1. Is the foreign private equity fund management institution included in the scope of registration and filing?
A: Domestic registered private equity fund management institutions shall go through the registration procedures for private equity fund managers with the fund industry association. Overseas registered private equity fund management institutions are not included in the scope of registration for the time being.
2. Can a natural person register as a private fund manager?
A: According to the Securities Investment Fund Law, fund managers are legally established companies or partnerships. A natural person cannot be registered as a private fund manager.
3. Can an institution with insufficient paid-in capital register as a private fund manager?
A: Private equity fund management institutions should have appropriate capital to support their basic operations.
4. Can private equity funds promise to guarantee guaranteed income?
A: Private equity funds shall not violate the rules and promise to protect the principal and income. The fund industry association is formulating the relevant business norms of private equity funds.
5. Do private fund management institutions have to go through the registration procedures? What are the consequences of not registering?
A: According to the Securities Investment Fund Law and the Measures for the Registration of Private Investment Fund Managers and Fund Filing (Trial), private equity fund management institutions should go through the registration procedures. Otherwise, it shall not engage in private investment fund management business activities. The Fund Industry Association and the China Securities Regulatory Commission have established a mechanism for information sharing and regular notification of private equity fund registration and filing. The established private equity fund management institution shall apply for registration before April 30. For registered private fund managers, fund industry associations will provide various services.
Answers to Questions Related to the Registration and Filing of Private Equity Funds (2)
1. What are the criteria for identifying qualified investors?
A: At present, the CSRC is formulating the criteria for identifying qualified investors. Before the promulgation of the relevant regulations of the CSRC, the Association suggested that private fund managers raise funds from investors who meet the following conditions:
(1) The financial assets of individual investors shall not be less than 5 million yuan, and the net assets of institutional investors shall not be less than100000 yuan;
(2) Having the corresponding risk identification ability and risk bearing ability;
(3) The amount invested in a single private equity fund shall not be less than RMB 6,543,800+0,000.
2. Can an institution that has not managed a fund register with the Association?
A: The Association gives priority to applications from private investment fund management institutions with fund management experience. For the applicant institutions that have not managed the fund, besides checking whether they have truthfully filled in the application materials and the integrity information of the applicant institutions, their actual controllers and senior managers, the Association will also conduct verification through interviews with senior managers and on-site verification. For such institutions that meet the following conditions, the association will register them: First, senior executives have corresponding investment management experience; Second, fund managers have appropriate capital to support their basic operations; Third, the organization has places, facilities and basic management systems that meet the needs of business operations.
Answers to Questions Related to the Registration and Filing of Private Equity Funds (3)
Q: When a registered private equity fund manager raises and sets up a new private equity fund, when applying the standard of qualified investors, is it necessary to thoroughly verify whether the final investor is a qualified investor and calculate the number of investors in a consolidated way for the types of unincorporated investors such as partnership and contract?
A: At present, the CSRC is formulating standards for qualified investors of private equity funds. At present, the fund industry association suggests that the cumulative number of qualified investors in private equity funds should not exceed 200, and the cumulative number of investors in the form of limited liability companies or partnerships should not exceed 50. Investors should meet the standards recommended by the Qualified Investors Association:
(1) The financial assets of individual investors shall not be less than 5 million yuan, and the net assets of institutional investors shall not be less than100000 yuan;
(2) Having the corresponding risk identification ability and risk bearing ability;
(3) The amount invested in a single private equity fund shall not be less than RMB 6,543,800+0,000.
For unincorporated investors such as partnerships and contracts, it is necessary to thoroughly check whether the final investor is a qualified investor and calculate the number of investors together. However, the collective investment plan established according to law and filed by the fund industry association is regarded as a single qualified investor.
Answers to Questions Related to the Registration and Filing of Private Equity Funds (IV)
Q: Does the requirement of "silent period" for fund managers in the Guiding Opinions on the Management of Investment Managers of Fund Management Companies (Announcement No.3 of CSRC in 2009) apply to the private equity industry?
A: Yes. According to Article 34 of the Guiding Opinions on the Management of Investment Managers of Fund Management Companies (Announcement No.3 of CSRC [2009]), "the company shall not employ fund managers who have left other companies for less than three months to engage in investment, research, trading and other related businesses". According to this regulation, fund managers need to have a three-month "silent period" when they change jobs in fund companies. During these three months, the fund manager shall not engage in investment, research, trading and other related businesses in other public offerings of the fund management company. In order to maintain the fairness and justice of the industry and unify the regulatory standards, the same three-month "silent period" requirement was also implemented for fund managers who left the Public Offering of Fund management company and worked in private fund management companies, and it was implemented when private fund managers registered.
Answers to Questions Related to the Registration and Filing of Private Equity Funds (5)
Q: The private equity fund manager changes the controlling shareholder, actual controller or
The legal representative (executive partner) shall hold a post in the fund industry association.
What procedure?
A: According to the Interim Measures for the Supervision and Administration of Private Equity Funds and the Measures for the Registration and Filing of Private Equity Fund Managers (Trial), it is a major change for a private equity fund manager to change the controlling shareholder, actual controller or legal representative (executive partner). The manager shall, according to the contract, truthfully, timely, accurately and completely disclose the relevant changes to investors or obtain the approval of investors. The manager of the above matters shall make major changes to the fund industry association through the private equity fund registration and filing system within 10 working days after completing the industrial and commercial change registration. The specific submission method is as follows: send the change report of the controlling shareholder, actual controller or legal representative (executive partner) and relevant supporting documents to pf@amac.org.cn, the mailbox of the association, and make major changes through the private equity fund registration and filing system. The fund industry association will conduct verification and handling according to the Measures for the Registration of Private Investment Fund Managers and Fund Filing (Trial).
The fund industry association emphasizes that the registration certificate of private fund managers only confirms the fact that private fund managers have completed the registration procedures, and does not mean that private fund managers have obtained permission. The registration and filing of private equity funds does not constitute recognition of their investment ability and continuous compliance, and does not serve as a guarantee for the safety of fund property.
Certificate. For those who use the registration and filing certificate of private equity funds to improperly increase their credit or engage in other illegal activities, the fund industry association will handle them according to the law and regulations.
Answers to Questions Related to the Registration and Filing of Private Equity Funds (6)
Q: How to obtain the qualification of private equity fund?
A: According to Article 9 of the Securities Investment Fund Law, "fund practitioners should have the qualifications for fund practice", private fund practitioners should have the qualifications for private fund practice.
According to the relevant provisions of the Measures for the Registration of Private Equity Fund Managers and the Filing of Funds (Trial), the relevant arrangements for obtaining the qualification of private equity funds were further clarified.
Meet one of the following conditions, can be identified as having the qualification of private equity fund:
(1) passed the qualification examination of the fund;
(2) Engaged in investment management-related business in the last three years;
This situation mainly refers to the related asset management business in the last three years, and the average annual scale of assets under management is above 6,543,800,000 yuan; Or in the last three years, he has worked in a financial supervision institution and its supervised financial institutions.
(three) other circumstances identified by the fund industry association.
This situation mainly refers to having passed the securities qualification examination or futures qualification examination and obtained relevant qualifications; Or have obtained relevant qualifications such as domestic and foreign funds or asset management and fund sales.
In the case of items (2) and (3), if you have obtained the qualification of fund practice, you shall submit the corresponding certification materials.
Answers to the registration and filing questions of private investment funds (7)
Q: How is it possible for an institution engaged in private lending, microfinance and crowdfunding? And also engaged in private fund management business and registered as a private fund manager?
A: According to the Interim Measures for the Supervision and Administration of Private Equity Funds (hereinafter referred to as the Interim Measures), private equity fund managers are required to guard against conflicts of interest. For applicants who engage in private lending, private financing, fund-raising business, micro-loan, micro-credit, P2P/P2B, crowdfunding, factoring, guarantee, real estate development, trading platform and other businesses, these businesses conflict with the attributes of private equity funds and easily mislead investors. In order to prevent risks, China Fund Industry Association will not register the above-mentioned institutions that conflict with private equity business. The above-mentioned institutions may apply for the registration of private fund managers after setting up institutions specializing in private fund management. Where an institution approved by the financial supervision department engages in the above-mentioned non-private fund business and private fund management business, it shall establish a corresponding business isolation system to prevent conflicts of interest.
At the same time, in order to implement the requirements of the Interim Measures for the professional management of private equity fund managers, the name and business scope of private equity fund managers should include related words such as fund management, investment management, asset management, equity investment and venture capital, but not related words such as fund management, investment management, asset management and venture capital.
Registered private fund managers should be rectified according to the above requirements, and the next step is for the association to conduct self-discipline management on private fund managers who do not meet the requirements.
Q: What qualifications do executives and fund managers who are engaged in private equity investment fund business need?
A: According to Article 9 of the Securities Investment Fund Law, employees engaged in private investment fund business should obtain the qualification of fund practice. The way to obtain the qualification of fund practice has been answered in "Answers to Questions Related to the Registration and Filing of Private Equity Funds (VI)". Where a private equity fund manager applies for the qualification of private equity fund manager for the first time, and the private equity fund manager and venture capital fund manager are changed to private equity fund managers or private equity fund managers and venture capital fund managers are engaged in private equity fund business, their senior managers and fund managers engaged in private equity fund business shall have the qualification of fund practice.
The registration institution shall verify whether the employees engaged in private investment fund business have the fund business qualifications in accordance with the provisions. In the next step, China Fund Industry Association will conduct qualification management and business training for fund practitioners in accordance with the provisions of the Fund Law, and require unqualified institutions to make rectification.