"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"。Is this the rhythm of going to heaven? ? just a few months，Third-party fund sales license has achieved three consecutive price jumps，Not only has the selling price increased several times,，And the pace of increase is also overwhelming。
What exactly is a fund sales license? Since the fund market is not doing well,，Why is its price soaring? Who is willing to spend so much money to buy and sell such licenses? What do you want to do with it? The price of fund sales licenses has increased sharply this year. It is well known that the threshold for the financial industry is high.，One of the most important manifestations is the acquisition of a financial license。
For the fund industry，There are two main licenses，First, fund payment license，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，Fund sales institutions can choose commercial banks or payment institutions to engage in fund sales payment and settlement business.。
As the name suggests，Obtaining a fund payment license means that it can only provide payment and settlement services for fund sales.。To sell funds，This can only be done after obtaining a fund sales license.。That is to say，There is a license plate between "payment" and "sales"，The two cannot be confused。
in fact，In addition to the direct sales channels of fund companies,，Previously, it was mainly commercial banks that were qualified to sell funds in China.、Securities companies and other financial institutions，As the largest sales channel, the former even accounts for half of the country.。By 2012，The regulatory authorities have only officially begun to open fund license applications to third-party financial institutions.。Then the third-party institution needs to obtain a fund sales license，What conditions need to be met?
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；
- Shareholders of a limited liability company or partners of a partnership comply with the provisions of these Measures；
- There are no major changes that have affected or may affect the normal operation of the organization.，or lawsuit、Arbitration and other major matters；
- Senior managers have obtained fund practitioner qualifications，Familiar with fund sales business，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，Recently it was just over 30 million yuan。Last year it was sold for only 2 million yuan、300million yuan，The current guaranteed market price is 26 million to 27 million yuan，Most of what we have on hand are at this price.，Or a clean shell?，Without team and business volume。
"From the middle of this year to now，The number of regulatory approvals has been significantly reduced，Among them, the situation of independent fund sales agencies is particularly obvious.。2015September 2016 ~ June 2016，There are 32 independent sales agencies that have obtained fund sales licenses.，On average, nearly 5 companies pass the relevant qualification review every month；And from July to September 2016，Only 4 institutions have obtained fund sales licenses。
Not hard to find，first 9 months of this year，There are 9 independent fund sales institutions with licenses issued.、6Home、5Home、2Home、0Home、3Home、1Home、2home and 1 home，Basically showing a monthly downward trend，There was even a month when no one was approved.。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.。”上海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，Previously, such as Chongyang Investment、Fushan Investment、Jingtai Lifeng Assets、ivy assets、About 10 established private equity firms, including Infore Capital, have obtained licenses。
"There are two particularly obvious features this year.，First, after everyone gets the license, they quickly organize and distribute products.，On the issue of the Hong Kong market，The preparations are sufficient. The second reason is that this license is not easy to obtain.，It has many hard conditions，If a company must be registered in Hong Kong、financial condition、Reputation, character, etc.，So this year regarding this application
cost
，Some service companies in the market that help with processing are also very popular.。overall，Everyone is optimistic about the future value of this license.。
"The fund manager of a private equity company in Shenzhen that obtained a license in the first half of the year told a reporter from "Golden Securities"。He speaks out，From the current stage，Licensed private equity，Few people raise overseas funds to invest back in A-shares，More content on overseas investment。“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、Competence requirements for licensed representatives Any person carrying on regulated activities (other than performing a direct supervisory function) must be licensed as a licensed representative。
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、Certified Financial Planner, etc.) 2) Local Regulatory Framework Examination Hong Kong Securities Professional Institute’s Securities and Futures Practitioner Qualification Examination Paper 1 Pass 5、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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