shall possess net assets no less than 15 billion yuan; their credit rating shall not be lower than that of main debt payer; all projects under guarantee of the same large enterprise shall not take up over 50 percent of its total net assets; net assets of the large enterprise shall not be less than 1.5 times of main debt payer’s net assets, if parent company or actual controller of the main debt payer provides guarantee. 

“It shows that social security fund focus more on management flexibility in actual practice, expanding the original scope from banks to banks and large enterprises”, insider at a big trust company in Beijing indicated. Due to banks’ team expansion now, credit rating of many private banks is actually similar to that of large enterprises, or even worse, and such adjustment will make trust company have more flexibility and space in actual investment, he analyzed. 

Referring to partner selection, although the entry thresholds for trust companies are the same as before, social security fund also provides them project recommendation right to some extent so as to make them enjoy some flexibility. Based on previous rule, trust companies may receive cooperation invitation from equity department of social security fund to become trustee, only after their trust loan projects have been selected in alternative database established by the said department. 

But in the revision, trust companies can recommend trust loan projects to social security fund, if they meet the requirements of social security fund for trust assets management. And they can become the corresponding project trustee, if the project has received due diligence and review from social security fund. 

It is worthy of noting that revised measure has ruled some details for actual practice. Besides selection on trust companies and trust investment projects, the revision also adds rules on “selecting account-supervision banks”. “If the banks guarantee for trust loan projects, they shall also be the supervision banks for special trust account and trust loan account, and charging standards of banks, like account supervision fee, shall be negotiated by borrowers and guarantees.” “If large enterprises play a role as guarantees in corresponding trust loan projects, trust companies shall select supervision banks for special trust account and trust loan account, and account supervision fee shall be included in trust remuneration.”

New rules, in particular, add risk control requirements for pre-and-in-process investment management. The mentioned equity department will be responsible for pre-investment risk management of trust loan projects, while planning & research department for overall asset allocation and investment risk management of this business, according to the said revision. Additionally, the two departments will monitor and control the implementation of trust investment decision and invested projects, report the risk status on time, and effectively deal with sudden risk events. 

However, social security fund previously set strict rules for investment proportion when it invested in trust loan projects, trust insiders also pointed out. In line with Notice on Adjusting Review Mode of Investment Scope of National Social Security Fund from Ministry of Finance and Ministry of Human Resource and Social Security, trust loan projects invested by social security fund shall not surpass 5 percent of the total assets based on costs; investment for a single project shall not excess 1 percent of the total assets. “The trust industry previously called for adjusting such proportion, but this revision has not specified new regulations to this respect”, trust insiders disappointedly said. 

Trust companies are still very attractive to social security fund on the whole. Up to the end of 2015, the total assets of social security fund reached 1,913,821 million yuan, with entrusted investment of 1,035,644 million yuan, accounting for 54.11 percent of the total amount, annual fund report of NCSSF in 2015 shows. 

“Innovation and transformation of trust companies cannot be completed in just one step, and providing services for institutions like social security fund will at least provide a certain and stable revenue for them, which is definitely a favorable business opportunity”, trust insider in the eastern region analyzed. 

Source: Xinhua Finance Agency丨Shanghai Securities News

Translated by  Jelly Yi