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Public Funds To Change The Registration Shock Wave: The Audit Reduced From 6 Months To 20 Days.

2014/7/17 9:19:00 31

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recently, the China Securities Regulatory Commission issued the revised "public offering of securities investment fund management and management measures" (hereinafter referred to as the "new method"). Compared with the previous draft, the biggest difference of the new method is that the examination of the public fund products is changed from the approval system to the registration system. It clearly stipulates that "the CSRC's registration examination on the fund raising is based on the complete requirements and the content compliance, and takes the full disclosure of information and the suitability of investors as the core, so as to strengthen the protection of investors' interests and guard against systemic risks as the goal." 
 the news conference of the SFC spokesman Deng Ge pointed out that the China Securities Regulatory Commission will not restrict the number of products issued, and it will not interfere with the pace of the examination, and will not interfere with the time of issue of products. It will complete the review of the 20 working days of the mature products by Jian Yicheng. 
 "the gap between fund companies will be bigger and bigger." A senior public fund executive told the times weekly reporter that before the issuance of the new fund was approved by the regulatory authorities, it blocked the new fund issue of the good company. On the other hand, the new fund became scarce resources, and the issuance fund of the small fund company benefited from it, thus narrowing the gap between the companies. 
 "public funds will enter the era of comprehensive free competition, and eat with strength." The higher level of the aforementioned public funds said that the stronger the stronger the weaker the weaker, perhaps the fund company will close in the near future. 
Except for the registration system, there are other reforms in P. 
The important supporting laws and regulations of the law are the business norms that should be generally observed in the aspects of fund raising, purchase and redemption, investment, income distribution and holders' meetings. The guiding ideology is mainly followed by "strengthening supervision and deregulation" principle: first, adhere to the institutional advantages of "public funds, mandatory trusteeship, public disclosure, independent operation and strict supervision"; strengthen the supervision afterwards, increase the investigation and handling of illegal activities, and effectively protect the legitimate rights and interests of small and medium-sized investors; two, implement the requirements of decentralization and regulatory transformation, clarify the relationship between the government and the market, implement the fund product registration system, and fully stimulate < a href= "http:// www.91se91.com/news/index_c.asp" > market body < /a > product innovation vitality. Deng Ge said that the new method is the new fund. 
 6 months to 20 days /p >
 new method is clear fund < a href= "http:// www.91se91.com/news/index_c.asp" > registration system < /a > will be formally implemented in August 8th this year. At present, the approval system is applied in the issue of public offering products, and the main difference between the approval system and registration system is the degree of audit of the public offering products by the regulators. 
 Jiang Haiyu, a researcher at Lian Xin securities, pointed out that compared with the approval system, the registration system is a form of audit. As for the formal examination, as regards the nature of the issuer's business, the issuer's financial strength, quality and development prospects, the quantity and price of the issuer, and other substantive conditions are not regarded as the requirements for the issuance of the audit. The approval system should comprehensively audit the management companies of the issuing fund in essence, and the process of audit is complex and longer. 
 actually, a long time ago, the public fund could only send a product to queue up to declare the next product. 
 with the increasing number of fund companies, since January 1, 2010, the SFC has issued 5 fund approval channels. The fund companies can declare 5 fund products according to the 5 channels of fixed income funds, equity funds, innovative funds and special asset management special account products. 
After P >, the SFC issued a continuous adjustment to the offering products of the public offering fund. In March 2011, the SFC re opened sixth new channels to approve the new fund and separate the index fund from the equity fund channel separately. In March 2012, the SFC issued the notice on further optimizing the auditing work of the fund classification. 
 the document says that fund management companies report products through the domestic fund channels, and no longer line up according to the classification of fixed income funds, partial equity funds and index funds of active investment. They can also report 3 fund raising applications at the same time, and 3 base gold can be of the same type or different types. 
 in other words, under the premise of ensuring that domestic fund channel products are not more than 3, the domestic fund companies will no longer make rigid rules for product type fund companies. 
 despite the repeated relaxation of regulators in the offering of public offerings, it is still a long process for fund companies to report from the issuers to the issuing companies. 
 "under the existing approval system, a fund company may issue a product cycle for half a year, for example, when the small cap stocks are ready, the market environment may not be suitable for the investment direction of the fund when it is released to the market. This lag is very unfavorable for the fund companies and investors. 
Under the registration system which is about to be implemented, the cycle of fund product design and collection will be greatly shortened. According to Deng Ge's statement, the registration period of mature fund products can be shortened to 20 working days, which will effectively solve the problem of fund issuance delay. "P" Jiang Haiyu explained. 
 for the registration system, Deng Ge said that in conjunction with the provisions of the measures, the SFC will implement the fund registration system mainly from four aspects in subsequent supervision. 
 one is to adjust the supervision concept, turn the product review to the protection of investors and take information disclosure as the center; two, adjust the way of supervision, and support the market players to independently design public offering funds around the needs of customers, do not restrict the number of products issued, do not interfere with the release time of products, do not interfere with the release time of products; three, optimize the licensing procedures, establish a standard and clear operation standard, restrict the effective registration system of public funds, establish an electronic examination system for products, improve the efficiency of review, implement a summary procedure for completing 20 days of work on mature products, four strengthen supervision afterwards, make effective use of the first line monitoring of the exchange, and the independent third party trusteeship mechanism, supplemented by risk oriented on-site inspection, and find out the fund's irregularities in time. 
 "mini a href=" http:// "www.91se91.com/news/index_c.asp" > fund < /a > or converted to /p >
 in implementing the registration system, the new method also made requirements for the establishment and liquidation scale of the fund company's products. Among them, the establishment of non launching funds is consistent with the previous requirements, that is, a minimum of 200 million yuan and 200 people. 
 the restrictions on the establishment of the launching fund are further reduced. In June 2012, the securities and Futures Commission issued the notice on issues related to the establishment of an audit fund for the launching of the fund. It stipulates that the fund company shall submit the application materials for fund raising through the audit channel of the launching fund, and the amount of subscription for the new fund shall be no less than 10 million yuan, and the fund subscription period shall be no less than 3 years. At the same time, the scale of the initiating fund shall be no less than 50 million yuan, and the number of the fund raising shall be no less than 200. In the new way, there is no limit to the minimum scale of the launch fund. 
 "launching fund is one of the main ways to strengthen mutual information between fund managers and investors, and enhance investors' information on fund managers. However, the minimum limit of 50 million is relatively difficult for small and medium fund companies. The lifting of this restriction will help small and medium fund companies to issue related products. If the fund's performance is good, the scale of fund companies will naturally increase." Associated Securities researcher Jiang Haiyu said. 
 the new way on the one hand reduces the threshold of the establishment of the launching fund. On the other hand, it also stipulates that three years after the establishment of the fund, the scale of the non launching fund must be reached. That is, 3 years after the entry into force of the fund contract, the net asset value of the fund must not be less than two hundred million yuan, otherwise the fund contract will be terminated automatically. 
 and on the winding up of non launching funds, the new method gives special explanation to fund conversion, merger and change registration, which provides the operation basis for the fund's "shut down". 
 but compared with the draft, the new method is relaxed in the deadline. The draft solicitation requires that when the fund share holders are less than 200 people or the fund assets net value is less than 50 million in 20 consecutive working days, the fund manager shall explain the reasons to the CSRC and submit the solutions, and the new method will relax the period to 60 working days. 
 for this, Haitong Securities researcher Tian bin Jun thinks: small funds liquidation is more difficult, merger or transformation may increase. "According to the 1 quarter data, 118 of the 1622 funds are below 50 million yuan, accounting for about 7%. According to the new method, if these "mini funds" are less than 50 million yuan within 60 working days, they will submit solutions to the regulatory authorities, while calling the holders to vote on whether to terminate the fund. However, considering that the termination fund has a negative impact on the reputation of the fund company, the fund company may prefer to solve it through fund conversion or merger. "