1, without administrative approval.
There is no administrative approval for the establishment of private equity funds and private equity fund managers. It is necessary to strengthen supervision during and after the event and severely crack down on all kinds of illegal fund-raising activities in the name of private equity funds according to law.
2, must be registered for the record
Fund managers should be registered according to law, and private equity funds should be filed according to law. The filing authority is China Asset Management Association at/.
According to the requirements, fund managers should register. Private equity funds shall apply for filing within 20 working days after their establishment.
At present, the fund association will generally complete the registration within 3 days and publicize it.
3. No public offering or disguised public offering is allowed.
Strictly limit the number of investors: limited partnership and limited company system shall not exceed 50, and joint-stock company and contract system shall not exceed 200.
Strictly limit the way to raise funds: only private placement. It is not allowed to publicize and promote to unspecified objects through public media such as newspapers, radio, television and the Internet, or lectures, reports, analysis meetings and notices, leaflets, SMS, WeChat, blogs and emails.
4. Strictly define qualified investors and prohibit raising funds from people other than qualified investors.
Qualified investors in private equity funds refer to units and individuals with corresponding risk identification ability and risk-taking ability, and the investment amount of a single private equity fund is not less than 6,543,800 yuan and meets the following relevant standards: (1) Units with net assets of not less than 6,543,800 yuan; (2) Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 500,000 yuan. The above financial assets include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc.
If a private equity fund is directly or indirectly invested by pooling the funds of most investors in the form of partnership, contract or other unincorporated persons, it shall be thoroughly checked whether the final investor is a qualified investor.
Social welfare funds such as social security funds, enterprise annuities and other pension funds, charitable funds, investment plans established according to law and filed with fund industry associations, and other investors specified by China Securities Regulatory Commission are regarded as qualified investors. If such qualified investors invest in private equity funds, it is no longer necessary to examine whether the final investors are qualified investors and calculate the number of investors together.
Private equity fund managers and their employees who invest in private equity funds under their management are regarded as qualified investors.
5. Need fund custody
Unless otherwise agreed in the fund contract, partnership agreement and articles of association, the private placement fund shall be managed by the fund custodian. If it is agreed not to manage private equity funds, the above-mentioned documents shall stipulate the institutional measures and dispute settlement mechanism to ensure the property safety of private equity funds.
6. Guaranteed income is prohibited.
Private fund managers and private fund sales institutions shall not promise investors in any form that the investment principal will not be lost or that the minimum income will be guaranteed.
7. It is forbidden to pool other people's funds for investment.
Investors shall ensure that the sources of investment funds are legal, and shall not illegally collect other people's funds to invest in private equity funds.
8. Private placement by contract is allowed.
Private equity funds are allowed to exist in partnership, company and contract systems.
9. There is no mandatory requirement for registered capital.
There is no minimum capital contribution requirement for fund management companies and fund scale.
10. The fund business can be outsourced.
Private equity fund sales, sales payment, share registration, valuation accounting, information technology systems and other services can be outsourced according to law.
Outsourcing service institutions should also abide by the regulatory rules of private equity funds.
1 1. Establish a classified publicity system.
According to the management scale, operational compliance, integrity and other information declared by private fund managers, the private fund managers are classified and publicized.
Funds and fund managers with irregular operations are also publicized to remind investors.
12. You may not participate in the investment business within the CSRC system without registration.
At present, intermediaries have been explicitly required to check whether private equity funds participating in securities issuance have completed registration and filing. The CSRC will further require intermediaries to check whether major asset restructuring private equity funds have completed registration and filing.
13. It is forbidden and strengthened to crack down on illegal fund-raising and fund-raising fraud.