In recent years, the state has increased its control over the economy and introduced some new regulations on banks, securities and trusts, making our policies more and more perfect. For private equity funds, some industry insiders also disclosed some information, and the new regulations in this regard will be introduced soon. However, the adjustment of the content is not a special case, but the general provisions have some articles of association! Let's have a look!
Relevant people told reporters that the new regulations have made provisions on the characterization, custody, investor verification, letter approval and risk disclosure of private equity funds, as well as the filing, design and operation of various private equity products, which are more detailed and strict on the whole.
'previously, the filing of private equity funds was not clearly stipulated, and it is necessary to determine it in writing according to the frequent changes in market conditions. In fact, many of these regulations have been gradually explored by our institutions in the process of self-operation. Now it seems that many of them have been clearly determined. " A general manager of a private equity fund management company told reporters.
But in addition, some private equity fund people said that according to this provision, some aspects are difficult to meet the requirements temporarily. For example, the provisions on the paid in scale of various fund products will have a great impact on the actual operation of the fund. 'from the current business development, many situations can not meet this requirement.' A private placement person in Shanghai told reporters.
According to people familiar with the matter, the new private placement regulations contain many key points:
It defines the custody requirements of various fund products, such as contractual fund products, which must be managed in principle, special exceptions, private asset allocation funds, partnership products, and the funds and accounts of custody accounts and special purpose vehicles must be under the supervision and control of the custodian;
For the filing of various products, it puts forward the requirements of paid in funds and specifies the specific scale, such as private securities funds of no less than 10 million yuan; Private equity funds shall not be less than 30 million yuan; Private equity asset allocation funds shall not be less than 50 million; At the same time, it is stipulated that the proportion of private placement managers and employees with investment shall not exceed 20%;
Specific requirements are put forward for the closed operation of various funds. Except for private securities products, private equity (including venture capital) and private asset allocation products are closed in principle, and subsequent raising periods are not allowed;
Make specific requirements for the duration of the fund, for example, securities funds shall not exceed 15 years; Private equity funds (including venture capital) shall not be less than 5 years, and the establishment of equity funds with a duration of more than 7 years is encouraged; Private equity asset allocation funds shall not be less than 5 years;
It also lists the types of products encouraged to be filed: fields that meet the requirements of national strategy and industrial policy and the requirements of national supply side structural reform policy; Participate in the marketization and legalization of debt to equity swap; Encourage private equity funds to respond to the national poverty alleviation strategy and support the financing of enterprises in poor areas;
Private investment funds are encouraged to make portfolio investment. It is recommended that the proportion of private investment funds investing in a single asset management product (including private investment funds) or subject matter shall not exceed 20% of the asset scale of the fund;
The special filing requirements for real estate, government information, private securities, equity, creditor's rights, non-performing assets, usufruct and asset allocation funds are specified in detail respectively;
Specific provisions have been made on related party transactions, information disclosure, submission of major situations and emergency suspension of filing;
Emphasize the penetration verification of qualified investors; Emphasize breaking the rigid exchange, risk disclosure and standardizing the use of concepts such as' performance benchmark '; Strengthen supervision through interviews, information publicity and other means;
Arrangement of transition period: the old and new products are divided. In principle, the old products that do not meet the provisions of the new regulations shall not be extended, and the raising scale shall not be increased before December 31, 2019.
However, these are the general direction of the market and may still change in the end.