私募基金产品发行需要注意的问题及细节

私募基金产品发行需要注意的问题及细节众所周知，监管部门在规范私募基金登记备案等方面加强了监管，Invisibly increasing the difficulty of product registration。This article summarizes common reasons why product registration is rejected and how to correct them.，And compiled the China Foundation Association’s answers to some questions about product registration，We hope to help each fund company’s product registration pass in one go.。

常见产品备案被拒绝的原因及整改方法 被拒绝原因一：请填写正确的基金全称整改方法：基金全称应与合同中的名称完全一致 被拒绝原因二：Please fill in the correct management type rectification method：There are three types of management you can choose from，Trusted management、Self-management and consultant management。

Self-managed limited liability company、Corporate fund established in the form of a joint stock company，Implement self-management through the formation of an internal management team，The corporate fund must also complete the manager registration procedures。Trusted management refers to entrusting assets to private equity fund managers for management through entrusted management.。Consulting management refers to the private equity fund manager acting as an investment consultant for the trust company.、Brokerage Asset Management、QFII and other managed assets。

Reason three for rejection：Please upload the risk disclosure letter signed by all investors and the rectification methods：Scan the risk disclosure letter signed by all investors and upload it in a PDF document。 Reason four for rejection：请上传募集规模证明整改方法：Proof of fundraising scale includes fund arrival certificate issued by the custodian，Or a capital verification certificate issued by an accounting firm，Or bank statement (with official bank seal)，Or certification issued by a third party such as industrial and commercial registration transfer materials。

Reason five for rejection：请管理人出具基金是否募集完毕及是否继续对外募集的说明整改方法：The administrator truthfully issues the above statement，Sign to confirm and upload to other questions。

Reason six for rejection：本基金的合伙人信息与工商注册信息存在不一致整改方法：If changes are possible, complete the changes and re-register them.，If changes cannot be made temporarily, all partners must issue commitment letters.，Commitment to complete rectification within three months，And upload the signed and confirmed commitment letter to other questions.。

Reason seven for rejection：请XXX投资者实缴满足100万后再来备案整改方法：According to Article 12 of the "Interim Measures for the Supervision and Administration of Private Investment Funds" promulgated by the China Securities Regulatory Commission on August 21, 2014，Qualified investors of private equity funds refer to those who have corresponding risk identification capabilities and risk-taking capabilities，Units and individuals whose investment in a single private equity fund is no less than 1 million yuan，故每个投资者的投资额度最低不能少于100万。

Reason eight for rejection：请对外募集后再到协会备案整改方法：Fund products must have external investors，Fund managers invest directly or fund products are only subscribed by fund managers and their staff.，China Foundation Association does not allow registration。

Reason nine for rejection：请上传投资者明细表并加盖私募基金管理人公章整改方法：Investor details including serial number，Name/organization name，ID number，Subscription amount，Amount actually paid，Summary amount，Remark；Remarks include GP/LP，Priority / inferiority，Whether managers or employees are participating in the investment。The summary amount should be consistent with the actual payment amount reported in the registration and filing system。

Ten Reasons for Rejection：If the fund product is not managed，请上传所有投资者签署的无托管协议整改方法：Explain any other issues that the administrator deems necessary.，The contract clarifies that this product does not have custody and the relevant chapters of institutional measures and dispute resolution mechanisms to ensure the safety of private equity fund property，Also upload the no-escrow agreement signed by all investors，There is no custodianship agreement that clearly states that “the Fund has no custodianship.”。

被拒绝原因十一：请管理人确认首轮募集是否结束，并上传投资项目情况表至其他问题处整改方法：在其他问题处对首轮募集情况进行说明，例如“XXXX基金首轮募集资金已经到位，暂不对外进行募集”，出具说明并加盖基金管理人公章，将PDF扫描件同投资项目表一起上传至其他问题处。

被拒绝的原因十二：请投资者中的基金备案通过后再次提交整改方法：若投资者中有基金，该基金需通过备案才可成为合格投资者，且该基金投资的基金才能进行备案 中基协对产品备案一些问题的答复 问题一：基金主要投向为新三板，是按照证券类基金备案，还是股权类？

中基协回复：如果投向是已挂牌的新三板，选择证券类基金；如果是拟挂牌的，选择股权类基金。 Question 2：私募基金可否发行保底基金？中基协回复：私募基金不可以发行保底、capital guaranteed fund。 Question three：私募基金产品，对于基金管理人与员工跟投是否有比例限制？

中基协回复：无比例限制，但是一定要有外部投资人且满足合格投资者的

Require

。 问题四：异常机构公示状态下，能否发行基金产品？中基协回复：基金管理人首先要进行整改，整改完成且收到中基协明确的整改完成通知后，才允许发行产品。 问题五：存在外部投资人的情况下，首轮募资是GP的出资可否？

中基协回复：首轮募资必须有外部投资者的资金到位。根据基金管理人及基金产品的不同情况，Filing

Require

和操作上还会存在差别，本文仅为各基金产品的备案提供参考，建议具体项目具体分析。 私募基金政策咨询，私募基金产品发行咨询，Please consult：Hetai Information

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