How to Launch Foreign Private Investment Fund Manager Business in China Part III

Release time:2020-04-03 11:06
第三部分 外资私募基金管理人的登记
Registration of Foreign Private Investment Fund Manager

 
1. 已登记的外资私募证券基金管理人名单
Registered FPMs
 
Apart from the prosperity and high development in the FEM, the FSM also have the foreign investors high attention and until now there are at least 19 FPMs have been registered successfully with AMAC and over 32 fund products have been issues and sold to the eligible investors.  Details please refer to Schedule 1(Registered FPMs) as follows.
 
不仅仅外资私募股权基金获得高速发展,外资私募证券基金也获得外国投资者的青睐,到目前为止,已有至少19家外资私募证券基金管理人成功在中基协注册,并且已发行了超过32种基金产品且出售给了投资者。详情请见——附表I 已登记的外资私募证券基金管理人名单。

 
2. 外资私募证券基金管理人所需要求
Requirements for FSM Registration
 
In relation to the registration of an FSM, the following requirements shall be satisfied as the condition precedents:
 
有关外资私募证券基金管理人的登记,必须以下条件作为先决条件:
 
01
 
The private securities investment fund manager shall be a company established within the territory of China. 
 
The form of limited liability partnership is the general form to set up a domestic private securities or equity fund manager in China, however, in accordance with FAQ10, you may choose the form of wholly foreign-owned enterprise or equity joint venture, rather than limited liability partnership, to set up an FSM in China.  
 
外资私募证券基金管理人应为在中国境内设立的公司。
 
有限责任合伙制是在中国设立境内私人证券或股票基金管理公司的通常形式,但根据《私募基金登记备案相关问题解答(十)》,您可以选择以外商独资企业或合资企业的形式,替代有限责任合伙,在中国设立外资私募证券基金管理人。
 
02
 
The overseas shareholders of the private securities fund management institution are the financial institutions approved or licensed by the financial regulators of the countries or regions where they are located, and the securities regulators of the countries or regions where the overseas shareholders are located have signed a memorandum of understanding on regulatory securities cooperation with the China Securities Regulatory Commission (the “CSRC”)(中国证监会) or other institutions recognized by it.
 
为登记成为外资私募证券基金管理人,该机构的境外股东为所在国家或者地区金融监管当局批准或者许可的金融机构,且境外股东所在国家或者地区的证券监管机构已与中国证监会或者中国证监会认可的其他机构签订证券监管合作谅解备忘录;
 
In light of above, there are two conditions shall be satisfied, (i) in case of the form of wholly foreign-owned enterprise, the foreign shareholder must be financial institution; and (ii) the country or region where the foreign shareholder is located must be such countries which has signed the relevant memorandum with CSRC.
 
鉴于以上,有两个条件应当被满足,(i)在外商独资企业的前提下,境外股东应当是一家金融机构;(ii)境外股东金融机构的所在国或者地区应当是与中国证监会签署备忘录的一方的所在国或者地区。
 
Right now, there are over 58 countries or regions that have signed the relevant memorandum with CSRC, including: Hong Kong, the United States, Singapore, Australia, the United Kingdom, Japan, Malaysia, Brazil, France, German, Italy, Egypt, South Korea, Romania, South Africa, the Netherlands, Belgium, Canada, Switzerland, Indonesia, New Zealand, Portugal, Nigeria, Vietnam, India, Argentina, Jordan, Norway, Turkey, United Arab Emirates, Thailand, Liechtenstein, Mongolia, Russia, Dubai, Iceland, Austria, Spain, Taiwan, Malta, Kuwait, Pakistan, Israel, Qatar, Laos, Sweden, Cyprus, Ukraine, Lithuania, Guernsey, Belarus, Brunei, Jersey, Isle of Man, Poland, Kazakhstan, Azerbaijan, Abu Dhabi.  Therefore, the foreign shareholder of the foreign private securities manager shall be a financial institution located in any country or region as above. 
 
目前,有58个国家和地区已经与中国证监会签署了备忘录,包括香港、美国、新加坡、澳大利亚、英国、日本、马来西亚、巴西、法国、德国、意大利、埃及、韩国、罗马尼亚、南非、荷兰、比利时、加拿大、瑞士、印度尼西亚、新西兰 、葡萄牙、尼日利亚、越南、印度、阿根廷、约旦、挪威、土耳其、阿拉伯联合酋长国、泰国、列支敦士登、蒙古、俄罗斯、迪拜、冰岛、奥地利、西班牙、台湾、马耳他、科威特、巴基斯坦、以色列、卡塔尔、老挝 、瑞典、塞浦路斯、乌克兰、立陶宛、耿西岛、白俄罗斯、文莱、泽西岛、马恩岛、波兰、哈萨克斯坦、阿塞拜疆、阿布扎比。因此,外资私募证券基金管理人的境外股东应是位于上述任何国家或地区的金融机构。
 
03
 
The private securities fund management institution and its overseas shareholders have not been severely punished by the regulators and judicial institutions in the latest three (3) years. 
 
过去的三年内,外资私募证券基金管理人及其境外股东没有受到监管机构和司法机构的严厉处罚。
 
The private securities and its shareholder shall strictly comply with the laws and regulations of the People’s Republic of China and that of its shareholder’s location for at least three (3) years before the registration of private securities investment fund manager with AMAC.
 
拟设立外资私募证券基金管理人的机构及其股东在外资证券投资基金管理人登记前的最近三年内,应严格遵守中华人民共和国和其股东所在地的法律法规。
 
3. 登记的程序和时间表
Registration Procedures and Timeline
 
The application to the registration of a FEM and FSM shall comply with the requirements and procedures as follows.  An FPM shall be filed with AMAC through the platform named as “Asset Management Business Electronic Registration System” (the “AMBERS”)(资产管理业务综合报送平台), with the official website of: http://ambers.amac.org.cn.
 
外资私募股权投资基金管理人和外资私募证券基金管理人的申请和登记均需满足下列要求。外资私募基金管理机构申请私募基金管理人登记时,应当通过资产管理业务综合报送平台(https://ambers.amac.org.cn)。
 
Generally, the time for the registration of FPM is about three (3) months (the “Registration Period”) from the date when AMAC has received all of the documents and files as required in good order. 
 
通常,外资私募证券基金管理人的登记所需时间大约是自中基协收齐登记材料之日起三个月(即登记期)。
 
However, for the sake of clarity, the aforesaid Registration Period is theoretical only and will be subject to the documents’ preparation and the registration practices.  We are willing to prepare the documents checklist accordingly and advise you with the registration practice if we are so instructed and engaged by you with the registration of FPM and/or the procedures as follows are applicable to the registration of the FPM and subject to AMAC’s regulations and policies and practices from time to time:
 
但是,需要澄清的是,上述时间仅是理论上的,且取决于文件的准备和实际操作情况。如果您想要在外资私募证券基金管理人和/或基金产品的登记方面得到我们的支持,我们很乐意提供相应的所需文件清单并对实际登记操作情况提出建议。
 
The procedures as follows are applicable to the registration of the FPM and subject to AMAC’s regulations and policies and practices from time to time:
 
以下程序适用于外资私募证券基金管理人的登记,并不时受中基协的法规、政策和惯例约束:
 
 
Step1: prepare the document checklist and documents for the registration of FPM as required;
 
第一步:按照要求准备用于外资私募证券基金管理人登记的文件清单和文件;
 
 
Step2: the issuance and the submit of legal opinion with respect to the registration of FPM;
 
第二步:提交外资私募证券基金管理人登记的法律意见书;
 
 
Step3: log in AMBERS system to fill up relevant information and upload the documents as requires: Information includes:
 
(i) basic information of the FPM, like the certificate or license of the wholly foreign-owned enterprise or equity joint venture; (ii) business rules; (iii) financial license and affiliates of the FPM; (iv) credit information; (v) financial information; (vi) foreign shareholder information; (vii) de facto controller information; (viii) senior executive information; and (ix) a legal opinion on the registration of FPM.
 
第三步:登录资产管理业务综合报送平台录入相关信息并上传相关文件,包括:
 
(1) 机构基本信息;(2) 相关制度信息;(3) 机构持牌及关联方信息;(4) 诚信信息;(5)财务信息;(6) 出资人信息;(7)实际控制人信息;(8)高级管理人员信息;(9) 管理人登记法律意见书。
 
Step4: reply and answer to the feedbacks from AMAC in several times and communicate with relevant officer(s) in charge if asked:  
 
AMAC may provide feedbacks within 20 business days from the date when the legal opinion is to be submitted.  To our prior successful experience, generally, the number of AMAC’s feedback is around 1-3 times if most of the documents submitted are in good order and most of AMAC’s requirements have been satisfied at the first place. 
 
For your kind attention, the number to reply and correct AMAC’s feedbacks shall not exceed five (5) times, otherwise, the procedure of registration FPM will be locked and suspended for a period of three (3) months and restart upon the expiry of such three (3) months.
 
第四步:多次回复并回答中基协的反馈,必要时与相关负责人沟通;
 
中基协可以在提交法律意见之日起20个工作日内提供反馈。根据我们以往的成功经验,如果提交的大多数文件整理有序,并且中基协的大部分要求在一开始就得到满足,那么中基协的反馈次数通常是1-3次。
 
请您注意,答复和更正中基协反馈的次数不得超过五次。否则,登记将被锁定并暂停三个月,并在三个月到期后重新开始。
 
Step5: finish and obtain the electronic certificate of FPM from the official websites; AMAC will complete the FPM registration procedures through the publicity of the basic information of the FPM on the official website of AMAC, with the link as http://www.amac.org.cn.
 
第五步:完成并从官方网站获取外资私募证券基金管理人登记电子证书;中基协将通过在中基协官方网站( http://www.amac.org.cn )上公布外资私募证券基金管理人的基本信息来完成登记程序。
 
Step6: apply and finish the registration of the foreign private equity/securities fund product within six (6) months upon the registration date of the FPM, otherwise, the FPM qualification will be de-registered.  The time for the registration of foreign private equity/securities fund product is around twenty (20) working days from the date when the fund product to be raised has finished.
 
第六步:私募基金产品应当自外资私募股权/证券基金管理人登记完成之日起六个月内申请并完成备案,否则外资私募股权/证券基金管理人资格将被取消。私募基金产品的备案时间约为募集基金结束之日起二十个工作日。
 
We understand, with the Reform and Opening-up, the foreign investors are going to play a more and more important role in the equity/securities market in China, and in returns China’s equity/securities market will be more closely connected with those of the Global.  This Memorandum is a summary to the establishment and the registration of FPM under the PRC law only and we are very pleased to introduce more details with you if you have any questions, or would you like any more information, please do not hesitate to contact us via the information as follows: 
 
随着改革开放,外国投资者将在中国的股权/证券市场中发挥越来越重要的作用。作为回报,中国的股权/证券市场将与全球证券市场更加紧密地联系在一起。本备忘录仅是根据中国法律设立和登记外资私募基金管理人的摘要,如果您有任何疑问或想了解更多信息,我们非常高兴为您提供帮助,请随时与作者联系。