2- Provisions on preconditions for investment:
According to the relevant provisions of the Securities Investment Fund Law, the Interim Measures for the Supervision and Administration of Private Investment Funds and the Measures for the Registration of Private Investment Fund Managers and the Filing of Funds (Trial), after the fundraising of private equity funds is completed, the filing procedures should be handled in time, otherwise the private equity fund managers and their responsible persons will face the risk of being held accountable.
There is no mandatory legal norm that clearly stipulates whether unfinished funds can participate in foreign investment. According to the relevant documents issued by the fund industry association, the CSRC and the share transfer system, the following distinctions should be made:
(1) The CSRC makes it clear that unregistered funds cannot participate in the issuance business and mergers and acquisitions of listed companies;
(2) The stock transfer system has a loose attitude, and funds that have not completed filing can participate in the three-board business, but they need to commit to complete filing, and the stock transfer system will continue to pay attention to the performance of their commitments;
(3) For enterprises and products outside the CSRC's supervision system and share transfer system, private equity funds that have not completed filing can invest, except as expressly agreed in the fund contract. At present, there are no relevant laws and regulations to restrict it. However, due to the requirement of China Securities Depository and Clearing Co., Ltd. to apply for opening a private equity account, it is necessary to provide relevant supporting documents issued by the fund industry association for filing private equity funds. Therefore, if the fund has not completed the filing, there are still some obstacles to foreign investment.