On the evening of May 1th, asset management association of china issued the Management Rules for Fund Practitioners and the Management Rules for Implementing Fund Practitioners >: Provisions on related matters, emphasizing the fiduciary duty and responsibility of fund practitioners, and strengthening the self-discipline management of professional ethics and code of conduct of fund practitioners.

The Management Rules explain who should obtain the qualification for fund practice, the conditions for registration of qualification, the management responsibilities of fund industry institutions, the code of practice, self-discipline management, and so on. The Provisions on Related Matters also include the examination subjects that different types of employees should pass, the conditions for qualification recognition, and so on, which gives guidance for the healthy development of our growing team of fund industry employees.

Fund Jun carefully combed the contents of the new regulations and interpreted them for his friends in the form of 9 questions and 9 answers.

1. which institutions are involved in the qualification management of funds?

The Management Rules define the specific scope of qualification management, including several categories:

(1) Public Offering of Fund managers and securities and futures institutions engaged in private asset management business;

(2) a private fund manager registered by the association;

(3) fund custodian;

(4) fund service institutions engaged in fund sales, sales payment, share registration, valuation, investment consultancy, evaluation and information technology system services.

2. Who should be qualified for fund practice?

The Management Rules point out that the following employees should be registered to obtain the qualification:

(1) Public Offering of Fund managers, securities and futures institutions engaged in private equity asset management and private equity investment fund managers are engaged in fund sales, product development, research and analysis, investment management, trading, risk control, share registration, valuation accounting, clearing and delivery, supervision and audit, compliance management and information technology related to fund business.

(2) Senior managers such as the legal representative, executive partner (appointed representative) and compliance risk controller of the private equity (including venture capital) investment fund manager;

(3) Professionals engaged in account management, capital settlement, valuation review, investment supervision, information disclosure and internal audit monitoring related to fund business among fund custodians, including managers of relevant business departments;

(4) professionals engaged in fund sales, sales payment, share registration, valuation, investment consultancy, evaluation and information technology system services related to fund business in fund service institutions, including managers of relevant business departments;

(5) Other personnel who need to obtain professional qualifications as stipulated by the China Securities Regulatory Commission and the Association.

3. which exams should different types of employees pass?

The Provisions on Related Matters mentioned that fund practitioners should pass the qualification examination for registered funds, and the examination subjects corresponding to the types of fund business they are engaged in are as follows:

(1) Employees engaged in Public Offering of Fund management, private equity management of securities and futures institutions (except equity), securities private equity fund management, fund custody and various securities fund services should pass the qualification examination subject 1, Fund Law.

(2) Employees engaged in various non-securities private equity fund management businesses shall pass the Basic Knowledge of Private Equity Investment Funds in Subject 1 and Subject 2 or Subject 1 and Subject 3 of the Fund Qualification Examination.

(3) Investment managers of private equity management plans who engage in equity investment in securities and futures institutions, and employees who only engage in private equity fund services in various fund service institutions, need to pass the examination subject combination of subject 1 and subject 3 for qualification registration.

In addition, according to the regulations of the CSRC and the Association, the examination results of Securities Investment Fund, Securities Market Basics, Securities Investment Fund Sales Basics and Securities Issuance and Underwriting (only for senior managers of private equity investment and venture capital fund managers) organized by China Securities Association are recognized.

if you apply to the association for the first time to register for the qualification of fund business (including the qualification of fund sales business) after passing the above-mentioned relevant subject examinations, you should complete at least 3 hours of follow-up vocational training or re-pass the qualification examination within two years before registration.

iv. what are the registration requirements for obtaining the qualification?

The Management Rules stipulate the registration conditions for obtaining professional qualifications. A person who applies for registration of professional qualifications (hereinafter referred to as the applicant) shall meet the following conditions:

(1) Good conduct and good professional ethics;

(2) Pass the qualification examination;

(3) It has been employed by the organization;

(4) He has not been sentenced to punishment for a crime in the last three years;

(5) There are no circumstances as stipulated in Article 15 of the Securities Investment Fund Law;

(6) It has not been disqualified from fund practice by China Securities Regulatory Commission or by the Association in the last five years;

(7) it has not been banned by the financial supervision department or the industry self-regulatory organization, or the execution period has expired;

(8) Other conditions stipulated by laws and regulations, China Securities Regulatory Commission and the Association.

In addition, according to the national opening-up policy arrangement and the authorization of the CSRC regulations, the specific circumstances under which some subjects can be exempted from the qualification examination are stipulated. At the same time, if the applicant has passed the special training organized by the association and found it qualified, it shall be deemed as having the relevant conditions for the registration of professional qualifications temporarily within two years from the date of qualification.

5. What are the requirements for follow-up vocational training?

the management rules stipulate that employees should continuously meet the requirements for registration of professional qualifications in the process of engaging in fund business and participate in follow-up vocational training.

from the year after the first registration of professional qualifications, or from the year after the cancellation of professional qualifications, the follow-up vocational training related to laws and regulations, professional ethics and professional skills shall be completed for not less than 15 hours each year, of which the follow-up vocational training in professional ethics shall be not less than 5 hours.

In addition, if a person who has not been engaged in fund business for more than four consecutive years applies for registration, he shall complete at least 3 hours of follow-up vocational training or re-pass the qualification examination within two years before registration.

VI. What are the requirements for qualification?

The Provisions on Related Matters states that a person who has passed one of the following conditions in the fund qualification examination can be considered as meeting the requirements for the registration of the fund qualification:

(1) The chairman of the board of directors, senior managers of the Public Offering of Fund manager and other directors and supervisors engaged in business management, The senior management personnel of the special fund custody department of the Public Offering of Fund custodian have the relevant professional qualifications of national (regional) funds or asset management and fund sales that signed the Memorandum of Understanding on Securities and Futures Supervision and Cooperation with the China Securities Regulatory Commission, or the country (region) where they practice is not required to have the relevant professional qualifications, but they have been engaged in asset management, securities investment analysis, fund marketing and other businesses in the last five years.

(2) The senior managers of private equity fund managers have passed the financial-related qualification examinations such as securities qualification, futures qualification, banking qualification and CFA qualification, or obtained the qualification of certified public accountant, legal professional qualification and asset appraiser, or served as directors, supervisors and senior managers of domestic listed companies, or engaged in asset management-related business in the last three years, and the average annual scale of assets under management is 1 million yuan.

(3) Having passed the relevant qualification examination for securities business qualifications or completed the registration of securities practitioners.

(4) Hong Kong professionals engaged in fund business in the Mainland hold Class 4 (advising on securities) /9 (providing asset management) financial licenses issued by the Hong Kong Securities Regulatory Commission.

(5) Taiwan Province compatriots who are engaged in fund business in the Mainland have obtained the qualification of Taiwan Province Securities Investment and Investment Salesman, Securities Investment Analyst, Senior Salesman of Securities Firm, Trust Business Person or Senior Financial Manager (AFMA).

(6) overseas professionals who have been employed by fund managers, fund custodians or fund service institutions in the administrative areas of Beijing, Shanghai, Hainan, Chongqing, Hangzhou, Guangzhou and Shenzhen, and who are engaged in fund business activities in the above areas, have already obtained relevant qualifications for overseas funds.

the association said that if one of the above conditions is met, the institution to which it belongs should provide relevant qualification certificates and certificates, or certificates of asset management scale in the last three years issued by fund custodians and fund service institutions. According to the needs of the industry and market development, the association will increase or adjust the accreditation that meets the registration conditions of fund qualification as appropriate.

VII. What are the management responsibilities of fund industry institutions?

The Management Rules sort out the contents of qualification management, and urge institutions to perform the main responsibilities of qualification management.

Specifically, the contents of qualification management of institutions include qualification registration, qualification information change, follow-up vocational training management, credit information management and qualification cancellation.

the institution shall designate a special person as the qualification administrator to be responsible for the management of professional qualifications, and the appointment or replacement of the qualification administrator shall be reported to the association within five working days.

under any of the following circumstances, the institution shall record the employee's credit information within five working days in accordance with the relevant provisions:

(1) The employee is punished by the financial supervision department, takes supervision measures, or is punished or taken management measures by the industry self-discipline organization for violating relevant laws, regulations and self-discipline rules;

(2) Employees are punished by the institution for violating relevant laws, regulations, regulatory provisions and self-discipline rules;

(3) The employee is punished by the organization for serious violation of the rules and regulations of the organization, or is expelled from the organization for illegal and untrustworthy behavior;

(4) Other circumstances that should be recorded in the integrity information as stipulated by the China Securities Regulatory Commission and the Association.

8. What are the codes of practice for employees?

The Management Rules also emphasize the code of practice that practitioners should abide by, including the obligations of loyalty, prudence, law-abiding, conflict of interest management, information disclosure, appropriateness, fair competition and confidentiality.

In particular, we should consciously safeguard the personal professional reputation and the reputation of the organization and industry where we work, practice social ethics and business ethics, respect each other, compete fairly, and work honestly.

specifically, the management rules point out that employees should be conscientious, honest and trustworthy, abide by the law, be loyal to the interests of investors, put the interests of investors above the interests of individuals and institutions, and treat investors fairly.

employees should avoid conflicts between personal interests, the interests of interested parties and the interests of investors. In case of possible conflicts or conflicts, they should report to the institution in time. The institution shall promptly and fully disclose the possibility of conflict and relevant information of conflict to investors; When it is unavoidable, we should ensure that the interests of investors are treated fairly.

in addition, employees should adhere to the principle of investor suitability in the process of selling products or providing services, fully understand the situation of investors, and sell or provide appropriate products or services to suitable investors according to their investment needs and objectives, financial status, investment experience, liquidity requirements and risk tolerance, and fully reveal investment risks.

9. What are the rules for self-discipline management?

the management rules also require the implementation of the self-discipline management responsibilities of the association, which stipulates the function of the association to inspect the implementation of the qualification management of institutions and employees. It is clear that the association may suspend the acceptance of matters related to the management of its qualification if the institution and its employees are investigated or inspected by relevant institutions for alleged violation of law and discipline. In view of the violation of the relevant provisions of these rules by institutions and employees, the Association may take disciplinary action against institutions and employees.

According to the Association, if an institution or employee has any of the following circumstances in the management of professional qualifications, it may suspend the acceptance of its professional qualification registration, information change of employees, cancellation of professional qualifications, etc.:

(1) The public security, procuratorial, discipline inspection and supervision and other relevant authorities have requested assistance in law enforcement;

(2) refusing or obstructing the supervisors or self-discipline managers from exercising their powers of supervision and inspection, investigation or self-discipline inspection according to laws and regulations;

(3) being disciplined by the Association for suspending the acceptance of relevant business in violation of the provisions of these Rules;

(4) Other persons suspected of serious violations of laws and regulations.

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