Ukuthenga ibhange: ushintsho lokulawula kanye nokuhlelwa kwempahla

Ukuthenga ibhange elikhona noma inkampani yezezimali elawulwayo kungashesha kunalokho ukwakha enye, kodwa akuyona indlela ejikeleze umqondisi. Kunoma iyiphi indawo enkulu yezezimali, umthengisi we-stake ebalulekile kufanele athole isiqiniseko sokuba ngumphathi ngaphambi kokuvala, futhi umthengisi uphenywa cishe ngokucophelela njengesicelo selayisense esitsha.

Lo mhlahlandlela uchaza iphrojekthi ye-EU ngokuningiliziwe, ngoba iyinto eqokiwe kakhulu, futhi uyiqhathaniswa ne-UK, iHong Kong neSwitzerland. Umbono ofanayo usebenza ezinhlangano zemali ye-e, izinhlangano zokukhokha, amabhange okutshala imali kanye nabahlinzeki bezinsiza, ngoshintsho oluthile lwesigaba.

Into ebangela ukugunyazwa

Umbono oyinhloko wukuthi ukubekwa kwempahla efanelekayo: ukubekwa okuqondile noma okungaqondile okukhombisa i-10% noma ngaphezulu kom kapitali noma izimfanelo zokuvota zenkampani yezimali, noma okungenza kube lula ukuthatha umthelela omkhulu kulawulo lwayo.

Ephansi Isiqephu 22 soMthethosisekelo (CRD), wonke umuntu othathe isinqumo sokuthola ukubamba iqhaza okugunyaziwe emkhakheni wezimali, noma ukuwuthuthukisa ukuze ufinyelele noma udlule ku-20%, 30% noma ku-50%, noma ukuze ibhange libe yilungu layo, kufanele amemezele umphathisi ofanele ngokubhala ngaphambiliUkuthengiswa nokuncipha ngezansi kwalezi zimo kufanele kubhekwe ngaphansi kwesigaba 25, futhi amabhange kumele aveze noma yiziphi izinguquko ezitholakale ngaphansi kwesigaba 26.

I- Payment Services Directive (Ingxenye 6) ifaka amaphesenti afanayo kumabhange ezimali futhi ibhekisa emuva ku- CRD ngolwazi oludingekayo. Izinkampani zokutshala imali kanye nabahlinzeki be-inshurensi balandela imithetho ehambisanayo, futhi zonke izimboni ezintathu zihlanganisa isigaba esisodwa se- Joint Guidelines esikhishwa yi- EBA, EIOPA ne- ESMA (JC/GL/2016/01), esesisebenzile kusukela ngo- 1 Okthoba 2017.

Ukuphathwa okungaqondile kanye nokusebenzela ngokuhlanganyela

Ukugunyazwa kudingeka kuwo wonke amacala omphakathi, hhayi kuphela kwinkampani esayina isivumelwano sokuthenga isithako. Izincomo ezihlangene zisebenzisa izifundo ezimbili:

1. Isinqumo sokulawula. Wonke umuntu olawula inhlangano ephethe ukubamba iqhaza okuhlanganisiwe kubhekwa njengokuthola ngokuqondile lo kubamba iqhaza ngokugcwele.
2. Isimo sokuphindaphinda. lapho akukho ukulawula khona, amaphesenti ngaso sonke isikhathi aphindaphindwa; uma imiphumela ilingana ne-10% noma ngaphezulu, ukuphathwa okungaqondile okusezingeni eliphakeme kufinyelelwa.

I- ECB’s Guide on qualifying holding procedures ichaza ukuthi ezimbonini ezinezingqimba eziningi “zonke izinhlangano ezithengiswayo ezingaqondile ezicelwe ngazo zonke izingqimba” kufanele zimemezele ngazo zonke, ngaphandle kokungabaza kwezinkampani eziphakathi. Abantu abasebenza ngokucophelela, isibonelo ngaphansi komhlangano wama-shareholders mayelana nokuvota, bahlanganisa izimpahla zabo.

Ubani okhetha

Umthethosivivinywa	Igunya lokugunyaza	Isisekelo somthetho
Amabhange endawo ye-Euro	ECB, ngesinqumo se-National Supervisor	CRD Amathuluzi 22 kuya ku-27 kanye noMthetho SSM
Okunye amabhange nezinkampani zezimali zase-EU	Igunya eligunyaziwe lezwe	CRD, PSD2, MiFID II, Solvency II njengoba kufakwe
i-United Kingdom	PRA izinkampani ezilawulwa kabili; FCA izinkampani ezilawulwa kuphela	Isigaba 178
i-Hong Kong	HKMA, izinhlangano ezigunyaziwe ezibhalisiwe endaweni	Isigaba 70
i-Switzerland	FINMA	Umthetho Wezezimali, izimiso zokubandakanyeka okugunyaziwe

Ezindaweni ze-euro, i ECB ithatha isigqibo mayelana nokuhlelwa kwezimpahla ezigunyaziwe kuzo zonke izinhlangano zokukhokha, kufaka phakathi amabhange ancane kakhulu angahlolwa ngokuqondile. Ikhasi layo le-authorisations lichaza isikhathi sokuhlolwa njengezinsuku zokusebenza ezingama-60, ezifinyelela ku-90.

Isikhathi sosuku

I CRD imisa isikhashana esicacile, okungukuthi amalungelo ezwe angakwenza kube nzima:

1. Ukuqinisekiswa. Umqondisi uqinisekise ukuthi wathola isaziso ngokubhala ngaphakathi kwezinsuku ezimbili zomsebenzi futhi acacise usuku lapho isikhathi sokuhlolwa sizophela khona.
2. Isikhathi sokulinganisa. Umphathi unezinsuku ezingu-60 zokusebenza kusukela lapho kuqinisekiswa khona, uma zonke izigcawu ezidingekayo zifakwe.
3. Izicelo zolwazi. Kuze kusuku lokusebenzela oluyi-50, umphathi angacela ulwazi oluningi. Ihora limiswa kuze kube yilapho impendulo ifika, hhayi ngaphezulu kwezinsuku ezingu-20 zokusebenzela.
4. Ukwehliswa okuqhubekayo. Ukwehliswa kungaphinde kuqhubeke kuze kube yizinsuku ezingu-30 zokusebenzela lapho umnikazi ehlala khona noma elawulwa ngaphandle kwe-EU, noma angeke abe ngaphansi kokuqondiswa kwemali kwe-EU.
5. Usinqumo Uma umqondisi ephikisana, kufanele abhale njalo nsuku ezimbili zokusebenza ngemuva kokuphela kwesilinganiso, kanye nezizathu. Uma engaphikisana ngesikhathi sonyaka, ukuthengwa kubhekwa ukuthi kuvunyelwe.
6. Ukuphelelwa. Umqondisi angabeka isikhathi esiphezulu lapho ukuthengwa kufanele kuqedwe khona.

Kuzosebenza, ikhalenda kuphela uqala lapho ifayela liqediwe, futhi ukuqoqa ifayela eliphelele kubathengisi ezithakazelisayo kungathatha izinyanga. The ECB ikhuthaza ngaphambili-isimemezelo izingqungquthela “ukucacisa imininingwane edingekayo, timelines kanye nendlela yokubhekana nokwesaba okunokwenzeka ukuqondiswa ekuqaleni kwenqubo.”

E-UK, i PRA nayo ine60 izinyanga zokusebenza kusukela ekuqinisekiseni isimemezelo esigcwele ukugunyaza, ukugunyaza ngezinkinga noma ukuphakamisa ukuphikisana. I PRA ichaza ukuthi ukungenisa inkampani entsha elawulayo kudinga isiqiniseko sokuqala ngisho uma umlawuli oyinhloko engaguquki, futhi ukuthi ukuthatha noma ukunciphisa ukulawula ngaphandle kwesiqinisekiso kuyingozi yobugebengu ngaphansi kwesigaba 191F se-FSMA.

Okusho ukuthi,

CRD Isiqephu 23 sibeka izimo eziyisithupha, okusho ukuthi umqondisi ufaka “ukubheka imiphumela engahle ibe khona yomuntu ofuna ukuthenga”:

Isimo	Iyini inkinga
(a) Igunya lomthengisi	Ukunethezeka, irekhodi lokudlwengula nokuphatha, kanye nekhono lomsebenzi
(b) Ukulawula okusha	Umlando, ulwazi, izikhono kanye nesipiliyoni somuntu ozoba ngumqondisi webhange ngemuva kokungenelela
(c) Ukunethezeka Kwezimali	Uma ngabe umqashi angakhokhela inkontileka futhi axhase ibhange ngesikhathi
(d) Ukulandelana kwe-Prudential	Uma ngabe ibhange lizoqhubeka nokuhlangabezana nezidingo zezimali, ukukhokhelwa, ukulawula kanye nokuhlolwa kweqembu
(e) Ingozi yokuhlanza imali	Uma kukhona izizathu ezifanele zokukhathazeka nge-ML/TF, noma ukuthi inkontileka ingakhuphula le ngozi

Isigaba 23 siqeda futhi umqondisi. Ungaphikisana kuphela ngezindlela ezifanele ngaphansi kwalezi zimiso noma ngoba ulwazi aluphelele, futhi ngeke luhlole inkontileka ngokuya ngokuthi “izidingo zezomnotho zemakethe”.

Uhlelo lwebhizinisi kanye nokuxhaswa

Uma umthengi ulawula ibhange, i ECB ilindele uhlelo lwebhizinisi olunemibiko yezimali elindelekile “ngeminyaka emithathu noma ngaphezulu ngemuva kokuthola okushiwo”. Izincomo Ezihlangene zisho ukuthi imali ekhokhwe ngemali ayisebenzi ngokwayo ukwenza umuntu othola imali angafaneleki, kodwa umqondisi uzobheka ukuthi ngabe inkontileka icindezela umuntu othola imali noma amandla ebhange ukuhlangabezana nemibandela yokuphepha.

I ECB ngaphezu ephawulwe mayelana leverage. It inikeza “ukunakekelwa okukhethekile” ukuthenga imali engenayo, ngenxa yengozi yokuthi umnikazi omusha uzonyusa iphrofayili umonakalo ibhange noma ukhiphe izikweletu ukuhlinzeka ukuthi imali engenayo. It ikhomba izinhlangano ezizimele equity, izinkokhelo zezimali zombuso kanye conglomerates njenge “abathengi abathile” abanesakhiwo futhi imikhankaso kufanele kuhlolwe ngokucophelela.

Umthombo wemali

Izincomo Ezihlangene (isiqephu 14.5) zibeka isilinganiso semali esetshenziswa emkhankasweni. Abaphenyi kumele baqinisekise ukuthi:

• izimali zidlula ngezinhlangano zezezimali ezingaphansi kokulawula okusebenzayo AML e-EU noma emazweni asebenzisa izimiso FATF;
• ubufakazi bokuthi izimali zikhishwe ngendlela ethembekile futhi ehambisana nenani lesivumelwano; kanye
• izimali zine “i-paper trail eqhubekayo emuva kokuqala kwabo”, noma enye imininingwane exazulula izimangalo mayelana nokuqala kwawo okusemthethweni.

Izixhumanisi eziya ezindaweni zombuso ezikwi- FATF noma kuluhlu lwezingozi ezinkulu ze-EU zidinga ukunakekelwa okukhethekile, futhi abaqondisi bangaphikisana nesivumelwano lapho isihloko sinikeza izizathu ezifanele zokukhathazeka ngokukhula kwengozi ye-ML / TF ngisho nangenxa yokungabikho kwerekhodi lezobugebengu.

Imibandela nezingxabano

I-ECB futhi ivuma izibopho ezivela kulabo abathengayo, ezinjengokugcina ama-ratio ezimali zebhange noma ukuhlinzeka ngosizo lwemali engenayo. I-HKMA ngokuvamile idinga wonke amalungu okulawula amabhange abhaliswe endaweni ukuba anikeze iposi lokunethezeka eligunyaza ukuhlinzeka ngemali engenayo noma usizo lwemali engenayo uma kunesidingo.

Izinhlanganiso zezomthetho

• Hong Kong. I HKMA igunyaza abaphathi bezinhlangano ezigunyaziwe ezibhaliswe endaweni ngaphansi kwesigaba 70 se-Banking Ordinance, ehlukanisa abaphathi bengxenye encane (10% kuya ku-50% yelungelo lokuvota) kusuka kubaphathi abakhulu. Inqubomgomo yayo ecacisiwe ukuthi umuntu ofuna ukuphatha u-50% noma ngaphezulu kufanele kube “ibhange eliqinile noma enye inhlangano yezezimali elawulwa kahle”.
• i-Switzerland Ushintsho ekubandakanyeni okusezingeni kufanele kuqinisekiswe FINMA, kanye nebhange elisha ilawulwa kwamanye amazwe kufanele ibonise amalungelo okulinganayo ezweni lapho abahlanganyeli bayo abanelungelo behlala khona.
• Amabhange e-EU njengomthengisi. Kusukela kumiswa CRD (Umthetho olandelwayo (EU) 2024/1619) yaqala ukusebenza, ibhange le-EU elihlela ukuthenga inkontileka ebalulekile, echazwe njengo-15% noma ngaphezulu kwemali engenayo yayo, kufanele futhi limemezele umphathi wayo ngaphambi kwesikhathi ngaphansi kwesigaba esitsha se-27a, kanye nosuku lokusebenza lwezinsuku ezingu-60.

Ukuhlolwa okufanele kwabathengayo

Ukugunyazwa komthetho kuyingxenye kuphela yomsebenzi. Umthengi kufanele futhi aqonde ukuthi yini etholayo. Amaphuzu akhethekile ezinyathelweni zomthetho kufaka phakathi:

1. Isibalo selayisense. Izivumelwano ezisemthethweni ezikhona, noma yiziphi izithintelo noma izimo, nokuthi yiziphi ipaspoti ze-EU noma izimemezelo zokudlula komkhawulo ezikhona.
2. Irekhodi lokuhlola. Izinhlolovo, izimpendulo, ama-plans okulungisa, izimali ezingeziwe kanye nanoma yiziphi izimangalo zokuphoqelela. Buza umhlinzeki ukuthi avumele ukukhishwa lapho imigomo yobumfihlo ivumela khona.
3. Imali kanye nemali etholakalayo. Izinga lamanje, ama-buffers, izidingo zePhilisi 2 namasheya adingekayo kuhlelo lwebhizinisi ngemuva kokuvala.
4. AML kanye sanctions. Quality of ikhasimende amafayela, edlule umsebenzi o сомнительном ukubikezela, legacy high-ingozi amakhasimende nanoma iyiphi imithetho AML izimpendulo. Inherited AML izinkinga zibe izinkinga umthengisi.
5. Ukuxhumana nokufinyelela ku-invoyisi. Yimiphi imibhangqwana ehambisanayo nezinhlelo zokukhokha ezisetshenziswa yinjongo, nokuthi ngabe izoqhubeka yini ngemuva koshintsho lomnikazi.
6. Izinhlelo kanye nokukhishwa kwangaphandle. Iphrojekthi yebhange eliyinhloko, abahlinzeki ababalulekile kanye noshintsho lokulawulwa kwesivumelwano.
7. Abantu. Uma ngabe abaphathi abaphambili bazohlala, noma uma ngabe abaqondisi abasha bazodlula ukubuyekezwa okulungile nokufanele.

Into eqhuba inzuzo

Akukho indlela esemthethweni yokulinganisa ilayisense lebhange, futhi intengo ixhomekeka ekuthengiseni okuthile. Abashayeli abathengayo bavame ukufaka phakathi:

• ijubane lezimvume nepaspoti, uma kuqhathaniswa nesikhathi kanye nezindleko zokuzithola kusukela ekuqaleni;
• irekhodi elihlanzekile lokuqondisa kanye ne AML mlando;
• isisekelo esiqinile sediphozithi kanye nobudlelwane bomthengisi obukhona;
• umnotho ongaphezulu kwezimfuneko, noma ngokushintshashintsha umnotho ongenalutho umthengisi kufanele akhokhele;
• ukufinyelela kuhlelo lokusebenza lwebhange kanye nohlelo lokukhokha;
• izinhlelo ezisebenza kahle, ukulawulwa kanye nabasebenzi abakwazi ukudlula ukuhlolwa okufanele.

Ilayisense engasebenzisi bhizinisi, engasebenzisi abasebenzi futhi ingaxazululi izimpendulo ezikhona inenzuzo encane, ngoba umthengisi uzobhekana nokuhlolwa okuphelele futhi kufanele avule ibhange noma kunjalo.

Izibhamu ezibomvu: izitsha kanye nezinkampani ze-"akhawunti kuphela"

Iziphakamiso zebhange "eliqediwe", amalayisense e-shelf noma "amankampani anelayisense lebhange ne-akhawunti" asakazeka kakhulu, ikakhulukazi kumajaji olwandle. Ukunakekela ngazo ngezinga.

• Isiqiniseko sidingeka. Ushintsho lokulawula iqembu eligunyaziwe liqala ukuhlolwa okufanayo komthengi, umsuka wemali kanye nezinhlelo zebhizinisi ezichazwe ngaphambilini. Akunandlela esheshayo yokuyivimbela.
• Izitifiketi ezingasebenzisiwayo zingasuswa. Ephansi CRD Isigaba 18, umphathi angasusa ilayisense elingenakusetshenziswa ngaphakathi kwezinyanga ezingu-12, noma lapho ibhange liqedile umsebenzi ongaphezu kwezinyanga ezinhlanu.
• Amabhange e-Shell ahlukaniswe. Umthetho we-EU uchaza ibhange le-shell Inhlangano ebhalisiwe lapho ayinayo indawo yokuphila ebandakanya ukuqonda okunengqondo nokuphatha, futhi ayihlobene neqembu elilawulwayo. Izinhlangano zemali nezimo zomphakathi azivunyelwe ukungenisa izixhumanisi ezihambisanayo nomunye, ngakho-ke le nhlangano ayikwazi ukufinyelela kuhlelo lokukhokha.
• Abanikazi abaqinisekisiwe. Nanoma iyiphi isakhiwo esifihla abanikazi abanenzuzo, esebenzisa abakhethiwe, noma engashicileli ukuvela kwezimali kuzohluleka ku-source of funds test.
• Ukuvala ngaphambi kokugunyazwa. Noma yimuphi umhlinzeki ofuna ukudlulisa ukulawula ngaphambi kokuba umphathi avume, unikeza ukwephulwa komthetho, okuyingozi e-UK.

Umthengisi othembekile wenkampani elawulwayo uzolindele ukuthi umthengisi ahlanganyele nomqondisi kuqala futhi athuthukise isikhathi sokulawula kwisivumelwano, ngokuvamile njengesimo esingaphambili sokuvala.