I. Procedures for filing private equity funds
1, approved by the industrial and commercial bureau.
2. The bank opens a temporary deposit settlement account for capital contribution, and reports to the accounting firm for capital verification.
3. Apply for a business license at the Industrial and Commercial Bureau.
4. Apply to the Bureau of Quality and Technical Supervision for the organization code certificate.
5. Then the tax bureau handles the tax registration certificate.
6. Finally, open a basic deposit account in the bank.
Two. Main provisions of the Measures for the Administration of Registration and Filing of Private Equity Funds
The Measures stipulate the requirements for the registration of private investment fund managers, fund filing, employee management, information submission and self-discipline management.
1. On the registration of private equity fund managers: The Measures require private equity fund managers to go through the registration formalities with the fund industry association and apply for membership of the fund industry association. Private fund managers are required to submit a written undertaking for registration and filing at the same time as electronic filing. Except in the case of suspension of registration, if the registration application materials are complete, the fund industry association will complete the registration for the private fund manager by publicizing the basic information of the private fund manager through the website within 20 working days from the date of receiving all the registration materials.
2. Regarding the filing of private equity funds: The Measures require private equity fund managers to file funds through the private equity fund registration and filing system within 20 working days after the completion of private equity fund raising, and indicate the fund category according to the main investment direction of private equity funds, and truthfully fill in the basic information. The fund industry association shall publicize the information of private equity funds for the record. Registered private equity funds can apply for opening securities-related accounts.
3. In the management of employees of private equity funds: managers of private equity funds shall submit the basic information of senior executives and other employees to fund industry associations in accordance with regulations. Professionals engaged in private equity fund business can not only obtain qualifications through the fund qualification examination organized by the fund industry association, but also be recognized as qualified for private equity fund business if they have engaged in investment management-related business in the last three years. For senior managers, the Measures require honesty and trustworthiness, and there is no record of major dishonesty in the last three years. The China Securities Regulatory Commission has not taken measures to ban them from entering the market. Combined with the qualification accreditation system, the Measures stipulate the requirements for practitioners' practice training.
4. In terms of information reporting: The Measures require private equity fund managers to report the operation of private equity funds regularly and irregularly. According to the characteristics of different types of private equity funds, different requirements are put forward for regular information submission: for private equity funds, monthly submission is required; For private equity investment funds, it should be submitted quarterly. Considering the need to continuously track the supporting effect of national fiscal and taxation policies, the relevant venture capital fund managers are required to submit reports on the fund's investment in small and medium-sized enterprises and social and economic contributions. In order to strengthen the statistical analysis of the industry, the information content submitted by private fund managers every year is stipulated. Private equity fund managers and private equity funds shall report to the fund industry association in a timely manner when major events stipulated in the Measures occur.
5. Self-discipline management of private equity industry: The Measures established a self-discipline mechanism of private equity industry, and clarified that fund industry associations can conduct off-site and on-site inspections of private equity managers and their employees, establish credit files, accept complaints, mediate industry disputes, and safeguard the legitimate rights and interests of private equity investors.
According to China's "Regulations on the Administration of Name Registration", the filing process of private equity funds is to register and declare first, and then open an account in a bank. Private equity funds have higher requirements for the sponsors' assets and registered assets, and require the sponsors to have a sound management system and good operating conditions. Private equity funds must adhere to the principles of openness and fairness when registering, but private equity funds are strictly restricted in China.