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Notice by the National Development and Reform Commission, the People's Bank of China, the Ministry of Finance and other Departments of Further Clarifying the Matters Concerning Regulating Asset Management Products for Financial Institutions to Invest in Venture Capital Funds and Government-funded Industry Investment Funds [Effective]
国家发展改革委、中国人民银行、财政部等关于进一步明确规范金融机构资产管理产品投资创业投资基金和政府出资产业投资基金有关事项的通知 [现行有效]
【法宝引证码】

Notice by the National Development and Reform Commission, the People's Bank of China, the Ministry of Finance, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange of Further Clarifying the Matters Concerning Regulating Asset Management Products for Financial Institutions to Invest in Venture Capital Funds and Government-funded Industry Investment Funds 

国家发展改革委、中国人民银行、财政部、银保监会、证监会、外汇局关于进一步明确规范金融机构资产管理产品投资创业投资基金和政府出资产业投资基金有关事项的通知

(No. 1638 [2019] of the National Development and Reform Commission) (发改财金规〔2019〕1638号)

The development and reform commissions, public finance departments (bureaus) and commerce departments of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning; the Shanghai Head Office, all branches, operations offices, central sub-branches in the capital cities of all provinces (or autonomous regions), and central sub-branches in sub-provincial cities of the People's Bank of China ("PBC"); all local offices of the China Banking and Insurance Regulatory Commission; all local offices of the China Securities Regulatory Commission; sub-bureaus and foreign exchange administrative departments in all provinces, autonomous regions and municipalities directly under the Central Government of the State Administration of Foreign Exchange ("SAFE"); the branches of the SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and all relevant market institutions: 各省、自治区、直辖市及计划单列市发展改革委、财政厅(局),中国人民银行上海总部,各分行、营业管理部、省会(首府)城市中心支行、副省级城市中心支行,各银保监局,各证监局,外汇局各省、自治区、直辖市分局、外汇管理部,深圳、大连、青岛、厦门、宁波市分局,各有关市场机构:
Venture capital funds and government-funded industry investment funds (hereinafter referred to as the two types of funds) are an investment and capital financing method for the effective combination of innovative elements such as technologies, capital, talents, and management with the real economy and an important capital force to promote high-quality economic growth, therefore are of great significance for continuously enhancing the weak areas and stimulating the vitality of private investment. In accordance with the Several Opinions of the State Council on Promoting the Sustainable and Sound Development of Venture Capital (No. 53 [2016] of the State Council), the Guiding Opinions of the General Office of the State Council on Maintaining Efforts to Remedy Shortcomings in Infrastructure Field (No. 101 [2018] of the General Office of the State Council) and other documents, for the purposes of further implementing the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (No. 106 [2018] of the People's Bank of China), the relevant matters concerning asset management products for financial institutions to invest in the two funds are hereby further clarified as follows: 创业投资基金和政府出资产业投资基金(以下简称两类基金)是实现技术、资本、人才、管理等创新要素与实体经济有效结合的投融资方式,是推动经济高质量发展的重要资本力量,对于保持补短板力度,持续激发民间投资活力意义重大。根据《国务院关于促进创业投资持续健康发展的指导意见》(国发〔2016〕53号)、《国务院办公厅关于保持基础设施领域补短板力度的指导意见》(国办发〔2018〕101号)等文件精神,为进一步落实《关于规范金融机构资产管理业务的指导意见》(银发〔2018〕106号,以下简称《指导意见》)中关于两类基金有关规定另行制定的要求,现就《指导意见》中金融机构资产管理产品投资两类基金有关事项进一步明确如下。
I. For the purpose of this Notice, “venture capital fund” means any private equity investment fund that makes an equity investment in an unlisted growth start-up that is being established or re-established in an attempt to earn income from capital appreciation chiefly through equity transfer after the invested start-up becomes mature or relatively mature. Venture capital funds mentioned in this Notice shall meet the following conditions:   一、本通知所称创业投资基金,是指向处于创建或重建过程中的未上市成长性创业企业进行股权投资,以期所投资创业企业发育成熟或相对成熟后,主要通过股权转让获取资本增值收益的股权投资基金。适用本通知的创业投资基金应同时满足以下条件:
1. Venture capital funds comply with the relevant provisions on venture capital funds as set out in the Interim Measures for the Administration of Startup Investment Enterprises (Order No. 39 [2017] of the National Development and Reform Commission) or the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds (Order No. 105 [2014] of the China Securities Regulatory Commission), and are subject to the recordation as required; (一)符合《创业投资企业管理暂行办法快醒醒开学了》(发展改革委2005年第39号令)或者《私募投资基金监督管理暂行办法》(证监会2014年第105号令)关于创业投资基金的有关规定,并按要求完成备案;
2. Fund investments comply with the industry policy, investment policy, and other national macro-management policies; (二)基金投向符合产业政策、投资政策等国家宏观管理政策;
3. Fund investments are limited to unlisted enterprises, except for the untransferred and allotted portion of the shares held by the fund; (三)基金投资范围限于未上市企业,但所投资企业上市后基金所持股份的未转让及其配售部分除外;
4. Fund operation does not involve debt financing, except for the legal issuance of bonds designed to improve investment capability; (四)基金运作不涉及债权融资,但依法发行债券提高投资能力的除外;
5. The duration of a fund is not less than seven years; the structured arrangement for the fund shares is not allowed, except for the venture capital guidance funds funded by the government as a priority; and (五)基金存续期限不短于7年;对基金份额不得进行结构化安排,但政府出资设立的创业投资引导基金作为优先级的除外;
6. The words “Venture Capital” are included in the name of a fund, or the “Venture Capital” strategy is reflected in the fund contract and a fund's prospectus. (六)基金名称体现“创业投资”字样或基金合同和基金招募说明书中体现“创业投资”策略。
II. For the purpose of this Notice, “government-funded industry investment funds” means government-funded equity investment funds and venture capital funds that are invested in the equity of non-publicly traded enterprises. A government-funded industry investment fund applicable to this Notice shall meet the following conditions:   二、本通知所称政府出资产业投资基金,是指包含政府出资,主要投资于非公开交易企业股权的股权投资基金和创业投资基金。适用本通知的政府出资产业投资基金应同时满足以下条件:
1. The fund is established after the approval by the people's government of the central or provincial people's government or the people's government of a city directly under state planning (including departments or institutions directly under them), and the government contributions are specified in the approval document or other documents; the proportion of contributions subscribed by the government is less than 10% of the total fund. Specifically, for the funds established with the approval of the CPC Central Committee and the State Council, the government's subscription is not less than 5% of the total size of the fund; (一)中央、省级或计划单列市人民政府(含所属部门、直属机构)批复设立,且批复文件或其他文件中明确了政府出资的;政府认缴出资比例不低于基金总规模的10%,其中,党中央、国务院批准设立的,政府认缴出资比例不低于基金总规模的5%;
2. The fund complies with the relevant provisions of the Interim Measures for the Administration of Government-Sponsored Industry Investment Funds (No. 2800 [2016] of the National Development and Reform Commission) and the Interim Measures for the Administration of Government Investment Funds (No. 210 [2015] of the Ministry of Finance); (二)符合《政府出资产业投资基金管理暂行办法》(发改财金规〔2016〕2800号)和《政府投资基金暂行管理办法》(财预〔2015〕210号)有关规定;
3. The fund investment is in line with the industry policy, investment policy, and other national macro-management policies; and (三)基金投向符合产业政策、投资政策等国家宏观管理政策;
4. Fund operation does not involve new hidden debt incurred by local governments. (四)基金运作不涉及新增地方政府隐性债务。
III. Prior to the adoption of the Guiding Opinions, the subscription agreements signed by financial institutions with the two types of funds meeting the requirements specified in this Notice shall continue to be valid.   三、聊五分钱的天吗《指导意见》出台前,金融机构已与符合本通知规定要求的两类基金签订的认缴协议继续有效。
IV. For the two types of funds that have signed subscription agreements and meet the requirements stipulated in this Notice before the introduction of the Guiding Opinions, during the transitional period, financial institutions may provide funding by releasing old products, provided that the products released shall not exceed the overall scale of stock products, and the release shall be squeezed and decreased in an orderly manner, so as to prevent the cliff effect at the end of the transitional period. If the products do not yet mature at the end of the transitional period, appropriate arrangements shall be made with the consent of the financial supervision authority. Except as otherwise specified by the CPC Central Committee and the State Council, if the two types of funds newly singing subscription agreements after the introduction of the Guiding Opinions are funded by financial institutions through the issuance of asset management products, such funding shall be strictly implemented according to the relevant provisions of the Guiding Opinions.   四、对于《指导意见》出台前已签订认缴协议且符合本通知规定要求的两类基金,过渡期内,金融机构可以发行老产品出资,但应当控制在存量产品整体规模内,并有序压缩递减,防止过渡期结束时出现断崖效应;过渡期结束仍未到期的,经金融监管部门同意,采取适当安排妥善处理。除党中央、国务院另有规定外,《指导意见》出台后新签订认缴协议的两类基金,涉及金融机构发行资产管理产品出资的,应严格按照《指导意见》有关规定执行。
V. Within the transitional period, the institution managing the assets management product that is only invested in the two types of funds as required by the provisions of this Notice shall strengthen the investor suitability management, and may view the product as a whole as an accredited investor under the premise of fully disclosing to and warning investors of its investment properties and risks, rather than consolidate the number of investors in the product. If a financial institution fails to fulfill its obligation of notification, the financial regulator shall administer stricter and heavier punishment according to laws and regulations.   五、过渡期内,对于投资方向限定于符合本通知规定要求的两类基金的资产管理产品,其管理机构应当加强投资者适当性管理,在向投资者充分披露并提示产品投资性质和投资风险的前提下,可以将该产品整体视为合格投资者,不合并计算该产品的投资者人数。对金融机构未充分履行告知义务的,金融监管部门依法依规从严从重处罚。
VI. When the two types of funds that meet the requirements of this Notice receive investment from asset management products and other privately offered investment funds, the two types of funds shall not be regarded as one-tired asset management products.   六、符合本通知规定要求的两类基金接受资产管理产品及其他私募投资基金投资时,该两类基金不视为一层资产管理产品。
VII. All departments shall, according to the division of duties, strengthen supervision and coordination of the implementation of this Notice by the two types of funds and financial institutions meeting the requirements of this Notice. The two types of funds shall, within 15 working days of being funded by a financial institution through the issuance of old products, submit the materials relating to the funding of the financial institution and certifying the fund complies with the requirements set forth in this Notice to the National Development and Reform Commission, which shall, in a timely manner, share these materials with the Ministry of Finance, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. The development and reform, finance and securities regulatory authorities shall, in a timely manner, notify the financial administrative departments if they discover during their daily supervision that a financial institution issues old products to invest illegally in the two types of funds that do not meet the requirements of this Notice. The financial administrative departments shall, in accordance with relevant laws, regulations, rules and the Guiding Opinions, take appropriate regulatory measures or impose administrative penalties on the financial institution according to the circumstances.   七、各部门按照职责分工,对符合本通知规定要求的两类基金和金融机构执行本通知的情况加强监管,强化监管协调。两类基金应在接受金融机构发行老产品出资后15个工作日内,将金融机构出资及证明该基金符合本通知规定要求的相关材料报发展改革委,发展改革委及时将相关材料与财政部、人民银行、银保监会、证监会、外汇局共享。发展改革、财政、证监部门对两类基金日常监管中发现金融机构发行老产品违规投资于不符合本通知规定要求的两类基金的,应及时通知金融管理部门。金融管理部门按照有关法律法规、规章和《指导意见》规定,采取适当监管措施或视情节对金融机构作出行政处罚。
National Development and Reform Commission 国家发展改革委
People's Bank of China 中国人民银行
Ministry of Finance 财  政  部
China Banking and Insurance Regulatory Commission 银 保 监 会
China Securities Regulatory Commission 证  监  会
State Administration of Foreign Exchange 外  汇  局
October 19, 2019 2019年10月19日
     
     
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