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澳门银河网络赌博:Hong Lei, president of the China Foundation, pushed the self-regulation of the private equity industry to a higher level

时间:2018/7/9 18:11:43  作者:  来源:  浏览:0  评论:0
内容摘要: Hong Lei, president of China Securities Investment Fund Association, said at the China Fortune Forum that private equity funds have become ...

Hong Lei, president of China Securities Investment Fund Association, said at the China Fortune Forum that private equity funds have become an important force in China's multi-level capital market. As of the end of 518, the number of private equity fund managers registered with the China Securities Investment Fund Association was 23,700, and 73,200 private equity funds had been filed. The management scale was 12.57 trillion yuan, and the number of employees was 244,000. All kinds of private equity funds were held. A stock market value of 1.03 trillion yuan, has become the third largest institutional investor after the public funds, insurance funds. However, the nature and governance logic of private equity funds are not clear, and there are still huge challenges in preventing conflicts of interest and protecting the interests of investors. Industry self-discipline should stand at the forefront of legal norms, follow the essential requirements of the industry, actively fill the legal gap through industry self-discipline, and promote the full implementation of the Fund Law principles.

private equity funds have become a powerful tool for innovation

capital formation of private equity funds since 2013 into a unified specification new "Fund Law" since, and constantly improve the industry regulator, had become the industry self-regulation system, and gradually form a public trust, private equity funds usher in the explosive Growth. As of the end of 518, the number of private equity fund managers registered with the China Securities Investment Fund Association was 23,700, and 73,200 private equity funds had been filed, with a management scale of 12.57 trillion yuan and 244,000 employees. Private equity investment funds are active in the stock, bond and futures derivatives markets, improving capital market price discovery and value investing capabilities. Private equity and venture capital funds are fully involved in the company's initial cultivation, growth, resource integration and mergers and acquisitions, providing substantial capital support for the transformation of the real economy and innovation.

In terms of securities investment, private equity funds have become an important force in China's multi-level capital market. By the end of May 2018, all kinds of private equity funds held A stock market value of 1.03 trillion yuan, which has become the third largest institutional investor after public funds and insurance funds. In terms of equity investment, private equity funds have formed an indispensable capital for high-quality economic development. As of the end of the first quarter of 2018, the private equity fund has invested a total of 85,600 yuan in the unlisted unlisted enterprise equity, the equity of the new three board enterprises and the refinancing projects of listed companies, accumulating a total capital of 4.72 trillion yuan. In 2017, private equity funds formed new equity capital of 1.14 trillion yuan for unlisted unlisted enterprises, equivalent to 5.85% of the increase in social financing scale that year, becoming an important carrier for long-term capital formation. In terms of early investment and early investment, early entrepreneurial projects have become the key investment targets for private equity and venture capital funds. As of the end of the first quarter of 2018, private equity and venture capital funds invested in 42,000 SME projects in investment projects, with a total investment of 1.35 trillion yuan, accounting for 66.9% of the total investment projects and the total investment. 29.0%; 31,000 projects in the seed and start-up period, with a total investment of 1.57 trillion yuan, accounting for 50.1% and 33.7% of the total investment projects, respectively. In support of innovation, private equity funds are keenly placed in strategic emerging areas to provide critical support for the development of innovative companies. From the distribution of private equity and venture capital funds in the investment project industry, industrial capital products such as Internet, computer manufacturing, medical and biological products, medical equipment and services, media and other industrial upgrading and new economic representative areas have become the focus of the project. The number of enterprises was 37,000, and the investment capital was 1.60 trillion yuan, accounting for 58.5% and 34.5% of the total investment projects and the investment capital, respectively, boosting supply-side structural reform and innovation growth.

Private equity funds still face huge challenges

From a legal perspective, the connotation and essence of private equity funds lack legal definition, which leads to the failure of administrative supervision and industry self-regulation rules to implement fund governance requirements. The International Securities Regulatory Commission organized the "Conflict of Conflict of Private Equity Funds" report released in October 2010 to clearly state: "Private equity funds are equity capital raised through non-public means of collection." The core points are as follows: First, the private equity fund is an equity investment, and the income cannot be promised in the name of the fund. Second, private equity funds are raised for qualified investors and investors must be aware of the risks associated with investing in specific funds. Third, private equity funds are long-term capital, not speculative capital. The fund's life cycle is generally more than ten years, and it is closed for operation during its existence. Fourth, private equity funds are a portfolio of professionally managed investments. Our understanding of the nature of private equity funds is fully consistent with the IOSCO organization. However, due to the lack of a substantial definition of the Fund in the Fund Law, the consensus on the nature and governance norms of private equity funds in the industry has not yet been formed, and the regulatory self-regulatory rules cannot form effective constraints on the fund governance level. A large number of fund-raising activities and funds The essence is deviated.

First, in the limited partnership fund, some LP and GP relations are unclear and bring conflicts of interest.

There is a trust relationship between LP and GP. GP acts as trustee and its behavior should be consistent with the overall goal of the investor or fund. Standardizing the imbalance between the LP and the GP and the conflict of interest constitute the core of the internal governance of private equity funds. From the relationship between LP and GP, there are both the offside of LP, the excessive intervention of GP's operation and the lack of GP faith, and the risk of LP interests. In practice, a more prominent problem is that the limited liability company acts as the GP, which causes the GP's infinite joint liability to penetrate the legal entity of the limited liability company. The limited liability company shareholders and their actual controllers realize the risk aversion, but it damages The GP's fiduciary duty to LP. If this problem cannot be solved at the fund governance level, when the risk comes, there will be a serious conflict of interest between the LP and the GP, and the fund's fiduciary duty cannot be realized, thus shaking the foundation of the industry development.

Second, the same GP manages multiple funds of the same type at the same time, and there is a potential conflict of interest.

Some GPs operate at the same time with multiple strategies with the same strategy or consistent funds. It is difficult for each fund to be independent of each other. In practice, it is easy to stage instalment, co-investment, or even borrow new and old, mutual support, etc. The problem not only causes unfair treatment of investors, but also becomes a bunker of interest transfer, even multi-layered with other asset management products, and evolves into a de facto fund pool and Ponzi scheme, fund property independence principle and investor interests. The supremacy principle is seriously challenged.

Third, there is a large amount of financing for a single project.

Because the upper-level law lacks definition of the nature of the fund, the self-discipline rules lack legal support. In the registration and filing, it is impossible to put in place the essential requirements such as whether to combine investment and whether it is risk-bearing. A large number of funds are called entrusted management and fund financing for single project financing. The business appears in the name of the fund, resulting in a single project risk equal to the fund risk, which increases the risk concentration and risk contagion. For example, in the name of private equity funds, some institutions take the initiative to act as a channel for bank , or introduce a trust financing business model to project and debt the private equity business. These practices are contrary to the fund's portfolio investment and risk-taking nature.

Fourth, the operation period is short, lacking the investment operation attributes that “patience” capital should have.

Most of the international private equity funds have a duration of more than 10 years, while domestic private equity funds are generally short-lived, and the period of 1-2 years or even 6 months is not uncommon. Some private equity funds are called investment, and they are actually savings. From the perspective of its operational nature, it is called equity investment, which is actually a fund loan. The main background of these funds appears that certain investors may hold large amounts of investment products, but for their own risk appetite, risk aversion funds, not to the equity return on investment for the purpose of requiring only a debt investment in fixed income. There are also some private equity funds that simply pursue first- and second-tier market spreads, fast-forward and fast-moving, and have strong speculative psychology.

will be very self-discipline before the law

the courage to take responsibility

departing from the essential specifications will inevitably lead to the plight of fund governance, risk and thus induce industry. When the law has been lagging behind, self-discipline to stand in the forefront of legal norms, comply with the basic spirit of the law, follow the nature of the industry requires, through industry self-regulation initiative to fill the legal gaps, to promote the "Fund Law" the principle of full landing. On a number of current problems, the association will actively promote the following aspects.

The first is to promote the improvement of the upper law and maintain a fair development environment.

The Fund Law and the Regulations on the Management of Private Equity Funds should clarify the nature and boundaries of private equity funds and clarify the fiduciary duties of contractual, partnership and corporate funds. Regardless of the type of organization, it is necessary to follow the requirements of non-public fundraising, portfolio investment, fair trade, and risk-taking. Private equity funds should invest in equity capital and operate according to the requirements of the closed period. We always believe that all types of asset management business should be standardized under the trust relationship, and the Fund Law should become the fundamental law of the asset management industry. Private equity funds are legal entities subject to the regulation and continuous supervision of the Fund Law and should be treated fairly in the financial system.

The second is to optimize the registration and registration rules to prevent "sickness from the mouth."

Adhere to the essence of the industry, clear registration and risk monitoring standards, prevent conflicts of interest, prevent rigid redemption, fund pool products and even illegal fund-raising activities from infiltrating into the private equity fund field, and maintain the industry risk bottom line. The Association has issued the "Private Equity Fund Registration and Filing Issues (Fourteenth)" and registration instructions, clarifying the six types of situations that are not registered by the organization; updating the filing requirements, and clarifying the three situations in which the product is not filed. In response to new problems and new risks in the industry, the Association is continuously improving the registration requirements and filing requirements, and actively researching and proposing solutions that are in line with the nature of the industry and long-term interests.

The third is to actively explore effective mechanisms for fund governance and promote the improvement of industry governance.

Based on the "7+2" self-regulatory rules system, it promotes the formation of a triple credit game between fund managers and intermediaries, investors, and invested companies, allowing market players to return to the market, allowing private equity managers to focus on Regulators return to their own credit, customer interests and real economic needs. At present, the credit information report of the members of private equity investment fund managers has been officially launched, and the daily operation and credit status of member institutions have been incorporated into the credit evaluation system of 15 indicators of compliance, stability, professionalism and transparency. This year, the credit information reporting system will be extended to all private equity institutions to promote the sound development of the industry with credit constraints. At the same time, the association will strictly enforce the internal control requirements of private equity funds. Private equity funds must have independent shareholder accounts and fund clearing accounts. Each fund can be separately accounted for, managed separately, and accounted separately; in the fundraising process, the risk disclosure is true and accurate. Each investor confirms and signs 13 risk disclosure statements item by item to ensure fair treatment of investors, and investors are at their own risk. In addition, the Association has initially completed the “Guidelines for China's Private Equity (Venture) Fund Industry Due Diligence Questionnaire”, hoping that this list will help institutional investors to conduct more due diligence on fund managers and select professional and responsible managers. Investing, establishing market standards for the management of the exhibition industry, and stimulating the vitality of the industry.

The fourth is to promote the dual trustee system in the private equity industry, so that the fund's fiduciary duty is fully fulfilled.

According to the Fund Law, the fund manager and the custodian are co-trustees. The statutory duties of the fund custodian include not only the custody of the fund property, but also the cautious duties of clearing and settlement, reviewing and reviewing the net asset value, as well as diligent duties such as conducting investment supervision and convening the fund share holders' meeting; among them, the investment supervision includes the fund. Comprehensive supervision of investment objects, investment scope, investment ratio, and prohibited investment behavior. The custodian's fiduciary duties are an important guarantee for the fund's legal compliance operation. When the fund manager is abnormal and unable to perform management functions, the fund custodian, as a joint trustee, shall take over the fiduciary duties and protect the investor's rights as much as possible.


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