Question 2: What are the concepts of private fund custody and outsourcing?
Custody service of private equity fund refers to the custodian signing an entrusted asset custody agreement with the private equity fund management institution according to relevant laws and regulations, performing the custodian's related duties such as safe custody, fund settlement, valuation accounting, investment supervision and information disclosure, and providing personalized and customized custody value-added services such as risk management and performance evaluation according to customer needs.
Characteristics of private equity fund custody service-As a third-party organization independent of the manager, the custodian mainly plays the functions of supervising the manager's investment, safely keeping the fund assets and checking the manager's valuation and accounting results.
Private equity fund outsourcing service refers to that private equity fund management organizations outsource the internal operation affairs of companies/enterprises that consume a lot of resources, such as settlement of selling funds, settlement of redemption application funds, share registration, valuation accounting and net value release, to a professional third party for processing, so as to focus on investment, reduce operating costs, improve operating efficiency and enhance the objectivity and transparency of information release.
The characteristics of outsourcing services of private equity funds-as a third-party professional organization, the outsourcing party can be regarded as the operational support department of the manager, freeing the manager from other transactional work other than investment.
Tips: Private equity fund manager, has the first product been filed?
If you have not filed the fund products, please complete the self-inspection according to the following time nodes:
(1) As of February 5, 20 16, if the registration has expired for 12 months, the fund products must be filed before May 16;
(2) As of February 5, 20 16, if the registration is less than 12 months, the fund products must be filed before August 20 16;
(3) If it is newly registered as a fund manager after February 5, 2006, the fund products must be filed within 6 months from the date of registration.
After the self-examination is completed, you should implement it quickly, otherwise the China Fund Industry Association will cancel your fund manager registration. After the registration of fund managers is cancelled, they can re-apply for registration according to relevant requirements.
Question 3: What is the outsourcing service business of private equity funds?
The Measures clarify that private fund managers entrust private fund service agencies to provide services such as fund raising, investment consulting, share registration, valuation accounting and information technology systems for private funds.
It mainly regulates three types of service businesses, such as share registration, valuation accounting and information technology systems, and there are other special provisions for two new types of service businesses, such as fund raising and investment consulting.
Question 4: What is the difference between a fund company and a fund custodian? Fund management companies are responsible for fund raising, operation and investment, such as Huaxia Fund Management Co., Ltd. and China Merchants Fund Management Co., Ltd., who is responsible;
Funds raised by fund management companies should be deposited in custodian banks, that is, fund custodians, usually commercial banks, such as Industrial and Commercial Bank of China, Bank of China and Shanghai Pudong Development Bank. They are in charge of money.
Question 5: Is there a difference between 5:Pb business and private fund outsourcing business? Why is private placement a matter of concept size? Theoretically, PB business is a package service for private placement, including private placement custody outsourcing trading system, fundraising demand and so on.
Question 6: What are the requirements for private equity funds to sign outsourcing agreements? The Announcement on Further Standardizing the Registration of Private Fund Managers (hereinafter referred to as the Announcement) issued by China Asset Management Association on February 5, 2006+2065438 has aroused great concern in the financial and legal circles. The announcement requires private fund managers to submit legal opinions, but the "Guidelines for the Registration of Legal Opinions of Private Fund Managers" is too simple and has no specific details.
What matters should be paid attention to when issuing legal opinions are arranged as follows. If there are any shortcomings, please give us your comments:
1, in five cases, private fund managers must hire lawyers to issue legal opinions.
1) Since February 5, 20 16, private fund managers applying for registration and filing shall submit legal opinions on the registration of private fund managers through the private fund registration and filing system;
2) An applicant institution for private fund managers who has submitted an application before February 5, 2006 but has not completed the registration shall submit a legal opinion on the registration of private fund managers;
3) A registered private equity fund manager who has not filed a private equity fund product shall issue a supplementary legal opinion on the registration of private equity fund managers before applying for filing a private equity fund product for the first time;
4) Private fund managers who have registered private fund products for the record, China Fund Industry Association will require them to supplement the legal opinions on the registration of private fund managers according to specific circumstances;
5) If a registered private equity fund manager applies to change the controlling shareholder, actual controller, legal representative, executive partner and other major matters or other major matters prudently identified by China Fund Industry Association, it shall submit a special legal opinion on the major matters change of private equity fund manager.
2. The legal opinions shall conform to the provisions of the Guidelines for the Registration of Legal Opinions of Private Equity Fund Managers, and express clear opinions on fourteen matters one by one, and related or similar matters shall not be merged. And make a general conclusion on whether the application for registration of private fund managers meets the relevant requirements of China Fund Industry Association.
3. If there are not many newly established companies and employees, it is suggested that the company issue corresponding commitment letters, promising that the company will strictly implement risk management and risk control to ensure the enforceability and operability of the internal system.
4. The statement of legal opinions should be logical and fully demonstrated, and the name of the subject involved and the contents of professional legal opinions issued should be specific and clear. The content of the legal opinion shall be consistent with the information declared by the applicant in the private equity fund registration and filing system. If the information reported by the system is inconsistent with the due diligence, a special explanation should be made. Law firms and their handling lawyers shall not conceal information in legal opinions, and shall ensure that there are no false records, misleading statements and major omissions in legal opinions.
5. The legal opinions shall contain the commitment information of the law firm and its handling lawyers.
Example: Our firm and its handling lawyers strictly perform their legal duties, follow the principle of diligence and good faith, and fully check and verify the facts that have occurred or existed before the date of issuance of this legal opinion according to the Securities Investment Fund Law, the Measures for the Administration of Securities Legal Business of Law Firms, and the Practice Rules of Securities Legal Business of Law Firms (for Trial Implementation), so as to ensure the authenticity and accuracy of the facts identified in this legal opinion. The Firm and its handling lawyers agree to use this legal opinion as a necessary legal document for relevant institutions to apply for registration of private equity fund managers or change major matters, and report it together with other information reported in the private equity fund registration and filing system, and are willing to bear corresponding legal responsibilities.
6. The signatures of the law firm and its handling lawyers on the legal opinions are complete, and the date of issuance is clear and definite. The legal opinions and confirmation letters issued by the law firm on "important information of private fund managers" in the private fund registration and filing system must be stamped with the official seal of the law firm and the riding seal. When stamping, you must pay attention to make every page show the stamp of the riding seal, list the name of the handling lawyer and his practice certificate number and sign it by the handling lawyer.
Attachment: Guidelines for the Registration of Legal Opinions of Private Equity Fund Managers
When applying for registration of private fund managers in China Asset Management Association (hereinafter referred to as "China Fund Association"), the applicant institution shall employ China Law Firm to issue legal opinions on the registration of private fund managers in accordance with the People's Republic of China (PRC) Lawyers Law and other relevant laws and regulations. & gt
Question 7: What is the outsourcing cost of private equity funds? Which is cheaper? Different outsourcing agencies charge different fees. You can ask what similar projects will do.
Question 8: What are the management measures for outsourcing of private equity funds? They mainly regulate the behavior of outsourcing organizations, adopt the registration access system and standardize the service content.
Question 9: What is the fundraising account of private equity fund? Generally, the fundraising account of private equity funds is opened by the custodian of private equity funds, and the full name is usually "fundraising account for fund operation outsourcing services of XX Securities Co., Ltd.", which is a special account entrusted by private equity fund managers to provide fund services on their behalf.
The raising account of private equity funds is generally used for the collection and payment of subscription, subscription and redemption funds of all sales channels during the fund raising period and its duration. The raising account is a special account for the operation service organization to provide fund services on behalf of the fund manager. It does not mean that the operation service organization accepts the subscription or subscription of funds by investors, nor does it mean that the operation service organization makes substantive judgments and guarantees on the value and income of the fund, nor does it mean that there is no risk in investing in the fund.
In the process of using the raised account, unless there is sufficient evidence to prove that the loss is caused by the operation service organization, the fund manager shall bear relevant responsibilities for the loss caused by his own improper operation, and the operation service organization shall not bear any responsibility for the investment operation of the fund manager.
Question 10: Can Industrial Bank provide outsourcing services for private equity funds? General banks do not provide outsourcing services for private equity funds. If it is a securities investment fund, it is recommended to find a brokerage firm to entrust outsourcing, which is the most efficient. It is particularly convenient for brokers to provide data when disclosing quarterly and annual information.