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Guidelines for Manager of Managers (MOM) Products of Securities and Futures Business Institutions (for Trial Implementation) [Effective]
证券期货经营机构管理人中管理人(MOM)产品指引(试行) [现行有效]
【法宝引证码】

Announcement of the China Securities Regulatory Commission 

中国证券监督管理委员会公告

(No. 26 [2019]) (〔2019〕26号)

The Guidelines for Manager of Managers (MOM) Products of Securities and Futures Business Institutions (for Trial Implementation) are hereby issued and shall come into force on the date of issuance. 现公布《证券期货经营机构管理人中管理人(MOM)产品指引(试行)》,自公布之日起施行。
China Securities Regulatory Commission 中国证监会
December 6, 2019 2019年12月6日
Guidelines for Manager of Managers (MOM) Products of Securities and Futures Business Institutions (for Trial Implementation) 证券期货经营机构管理人中管理人(MOM)产品指引(试行)
Article 1 For the purposes of promoting the innovative development of the asset management business of securities and futures business institutions, regulating the product operation of Manager of Managers (“MOM”) products, and protecting the lawful rights and interests of investors, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Measures for the Administration of the Operations of Publicly Offered Securities Investment Funds (Order No. 104, CSRC), the Measures for the Administration of the Privately Offered Asset Management Business of Securities and Futures Business Institutions (Order No. 151, CSRC) and other relevant laws and regulations.   第一条 为促进证券期货经营机构资产管理业务创新发展,规范管理人中管理人产品运作,保护投资者合法权益,根据《证券投资基金法》《公开募集证券投资基金运作管理办法》(证监会令第104号)《证券期货经营机构私募资产管理业务管理办法》(证监会令第151号)及其他有关法律法规,制定本指引。
Article 2 “Manager of Managers products” (hereinafter referred to as “MOM products”) means asset management products under the management of securities and futures business institutions (hereinafter referred to as “managers”) concurrently having the following characteristics:   第二条 管理人中管理人产品(以下简称MOM产品),是指证券期货经营机构(以下简称管理人)管理的同时符合以下特征的资产管理产品:
(1) The manager entrusts two or more qualified third-party asset management institutions (hereinafter referred to as “investment consultants”) according to these Guidelines for providing investment suggestions for assets of the asset management products, in whole or in part. (一)管理人按照本指引要求委托两个或者两个以上符合条件的第三方资产管理机构(以下简称投资顾问)就资产管理产品的部分或者全部资产提供投资建议;
(2) The assets of the asset management products are divided into two or more asset units according to the needs of asset allocation, and a securities and futures account shall be independently opened for each asset unit according to the provisions. (二)根据资产配置需要将资产管理产品的资产划分成两个或者两个以上资产单元,每一个资产单元按规定单独开立证券期货账户。
For the purposes of these Measures, “securities and futures business institutions” means securities companies, publicly offered fund managers, futures companies, and subsidiaries legally formed by the aforesaid institutions to carry out privately offered asset management business. Securities and futures business institutions that set up asset management products and entrust two or more investment consultants shall be governed by these Guidelines. 本指引所称证券期货经营机构,是指证券公司、公募基金管理人、期货公司及前述机构依法设立的从事私募资产管理业务的子公司。证券期货经营机构设立资产管理产品并委托两个或者两个以上投资顾问的,适用本指引。
Article 3 The liabilities to be assumed by managers entrusting investment consultants to provide investment advice services according to the law shall not be exempted by the entrustment. Managers shall perform the statutory fiduciary duties for MOM products and be responsible for investment decision-making and transaction execution.   第三条 管理人委托投资顾问提供投资建议服务,依法应承担的责任不因委托而免除。管理人履行MOM产品的法定受托职责,负责投资决策及交易执行。
Investment consultants shall accept the entrustment of managers in accordance with the relevant provisions of the Securities Investment Fund Law, and provide investment suggestions and other services for specific asset units within the scope of agreed authorities. 投资顾问按照《证券投资基金法》相关规定接受管理人委托,在约定的权限范围内为特定资产单元提供投资建议等服务。
Article 4 MOM products may be set up by means of public offering or private offering.   第四条 MOM产品可以通过公开募集方式或者非公开募集方式设立。
Article 5 To register a publicly offered MOM product, managers shall submit the following materials to the China Securities Regulatory Commission (“CSRC”):   第五条 注册公开募集MOM产品,管理人应当向中国证监会提交下列材料:
(1) the application documents for the registration of public offering of securities investment funds required by the Securities Investment Fund Law and the Measures for the Administration of the Operations of Publicly Offered Securities Investment Funds; (一)《证券投资基金法》《公开募集证券投资基金运作管理办法》要求的公开募集证券投资基金注册申请文件;
(2) the profile of the investment consultant to be hired and the investment consulting agreement; (二)拟聘请的投资顾问情况及投资顾问协议;
(3) the management systems for the selection, appointment, assessment, and dismissal, among others, of investment consultants; and (三)投资顾问选聘、考核、解聘等管理制度;
(4) other documents required by the CSRC. For the recordation of privately offered MOM products, a manager shall, in accordance with the requirements of the Securities Investment Fund Law and the Measures for the Administration of the Privately Offered Asset Management Business of Securities and Futures Business Institutions, among others, submit relevant product recordation materials to the Asset Management Association of China (“AMAC”). (四)中国证监会规定的其他文件。备案非公开募集MOM产品,管理人应当按照《证券投资基金法》《证券期货经营机构私募资产管理业务管理办法》等要求向中国证券投资基金业协会提交相关产品备案材料。
Article 6 A manager or custodian shall, according to the provisions, handle the opening, modification, cancellation, and other business of securities and futures accounts of MOM products and various asset units.   第六条 管理人或托管人应当按照规定办理MOM产品及各资产单元证券期货账户的开立、变更、注销等业务。
Article 7 A manager shall enter into an investment consulting agreement with the investment consultant, and the agreement shall include, but not be limited to:   第七条 管理人应当与投资顾问签订投资顾问协议,内容包括但不限于:
(1) the rights and obligations of the manager and the investment consultant; (一)管理人与投资顾问双方的权利义务;
(2) the investment objective, investment scope, investment strategy, and investment prohibition, among others, of the asset unit; (二)资产单元的投资目标、投资范围、投资策略、投资禁止行为等;
(3) the relevant arrangements for the valuation and accounting of asset units; (三)资产单元估值核算相关安排;
(4) the staffing of investment managers, core investment researchers, and other main personnel of the investment consultant; (四)投资顾问的投资经理、核心投研人员等主要人员配备情况;
(5) the collection of fees for the investment consultant; (五)投资顾问的费用收取;
(6) the circumstances and procedures, among others, of the termination of the agreement; and (六)协议终止的情形、程序等;
(7) other matters that may affect the operation of MOM products and protection of investors. (七)可能影响MOM产品运作及投资者保护的其他事项。
Article 8 To apply for offering an MOM product, the manager to be appointed shall satisfy the relevant requirements of the Measures for the Administration of the Operations of Publicly Offered Securities Investment Funds, the Measures for the Administration of the Privately Offered Asset Management Business of Securities and Futures Business Institutions and other laws and regulations on asset management product managers, continuously have a dedicated investment research team, and employ not less than 3 persons engaging in investment research on MOM products or Fund of Fund (“FOF”) products.   第八条 申请募集MOM产品,拟任管理人应当符合《公开募集证券投资基金运作管理办法》《证券期货经营机构私募资产管理业务管理办法》等法规关于资产管理产品管理人的相关要求,并持续具备专门的投资研究团队,专职从事MOM产品或基金中基金产品相关投资研究人员不少于3人。
Article 9 The investment consultant of a publicly offered MOM product to be appointed shall be the manager of publicly offered funds. The investment consultant of a publicly offered MOM product to be appointed shall satisfy the relevant requirements of the Measures for the Administration of the Privately Offered Asset Management Business of Securities and Futures Business Institutions, the Provisions on the Administration of Operation of Privately Offered Asset Management Plans of Securities and Futures Business Institutions (No. 31 [2018], CSRC), and other laws and regulations for investment consultants of asset management products.   第九条 拟任公开募集MOM产品的投资顾问应当为公募基金管理人。拟任非公开募集MOM产品的投资顾问应当符合《证券期货经营机构私募资产管理业务管理办法》《证券期货经营机构私募资产管理计划运作管理规定》(证监会公告〔2018〕31号)等法规关于资产管理产品投资顾问的相关要求。
Article 10 An investment manager of a privately offered MOM product to be appointed shall satisfy the following requirements:
......
   第十条 拟任非公开募集MOM产品的投资经理,应当符合下列要求:
......

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