Port communicationConditions for applying for a private equity fund sales licensePrivate equity fund sales license
Application conditions
The private equity fund industry has become an important force in the economy and capital markets in recent years.，But after years of rapid development，The current industry is growing wildly、The chaos remains unchanged。
Under the guidance of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC")，Since the second half of last year，The Asset Management Association of China (hereinafter referred to as the "Association") has begun to formulate and issue a number of major policies，kicked off the regulation of the private equity industry。
According to the observation of a reporter from China Fund News，In the past year, regulators have strengthened supervision of the private equity industry，Reflected in four aspects：First, improve private equity registration and filing
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，The second is to introduce private equity self-regulatory rules，The third is to establish a private equity lost contact system，The fourth is to crack down on private equity illegal activities。
The industry calls it "the most stringent regulatory year in history"，From scratch、from loose to tight，Whether it is securities private placement or equity private placement, etc.，All are tested and baptized in this process，Breaking out of the cocoon in labor pain and reborn，Reshaping the future of the industry。Tightening of private placement registration has resulted in cancellation of 2,000 private placement registrations since the start of the work，Some institutions use filing information to illegally increase credit、Poor awareness of compliance operations，Illegal fund-raising in the name of private equity is still prohibited frequently。
Addressing industry issues，On February 5 this year, the Association issued the "Announcement on Further Regulating Certain Matters concerning the Registration of Private Equity Fund Managers"，Take four major measures to improve private equity filing and registration。
The main measures include：First，Cancellation of private equity fund manager registration certificate；second，Private placements should promptly register products、Fulfill information reporting obligations and submit audited annual financial reports on time；third，New application for private placement、Legal opinions must be submitted for first-time registration of products or changes in major matters, etc.；fourth，Private equity executives should obtain fund practice qualifications。
According to statistics from the association, the number of "empty shell" private placements that have been registered but have not yet started business accounts for 69%.，To this end, the association urges private placements to be registered on May 1、8Complete the first product registration before March 1st，Otherwise, the private equity manager qualification will be cancelled.。By May 1 this year，About 2,000 "shell" private equity firms have been canceled according to law，At the same time, the association will review the submitted product registration application based on the actual situation.、Private placement of supplementary legal opinions extended for 3 months。
at the same time，The association held the Fund Practitioner Qualification Examination on April 23 this year.，This is the first national unified examination in 2025，Nearly 80,000 private equity practitioners participated。Targeted at the actual situation，4At the end of the month, the association stated that it would further improve and optimize the organizational form and subject setting of the professional qualification examination.。
On the one hand, optimize the examination organization form，On the basis of holding the national unified examination covering 48 cities across the country as planned,，Expand appointment-only testing to 16 cities，At the same time, a per-appointment examination service for senior managers will be launched.；On the other hand, we will promote the compilation of teaching materials for private equity investment funds (including venture capital funds).，The private equity investment fund examination syllabus is expected to be released in June this year，9Examination subjects applicable to practitioners of private equity investment funds (including venture capital funds) will be added in September。
In order to allow private equity to better understand the new filing regulations，In recent months, the association has been in Beijing、Shenzhen、Shenzhen and other places carry out relevant training activities，and organize lawyer discussions、Prepare a legal opinion，A Q&A series on private placement filings has also been released to explain in detail.。
Released the code of conduct for fundraising and established a "7+2" self-discipline system on November 6 last year，The fourth working meeting of the Private Securities Investment Fund Professional Committee of the Asset Management Association of China was held in Beijing，At the meeting, many private equity leaders studied and discussed a number of industry self-regulatory rules including the "Private Equity Fund Raising Standards"，November thereafter、12The association has issued multiple drafts for comments，This kicked off the construction of a self-regulatory system for the private equity industry.。
February 1 this year，The Association officially released the "Internal Control Guidelines for Private Equity Investment Fund Managers"，raised from funds、investment research、Standardization of investment operations and other aspects，Clarify the main business of private equity，You are not allowed to engage in other businesses that have nothing to do with private equity or that have conflicts of interest.；
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Set up senior management personnel for compliance and risk control，Establish and improve the property separation system，Prevent the transfer of benefits, etc.。
24th day of the month，The Association issued the "Measures for the Administration of Information Disclosure of Private Investment Funds"，
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Do not use exaggerated words during solicitation，No promise of benefits、Misleading investors, etc.；Have quarterly disclosures and annual disclosures during operations，5000Products with more than RMB 10,000 disclosed monthly net value，Prompt notification of major events；It is also necessary to disclose the backup platform reporting information to the private equity fund designated by the association.。
415th of the month，The association released a blockbuster document "Measures for the Management of Private Investment Fund Raising Behavior"，Clarify the qualifications of private equity fund raising entities，Supervise the special account for raising funds，Product promotion must be targeted at specific audiences、Products and performance must not be publicly promoted，Qualified investor confirmation is required、Illegal splitting and transfer is prohibited，Implement a 24-hour investment cooling-off period and confirmation return visit system, etc.。
To adapt private equity，The association reserves a 3-month transition period，and adopt encouraging standards for the return visit system。418th of the month，The association also issued the first set of "Private Investment Fund Contract Guidelines"，Establish a contractual、corporate、Contract rules for three types of partnership products。
It is understood，In the future, the association will also gradually issue the "Registration and Filing Management Measures for Private Equity Funds"、"Measures for the Administration of Private Equity Fund Managers Engaging in Investment Consulting Business"、"Measures for the Administration of Private Equity Fund Custody Business"、"Measures for the Administration of Private Equity Fund Outsourcing Services"、"Measures for the Administration of Fund Practitioner Qualifications" and other rules，Build a complete "7+2" self-discipline rule system，Guide the private equity industry to be honest and trustworthy、Compliance operations，Win the trust and trust of investors，Win recognition from society and capital markets，Achieve everlasting foundation。
Establishing a private equity lost contact system. Six batches of missing contact lists attracted attention in September last year.，The Asset Management Association establishes a public disclosure system for "lost contact (abnormal)" private equity institutions，to pass、e-mail、Private placements that cannot be contacted via SMS or other methods，Identified as a missing private equity institution，It will be announced in the "Private Fund Manager Classification Announcement" column on the official website.，And it will be decided to remove or further process based on whether we proactively contact you within 3 months.。
From November last year to May this year，The association has announced six batches of missing private placement lists.，caused strong repercussions in society。November 23 last year，Association announces first batch of list of 12 missing private equity firms，Because Huatian Cathay (Beijing) Assets、Beijing Xingfu Fortune Investment and other missing private equity firms are suspected of illegal fund-raising、Situations such as payment crisis occur，The list was announced and attracted the attention of many investors.。
Subsequently, the association also announced plans including Shenzhen Zexi Investment、Shenzhen Yongbang Investment、Multiple batches of missing contact lists including Beijing Quantang Investment and other private equity firms。
until May 23，The number of missing private equity companies announced by the association reached 54，Some private equity investors have proactively contacted the association，Will further verify according to self-regulatory procedures；at the same time，The association listed 31 institutions including Shenzhen Jinsaiyin Fund on the list of missing contacts and listed them，Among them, 17 private equity firms were deregistered in accordance with the law because they neither submitted legal opinions nor registered their first product within the prescribed time.。
Private equity fund registration，The main factors are legal opinions and product releases，As long as you do these two things well, it won’t be a problem!
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