Private Fund Registration Starts, Wang Yawei Xu Xiang Still Absences.

Officially launched nearly 3 months of private equity fund registration, today is the SFC repeatedly reiterated the "deadline".

As of yesterday, the fund industry association in six batches, a total of 720 private equity fund management institutions issued a certificate of registration of private fund managers, the Association website also "sun" out of the registration of 686 private equity fund managers list, and 11 completed the registration of private equity fund managers issued private equity products.

Data from private placement networks show that as of 2013, the number of private equity fund managers in the country has reached 1017. According to this data, over 70% of private fund managers have completed the registration.

　　 70% private placement Keep on record

From August 1, 2003, China's first sunshine private equity fund Yunnan trust - China Dragon capital was established. By June 1st last year, the new "fund law" was formally implemented, and private placement fund has been included in the regulatory field for ten years. Until January 17th this year, the Fund Industry Association issued the "private investment fund manager registration and fund registration method (Trial Implementation)" (hereinafter referred to as the "measures"), the private sector only ended half a year of regulatory vacuum.

In February 7th this year, the registration of private equity funds was officially launched. In early April, after soliciting the opinions of 13 ministries and commissions, the Provisional Regulations on the management of private investment funds, which were drafted by the SFC, have been submitted to the State Council.

The head of the China Securities Investment Fund Association said that after the formation of the private sector team, the registration of private fund managers will come to an end. From May, the work of the association will shift to industry services, self-regulation and system construction. However, the association will continue to accept the registration and filing of the newly established private equity fund managers.

"Private placement fund has not been included in the regulation before, and has wandering in the gray area. The relevant information is not transparent enough, and the public is also lack of understanding. A private person in Shanghai said to the first financial daily.

However, some private individuals are also worried that the "sunshine" is just the beginning of regulation. After monitoring the relay baton from the NDRC to the SFC, the regulatory style is hard to guess, which may in turn restrict the development of the private sector.

In this regard, the Fund Industry Association told the responsible person that private funds would not be managed by copying the way of public fund supervision, mainly based on industry self-discipline.

It is worth mentioning that once "raise a brother". Wang Yawei Qian zhe capital, which was founded after the transfer of private equity, and Xu Xiang's investment in Chai Hei are still absent from the list of private fund managers publicized by the association of fund industries.

In March 7th, the CSRC said at a regular press conference that the private equity fund managers should have completed the registration procedures before the April 30th until the fund industry association, otherwise they can not engage in private equity fund management activities.

　　 Securities Dealers scramble for Private equity fund Trusteeship

In the process of private registration and registration, the opening of futures accounts and securities accounts has been liberalized, which has greatly encouraged the enthusiasm of private institutions to issue products independently. Of the 11 private equity products announced by the fund industry association, 10 belong to private equity fund products and 1 are private equity fund products.

The private placement of private placement funds also provides a new profit margin for brokerages. It is understood that at present, the securities brokers approved by the SFC have 3 securities business licenses, namely, China Merchants Securities and Haitong Securities Guoxin Securities.

"Securities funds include public offering funds and private equity funds, and the fund custody of public funds is difficult for brokers to grab banks, and only to grab private placements." A voucher business person said.

Another licence is the pilot qualification of the comprehensive trust business of private equity fund, which has been approved by many brokerages. "Private placement can be made independently, and the two licences actually have little difference in actual operation." These people said.

GF Securities Agency Department said that the early stage of private placement is more focused on the sales capacity of the securities trustee, while the large private placement pays more attention to the fast transaction channel that the broker can provide, and the low cost of margin trading.

In addition, the above GF Securities sources said that the use of its developed OTC market can achieve the share transfer of fixed income products, which is also popular among private individuals.

But there is no doubt that the forerunner has the advantage of first mover. In the 7 independent investment private fund products which were entrusted to manage, 3 private equity funds, including Chongyang A shares and Alfa hedge fund, chose Merchants Securities as trustees.