So economic Yin fine indefinite, macroeconomic regulation and control faced challenge, but China specification financial markets of determined to does not shake, recent first has State Council introduced file requirements cleanup rectifying country Exchange, Hou has national development and Reform Commission publishing aimed at elimination illegal fund-raising, and specification equity investment industry of record new rules. these policy measures are has a "top layer design" implication, therefore, has comments think, those does not specification of Exchange, and small and medium-sized PE, may will farewell "savage growth" era. from history angle review, savage growth zhihou, Usher in a specification of the Federation, in order to achieve scale, thereby improving industry influence. to this end, we interviewed some big guys in the industry, talked about the necessity of two major policies and their influence. On December 8, PE and recording system in some provinces and cities pilot after nearly a year, national development and Reform Commission has introduced the new rules, PE and recording system was extended to the country. development and Reform Commission has recently published, from equity investment company (referred to as PE) established with capital raised
And investment areas, risk control and management, the disclosure of information, records management, and industry self-regulation in five aspects to national investment enterprises specifications. This was China's first national equity investment enterprise management discipline. "The world of venture capital and equity investment in strengthening the regulatory and self-regulatory sth Certain to attend to. " In Qing's annual meeting, held on the same day, deep head of VC Jin Haitao, told reporters. many other famous PE institutions partners also represents the PE industry really necessary to be included in regulation, but their awareness on the specific standard of regulation varies. Recording system has four major breakthroughs this record new rules of the national development and Reform Commission has the following four breakthroughs in the most dramatic. Is filing requires comprehensive coverage of PE industry require all equity investment companies (except for two cases) shall within 1 month after completion of the registration record, had asked for extensions higher than $ 500 million to record your PE capital
To less than $ 500 million of PE institutions, these institutions shall be in the provincial development and Reform Commission, for the record. II is for effectively plug illegal fund-raising vulnerability, first clear equity investment enterprise of investors number. provides equity investment enterprise of investors number should meet and of provides. investors for collection funds trust, and partnership enterprise, illegal people institutions of, should through verification eventually of natural and corporate institutions is for qualified investors, and through calculation investors new definitions today,, but investors for equity investment mother Fund of except, may considered single investors. Three major events instant report. equity investments in enterprises operating in the investment process and amend the articles of incorporation, partnership agreement delegates management protocol such as file, increase or decrease in capital, foreign debt of the change events such as financing, agency executives, shall, within 10 working days, reporting to records management. Four is to strengthen the supervision, record and will be informed of overdue. Records Management Department found equity investment enterprises
And entrusted with the management body is not for the record, should urge its management applications the filing formalities, within 20 working days; if there is no record, should be as "avoid filing regulatory equity investment monitor trustee bodies enterprises, avoiding for the record" notice to the society through administration of record filing of the Divisional Portal Web site. PE heat Regulation new rules for the development and Reform Commission of new rules, a number of well-known PE agency partners, strengthening oversight and self-regulation are the trend. Jin Haitao told reporters, overall, to register regulation is to be sure. " World of venture capital and equity investment in strengthening industry supervision and self-discipline, the core idea is to protect small and medium investors. after the financial crisis in Europe and the Government has stepped up its equity fund of monitoring, the main way is to register regulation, it is quite easy, but be sure to pipe. " Jin Haitao. "Registered supervision, there are two major benefits." Jin Haitao further
Analysis to the reporter, first of all, dressed in PE coat of "bad guys" cleared out. " A lot of illegal fund-raising by pyramid marketing people say I do PE, in implementing the registered control, unable to register preliminary obsolete part. " Secondly, the register control, PE industry information and more comprehensive and more accurate, more objective and accurate industry analysis, both the national policy is to guide implementation of PE industry, the situation will be better off, so this is a very good thing, in a nutshell, beneficial to the healthy development of the industry. De with capital founder Roman Shaw is on reporter pointed out that, government regulatory institutions should protection of is public interests, and is not for real of private equity investment institutions. he think, United States and European for meet qualification of limited partner has very clear of guidelines, China Government can reference. If for minority with private of forms for investment, and is qualified of, risk disclosure, and returns, and risk gaps, problem on does not needs too much examination
Taking into account the. IDG founder Xiong Xiaoge were of the view that "is a venture capital market, market is the best regulatory industry self-regulation by industry associations to regulate." Xiong Xiaoge further explained that he was not opposed to regulation, but currently the PE industry supervision's biggest problem is the bulls management, development and Reform Commission, securities and Futures Commission, Ministry of Commerce, State administration of foreign exchange, Ministry of science and technology is how much pipe. " If everybody tubes would be difficult to manage, and inefficient. the worst thing is, now bulls management, coordination is particularly slow in the future. " Curb illicit funds "but" a few days ago, Liu Jianjun, Director of development and Reform Commission, fiscal and financial Department, finance has publicly disclosed, according to the national development and Reform Commission on equity investment fund raising related research, 1059 partnership funds a large illegal fund-raising issues, unauthorized Fund gathering mainly took advantage of loopholes in the law of the limited partnership had misled investors. Curb illegal fund-raising, it is the change-
Original intention and purpose of the Committee introduced new rules. However, the recording system can effectively eradicate illegal financial behavior is questioned. "In national range within promotion forced record system of real is will PE of regulatory responsibility push to local government. After all, usually registered capital in 500 million Yuan Yuan above of PE Fund and management institutions of operation very specification, and small and medium-sized PE Fund is illegal fund-raising of high made zone. but current local Government on PE flock to, have introduced measures attracted its to local registered, some local Government to its interests is real do strictly regulatory also is worth suspected of." Tianjin Wang Shuhai, Chief equity investment fund Center said. In addition, some experienced PE legal told reporters, in fact, in the development and Reform Commission, the new rules on "qualified investors" verification to natural and timely reporting to major events such as new regulations for standardizing the PE industry various unlawful activities is very reasonable, but confined only to the internal regulations of this soft
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