1. Fund establishment procedures
The establishment of securities investment funds includes four main steps.
(1) Determine the nature of the fund. According to different organizational forms, funds can be divided into company type and contract type; According to whether the fund bonds can be redeemed, they can be divided into two types: open and closed, and fund sponsors should first choose this type.
(2) Select the same promoters, fund managers and custodians to formulate various application documents. According to the relevant provisions on the qualification of fund sponsors, carefully select * * * and sponsors, sign the Agreement on Co-sponsoring the Establishment of Securities Investment Funds, select fund custodians, and formulate various documents to stipulate the rights and responsibilities among fund managers, custodians and investors.
(3) Submit the required approval documents to the competent authority. At the same time, actively carry out personnel training to make preparations for the establishment of the fund.
(4) Publish fund prospectus and sell fund bonds. Once the amount or proportion of funds raised reaches the relevant laws and regulations, the fund will be established, otherwise, the initiation of the fund will fail.
2. Documents and contents to be submitted when applying for the establishment of a fund According to the Interim Measures for the Administration of Securities Investment Funds and its implementation rules, the documents that fund sponsors should provide to the CSRC when applying for the establishment of a fund are:
(1) The main contents of the application report include: the name of the fund, the necessity and feasibility of applying for the establishment of the fund, the fund type, the fund scale, the duration, the issue price, the issuer, the trading or subscription and redemption arrangements of the fund, the signatures and seals of the trustee and manager to be entrusted and the important promoters.
(2) Sponsor information includes basic information of sponsors, legal person qualification and business qualification certification documents.
(3) The sponsor agreement mainly includes: the name, type, scale, raising method and term of the fund to be established; The rights and obligations of the fund promoters, and the responsibilities and obligations of the promoters when the fund is not established; The mode and duration of capital contribution of the fund shares subscribed by the promoters, and the fund shares subscribed for the first time and held during the existence period; The proposed fund custodian and fund manager; The sponsor's authorization to the main sponsor, etc. ;
(four) the fund contract and custody agreement.
(5) the prospectus
(6) The financial report of the promoters includes the three-year financial statements and audit reports of the main promoters audited by accounting firms qualified to engage in securities-related business and their certified public accountants, as well as the capital verification certificates of the paid-in capital of other promoters.
(VII) Legal opinions Legal opinions issued by law firms and their lawyers who are qualified to engage in securities legal business on the qualifications of the sponsor institution, sponsorship agreement, fund contract, custody agreement, prospectus, articles of association of the fund management company, qualifications of the proposed fund custodian and manager, substantive conditions of this issuance, important financial conditions of the sponsor institution, etc.
(8) The raising plan includes the basic information of the fund issuance and the issuance announcement. When applying for the establishment of an open-end fund, in addition to the above materials, the fund manager shall also submit the implementation plan and relevant documents of the open-end fund to the China Securities Regulatory Commission.