I. Basic information

(a) the basis for foreigners, Hong Kong, Macao and Taiwan residents to invest.

1. Notice on Issues Concerning Opening Securities Investment Fund Accounts by Foreigners, Hong Kong, Macao and Taiwan Residents Working and Living in the Mainland [2065438+03] No.9-repealed.

2. Measures for foreigners to enjoy the relevant treatment of permanent residence in China.

3. Notice of the People's Bank of China on improving personal bank account services and strengthening account management.

(2) Basic requirements

1, foreigners working and living in the mainland and residents of Hong Kong, Macao and Taiwan

2. Abide by relevant national laws, regulations and policies.

3. A fund sales institution shall use the RMB settlement account of overseas or Hong Kong, Macao and Taiwan fund investors as the bank account for its subscription funds.

Only when the above three conditions are met can we apply to open a securities investment fund account and its trading account in China, and make fund investments such as subscription, redemption, conversion and fixed investment.

Two. Basic principles and requirements of investment funds for foreigners, Hong Kong, Macao and Taiwan

(1) basic principles

The legitimate rights and interests of foreign or Hong Kong, Macao and Taiwan fund investors are protected by law.

Except for the specific rights and obligations that cannot be enjoyed by political rights and laws and regulations, in principle, they enjoy the same rights and assume the same obligations as China citizens.

To handle banking, insurance, securities and futures and other financial businesses in China, foreigners' permanent residence permit can be used as proof of identity, and they enjoy the same rights, obligations and statistical attribution as China citizens.

Real-name registration system investment system

(2) Materials required for personal investment

1, China citizen investment fund basic requirements.

Through the bank investment fund, it is necessary to issue a valid identity certificate to the banking institution, and the banking institution will review the authenticity, validity and compliance of the identity certificate of the applicant for investment account opening. China citizens with permanent residence in China are resident identity cards; Under the age of sixteen, you can use the resident identity card or residence booklet; China citizens who have settled abroad are China passports. Other identification documents as prescribed by laws and administrative regulations. If a banking institution cannot accurately judge the identity of an account opening applicant through a valid identity document, it shall require it to issue supplementary identification materials.

2. Basic requirements for foreigners to live and work in the Mainland.

(1) For foreigners working and living in the Mainland, passports or foreigners' permanent residence permits (for overseas border residents, it shall be handled according to the relevant provisions on border trade settlement), and other identification documents stipulated by laws and administrative regulations.

When foreigners engage in banking, insurance, securities and futures business in China, they can use the Alien's Permanent Residence Permit as proof of identity and enjoy the same rights, obligations and statistical attribution as China citizens.

(2) At the same time, foreign investors must have bank accounts settled in RMB.

(three) Hong Kong, Macao and Taiwan residents investment fund

1. Through the bank investment fund, it is necessary to issue a valid identity certificate to the banking institution, and the banking institution will review the authenticity, validity and compliance of the identity certificate of the applicant for investment account opening. The valid identity documents required by Hong Kong and Macao residents are Hong Kong and Macao residents' passes to and from the mainland, and Taiwan Province residents are mainland travel permit for taiwan residents.

2. At the same time, Hong Kong, Macao and Taiwan fund investors must have bank accounts settled in RMB.

(four) the classification of foreigners, Hong Kong, Macao and Taiwan investment funds and asset management plans

1, according to the distribution channel.

(1) Direct selling: The so-called direct selling means that foreigners, Hong Kong, Macao and Taiwan residents need to go to the counters, websites and other outlets of fund companies.

(2) Consignment: buying funds or asset management companies through institutions other than direct sales.

2. According to different types of investment funds.

Can be divided into subscription, purchase, redemption, conversion, fixed investment and other investment methods.

Third, the in-depth analysis of investment asset management plan.

(a) about qualified investors

1. The Pilot Measures for Asset Management Business of Specific Clients of Fund Management Companies stipulates that asset managers engage in specific asset management business by setting up asset management plans. "Qualified specific customers" refers to natural persons, legal persons, legally established organizations or other specific customers who are entrusted 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.

Foreigners and residents of Hong Kong, Macao and Taiwan who work and live in the Mainland can subscribe for and participate in the asset management business of specific customers carried out by fund companies through non-public offering as long as they meet the initial entrustment amount of not less than RMB 6,543,800+and can identify, judge and bear the corresponding investment risks.

2. The Interim Measures for the Supervision and Administration of Private Equity Funds stipulates that qualified investors of private equity funds refer to units and individuals with 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 they 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 personal income in the last three years is not less than 500,000 yuan.

The financial assets mentioned in the preceding paragraph include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc.

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) An investment plan established according to law and filed with the fund industry association;

(3) Private equity fund managers and their employees who invest in the managed private equity funds;

(4) Other investors as stipulated by the China Securities Regulatory Commission.

In the form of partnership, contract and other unincorporated persons, if the funds of most investors are pooled to directly or indirectly invest in private equity funds, the private equity fund manager or private equity fund sales organization shall thoroughly check whether the final investor is a qualified investor and calculate the number of investors in a consolidated manner. However, if investors who meet the requirements in items (1), (2) and (4) above invest in private equity funds, it is no longer necessary to check whether the final investors are qualified investors and calculate the number of investors together.

(2) Transfer and transferee of shares in the asset management plan.

In view of the fact that foreigners working and living in the Mainland and Hong Kong, Macao and Taiwan residents can participate in and subscribe for the share of the asset management plan, then the exit mechanism (here only analyzes the exit mechanism of the one-to-many asset management plan, because there is no one-to-one exit mechanism, only the client withdraws from the entrusted property mechanism; If it is a nested asset management plan, you need to add another gap), including the participation and withdrawal of the asset management plan, default withdrawal and share transfer of the asset management plan.

1, daily exit mechanism

There is a clear agreement in the asset management plan contract. The general terms are: "This asset management plan is open to participation and withdrawal once every quarter, and withdrawal applications and entrusted withdrawal are not accepted during the closed operation period. The specific opening announcement shall be subject to the announcement issued by the manager at that time "; At this time, foreigners working and living in the mainland and Hong Kong, Macao and Taiwan residents can withdraw from the asset management plan as investors;

2. Default exit mechanism

Default withdrawal can be stipulated in the asset management plan, at which time investors can retreat to the investment management plan after paying the default withdrawal fee.

3. Transfer and transferee of the share of the asset management plan

Foreigners working and living in the Mainland and Hong Kong, Macao and Taiwan residents who already hold the share of the asset management plan can transfer the share of the asset management plan through the stock exchange and other platforms specified by the regulatory authorities. As the transferor, they must meet the requirements of qualified investors, and as the transferee, they must also meet the requirements of qualified investors. At the same time, there shall be no other illegal acts such as violation of fair trade and interest transfer during the transfer process.

(C) Participate in the inferior grade analysis of the structured asset management plan.

When foreigners working and living in the Mainland and residents of Hong Kong, Macao and Taiwan participate in the structured asset management plan, if they meet the requirements of qualified investors, then the shares they can subscribe for, participate in or be transferred are ordinary or enterprising or inferior (hereinafter referred to as "inferior"). It should be noted in particular that in the classified asset management plan for foreigners and Hong Kong, Macao and Taiwan residents working and living in the Mainland, if an early warning line and a flat warehouse line are set, it is generally stipulated that when the unit reference net value of the T-day asset management plan is less than or equal to the liquidation line, inferior customers need to increase the net value of assets, which requires inferior customers to add more funds in a timely manner.

For example, under normal circumstances, when the clearing line is triggered on T+ 1 day, a copy of the bank transfer voucher for additional funds must be faxed to the manager before 9: 45 am, and the additional assets must be received before T+ 1 day 13: 00, otherwise the manager has the right to proceed to the next operation according to the asset management contract. In this case, it may be that the customer's funds are in Hong Kong, Macao and Taiwan accounts, and it is impossible to purchase foreign exchange in time and remit it to the RMB settlement account, resulting in unsuccessful foreign exchange replenishment.

Foreign investment funds and asset management plans living and working in the mainland still have problems such as anti-money laundering and taxation. Bian Xiao won't analyze it here.

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