Port communication私募参与新三板做市制度有望年内推出全国股转公司副总经理、新闻发言人隋强28日出席中国新三板发展战略高层论坛时透露，股转系统正在研究新三板分层后的差异化制度安排，计划在年内推出将私募基金作为新三板做市商的相关制度，同时QFII和RQFII参与新三板投资的相关政策也有望出炉。
本次论坛由中国社会科学院金融与发展实验室和金融研究所联合中国新三板研究中心共同举办。隋强表示，在新三板的市场实践层面，包括流动性问题的理解、增量改革的路径、破坏性创新市场结构的承担等问题，解决起来并不简单。下一步新三板的发展尽管面临着很多问题，但是市场化、法治化和独立市场设置的方向不会变。
隋强透露，目前全国股转系统正在围绕着市场分层差异化制度安排进行研究。“围绕着交易，怎么有效促进交易相关问题，除了改革现行的交易方式之外，全国股转系统近期有一个比较大的工作，就是私募基金作为做市商，前期论证都已经做完，年内是能够推出来的。
also，在市场准入方面、投资者管理方面，监管层也在考虑有没有更好的指标。"also，针对增量资金入市问题，隋强表示，QFII和RQFII的参与政策可能很快出炉，同时公募基金入市问题也在研究。
“公募基金那么大的体量，新三板的资产流动水平和整个投资标的的规模能够支撑这些公墓基金参与，这是我们需要在实践中考虑的问题。at the same time，公募基金参与产品设计等问题，也都需要考量。
”中国新三板研究中心首席经济学家刘平安接受中国证券报记者采访时指出，新三板市场的“破坏式创新”，为资本市场的市场化改革带来了突破，但是新三板市场的制度创新也存在不足。券商从事新三板业务的激励与动力不足，这可能成为新三板市场化的障碍。
隋强强调，新三板的改革和发展，需要各方认真思考，从传统思维中跳出来看待新三板问题。“以流动性问题为例，现在市场上用来对标的都是交易所市场。actually，评价流动性有很多指标。用传统交易所眼光来评价新三板并不科学。
”那么私募基金产品该如何备案，注意些什么呢1、Private equity fund managers who have registered but have not yet registered private equity fund products，What are the registration procedures for applying for registration of a private equity fund for the first time?
answer：Private fund managers who have registered before the "Announcement" and have not yet registered private fund products，The "Legal Opinion on Registration of Private Equity Fund Manager" should be submitted before applying for registration of private equity fund products for the first time.，After the submitted legal opinion is approved,，Submit private equity fund registration according to normal procedures。2、How to determine the qualified investor standards of private equity funds?
answer：私募基金的合格投资者是指投资于单只私募基金的金额不低于100万元且符合下列相关标准的单位和个人：(1) Units with net assets of not less than 10 million yuan；(2) Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the past three years is not less than 500,000 yuan。
The financial assets mentioned in the preceding paragraph include bank deposits、stock、bond、Fund shares、Asset Management Plan、Bank financial products、trust plan、insurance products、Futures rights, etc.。3、Proof of private equity fund raising scale、Filing of proof of paid-in capital contribution
Require
Which ones are there?
answer：Proof of private equity fund raising scale、The proof of paid-in capital contribution should be a certificate issued by a third-party institution，Including the fund arrival certificate issued by the fund custodian、Capital verification certificate、bank receipt、Investment certification documents such as industrial and commercial registration transfer materials containing actual payment information。Funds raised by private equity funds are not allowed to be paid on behalf of others。4、Registration of unmanaged private equity funds
Require
Which ones are there?
answer：Unless otherwise agreed in the fund contract or partnership agreement，Private equity funds should be managed by fund custodians。If the private equity fund does not have custody，Please supplementally submit a non-custodial confirmation signed by all investors (the "No Custody Confirmation" states "This fund has no custody")，Or explain it in "Other issues that the administrator thinks need to be explained"，The contract clearly stipulates that there is no custody for this product and the relevant chapters of institutional measures and dispute resolution mechanisms to ensure the safety of private equity fund property。
Before December 31, 2025，If the relevant senior executives (including legal representatives) of the registered private equity fund manager do not have the fund qualification，Does not affect private equity fund managers’ application for registration of private equity fund products。
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