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Certain Filing Facilitation Measures by the Asset Management Association of China for Further Supporting Privately-offered Funds in Serving the Real Economy [Effective]
中国证券投资基金业协会关于进一步支持私募基金服务实体经济的若干备案便利措施 [现行有效]

Certain Filing Facilitation Measures by the Asset Management Association of China for Further Supporting Privately-offered Funds in Serving the Real Economy 


The privately-offered fund industry has long provided an abundant supply of funds for the real economy, micro, small and medium-sized enterprises and start-ups. Since the outbreak of novel coronavirus, the privately-offered fund industry has been brave enough to take on responsibilities, actively guiding and encouraging the ecological chain enterprises in which they invest to get involved in the fight against the epidemic in various ways. The industry has channeled more private capital into the real economy, and thus played a vital role in the recovery and expansion of production. On April 7, the Financial Stability and Development Committee under the State Council stressed the need to fully maximize the pivotal role of the capital market by relaxing regulations that do not meet the needs of development in an effort to increase market activity. Under the unified arrangements of the China Securities Regulatory Commission ("CSRC"), and for the purposes of encouraging privately-offered funds to better support the real economy and promote the steady development of the capital market during the epidemic prevention and control period and responding to market concerns, the Asset Management Association of China (“AMAC”) has introduced a number of measures to facilitate the filing of privately-offered funds at a time when the Instructions on the Filing for Privately-offered Funds (2019 Version) (hereinafter referred to as the “Filing Instructions”) are implemented, so as to provide more support for the business development of privately-offered fund managers during the epidemic. 私募基金行业长期以来为实体经济、中小微及初创企业提供了丰富资金。新冠肺炎疫情发生以来,私募基金行业勇于担当,积极引导、推动所投资的生态链企业通过多种方式参与抗疫防疫,引导更多社会资金流向实体经济,为恢复和扩大生产发挥了生力军作用。4月7日,国务院金融稳定发展委员会强调要发挥好资本市场的枢纽作用,放松不适应发展需要的管制,提升市场活跃度。在中国证监会的统一部署下,为了促进私募基金在疫情防控期间更好地支持实体经济、促进资本市场稳健发展,回应市场关切,在《私募投资基金备案须知(2019版)》(以下简称《备案须知》)执行之际,中国证券投资基金业协会(以下简称协会)推出多项私募基金备案便利措施,力争为疫情期间私募基金管理人展业提供更多支持。
The Filing Instructions emphasize that privately-offered funds shall not carry out the “pseudo-private placement” involving borrowing, (depositing) and lending, and guide privately-offered funds to their original mission of investment, such as value investment and long-term investment. Privately-offered funds shall be encouraged to invest in small businesses and startups and carry out fundraising and investment activities in line with the nature of funds. As the Filing Instructions are the industry's self-regulatory rules, the AMAC shall, at the execution level, provide convenience for fund filing from the perspective of the following. First, the restrictions on the point in time of applying the Filing Instructions to funds shall be relaxed. If the rules for the funds submitted for filing after April 1 is relaxed to the funds established after 1 April, the Filing Instructions must be applied. Second, no mandatory audit requirements shall be imposed on 2019's financial reports of private equity and asset-allocation funds. For the audit requirements for the annual reports of private equity and asset allocation funds as first proposed in the Filing Instructions, the AMAC shall encourage—but not mandate—the auditing of 2019's financial reports of private equity and asset allocation funds, considering that the information reporting and disclosure of all funds affected by the epidemic have been delayed to different degrees. Third, the information needed for filing shall be streamlined to improve efficiency. The privately-offered fund manager shall, according to the type of the fund, provide the materials against the list of filing materials to go through the filing procedures, and cancel the materials such as the underlying valuation certificates of related-party transactions and explanation letters from some custodian banks. The AMAC shall, in accordance with the relevant requirements of the Filing Instructions and the filing materials list, provide system prompt and check for the filling fields by the filing system to optimize the filling process, so that the privately-offered fund manager may get a clear understanding of the filling requirements. The AMAC shall take the initiative to communicate with the privately-offered fund manager to improve the handling efficiency of fund filing, major changes, and liquidation. Fourth, the efforts to provide services shall continue. The AMAC shall continue to provide a green channel for the funds for the fight against the epidemic, poverty alleviation, and bail-out to remove investment and financing barriers. The AMAC has updated the function of the reverse-peg system to further improve the acceptance efficiency of reverse-peg applications and maximize the role of venture capital in supporting entrepreneurship, innovation, and epidemic prevention and control. 《备案须知》强调私募基金不得开展借(存)贷类“伪私募”业务,引导私募基金回归投资本源,进行价值投资、长期投资,鼓励投早、投小、投新,开展符合基金本质的募集及投资活动。《备案须知》作为行业自律规则,在执行层面,协会从以下几点为基金备案提供便利。一是放宽基金适用《备案须知》的时点。将4月1日以后提交备案的基金放宽到4月1日以后成立的基金才必须适用《备案须知》。二是对私募股权及资产配置基金的2019年度财务报告不做强制审计要求。针对《备案须知》中首次提出的私募股权基金及资产配置基金年度报告审计要求,考虑到受疫情影响各类基金信息填报和披露均有不同程度延期,协会鼓励对私募股权及资产配置基金的2019年度财务报告进行审计,但不强制要求。三是精简备案所需资料,提高办理效率。私募基金管理人按照基金所属类型,对照备案材料清单提供资料办理备案手续,取消关联交易底层估值证明、部分托管银行说明函等资料。协会根据《备案须知》和备案材料清单相关要求,对备案系统填报字段进行系统提示和校验,优化备案填报流程,便于私募基金管理人清晰理解填报要求。协会做好与私募基金管理人的主动沟通,提高基金备案、重大变更、清算的办理效率。四是持续做好服务。协会持续为抗疫基金、扶贫基金、纾困基金等提供绿色通道,打通投融资堵点。协会已更新反向挂钩系统功能,进一步提高反向挂钩申请受理效率,更好地发挥创业投资对于支持创业创新、助力疫情防控的作用。
The AMAC shall comprehensively deepen the reform of the filing of privately-offered funds by continuously improving the working process, strengthening communication with the industry, and enhancing the efficiency and transparency of the filing work. Privately-offered fund managers are welcome to give timely feedback on any problem encountered during the implementation of the Filing Instructions to the AMAC, which will provide more efficient and high-quality services for privately-offered fund managers. 协会将不断完善工作流程,加强与行业沟通,提升备案工作的效率和透明度,全面深化私募基金备案改革。在《备案须知》执行过程中,如有问题欢迎私募基金管理人及时向协会反馈,协会将为私募基金管理人提供更高效优质的服务。
Asset Management Association of China 中国证券投资基金业协会
April 14, 2020 二〇二〇年四月十四日
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