Netease Finance News on June 28 According to the Shanghai Securities News, the reporter learned from insiders that some of the Private placement Received notice, private placement in Beijing investment funds The pilot supervision of managers was officially launched. Some insiders said that at the end of May this year, they had received the "Pilot Work Plan for the Supervision of Private Investment Fund Managers in Beijing" (hereinafter referred to as the "Plan"), which said that the number of private investment fund managers in Beijing is huge, the types are diverse, and the situation is complex. Taking appropriate supervision methods in a targeted manner could be a more reasonable direction of supervision work.
A private placement person in Beijing said that this pilot of subject supervision is conducive to the prior supervision of industry risks, and 20 companies were included in the first list Securities Private placement, mostly 10 billion level private placement, such as Mingyi Fund, Lerui Asset, Danshui Spring, Renqiao Asset, etc. Subsequent private equity managers need to strengthen internal control management and improve the level of institutionalization and specialization.
Beijing Launches Pilot Supervision of Private Entities
The plan shows that the number of private fund managers in Beijing is huge, the types are diverse, and the situation is complex. It may be a more reasonable direction to divide private fund managers into multiple types by classification and layering, and adopt appropriate supervision methods. Among them, the subject supervision mode is the supervision work mode for the head organization, an important subject type.
It is reported that the main supervision mode can be briefly summarized as: combining the carrying capacity of regulatory resources, select a few important private private fund managers with large management scale, refer to the beneficial experience of licensed institutions, and achieve more comprehensive supervision and services through interviews, research, data collection and analysis, strengthening internal and external cooperation and other means.
The plan clearly stated that, considering the characteristics of large private head institutions that are standardized, professional and highly market-oriented, they can play a positive role in the regulatory authorities' understanding of industry best practices, guiding industry development direction, serving Beijing and other work objectives. The Beijing Securities Regulatory Bureau ranked them according to the management scale and the number of investors, The representative head private institutions were selected as the pilot objects of the subject supervision work.
Several insiders said that the institutions included in the first list this time included 20 securities private placements, most of which were the top institutions with a management scale of more than 10 billion yuan, covering multiple types of managers such as stock bull strategy, bond strategy and quantitative strategy.
Information shall be submitted as required
According to the plan, the working methods and contents of the pilot project of supervision of private investment fund managers in Beijing are mainly divided into the following aspects:
First, establish information submission system. The plan is clear that the private placement should submit a sealed and scanned written report to the designated mailbox within 10 working days after the chairman, general manager, compliance risk control principal and deputy general manager change the formal appointment resolution or document is formed, introducing the learning experience, work experience, work responsibility division, etc. of the new staff, and the Beijing Securities Regulatory Bureau may conduct interviews as appropriate.
In addition, the private placement should submit the Manager's File Form and Fund Product Information Form to the designated mailbox within 10 working days after the end of each quarter. The regulator will establish an account of the subject regulator on this basis to follow up the situation of the subject regulator. Specifically, the report includes the basic information of the manager's shareholders and employees, the main financial data of the manager, the internal system construction and internal control supervision, as well as compliance and risk management.
The scheme also requires that in case of negative public opinion, major litigation or stakeholder complaint, major control right change and other situations of private placement, major shareholders and related parties, the written report or Major Event Report shall be submitted to the designated mailbox in a timely manner, and the contact person shall be informed orally in case of emergency.
The second is to strengthen regulatory incentives. According to the plan, according to the on-site inspection and off-site supervision, the regulator will notify the fund industry association of the positive and negative information related to the subject of supervision, such as suggestions to speed up the registration of managers or product filing, include in the classified rectification list of exceptions, suspend product filing, etc., and actively guide and standardize the development of the industry through two-way incentives.
The survival of the fittest in the industry has accelerated
Industry insiders said that in recent years, China's private investment fund industry risks have been exposed, and the official launch of the main regulatory pilot will help to establish an effective communication mechanism between regulation and the market, improve the regulatory authorities' ability to identify industry risks, and open up the path for regulatory authorities to guide and serve industry institutions, which can both "prevent risks" and "promote development".
From the data, the survival of the fittest in the private equity industry accelerated significantly this year.
According to the data of China Securities Investment Fund Association (hereinafter referred to as "China Foundation Association"), as of June 27, 22602 private fund managers had been cancelled in total. Among them, 2537 will be cancelled in 2023, becoming the peak in recent years. Since this year, 896 private placements have been cancelled, including 254 private placements voluntarily cancelled, 519 private placements cancelled by associations and 10 private placements cancelled according to the announcement, and the newly added "no cancellation in management for 12 months" has reached 113 such private placements.
"Now, as long as the private placement is flawed in compliance, its credibility in terms of investors and channels will decline significantly. Therefore, the frequent" sword lighting "of the regulators will not only help optimize the industry ecology, but also strengthen the self-discipline awareness of private placement." A quantitative private placement person admitted.
The reporter learned that many private placements are constantly improving the compliance risk control system.
Relevant people said that in the process of high-quality development of the industry, private placement should do a good job in self-discipline from three aspects: first, keep the compliance bottom line, not only keep up with the latest regulatory policies externally, but also strictly restrict employees' behavior internally, and do a good job in internal control; Second, take the interests of investors as the priority, avoid "scale only" investment and issuance, and provide customers with comprehensive and timely services; The third is to continue to improve professional level, expand their ability circle and continue to evolve.
