The SFC Clearly Defines The Three Bottom Line Of Private Equity Funds

June 6th, China SFC A regular press conference was held, and the spokesman, Deng Ge, answered questions from reporters about the hot issues of the fund industry and the abnormal fluctuations of the investment in Jiuding.

Private placement fund management On the one hand, Deng Ge said that the SFC does not set up pre approval for private fund managers and private equity funds. It only conducts statistical monitoring by way of post registration registration, mainly playing the role and function of industry self-regulation organizations.

At the same time, the SFC clearly defines the 3 bottom line of the private equity fund industry, and ensures the standardized operation of the private placement fund. First, we must uphold the integrity and abide by the law and abide by the bottom line of the professional ethics; two, we must stick to the principle of "private placement" and not engage in public offering in disguise; three, we must strictly manage the investors' appropriateness and persist in raising funds for qualified investors.

It is understood that " Private equity investment The Provisional Regulations on fund management (Draft) has been submitted to the State Council in January this year, and the Legislative Affairs Office of the State Council is now reviewing all aspects of it. At the same time, the SFC also studied and drafted the Interim Measures for the management of private equity funds (Draft for solicitation), which is to be promulgated and implemented in the form of the rules and regulations of the SFC.

In view of the recent huge fluctuations in the investment of the new three board listed companies, Deng Ge said that under the transfer of the new three board agreement, there is no price limit on the one to one transaction between the investors, and the transfer price is determined by the two parties involved in the negotiation independently. There may be other factors outside the price. After preliminary verification of new third board and self inspection of Jiuding investment, the price of Jiuding investment transaction is determined by the buyer and seller independently, and the company has no information that should be disclosed and not disclosed.

In the near future, the guidelines for the real time monitoring of the abnormal transfer of shares in the SME share transfer system will be implemented. At that time, for the shares transferred by agreement, the new three boards will be announced on the next transfer day in order to enhance transparency when the price of the transaction is over 50% of the previous closing price.