Legal basis: Regulations on the Operation and Management of Private Placement Management Plan of Securities and Futures Operating Institutions.
Article 2 These Provisions shall apply to the raising, investment, risk management, valuation accounting, information disclosure and other operational activities of asset management plans of securities and futures operating institutions. The securities and futures institutions mentioned in these Provisions refer to securities companies, fund management companies, futures companies and their legally established subsidiaries engaged in private fund management business.
Article 3 An asset management plan shall be privately offered to qualified investors. A qualified investor refers to a natural person, legal person or other organization that has the corresponding risk identification ability and risk tolerance, invests no less than a certain amount in a single asset management plan, and meets the following conditions:
(1) A natural person who has more than two years of investment experience and meets one of the following three conditions: the family financial net assets are not less than 3 million yuan, the family financial assets are not less than 5 million yuan, or the average annual income in the last three years is not less than 400,000 yuan;
(2) The legal entity whose net assets at the end of the recent 1 period are not less than100000 yuan;
(3) Institutions established in accordance with the law and subject to the supervision of the State Council financial supervision and management institutions, including securities companies and their subsidiaries, fund management companies and their subsidiaries, futures companies and their subsidiaries, private fund managers registered in China Asset Management Association (hereinafter referred to as Securities Investment Fund Association), commercial banks, financial asset investment companies, trust companies, insurance companies, insurance asset management institutions, finance companies and other institutions recognized by China Securities Regulatory Commission;
(4) Asset management products issued by institutions supervised by the State Council financial supervision and regulation institution;
(5) Pension funds such as basic pension, social security fund and enterprise annuity, and social welfare funds such as charitable funds, qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII);
(six) other circumstances that the China Securities Regulatory Commission considers qualified investors.
The amount of investment by qualified investors in a single fixed-income asset management plan is not less than 300,000 yuan, the amount of investment in a single mixed asset management plan is not less than 400,000 yuan, and the amount of investment in a single equity, commodity and financial derivative asset management plan is not less than 6,543,800 yuan. If the asset management plan invests in non-standardized assets specified in Item (5) of Article 37 of the Administrative Measures, the amount of funds entrusted by a single qualified investor shall not be less than 6,543,800 yuan. Where an asset management plan accepts the participation of other asset management products, the number of investors of other asset management products shall not be calculated on a consolidated basis, but the actual investors and final sources of funds of the asset management plan shall be effectively identified.
Article 4 Securities and futures institutions and institutions entrusted by securities and futures institutions to sell asset management plans (hereinafter referred to as sales institutions) shall fully understand investors' sources of funds, personal and family financial assets and liabilities, and take necessary measures for verification to ensure that investors meet the conditions stipulated in Article 3 of these Provisions.
Article 5 The initial raising scale of an asset management plan shall not be less than RMB 654.38 million. The initial raising period of the collective asset management plan shall not exceed 60 days from the date of sale of the share of the asset management plan, and the initial raising period of the collective asset management plan that specializes in investing in the equity of unlisted enterprises shall not exceed 12 months from the date of sale of the share of the asset management plan. Investors of closed single asset management plan can pay the entrusted funds by installments, but the amount and period of installment payment should be clearly stipulated in the asset management contract in advance. The first payment of funds shall not be less than 6.5438+million yuan, and the payment period of all funds shall not exceed 3 years from the date of establishment of the asset management plan.
Article 6 Securities and futures institutions shall prepare a prospectus for the management plan of raised assets, which shall contain the following contents:
(1) The name and type of the asset management plan.
(2) Overview of the manager and custodian, employment of investment consultants, etc. ;
(three) the investment scope, investment strategy and investment restrictions of the asset management plan, as well as the disclosure of investment risks.
(4) Income distribution and risk-taking arrangements;
(5) Standards and methods for calculating the remuneration of managers and custodians and other expenses related to the property management and application of the asset management plan;
(6) Fees and rates borne by investors, such as participation fees and withdrawal fees, as well as important rights and obligations of investors;
(7) Time limit for raising funds;
(8) Contents, methods and frequency of information disclosure;
(nine) conflicts of interest and other important matters that may affect the legitimate rights and interests of investors;
(ten) other matters stipulated by the China Securities Regulatory Commission.
Article 7 A securities and futures operating institution shall make a risk disclosure statement when raising an asset management plan. The content of the risk disclosure book should be targeted, and the expression should be clear, clear and easy to understand, and fully reveal various risks such as market risk, credit risk, liquidity risk, operational risk, related party transaction risk and specific risk of hiring investment consultants in an eye-catching way.
Article 8 The fund asset management plan and the manager's asset management plan in a fund shall be marked with "FOF" and "Mom" or other words that can reflect the categories of asset management plans. Asset management plans with specific investment management objectives, such as employee stock ownership plans and asset management plans established for the purpose of acquiring listed companies, shall be marked with words reflecting the investment management objectives of the asset management plan in their names in accordance with regulations.
Article 9 The holding period of self-owned funds of securities and futures institutions participating in the collective asset management plan shall not be less than 6 months. Investors and custodians shall be notified 5 working days in advance when participating or withdrawing.
The share of securities and futures institutions participating in a single collective asset management plan with their own funds shall not exceed 20% of the total share of the plan. The total share of securities and futures institutions and their affiliated institutions participating in a single collective asset management plan with their own funds shall not exceed 50% of the total share of the plan. If the aforesaid ratio passively exceeds the standard due to objective factors such as changes in the scale of the collective asset management plan, the securities and futures institutions shall timely adjust the standard according to the provisions of the China Securities Regulatory Commission and the agreement in the asset management contract. In order to cope with the huge redemption of the collective asset management plan to solve the liquidity risk, or other circumstances recognized by the China Securities Regulatory Commission, under the premise that there is no conflict of interest and the contract is met, the securities and futures operating institutions and their subsidiaries may participate in the collective asset management plan with their own funds and then withdraw from it, but they shall promptly inform the investors and custodians and report to the relevant institutions and securities investment fund associations.
Article 10 The share registration institution shall properly keep the registration materials and back up the names, identity information and share details of the investors in the collective asset management plan to the institutions recognized by the China Securities Regulatory Commission. Its retention period shall not be less than 20 years from the date of cancellation of the collective asset management plan account.
Article 11 A securities and futures operating institution shall timely transfer the investor's participation funds into the custody account of the asset management plan.