(a) the main regulatory regulations
1 asset management plan of the fund company and its subsidiaries
Fund Law, Trust Law, Interim Measures for Private Placement, Pilot Measures, Guidelines for Single-client Contracts, Guidelines for Specific Multi-client Contracts, Circular No.26 and Eight Bottom Line Rules.
2. Asset management plans of securities companies and subsidiaries
Fund Law, Trust Law, Interim Measures for Private Placement, Administrative Measures, Detailed Rules for Directional Implementation, Detailed Rules for Collective Implementation and Detailed Rules for Eight Bottom Lines.
3 Private investment funds
Fund Law, Trust Law, Partnership Law, Company Law and Interim Measures for Private Offering; Seven Measures and Two Guidelines, Registration and Filing Measures, Staff Management Measures, Fund Raising Measures, Investment and Care Measures, Custody Measures, Outsourcing Management Measures, Internal Control Guidelines and Contract Guidelines.
4 trust plan
Trust law, measures for the administration of trust companies, and measures for the administration of collective fund trust plans.
(3) Investing in the equity of listed companies in the New Third Board
Questions and Answers on Institutional Business (1) Questions about asset management plans and contractual private equity funds investing in the equity of companies to be listed;
If the asset management plans of fund subsidiaries, asset management plans of securities companies and contractual private equity funds established and standardized in accordance with the law are registered with the China Fund Industry Association and supervised by the securities regulatory authorities, the shares of the companies to be listed may not be restored during the listing review, but relevant information shall be disclosed.
Questions and Answers on Directed Issuance Supervision of Unlisted Public Companies (II);
Holding platforms, such as enterprise legal persons and partnerships, established only for the purpose of subscription, do not have actual business operations, do not meet the requirements of investor suitability management, and may not participate in the share issuance of unlisted public companies. Financial products under the supervision of the CSRC, such as employee stock ownership plans, subscription of private equity funds and asset management plans established by listed companies, which have completed the examination and approval procedures and fully disclosed information, can participate in the private placement of unlisted public companies.
(4) About the qualifications of qualified investors and the number of investors.
Asset management plans of fund companies and subsidiaries:
A natural person, legal person, legally established organization or other specific customer recognized by the China Securities Regulatory Commission who entrusts to invest in a single asset management plan with an initial amount of not less than RMB 654.38+00,000, and can identify, judge and bear the corresponding investment risks. Social welfare funds such as social security funds and enterprise annuities, charitable funds, and investment plans established according to law and filed with fund industry associations are regarded as qualified investors.
Limit on the number of investors: 2-200 for specific multi-customer asset management plans.
Asset management plans of securities companies and their subsidiaries:
Units and individuals that have the corresponding risk identification ability and the ability to bear the risks of the invested collective asset management plan and meet one of the following conditions:
(1) The total financial assets of individuals or families shall not be less than 1 10,000 yuan;
(2) The net assets of companies, enterprises and other institutions shall not be less than RMB100000 yuan. All kinds of collective investment products established according to law and subject to supervision are regarded as a single qualified investor.
Limited number of investors: 2-200 people in the collective asset management plan.
Private investment funds:
Qualified investors refer to units and individuals that have the corresponding risk identification ability and risk-taking ability, and the investment amount of a single private equity fund is not less than 6,543,800 yuan, and meet the following relevant standards:
(1) Units with net assets of not less than100000 yuan;
(2) Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 500,000 yuan. Social welfare funds such as social security funds and enterprise annuities, charitable funds, and investment plans established according to law and filed with fund industry associations are regarded as qualified investors.
Number of investors: contract type 1-200, partnership type 2-50, company type (1-50 or 2-200).
Trust plan:
Persons who meet one of the following conditions and can identify, judge and bear the corresponding risks of the trust plan:
(1) A natural person, legal person or other organization established according to law who invests in a trust plan with a minimum amount of not less than 1 10,000 yuan;
(2) A natural person whose total personal or family financial assets exceed RMB 654.38+0 million at the time of subscription, and who can provide relevant property certificates;
(3) A natural person whose personal income has exceeded 200,000 yuan per year in the last three years or whose total income has exceeded 300,000 yuan per year in the last three years, and who can provide relevant income certificates.
Number of investors: 2-50 people in the collective trust plan.
(5) About share transfer
Asset management plans of fund companies and subsidiaries:
Transfer its share of asset management plan to qualified specific customers through the exchange trading platform.
Asset management plans of securities companies and their subsidiaries:
Customers of securities companies and promotion agencies can transfer the share of collective plans through trading platforms recognized by China Securities Regulatory Commission, such as stock exchanges.
Private investment funds:
There are no detailed regulations
Trust plan:
Handle the transfer of beneficial right at the counter
(6) Application for open redemption
Asset management plans of fund companies and subsidiaries:
Free to add and extract individual plans; A certain number of customers plan to open it at most once every natural quarter.
Private investment funds:
Unlimited;
The subscription amount of new investors in the open period is not less than RMB 654.38+0 million (excluding participation fees);
When the net value is higher than 6,543.8+0,000 yuan, investors can withdraw in whole or in part, and the withdrawal amount shall not be less than 6,543.8+0,000 yuan;
When the net value is less than 6.5438+0 million yuan, investors must choose to withdraw all at once.
Analysis of compliance points of asset management plan
Main laws and regulations
People's Republic of China (PRC) Securities Investment Fund Law
People's Republic of China (PRC) trust law
Interim Measures for the Supervision and Administration of Private Investment Funds (OrderNo. CSRC 105)
"Pilot Measures for Asset Management Business of Specific Clients of Fund Management Companies" (Order No.83 of CSRC)
Guidelines on the content and format of single customer asset management contracts of fund management companies (revised on 20 12).
Guidelines on the content and format of asset management contracts for specific multiple clients of fund management companies (revised on 20 12).
Major regulatory issues
Notice on Further Strengthening the Risk Management of Fund Management Companies and Their Subsidiaries Engaged in Asset Management for Specific Clients (Zheng Ban Fa [2065438+04] No.26)
Notice on further strengthening the risk management of fund management companies and their subsidiaries engaged in asset management business of specific customers (Shanghai Securities Regulatory Fund Zi [2014] No.28)
Announcement of on-site inspection of subsidiaries of fund management companies under the jurisdiction of Shanghai (2065438+August 28th, 2004).
Notice on Strengthening Risk Management of Special Asset Management Business (CJF [2013] No.29)
Detailed Rules for Prohibiting the "Eight Bottom Lines" of Asset Management Business by Securities and Futures Operating Institutions (2065438+March 2005 Edition)
(1), qualified investor
(1) A natural person, legal person, legally established organization or other specific customer recognized by China Securities Regulatory Commission who entrusts to invest in a single asset management plan with an initial amount of not less than 6,543,800 yuan, and can identify, judge and bear the corresponding investment risks.
(2) The following investors are regarded as qualified investors:
1, pension funds such as social security funds and enterprise annuities, and social welfare funds such as charitable funds;
2. Investment plans established according to law and filed with fund industry associations;
3. Asset managers and their employees who invest in the custody asset management plan;
4. Other investors as stipulated by China Securities Regulatory Commission.
(3) If a partnership, contract or other unincorporated person directly or indirectly pools the funds of most investors to invest in the asset management plan, the asset manager or sales organization shall comprehensively check whether the final investor is a qualified investor and calculate the number of investors in a consolidated manner.
However, if the investor's investment asset management plan specified in 1, 2 and 4 above is met, it is no longer necessary to check whether the final investor is a qualified investor, and the number of investors is calculated in a consolidated way.
(2) Number of customers of assets
The cumulative number of investors in a single collective asset management plan shall not exceed 200. Share transfer, open participation and withdrawal shall not lead to more than 200 investors. In addition, the "unlimited number of investors with a single entrustment amount of more than RMB 3 million" stipulated in the Pilot Measures is no longer applicable because it conflicts with the Fund Law.
According to the on-site inspection report of Shanghai Securities Regulatory Bureau, asset managers are not allowed to circumvent the 200-person limit by issuing parent-child plans or similar products in stages (the asset management plan as trustee is called "parent plan" and the asset management plan as principal is called "sub plan").
(3) Rights and obligations of the asset trustor
When an asset manager conducts asset management business with a single asset principal and invests according to the written instructions of the asset principal, he should require the asset principal to make a written commitment to the legality of the source and use of the entrusted property, and ask the asset principal to undertake the responsibility of investigating and verifying the investment of funds and counterparties, and clearly admit that the asset manager only undertakes the necessary transactional responsibilities such as account management, fund transfer, information disclosure, assistance and cooperation, and should also bear corresponding risks for the investment behavior according to his written instructions and promise to accept the extension.
(4) Channel business reconciliation and post-investment management.
The asset manager cannot be exempted from the following responsibilities when conducting the asset management business of single transaction management:
1) due diligence. The asset manager shall perform due diligence duties from the perspectives of partner selection (access), source and use of entrusted property, transaction background, and legal and compliant structure; Among them, the partner selection mechanism should refer to the requirements of Circular 26 and Circular 28. The source and use of the entrusted property mainly depend on the written commitment of the partners to make reasonable judgments, and the legal compliance of the transaction background and transaction structure should be reviewed according to the requirements of the eight bottom line rules.
2) Post-investment management. In addition to daily work such as account management and fund allocation, asset managers should also start to perform their post-investment management duties by preventing conflicts of interest, interest transfer, insider trading, market manipulation and other illegal acts, and make necessary supervision, information disclosure and report to the regulatory authorities with reference to the requirements of the eight bottom line rules.
(5) the scale of the entrusted property
The scale of assets entrusted by the asset management plan stipulated in the Pilot Measures refers to the restrictions in the initial state. In the process of investment operation, if the scale of entrusted property exceeds the above-mentioned upper/lower limits due to the change of unit net value with market conditions, the distribution of income or principal by the asset manager according to the agreement in the asset management contract, it should not be considered illegal. However, a single asset management plan shall not exceed the above upper/lower limits due to the increase or withdrawal of entrusted property, and a collective asset management plan shall not exceed the above upper/lower limits due to open participation and withdrawal. (e.g. advance payment)
(6) Entrustment of non-monetary property
Article 2 of the Pilot Measures: "These Measures shall apply to the activities of fund management companies as asset managers, custodians as asset custodians, investing in entrusted property for the benefit of asset customers, raising funds from specific customers or accepting entrusted property from specific customers." Article 14 of the Trust Law: "Property prohibited from circulation by laws and administrative regulations shall not be used as trust property."
According to the relevant provisions of the Pilot Measures and the Trust Law, entrusted property is not limited to the form of monetary funds, but also can be non-monetary property, such as physical assets such as houses, machinery and equipment, financial assets such as stocks and bonds, except those prohibited from circulation by laws and regulations.
Accepting non-monetary property entrustment is still a theoretical discussion in practice, and there are few cases.
(VII) Independence of assets in the asset management plan
1) account independence
Independent fund (custody) accounts, securities accounts and futures accounts independent of inherent property are not recommended to use sub-accounts, sub-accounts and virtual accounts.
2) Independence of profit and loss
The acquired property and income are included in the asset management plan property, and the tax payable is charged from the asset management plan property.
3) Debt independence
For debts not borne by the asset management plan property itself, the right to request freezing, seizure or other rights shall not be exercised against the asset management plan property, and its creditors shall not advocate compulsory execution of the asset management plan property.
4) Bankruptcy isolation
Where an asset manager or an asset custodian conducts liquidation, the assets in the asset management plan do not belong to their liquidation assets.
(8) Initial sales
1) Special account for sales settlement (fundraising account)
(1) A commercial bank with the qualification of fund sales business.
(2) Designated commercial banks engaged in the deposit and management of customers' transaction settlement funds.
③ China Securities Depository and Clearing Co., Ltd.
2) Transfer of sales funds
Investor account = => Improvement account = => Collection account (contingent) = = = > Fund account (custody account)
Before the asset management plan is sold for the first time, no institution or individual may use it, including the funds raised by the fund raiser for any cash management investment.
Before the asset management plan is put on record, it is not allowed to participate in investment activities such as public or non-public offering of shares, that is, after the non-public offering is approved by the CSRC and before the issuance is put on record at the CSRC, the asset management plan is used as the fund of the subscriber, and then the subscription money is paid.
3) Handling of interest during the period
① The investment target has good liquidity and fair and reasonable valuation: the interest formed during the initial sales period shall be converted into the share of the asset management plan and owned by the asset client.
② Investment in non-standard assets: The interest generated during the initial sales period is calculated according to the deposit interest rate of the People's Bank of China for the same period, and will be returned to investors after the establishment of the asset management plan (or the first income distribution).
4) Subscription participation fee
The subscription participation fund (excluding subscription participation fee) of the asset client shall not be less than RMB 654,380,000.
After the first sale or open offering, the subscription participation fee collected will not be transferred to the capital account. After the establishment of the asset management plan, the asset manager can pay the sales service fee or other reasonable fees to the sales organization from the subscription participation fee charged according to the sales service agreement.
(9) Open participation/withdrawal (add/extract)
The subscription amount of new investors in the open period is not less than RMB 654.38+0 million (excluding participation fees).
When the net value is higher than 6,543.8+0,000 yuan, investors can withdraw in whole or in part, and the withdrawal amount shall not be less than 6,543.8+0,000 yuan.
When the net value is less than 6.5438+0 million yuan, investors must choose to withdraw all at once.
Single asset management plan: extract entrusted property in the same way.
(10), illegal promotion is prohibited.
1) does not guarantee the principal and income.
2) No public promotion.
① Promotional products must be qualified investors.
② The scope of promotion must be a specific subject.
3) Illegal splitting is not allowed.
The asset manager shall not initiate or entrust the cooperative organization to initiate or approve illegal sales forms such as "big dismantling and small dismantling", "long dismantling and short dismantling" and "split and transfer of income rights" by means of change registration.
(1 1), investment (financial) consultant.
1) business qualification
Individuals or third-party institutions without corresponding qualifications shall not be employed as investment (financial management) consultants of the asset management plan.
2) Illegal transactions
The asset management plan shall not be directly or indirectly related to the investment (wealth management) consultants or other products it manages, such as interest transfer, insider trading, manipulation of securities trading prices, etc. The asset management plan shall not be implemented by investment (wealth management) consultants or entrusted transactions, and the asset manager must reserve the right to review compliance and strictly leave traces.
3) Payment of expenses
Do not pay fees to investment (financial) consultants who do not provide substantive services, or the fees paid do not match the services provided by investment (financial) consultants.
4) Information disclosure
Related party transaction disclosure, etc.
(12) Commercial bribery is prohibited.
1) Commercial bribery with third-party service organizations.
Employees of asset management institutions take advantage of their positions to accept bribes from financiers.
2) Commercial bribery with investors
For the purpose of conveying benefits, selling the share of asset management plan to a specific investor will bear unequal risks and benefits.
3) Commercial bribery of sales service agencies
Organize high-consumption activities such as outbound travel and over-standard vacation in which employees or partners and their close relatives participate.
(13), outsourcing service organization
1) outsourcing services and business qualifications
The outsourcing institution shall file with China Asset Management Association and join the fund industry association as a member; To provide sales services, it shall obtain the qualification of fund sales business recognized by China Securities Regulatory Commission.
2) Asset management plan outsourcing service
Sales, payment and settlement, share registration, valuation accounting, information technology system, etc.
3) Independent outsourcing business
Fund assets and customer assets involved in outsourcing business are strictly managed separately. Establish necessary business isolation between outsourcing business and fund custody business team.
(14), status quo return and expansion
To realize the status quo return, we should ensure that the legal ownership of assets in the asset management plan can be transferred.
For the collective asset management plan, if the assets of the asset management plan can be legally divided and the ownership can be transferred, and the relevant subjects can reach a consensus on the division and return scheme, then the status quo return is also feasible.
1), when the planned property can be divided and the ownership is transferred, the manager, the client, the custodian and other relevant entities will sign a non-cash asset transfer agreement to complete the ownership transfer procedures such as possession transfer, asset delivery and transfer registration.
2) If the planned property cannot be divided and the ownership cannot be transferred before it expires, an extension can be agreed until it can be realized and distributed. During the extension period, the administrator or client will be responsible for realizing the property, including but not limited to debt restructuring, participation in negotiations, litigation/arbitration, etc. The realized loss shall be borne by the planned property.
(15). Cash pool business is prohibited.
1) terms do not match.
That is, the asset management plan is issued or opened regularly or irregularly (such as 3 months or 6 months), and the funds are invested in the target (such as trust plan, asset management plan, limited partnership share, etc.). ) for a long time (for example, 3 years, 10 years). The investor's investment period does not match the duration of the investment target and the agreed withdrawal period, and the source of funds cannot correspond to the project investment one by one.
Theoretically speaking, short-term funds raised by rolling issuance are invested in long-term investment projects ("long-term short-term"), and if each fund investment can ensure that the funds correspond to the projects one by one, it cannot be regarded as a fund pool. However, in the current regulatory environment, any "long-term and short-term" maturity mismatch may be regarded as illegal. In addition to ensuring the one-to-one correspondence between funds and projects, it is also important to note that the principal and income paid in the early stage should come entirely from the cash flow generated by the financing party's debt service or investment, rather than the participation of the late investors.
2) Mixed operation
First, different asset management plans are mixed, and funds and assets cannot clearly correspond; For example, multiple asset management plans cross-invest in multiple basic assets, that is, the "fund pool" is connected with the "asset pool".
Second, asset management plans are not accounted for separately, and multiple asset management plans are combined to prepare balance sheets or valuation tables; For example, an asset management plan is divided into several "subaccounts". Although the investment in each sub-account can guarantee the one-to-one correspondence between funds and projects, * * uses financial statements instead of accounting separately.
3) Separate pricing
That is, the asset management plan is not reasonably valued when it is open to participation, withdrawal or rolling issuance, and is priced separately from the actual rate of return and net worth of the corresponding assets; For example, after the asset management plan invests in non-standard assets, although there are investment gains and losses, it is not valued. After opening the asset management plan, the manager decided to accept investors' participation at the net value of unit share of 1 yuan, which led to the deviation between the actual value and artificial pricing.
For asset management plan products invested in standardized securities, if they can be fairly valued, investors can participate and withdraw according to the net value, and the withdrawal funds do not belong to the fund pool without any guarantee of principal and income.
Can parallel mobile phones be sold publicly? Parallel mobile phones naturally have a certain market because of its existence. Whether it is open or not is relative, but the choice of location and the way of publicity are different!
Excuse me, can refugees' clothes be sold publicly? I don't know what kind of public sale you mean. If it is to let * * * give you a license, then you are dead. That's illegal.
Can copyrighted technical videos be sold publicly? Only with my permission can this be sold publicly. If I don't allow it, I will bear legal responsibility and compensate the copyright owner for the money.
What company can asset management plan products be sold to? After the New Deal of China Insurance Regulatory Commission, the first asset support plan was successfully issued.
In the past two years, the asset securitization market has developed rapidly. The central bank, China Banking Regulatory Commission, China Securities Regulatory Commission and other regulatory agencies have issued a series of policies to support asset securitization business, and established a regulatory system with the registration system as the core and negative list management as the means. On August 25th, 20 15, China Insurance Regulatory Commission officially issued the Interim Measures, and initially completed the top-level system design of the asset support plan business of the insurance system.
According to the Interim Measures, the asset-backed plan is not listed on the exchange for the time being, and it belongs to private placement products. The issuance adopts the method of "initial declaration and approval, and similar products are reported afterwards". When an insurance institution participates in the asset support plan business, it can report its products to the CIRC afterwards under the condition that the core elements such as the basic asset category and transaction structure remain unchanged, which is convenient for the insurance institution to customize its products according to its own needs, and also provides a convenient and fast channel for the original obligee to introduce insurance funds.
As the first approved product after the promulgation of the Interim Measures, the support plan has received the attention and support of the relevant departments of the China Insurance Regulatory Commission, and the subscription institutions are mostly insurance institutions. With the financial advantages of insurance institutions, with the increase in the number of similar products, the pattern of banking, securities and insurance in the field of asset securitization is expected to appear.
Can self-occupied commercial housing be transferred after public sale? After the public sale, it is still a self-occupied commercial house, and it is still necessary to obtain a real estate license before listing and trading, and pay 30% of the profits to the state.
Is Volkswagen Zhijun 1.6 on sale? No ~! Magotan has six displacement * * * 1.4 TSI1.8 TSI 2.0 FSI 2.0 TSI 3.2 FSI, of which 3.2 FSI is imported from Germany1.4 TSI has just been listed and has been discontinued ~! The common ones are 1.8TSI 2.0TSI~!
Can I apply for an independent house after the house is sold publicly? If it is a public sale of affordable housing projects, there is no need to apply, just prepare the materials and go directly to the sales office to buy.
When will iphone 6 be pre-sold to the public? Apple announced that the new iPhone will be launched in Chinese mainland on June 65438+1October 65438+July, and the prices will start at 5288 yuan and 6088 yuan respectively.
Apple announced that the iPhone 6 and iPhone 6 Plus will be officially released in China on June 10 and June 17. Both new iPhones have three capacities of 16GB/64GB/ 128GB and three colors of silver/gold/deep gray, among which the price of iPhone 6 is 5288/6088/6888 yuan respectively.
Users can order iPhone 6 and iPhone 6 Plus through the Apple Store online store from Friday, June 10. From Tuesday 10, 14, users can also make an appointment for a brand-new iPhone, and pick it up at the Apple Store retail store from Friday 10.
When will Redmi go on the market? Hi!
At present, we haven't received any specific notice here. Please pay attention to Xiaomi official website: Xiaomi. /and @ Xiaomi official Sina Weibo, we will release the details as soon as possible.
A more detailed description of the problem will help netizens understand your troubles and help you solve the problem more accurately. Thank you for supporting Xiaomi mobile phone!