What is the compliance process of private equity funds?

The compliance process of private equity funds is:

First of all, understand the information of investors.

Investors should fill in and provide basic information forms and provide relevant information supporting documents.

Second, the classification of investors.

Investors are divided into ordinary investors and professional investors.

Professional investors (only meet one of the following conditions):

(1) Financial institutions established with the approval of relevant financial regulatory authorities, including securities companies, futures companies, fund management companies and their subsidiaries, commercial banks, insurance companies, trust companies, finance companies, etc. ; Subsidiaries of securities companies, subsidiaries of futures companies and managers of private equity funds that have been filed or registered by trade associations.

(2) The wealth management products issued by the above-mentioned institutions to investors include, but are not limited to, asset management products of securities companies, products of fund management companies and their subsidiaries, asset management products of futures companies, bank wealth management products, insurance products, trust products and private equity funds registered by trade associations.

(3) Pension funds such as social security funds and enterprise annuities, social welfare funds such as charitable funds, qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII).

(4) A legal person or other organization that meets the following conditions:

1. Recently 1 The net assets at the end of the period are not less than 20 million yuan;

2. The financial assets at the end of the recent 1 year are not less than100000 yuan;

3. Have more than 2 years investment experience in securities, funds, futures, gold and foreign exchange.

(5) A natural person who meets the following conditions at the same time:

1, the financial assets are not less than 5 million yuan, or the average annual personal income in the last three years is not less than 500,000 yuan;

2. Have more than 2 years experience in securities, funds, futures, gold and foreign exchange investment, or have more than 2 years experience in financial product design, investment, risk management and related work, or be a senior manager, certified public accountant and lawyer who has obtained professional qualification certificate and engaged in financial related business as specified in Item (1) of this article.

The financial assets mentioned in the preceding paragraph refer to bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures and other derivative products.

Investors other than professional investors are ordinary investors, and ordinary investors and professional investors can be transformed under certain conditions.

From professional investors to ordinary investors;

Those who meet the requirements of items (4) and (5) of the above-mentioned professional investor conditions may inform the operating institution in writing to choose to become an ordinary investor, and the operating institution shall perform the corresponding appropriate obligations for them.

Transforming from ordinary investors to professional investors;

Ordinary investors who meet one of the following conditions can apply to become professional investors, but private managers have the right to decide whether to agree to the transformation:

(1) Legal persons or other organizations other than professional investors whose net assets at the end of the recent 1 period are not less than 1 00000 yuan, whose financial assets at the end of the recent 1 period are not less than 5 million yuan, and whose investments in securities, funds, futures, gold and foreign exchange have exceeded1year;

(2) A natural person investor whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 300,000 yuan, and who has more than 65,438+0 years of investment experience in securities, funds, futures, gold and foreign exchange, or more than 65,438+0 years of experience in financial product design, investment, risk management and related work.

Ordinary investors apply to the operating institutions in written form and confirm that they will independently bear the possible risks and consequences, and provide relevant certification materials.

Private placement managers shall carefully evaluate investors through supplementary materials, investment knowledge tests or simulated transactions, confirm that they meet the requirements of the preceding article, explain the differences of different types of investors in fulfilling their appropriateness obligations, prompt possible investment risks, and inform the examination results and reasons of the application.

According to the relevant provisions of the Measures for the Administration of the Suitability of Securities and Futures Investors, which was implemented on July 1, private fund managers should establish an investor evaluation database and update it in time, make full use of known information and existing evaluation results, avoid repeated collection and improve evaluation efficiency.

At the same time, professional investors and ordinary investors are classified and managed in detail according to different standards.

Third, fill in the risk assessment questionnaire.

Conduct a risk questionnaire survey on ordinary investors to evaluate their risk identification ability and risk-taking ability.

■ The validity period of the evaluation results shall not exceed 3 years at the longest.

■ After more than three years, it is necessary to re-evaluate the risks of investors when introducing private equity funds to investors again.

■ Investors holding the same private equity product for more than 3 years do not need to conduct investor risk assessment again.

■ Investors should make a written commitment to meet the standards of qualified investors.

■ Before introducing private equity funds to investors through the Internet, an online specific object determination procedure should be set up, and investors should promise to meet the standards of qualified investors.

Fourthly, investors' suitability matching.

After the investor's risk assessment is completed, the fundraising institution shall issue a notice of risk assessment level to the investor.

At the same time, the fundraising institution shall classify the products or services it sells according to the risk characteristics and degree, put forward clear opinions on the appropriateness matching, and sell or provide appropriate products or services to appropriate investors.

Verb (abbreviation of verb) fund promotion

■ Private fund managers and private fund sales organizations are not allowed to raise funds from units and individuals other than qualified investors, and they are not allowed to publicize and promote funds to unspecified objects through newspapers, radio, television, internet and other public media or lectures, reports, analysis meetings and notices, leaflets, short messages, WeChat, blogs, emails, etc.

■ Private fund managers and private fund sales organizations shall not promise investors that the investment principal will not be lost or promise the minimum income.

An intransitive verb signs a risk disclosure statement.

After appropriate matching, the fundraising institution needs to disclose risks to investors and sign a risk disclosure book with investors.

■ Special attention: If investors voluntarily request to buy products with a risk level higher than their risk tolerance or accept related services, the fundraising institution shall make special written risk warnings; Investors who insist on buying can sell related products or provide related services to them.

Seven. Confirmation of qualified investors

After the risk disclosure of private equity funds is completed, the fundraising institution shall require investors to provide necessary asset certificates or income certificates to prove that they are qualified investors.

Criteria for the identification of qualified investors:

Units and individuals that have the corresponding risk identification ability and risk-taking ability, and the investment amount of a single private equity fund is not less than 6,543,800 yuan and meet the following relevant standards:

(1) Its net assets are not less than 6,543,800 yuan;

(2) Individuals whose financial assets are not less than 3 million yuan or whose average annual income in the last three years is not less than 500,000 yuan.

The financial assets mentioned in the preceding paragraph include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc.

The following investors are regarded as qualified investors:

(1) Social security funds, enterprise annuities and other pension funds, charitable funds and other social welfare funds;

(2) An investment plan established according to law and filed with the fund industry association;

(3) Private equity fund managers who invest in the private equity funds managed by them and their employees;

(4) Other investors as stipulated by the China Securities Regulatory Commission.

In the form of partnership, contract and other unincorporated persons, if the funds of most investors are pooled to directly or indirectly invest in private equity funds, the private equity fund manager or private equity fund sales organization shall thoroughly check whether the final investor is a qualified investor and calculate the number of investors in a consolidated manner. However, if investors who meet the requirements in Items (1), (2) and (4) of this article invest in private equity funds, it is no longer necessary to check whether the final investors are qualified investors and calculate the number of investors together.

■ The cumulative number of qualified investors shall not exceed 200.

■ If the investor transfers the fund share, the transferee shall be a qualified investor; The cumulative number of investors after the transfer of fund shares shall not exceed 200.

Eight, investment cooling-off period

After completing the confirmation procedure of qualified investors, sign the private equity fund contract.

The fund contract shall provide investors with a cooling-off period of not less than 24 hours, and the fundraising institution shall not contact investors actively during the cooling-off period.

■ Private equity investment funds, the investment cooling-off period is calculated after the fund contract is signed and the investor pays the subscription funds;

■ Provisions on the cooling-off period of private equity funds such as private equity funds and venture capital funds can refer to the relevant requirements of private equity funds mentioned in the preceding paragraph, or they can be agreed by themselves.

Nine. Return visit confirmation

■ After the cooling-off period of investment expires, the fundraising institution shall instruct its personnel other than those engaged in fund sales promotion business to pay a return visit to the investment by recording telephone calls, emails, letters and other appropriate means.

■ There shall be no induced statements during the return visit.

■ The return visit confirmation made by the fundraising institution during the investment cooling-off period is invalid.

■ Investors have the right to terminate the fund contract before the return visit of the fundraising institution is confirmed to be successful. The fundraising institution shall timely return all the subscription funds of investors in accordance with the contract.

■ Without a return visit, the subscription funds paid by investors shall not be transferred from the raised fund account to the fund property account or the custody fund account, and the private fund manager shall not invest and operate the subscription funds paid by investors.

Unfinished business

Data archiving

Supporting programs, warning information, audio-visual materials and self-inspection reports shall be kept for a period of not less than 20 years.

Double record mark

1, on-site mode, where ordinary investors apply to become professional investors, with audio or video recording;

2. Selling high-risk products or services to ordinary investors requires audio or video recording;

3. On-site way, adjust the classification of investors, the classification of fund products or services, and appropriate matching opinions, and make audio or video recordings;

4. On-site, the risk warning link before selling fund products or services to ordinary investors shall be recorded or videotaped;

Note: For the off-site mode, the marking function of the information management platform should be improved to record the investor confirmation information.