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SourceRedhotjokerpokermachinesEconomic Daily
Recently, the China Securities Investment Fund Industry Association issued the guidelines for the Operation of Private Securities Investment funds, which will come into effect on August 1, 2024. Industry insiders believe that the release of the Operation guidelines is conducive to strengthening the self-discipline management of private equity investment funds, standardizing the business of private equity investment funds, protecting the legitimate rights and interests of investors, and promoting the healthy development of the private equity fund industry.
There are 42 operational guidelines, covering the raising, investment and operation of private equity funds, highlighting problem-oriented and risk-oriented, and scientifically setting differential normative requirements. Specifically, the first is to strengthen the requirements of fund raising, clarify the initial raising and survival scale of private equity funds, strengthen the appropriateness requirements of investors, clear early warning stop line arrangements, and so on. The second is to standardize investment operation, clarify the requirements for consistency of investment strategies, emphasize portfolio investment, prohibit multi-layer nesting, standardize bond investment, over-the-counter derivatives trading and procedural trading, establish and improve internal control systems, and strengthen liquidity management. clear information disclosure requirements. Third, emphasize the responsibility of entrusted management, prohibit the preservation of capital and income in a disguised form, make it clear that channel business must not be carried out, avoid regulatory requirements through over-the-counter derivatives and asset management products, standardize the calculation and payment of performance remuneration, and ensure fair treatment of investors. The fourth is to establish the concept of long-term investment and value investment, standardize the display of past performance of the fund, guide investors to pay attention to long-term performance, and strengthen the management of short-term investment behavior. Fifth, set the transition period reasonably. In view of the stock of private equity funds to set differential rectification requirements, some of the rectification requirements for a certain transition period to avoid adverse impact on the normal operation of the fund.
In recent years, the private equity fund industry has developed rapidly, and has played a positive role in serving the real economy, meeting the wealth management needs of residents, strengthening the ranks of institutional investors, improving market pricing efficiency, and enhancing the resilience of the capital market. By the end of March 2024, there were more than 8300 private equity fund managers registered with CICC, managing private equity funds.9RedhotjokerpokermachinesWith a scale of nearly 5 trillion yuan, it has become an important institutional investor in the capital market.
According to the China Foundation Association, at present, the top 400 private equity institutions account for nearly 80% of the industry management scale, while the 2000 private equity institutions account for only about 0% of the industry management scale.Redhotjokerpokermachines.15%, the polarization of the industry is relatively serious, and the forms of small, chaotic, scattered and poor industries are still relatively obvious. some institutions deviate from the basic attribute of "being entrusted by others and managing money on behalf of others." the investment operation lacks the necessary restraint, harms the legitimate rights and interests of investors, and is not conducive to the stable operation of the market. In view of this, it is necessary to strengthen standardized management to promote the stable and healthy development of the industry.
In 2023, great progress was made in the construction of the system of the private equity fund industry, and the first administrative regulation of the industry, the regulations on the Supervision and Administration of Private Investment funds, was issued to regulate the business activities of private equity funds under the rule of law and standardization. The China Foundation Association said that in order to fully implement the Private Placement regulations, further improve the industry rule system, and promote the standardized operation of private equity funds, the Association drafted "operational guidelines" and fully solicited the opinions of industry agencies and regulatory authorities in the drafting process. The association carefully studies the feedback, fully considers the reasonable demands of the industry, adjusts and optimizes the relevant provisions, taking into account the norms and development of the industry.
What is worth paying attention to is that the China Foundation Association has also standardized and explained the issues mentioned in the operational guidelines on the survival scale of funds, the frequency of redemption opening and share locking periods, portfolio investment and other issues of high market concern.
For example, in order to gradually improve the current situation of the industry with small scattered differences, the draft of the Operation guidelines proposes that private equity funds with a fund size of less than 10 million yuan should enter the liquidation process, which has been widely reflected by market institutions. think that it has a greater impact on small-scale funds. After full evaluation, adjustments have been made: first, it is clear that the minimum survival size will be reduced to 5 million yuan, and funds with a long-term scale of less than 5 million yuan should stop applying for purchase.RedhotjokerpokermachinesThe second is to increase the buffer period after triggering to stop the purchase and before entering the liquidation procedure, requiring that "if the net asset value of the fund for 120 consecutive trading days after stopping the purchase is still less than 5 million yuan, it shall enter the liquidation procedure." the third is to give a certain transitional period, the starting time for a long period of less than 5 million yuan will be set at January 1, 2025.
The release of the "operational guidelines" has further improved the supervision in the field of private equity funds, taking differentiated measures for different products, different investment varieties, and different investors, which will help prevent the risks of the industry and promote the medium-and long-term healthy development of the industry. " The person in charge of Xingshi Investment said that for private equity fund managers, the Operation guidelines help to optimize the supply of the industry; for investors, the Operation guidelines optimize the setting of sales, investment and performance compensation for private equity fund managers to better protect the legitimate rights and interests of investors.