"at present，The price of a third-party fund sales license has dropped from several million yuan in the same period last year, and no one is interested.，The 15 million yuan that was speculated to the middle of this year is still hard to find.，Now he is shouting "the guaranteed market price is 26 million to 27 million yuan"。这是要上天的节奏？？短短几个月时间，第三方基金销售牌照就实现了价格三连跳，不仅是售价翻了若干倍，且上涨的节奏也令人应接不暇。
基金销售牌照到底是什么？既然基金市场行情欠佳，为啥它的价格却突飞猛进？是谁愿意花这么多钱买卖这类牌照？买来又想干什么？基金销售牌照今年陡然涨价金融行业的门槛高一向是众所知的，其中最重要的表现之一就是金融牌照的获取。
针对基金行业来说，主要的牌照有两个，一是基金支付牌照，另一个就是今天要说的主角——基金销售牌照。基金支付牌照是央行针对第三方支付企业发放的基金销售支付结算业务许可证，指非金融机构在收付款人之间作为中介机构提供的货币资金转移服务，基金销售机构可以选择商业银行或支付机构从事基金销售支付结算业务。
顾名思义，拿到了基金支付牌照意味着只能为基金销售提供支付结算业务。而要销售基金，只能是取得基金销售牌照后才行。That is to say，“支付”和“销售”之间硬生生隔着一个牌照的距离，两者不可混为一谈。
in fact，除了基金公司的直销渠道外，此前国内具备基金销售资格的主要是商业银行、证券公司等金融机构，前者作为最大销售渠道甚至占据半壁江山。到了2012年，监管部门才正式开始向第三方理财机构开放基金牌照申请。那么第三方机构要获取基金销售牌照，需要达到哪些条件？
证监会2013年公布的《证券投资基金销售管理办法》规定，申请基金代销牌照需要以下资质：
- 为依法设立的有限责任公司、合伙企业或者符合中国证监会规定的其他形式；
- 有符合规定的经营范围；
- 注册资本或者出资不低于2000万元人民币，且必须为实缴货币资本；
- 有限责任公司股东或者合伙企业合伙人符合本办法规定；
- 没有发生已经影响或者可能影响机构正常运作的重大变更事项，或者诉讼、仲裁等其他重大事项；
- 高级管理人员已取得基金从业资格，熟悉基金销售业务，并具备从事基金业务2年以上或者在其他金融相关机构5年以上的工作经历；
- 取得基金从业资格的人员不少于10人。
实缴货币资本不低于2000万元、高级管理人员需具备从事基金业务2年以上或在其他金融相关机构5年以上的工作经历等条件已经让不少公司望而却步。但这并未阻碍第三方机构对基金销售牌照的追捧，基金销售牌照更在今年开启了陡然涨价模式。一位大型公募基金人士透露，目前市面上的基金销售牌照已经被炒到3000万元以上。
还有相关中介表示，现在基金销售牌照也是“隔几天就一个价”，“6月份还喊的2100万元，7月份2500万元，最近就是3000万元出头了。去年卖也就200万元、300万元，现在市场保底价格在2600万~2700万元，我们手上对接的以这个价位居多，还是净壳，不带团队和业务量。
”从今年年中至今，监管层审批通过的数量大幅减少，其中独立基金销售机构的情况尤为明显。2015年9月~2016年6月，拿到基金销售牌照的独立销售机构有32家，平均每个月有近5家通过相关资质审核；而2016年7月~9月，只有4家机构拿到了基金销售牌照。
不难发现，今年前9个月，核发牌照的独立基金销售机构分别为9家、6Home、5Home、2Home、0Home、3Home、1Home、2家和1家，基本呈逐月下降趋势，甚至有一个月一家都没有审批通过。私募疯狂争夺这一牌照“今年年初的时候，We have the idea of applying for Hong Kong’s No. 9 financial license，But I don’t have such a strong will to say that I must get it.。
We will see a lot of private placements in the second half of the year，Some even have half the management scale of ours.，All applications were successful，Therefore, several partners in the company cannot sit still.。”深圳这家大型私募副总向记者表示。It is understood，The Hong Kong market implements a financial license management system。There are 1-10 types of financial licenses。Among them, License No. 9 is a Type 9 regulated business qualification license issued by the Securities and Futures Ordinance of Hong Kong.，i.e. asset management license。
After obtaining the license for mainland private equity，On the one hand, you can raise funds directly in the Hong Kong market，Attract overseas capital to invest in mainland products；On the other hand, it is also convenient to build international products.，Provide overseas investment channels for mainland customers。
“之所以今年很多内地私募申请香港9号金融拍照，The most direct reason is the stimulation from the opening of Shenzhen-Hong Kong Stock Connect.，Secondly, many private equity investors judge that the mainland capital market needs to be internationalized.，The Hong Kong market is essential as a medium and buffer，So everyone wants to find a foothold in the Hong Kong market.，do business。”上述副总对《金证券》记者说。
看好牌照未来价值《金证券》记者了解到，目前至少6家较大规模的私募正在张罗申请事宜。公开信息显示，此前如重阳投资、Fushan Investment、Jingtai Lifeng Assets、ivy assets、盈峰资本等约10多家老牌私募已经拿到了牌照。
“今年有两个特别明显的特点，一是大家拿到牌照后就赶快组织发产品，在香港市场这个问题上，准备都很充足．二是由于这个牌照并不太好拿，它有很多硬性条件，如必须在香港有注册公司、financial condition、信誉品格等，所以今年关于这个申请
cost
，市场一些帮助办理的服务公司也炒的很高。overall，大家都是看好这个牌照未来价值的。
”深圳一家上半年拿到牌照的私募公司基金对《金证券》记者说。他直言，从现阶段看，拿到牌照的私募，募集海外资金回流投资A股的少，更多是在做境外投资内容。“这和香港市场对内地私募的认可度有关。相信通过香港市场的锻炼，内地可以出现一批国际化的私募公司。
”需要提及的是，目前在协会已备案的12356只证券类私募产品中，共有3622只私募产品可投资港股，占比达
- 31%。而今年以来发行的可投资港股的私募产品有2401只，较去年总体发行量增长
- 1%，涉及1495家私募管理人。内地私募对香港市场的热情可见一斑。
香港9号牌照全解析根据香港《证券及期货条例》条例规定，Hong Kong License No. 9 mainly provides services for managing securities or futures contract investment portfolios, etc.。At present, Fushan Investment, a well-known domestic private equity institution、Jingtai Lifeng Assets、Bai Fang Assets、ivy assets、Tianma Assets、Infore Capital、Qiju Assets、Yifan Assets、Value Gravity and others have obtained the “No. 9 license” for asset management business.。Some of them were obtained in the past year or two.，Some get it earlier。
申请香港证监会9号牌照须知申请香港证监会9号牌照须知一、General dealing
Require
The SFC will only issue licenses to applicants (including companies or individuals) who meet the fit and proper criteria and will assess whether the applicant is a fit and proper person from the following aspects:：a）财务状况及偿债能力；b）学历或其他资历及经验，and considerations in this regard must have regard to the nature of the functions proposed to be performed by the applicant；c）是否有能力称职地、conduct relevant regulated activities honestly and fairly；d）信誉、character、Reliability and financial soundness。
Note：Licensed corporations and individuals affiliated with licensed corporations must comply with other legal requirements including immigration and taxation。two、Licensing of companies
Require
An asset management company that intends to apply for a license in Hong Kong must be a company incorporated in Hong Kong or an overseas corporation registered with the Companies Registry。According to the Securities and Futures Ordinance，Neither sole proprietorship nor partnership will be issued a license。
When assessing whether a company is a good fit，The SFC will consider the company’s financial condition and solvency、Qualifications and experience of company personnel、and whether the company has the ability to conduct regulated activities competently。In terms of competence，The company must demonstrate that it has an appropriate business structure、Good internal control system and qualified personnel，To ensure proper risk management and compliance with relevant rules and regulations。
A licensed asset management company must have at least two responsible officers。In terms of nationality of licensed individuals and responsible officers，There are no restrictions or special regulations from the Securities Regulatory Commission。At least one responsible officer of the asset management company must be a member of the board of directors，However, if other board members are not actively involved in or responsible for direct supervision of asset management activities，They do not necessarily need to be licensed to be responsible persons in the asset management business。
also，Although the Securities and Futures Commission
Require
At least one responsible officer must be based in Hong Kong，in order to directly supervise the relevant business，However, the responsible officer does not need to be in Hong Kong at all times，The condition is that when necessary，The SFC must have immediate access to at least one responsible officer of the asset management company。Except for the person in charge，Any person who is a licensed asset management company or conducts asset management activities on its behalf must be licensed as a representative。
Companies planning to apply for an SFC license must also meet relevant capital requirements。If you hold a Type 9 regulated activity license and will not hold customer information，The company must maintain a minimum liquid capital of HK$100,000。three、Ongoing responsibilities after starting business After obtaining a license，The company must maintain the qualifications of a fit and proper person，and comply with all applicable provisions of the Securities and Futures Ordinance and its subsidiary legislation，and codes and guidelines issued by the Securities and Futures Commission。
Companies are required to submit audited accounts and financial statements regularly。The Securities and Futures Commission is also required to notify the Securities and Futures Commission of certain events or information changes related to the company’s business within a specific time limit.。Four、Licensing of personnel
Require
- Relevant competency requirements for responsible officers. If an individual applies for a license from the Securities and Futures Commission，Must demonstrate to the SFC that he has met relevant standards of competence and integrity，Be a fit and proper person to carry out regulated activities。
1）学业/行业资格持有指定范畴的大学学位（例如会计、Business Administration、economy、Finance and Legal)；或其他学位（并于最少两科指定范畴的科目考试合格）；or a professional qualification (e.g. Chartered Financial Analyst、认可财务策划师等）2）相关行业经验在过去6年最少有3年从事相关行业3）管理经验2年4）本地规管架构考试香港证券专业学会的证券及期货从业员资格考试卷一及六合格（就第9类受规管活动牌照而言）2、有关持牌代表的胜任能力的规定任何进行受规管活动的人士（执行直接监管职能的除外）均须获发牌成为持牌代表。
1）学业/行业资格持有指定范畴的大学学位（例如会计、Business Administration、economy、Finance and Legal)；或其他学位（并于最少两科指定范畴的科目考试合格）；or a professional qualification (e.g. Chartered Financial Analyst、认可财务策划师等）2）本地规管架构考试香港证券专业学会的证券及期货从业员资格考试卷一合格五、Licensing Application Procedure We recommend that companies，Pay special attention to the following matters：You should describe in detail the status of the company you intend to apply for CSRC。
For example：Institutional background Business nature Business scope Operation model Customer objects Asset management procedures Risk management procedures Compliance management procedures Management team，Including responsible personnel and key staff，Its functions, organizational structure, resource allocation, corporate governance. Your corporate governance should have good internal control measures and qualified personnel.，To ensure proper risk management and compliance with relevant rules。
If a subsidiary is established outside mainland China，Please note whether you need to obtain approval from the mainland regulatory authorities first。
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