Private Equity Fund Registration Is Ushering In A New Rule.

Boots landing, private equity registration and usher in a new rule.

Previously, the regulatory authorities released the "ban on equity, securities and other types of funds simultaneously run" information, this weekend was confirmed and implemented.

The China Securities Investment Fund Association (hereinafter referred to as "China Foundation Association") issued the relevant questions and answers on private equity registration (thirteen) in the evening of March 31st, which explicitly requested that the same private fund managers should not run various types of private equity funds.

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At the present stage, there are some private institutions' filing with a certain type of manager, but issuing another type of fund products.

Among them,

As a "disaster hit area", it is not only to make equity investment in primary market, but also to send two grade market products, "even to issue non-standard products."

A number of private journalists interviewed believe that the new regulations imply that private equity institutions can not run one or two levels of business, and driven by interest, a large number of funds pfer to equity private equity funds. At the same time, thousands of private equity firms investing in Securities and equity investments need to take the time to rectify. "In the long run, private placement will focus more on the areas in which they are good at the future."

The four major points of the new regulations for private placement registration are "large scale now. The market is very chaotic. A manager can only manage a class of private equity funds."

Market people use such a word to sum up the general requirements of the new rules.

According to the relevant questions and answers (thirteen) of the registration of private equity funds, we can comb out the following four points:

A private fund manager can only register a type of business type, and can only record private equity funds of the same business type, and can only engage in one type of private equity fund management business.

In the course of applying for registration, the private fund managers should register in the types of private equity investment fund managers, private equity, venture capital fund managers, and business types corresponding to the types of institutions, and only choose one type of organization and type of business to register. Private fund managers can only record private equity funds that are consistent with the registered business types of the institution, and can not manage private equity funds which are not consistent with the registered business types of the institution. The same private fund managers can not run various types of private equity fund management business.

It is understood that private equity fund managers and venture capital fund managers belong to an institutional type, that is, "private equity and venture capital fund managers".

A number of private placement institutions have been set up to apply for registration as different types of private equity fund managers.

"If the private equity fund management institution does have the actual and long-term development needs of many types of private fund management business, it can set up independent business entities to meet the professional management requirements in personnel team, business system, internal control system and so on."

1. rectification mode: to reconfirm the type of its own institutions in the form of "multi choice one", that is, to select and choose one type of business from the registered multi type business as its scope of development.

2. rectification path: through the "asset management business integrated management platform" to submit the type of organization and business type change application.

3. the limitation of the fund's record before the rectification is completed: no rectification is completed and no new application for fund filing is allowed.

4., the stock that has been put on record and is in operation.

The method of disposal can continue to be operated before the maturity of the fund contract, including the fund contract, the articles of association or the partnership agreement, but it is not allowed to open the subscription or increase the scale of the fund before the expiry of the fund contract.

Up to now, 2198 private fund managers have completed the registration through the "asset management business integrated management platform" of the association, following the principle of professional management.

"In order to further implement the principles of professional management of private equity managers, we should effectively establish effective mechanisms to guard against possible pmission of interests and conflicts of interest, and enhance the level of internal control of industry institutions."

This is the statement of the China foundation.

The new regulations are formulated in accordance with the twenty-second regulations of the supervision and management of private investment funds, and the relevant self-discipline rules of the private investment fund managers' internal control guidelines.

Mao Jinnan, deputy director of Cci Capital Ltd investment director of Tibet silver sail, told an interview with a securities reporter in China that the new rules directly imply that private placement agencies should not run one or two levels of business. "Private placement better focuses on areas that are good at itself, which is conducive to the long term development of the private equity industry."

"The scale of private equity funds has exceeded the 11 trillion mark, surpassing public funds.

A large part of which is actually private equity fund, driven by interests, a lot of funds pfer to the primary market or equity investment fund, the risk is great.

Mao Jinnan analysis shows that the new regulation has little impact on the fund that focuses on the two level market investment.

In recent years, the large-scale development of private equity funds is the main force for the growth of the overall scale of private equity funds.

According to the latest statistics of the China Association for basic cooperation, as of the end of February this year, the China Association for the foundation has registered 18306 private equity fund managers.

48626 private equity funds have been registered, the scale of which is 11 trillion and 350 billion yuan, and the scale of payment is 8 trillion and 550 billion yuan.

282 thousand and 300 employees of private equity fund.

Among them, as of the end of February this year, the number of private equity fund managers increased by 172 compared to January, up to 8621; private equity funds increased by 451 to 16 thousand and 900; the scale of private equity funds paid increased by 119 billion 700 million yuan, and the total scale of payments was as high as 4 trillion and 890 billion yuan.

By contrast, the number of private equity fund managers increased by 70 in February to 7978 in January, while private equity funds increased by 572 to 27 thousand and 900, while the scale of private equity securities increased by only 18 billion yuan, with a total of only 2 trillion and 800 billion yuan.

The industry believes that, no matter from the scale growth rate, or from the overall size of the volume of comparison, private equity funds than private equity funds appear "tough", creating 11 trillion of the private equity market.

From the overall growth rate, the scale and growth rate of private fund subscriptions in February were significantly slower than those in January. The number of private equity funds managed over 10 billion yuan was reduced by 2 to 145.

However, the management scale of 2 billion yuan -50 billion private equity fund managers increased by 10, 5 billion yuan -100 billion increase of 7.

According to the reporter's statistics, the latest data of the China Association's official website show that there are currently 7077 private equity funds, 132 private equity funds with a scale of more than 10 billion yuan, and a total of 91 private equity funds exceeding 5 billion yuan.

It is worth mentioning that the private equity fund accounts for 90% of the 10 billion scale private placement, mainly in Beijing, Shanghai, Shenzhen, Guangdong (except Shenzhen), Tianjin and other places.

Economically developed regions and provinces are undoubtedly the focus of private equity funds.

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