The economic information daily, a reporter from the interested parties that, after nearly six months in the industry for comments, concerns the Securities Investment Fund Law (Amendment draft) (hereinafter referred to as the Bill) the perfection of the work has been completed.
Expected in the industry, the new Fund will enable China's securities investment fund industry entered a new stage in the development of open. "From a policy point of view, the new Fund will untie to China fund industry, regulations on ownership structure, product sales, investment, to create a more open and more relaxed environment for the development of industry. "Fund of the former NPC law drafting team leader Wang Lianzhou said. Recommended reading · add, subtract, multiply words double new A
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Department of China Securities Regulatory Commission Fund-related sources, fund law amendment has three main orientations, is to diversify the ownership structure; the second is to further lower the threshold of the third party sales agency; three is relaxing restrictions on the operation of the Fund, extending the scope of Fund investments. As of now, China has to go to the 13th year of the Fund, regardless of the scale of asset management is, also the number of Fund products, has come a long way. At present, the number of Fund products in China has more than 600, larger than the $ 2 trillion of assets management, fund companies are also developed to 62.
How to achieve the upgrading and transformation of China fund industry, had become parties to the regulation and market an unavoidable problem. According to the investigation, 98% the fund company executives surveyed believe that break the "shackles of the system" is currently promoting the development of the fund industry's first priority.
2011 Fund Act can modify a situation, the resulting industry reform, become the fund industry's wildest dream. Department of China Securities Regulatory Commission Fund official said, "of the law on amendments to the Fund, we should actively explore different forms of organization pattern of fund managers, to diversify the ownership structure.
"China Securities Industry Association early of a copies research report pointed out that, as fund industry of continued development, existing Fund method under has difficult to full adaptation new of fund company organization structure and equity policy development of need, company lack long-term stability development of power and vitality, current of company governance system cannot effective balance Fund holds people, and staff and shareholders Zhijian of interests, Fund holds people difficult to are benefit priority of effective implementation. Vice Chairman of the NPC financial and Economic Committee Wu Xiaoling, told reporters, the amendments in Fund making a very important changes in form. First gave two forms of fund managers of companies and partnerships-; second on three forms of the Fund, namely, contractual, corporate and partnership, provided for in the provisions. She said that the new Fund will be relaxed in the future shareholder threshold, promote competition, audit focusing on shareholders and executives were records of honesty and professional curriculum vitae.
It was revealed that in the new law on the Fund in full implementation of human rights by the General Assembly will be held, will reduce the holder meets the threshold, the holder can really play a role of governance in fund governance process. It is understood that the new Fund Law relaxed the restrictions on the subject of securities Fund sales. Regulators will be enacted this year after the amendment of the measures for administration of securities investment fund sales and its supporting regulations.
New sales management approach will further lower the threshold of the third party sales agency, allowing professionals to set up fund sales institutions, standardize Fund sales, legal foundation for the development of third-party sales agency.
It is understood, the Fund Act modified proposed the establishment of open-end fund a central platform, unified open-end fund data exchange protocols, support for third party payment agencies to fund sales institutions providing payment services, provides technical support for third-party sales agency of development; encourage sales agencies in providing effective value-added services on the basis of increased income and explore ways of establishing reasonable third party sales agency business model. From the perspective of the Bill, the future "deregulation, strengthened supervision" remains the main ideas of regulators.
Specific proposals for changes in the industry, relaxing restrictions on the operation of the Fund, extending the scope of Fund investments, on related transactions of the Fund appropriate "restrictions".
According to reports, broadening the scope of the draft amendment regulation to private equity, private equity funds, venture capital funds and other institutions, and relaxing in China Fund securities trading, public-fund investment limited stock major stakeholders, allowing employee stock ownership plan. Shanghai Securities Exchange analyst Liu Yunhong said draft under provisions, fund management people sale managed people and holding shareholders, and actual control people or other has major interest relationship of company issued and underwriting of stock or bond, and fund management people underwriting period within underwriting of securities Shi, should followed prevention interests conflict, and conducive to fund holds people interests maximize of principles, meet State Council securities supervision management institutions of provisions, and fulfil information disclosure obligations.
In the past, this type of investment activity is prohibited. In addition, comparison of the existing securities investment fund law, appears in the revised draft article "public or private funds" description of the word, in addition to the original provisions "other securities investments" to "investments", remove "stock" Word. Analysis of industry experts, this means that the amendments on private equity, PE, VC, brokerages collection financial planning, trust investment and even insurance is included in the regulatory system, but also for the other variety set aside space for investment. Concern was that draft amendments are designed for non-public subscription opened up a section of the Fund. Under the provisions of clause 75th, after private fund, subject to certain conditions, you can conduct public offering business.
