Why is there a gray area between white and black?

Gray area. As the name suggests, everyone may have a clear understanding of right and wrong, either right or wrong, either white or black. In fact, there is a big gray area between these two extremes, and it is difficult to define it when he talks ambiguously.

But let's say it's a buffer zone and a transition zone between black and white.

"Gray area" in practice

1. How to identify the investment mezzanine after the ban.

However, there are still controversies in practice as to how to determine the effectiveness of the investment mezzanine (intermediate) in the future.

One view is that the middle-level beneficiary rights are inferior to the priority beneficiary rights in terms of priority, and it is appropriate to be included in the red line as "inferior beneficiary rights".

Another view is that "intermediate" and "inferior" are two independent concepts, and the provisions of the New Asset Management Regulations that "graded private placement products shall be graded according to the risk degree of the invested assets (the priority share, the inferior share, and the intermediate share shall be included in the priority share)" and the provisions of the China Securities Regulatory Commission in the Interim Provisions on the Operation and Management of Private Asset Management Business of **** Operating Institutions (Announcement No. 13 of 2016 of the China ** Regulatory Commission) If there is an intermediate share in the structured asset management plan, the priority share should be included in the calculation of the leverage multiple".

The new regulations do not explicitly prohibit insurance capital from investing in intermediate-level beneficiary rights, and the regulatory authorities do not stipulate "mezzanine" or "intermediate" shares.

Therefore, the determination of mezzanine is still not resolved in the new credit insurance regulations, in other words, can we understand that it is in the specific trust product.

Under the premise that the proportion of inferior investors has been clearly shown to meet the requirements of capital allocation, there is still room for the mezzanine structure of insurance capital investment?

2. Set a threshold, how to judge "major punishment".

The new regulations do not clearly define what is meant by "administrative penalties for major slag sales by regulatory agencies". We compare the relevant provisions of the Administrative Penalty Measures of the China Banking Regulatory Commission issued by the former CBRC in 2007 and 2015.

The gray area, also known as the "critical zone", refers to the middle zone between good and evil, which is called "Wuji", and good, evil, and Wuji are collectively called "three natures".

Generally speaking, good refers to reason, and evil refers to reason.

The gray area referred to in the law refers to those behaviors that violate the constraints of social morality, but there is no clear whether the relevant legal profession has violated the law.

There are gray areas in many professions, such as financial work, because it is full of estimates and key judgments, there are many gray areas in financial accounting figures. Such as revenue recognition, asset impairment, depreciation and amortization, contingencies, etc.

Nothing in the world is absolutely clear, black and white are extreme performances, and most things are not so bipolar, so Nohashi puts those who are not black and white.

Things that are neither good nor bad are collectively referred to as gray areas.

"gray zone" refers to the middle zone, the critical zone.

In terms of geographical location, in the handling of the relationship between men and women, in terms of economic income, etc., Duo Song is very fierce. It's a neutral word.

For example: the gray area of the relationship between men and women - ambiguous relationship; The gray area of economic income - earning a smile.

Gray, black and white tones in harmony.

In fact, the word gray area is divided into noisy and hidden places.

Used emotionally, sometimes it refers to an affair (the third person), and sometimes it is a sexual fantasy.

In life, when there is a reed for sale, it means that there is a little despair in thought. . .

Not very well explained