Association launches due diligence guidelines for different private placements，Application for private equity license will be favorable

current，Private equity funds have difficulty raising funds，There are many reasons for this。A large number of institutions registered repeatedly，Unreasonable expansion，Resulting in "more monks and less rice"；Some institutions and products have complex internal structures，Increase the level of capital operation and financing costs，Cause bad money to drive out good money。also，Private equity fund tax expectations are unstable，Tax burden retrospection appears in some areas，It is also not conducive to the enthusiasm of private equity funds to raise investments.。

At present, the Asset Management Association is actively promoting the construction of process self-discipline in three aspects.，Promote the development of the private equity industry：First, further improve the registration and filing instructions，Optimize the registration and filing process，Provide clear standards for market development。

1. The association will further clarify the authenticity of shareholders、stability

Require

；

1. 　　
2. Clarify the boundaries of administrator registration，Strengthen the qualifications and responsibilities of group institutions，Make it clear that a registered private equity fund manager is establishing a certain partnership fund，And a general partner (GP) specially established by investing capital or dispatching employees，No need to register as a private equity fund manager anymore； 　
3. Further clarify related parties

Require

，Implement internal control guidelines，Strengthen compliance among senior executives and employees、Professionalism

Require

。

1. Strengthen fair treatment of investors and protection of investor interests

Require

，Safety pad design for securities products、

cost

callback mechanism、Necessary restrictions will be imposed on the performance compensation extraction mechanism and structured income distribution mechanism.；

1. 　
2. It is strictly prohibited for debt products to engage in quasi-credit business，Ensure real investment；The second is to issue industry due diligence guidelines，Establish due diligence standards of conduct，Strengthen the standardization and transparency of the exhibition process。
3. The association will target different categories of private equity fund managers、Investment products and their investment targets launch different due diligence guidelines。
4. For private equity and venture capital fund managers，Due diligence guidance will cover investment strategies、investment process、team building、Compliance and risk control capabilities、Accounting valuation and legal administration、14 indicators including environmental and social impact，Provide reference templates as necessary and personalized，Facilitate professional investors to have a more comprehensive understanding of fund managers，Help them make reasonable decisions based on market-oriented credit。
5. at the same time，Promote the release of due diligence guidelines on underlying assets underlying fund investment，Ensure that underlying assets are authentic and reliable，Cash flow and repayment mechanisms must be guaranteed，Help fund managers better manage portfolio risks。Third, comprehensively implement the credit information reporting system，Promote the establishment of a multi-dimensional market-oriented credit checks and balances mechanism。

On the basis of the already launched private securities investment fund manager member credit information reporting system，The association will officially release credit information reporting standards for private equity investment fund managers at the end of this year.。Credit information reporting indicators for equity institutions will include compliance、Stability、Professionalism、24 indicators including transparency，Supplemented by 13 investment style indicators，Promote the credit information reporting system to play the role of credit records and credit constraints in the entire private equity fund industry。

The registration and filing of domestic private equity investment fund managers must meet the following basic conditions:

1. Legally register a manager company in China，You can choose between a limited company or a limited partnership；
2. Registered capital 10 million or more，More than 25% of the actual payment is in place
3. Entrust a law firm to issue a registration legal opinion，Need to prepare in advance；
4. Have at least 3 senior executives with more than 3 years of relevant experience，There must be a person in charge of risk control among senior executives
5. Executive resumes must be true，The Asset Management Association will conduct spot checks and interview senior executives from time to time.
6. Senior executives must have relevant professional qualifications and bachelor degree or above.
7. Enterprises must have complete risk control、internal control、Personnel trading、Information disclosure and other systems

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