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| Announcement of the China Securities Regulatory Commission | | 中国证券监督管理委员会公告 |
| (No. 31 [2018]) | | （〔2018〕31号） |
| The Provisions on the Administration of Operation of Privately Offered Asset Management Plans of Securities and Futures Business Institutions are hereby issued and shall come into force on the date of issuance. | | 现公布《证券期货经营机构私募资产管理计划运作管理规定》，自公布之日起施行。 |
| China Securities Regulatory Commission | | 中国证监会 |
| October 22, 2018 | | 2018年10月22日 |
| Provisions on the Administration of Operation of Privately Offered Asset Management Plans of Securities and Futures Business Institutions | | 证券期货经营机构私募资产管理计划运作管理规定 |
| Article 1 For purposes of regulating the operation of privately offered asset management plans of securities and futures business institutions (hereinafter referred to as “asset management plans”), strengthening risk management and control, and protecting the lawful rights and interests of investors and relevant parties, these Provisions are developed in accordance with the Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), the Securities Investment Fund Law of the People's Republic of China, the Regulation on the Supervision and Administration of Securities Companies, the Regulation on the Administration of Futures Trading, and the Measures for the Administration of the Privately Offered Asset Management Business of Securities and Futures Business Institutions (Order No. 151, CSRC, hereinafter referred to as the “Administrative Measures”), the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (No. 106 [2018], PBC, hereinafter referred to as the “Guiding Opinions”) and the relevant laws and regulations. | | 第一条 为规范证券期货经营机构私募资产管理计划（以下简称资产管理计划）运作，强化风险管控，保护投资者及相关当事人的合法权益，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国证券投资基金法》、《证券公司监督管理条例》、《期货交易管理条例》、《证券期货经营机构私募资产管理业务管理办法》（证监会令第151号，以下简称《管理办法》）、《关于规范金融机构资产管理业务的指导意见》（银发〔2018〕106号，以下简称《指导意见》）及相关法律法规，制定本规定。 |
| Article 2 These Provisions shall apply to the raising, investment, risk management, valuation and accounting, information disclosure and other operating activities of asset management plans of securities and futures business institutions. | | 第二条 证券期货经营机构资产管理计划募集、投资、风险管理、估值核算、信息披露以及其他运作活动，适用本规定。 |
| For the purpose of these Provisions, “securities and futures business institutions” means securities companies, fund management companies, futures companies, and the subsidiaries legally formed by the aforesaid institutions to engage in the privately offered asset management business. | | 本规定所称证券期货经营机构，是指证券公司、基金管理公司、期货公司及前述机构依法设立的从事私募资产管理业务的子公司。 |
| Article 3 An asset management plan shall be offered to qualified investors in a non-public manner. “Qualified investor” means a natural person, legal person or any other organization that has the corresponding risk identification ability and risk tolerance and invests in a single asset management plan at a minimum of a certain amount and meets the following conditions: | | 第三条 资产管理计划应当向合格投资者非公开募集。合格投资者是指具备相应风险识别能力和风险承受能力，投资于单只资产管理计划不低于一定金额且符合下列条件的自然人、法人或者其他组织： |
| (1) A natural person who has two years or more of investment experience and meets one of the following three conditions: the financial net assets of a family are not less than three million yuan, and the financial assets of a family are not less than five million yuan, or the person's annual average income in the last three years is not less than 400,000 yuan. | | （一）具有2年以上投资经历，且满足下列三项条件之一的自然人：家庭金融净资产不低于300万元，家庭金融资产不低于500万元，或者近3年本人年均收入不低于40万元； |
| (2) A legal entity of which the net assets in the recent one year are not less than 10 million yuan. | | （二）最近1年末净资产不低于1000万元的法人单位； |
| (3) Legally formed institutions subject to the supervision of the financial regulatory authority of the State Council, including securities companies and their subsidiaries, fund management companies and their subsidiaries, futures companies and their subsidiaries, and privately offered fund managers, commercial banks, financial asset investment companies, trust companies, insurance companies, insurance asset management institutions and finance companies registered at the Asset Management Association of China (hereinafter referred to as the “AMAC”) and other institutions recognized by the China Securities Regulatory Commission (CSRC). | | （三）依法设立并接受国务院金融监督管理机构监管的机构，包括证券公司及其子公司、基金管理公司及其子公司、期货公司及其子公司、在中国证券投资基金业协会（以下简称证券投资基金业协会）登记的私募基金管理人、商业银行、金融资产投资公司、信托公司、保险公司、保险资产管理机构、财务公司及中国证监会认定的其他机构； |
| (4) Accepting asset management products offered by institutions under the supervision of the financial regulatory authority of the State Council. | | （四）接受国务院金融监督管理机构监管的机构发行的资产管理产品； |
| (5) Basic pension funds, social security funds, enterprise annuity and other pension funds, charitable funds and other social welfare funds, qualified foreign institutional investors (QFII), and RMB qualified foreign institutional investors (RQFII). | | （五）基本养老金、社会保障基金、企业年金等养老基金，慈善基金等社会公益基金，合格境外机构投资者（QFII）、人民币合格境外机构投资者（RQFII）； |
| (6) Other circumstances under which it is deemed as a qualified investor by the CSRC. | | （六）中国证监会视为合格投资者的其他情形。 |
| The amount of a qualified investor's investment in a single fixed-income asset management plan shall not be less than 300,000 yuan, the amount of investment in a single mixed asset management plan shall not be less than 400,000 yuan, and the amount of investment in a single equity, commodity and financial derivative asset management plan shall not be less than one million yuan. If an asset management plan invests in any of the non-standardized assets as prescribed in item (5) of Article 37 of the Administrative Measures, the amount of accepted funds entrusted by a single qualified investor shall not be less than one million yuan. | | 合格投资者投资于单只固定收益类资产管理计划的金额不低于30万元，投资于单只混合类资产管理计划的金额不低于40万元，投资于单只权益类、商品及金融衍生品类资产管理计划的金额不低于100万元。资产管理计划投资于《管理办法》第三十七条第（五）项规定的非标准化资产的，接受单个合格投资者委托资金的金额不低于100万元。 |
| Where an asset management plan accepts the participation of other asset management products, the number of investors in other asset management products shall not be calculated on a consolidated basis, but the actual investor and the ultimate source of funds of the asset management plan shall be effectively identified. | | 资产管理计划接受其他资产管理产品参与的，不合并计算其他资产管理产品的投资者人数，但应当有效识别资产管理计划的实际投资者与最终资金来源。 |
| Article 4 Securities and futures business institutions and institutions which sell asset management plans upon the authorization of securities and futures business institutions (hereinafter referred to as “sales agencies”) shall fully understand the sources of funds of investors, financial assets, liabilities and other circumstances of individuals and families, and take necessary means to conduct check and verification, so as to ensure that investors meet the conditions prescribed in Article 3 of these Provisions. | | 第四条 证券期货经营机构、接受证券期货经营机构委托销售资产管理计划的机构（以下简称销售机构）应当充分了解投资者的资金来源、个人及家庭金融资产、负债等情况，并采取必要手段进行核查验证，确保投资者符合本规定第三条规定的条件。 |
| Article 5 The initial raising scale of an asset management plan shall not be less than 10 million yuan. | | 第五条 资产管理计划的初始募集规模不得低于1000万元。 |
| The initial raising period of a collective asset management plan shall not exceed 60 days from the date when the shares of the asset management plan are sold, and the initial raising period of the collective asset management plan specifically investing in the equity of an unlisted enterprise shall not exceed 12 months from the date when the shares of the asset management plan are sold. | | 集合资产管理计划的初始募集期自资产管理计划份额发售之日起不得超过60天，专门投资于未上市企业股权的集合资产管理计划的初始募集期自资产管理计划份额发售之日起不得超过12个月。 |
| The investors of a close-end single asset management plan may pay the entrusted funds by installment, but the amount and term of the funds to be paid by installment shall be clearly agreed upon in the asset management contract in advance, the amount of payment in the first installment shall not be less than ten million yuan, and the term for the payment of all funds shall not exceed three years from the date of formation of the asset management plan. | | 封闭式单一资产管理计划的投资者可以分期缴付委托资金，但应当在资产管理合同中事先明确约定分期缴付资金的数额、期限，且首期缴付资金不得少于1000万元，全部资金缴付期限自资产管理计划成立之日起不得超过3年。 |
| Article 6 A securities and futures business institution that raises an asset management plan shall prepare a plan prospectus to indicate the following content: | | 第六条 证券期货经营机构募集资产管理计划，应当编制计划说明书，列明以下内容： |
| (1) The name and category of the asset management plan. | | （一）资产管理计划名称和类型； |
| (2) The brief information on the manager and the custodian, the recruitment of investment advisors and other information. | | （二）管理人与托管人概况、聘用投资顾问等情况； |
| (3) The investment scope, investment strategies and investment restrictions of the asset management plan, and the disclosure of investment risks. | | （三）资产管理计划的投资范围、投资策略和投资限制情况，投资风险揭示； |
| (4) Allocation of proceeds and arrangements on the assumption of risks. | | （四）收益分配和风险承担安排； |
| (5) Remuneration of the manager and the custodian, and the standards and methods for the calculation and provision of other expenses relating to the management and use of property under the asset management plan. | | （五）管理人、托管人报酬，以及与资产管理计划财产管理、运用有关的其他费用的计提标准和计提方式； |
| (6) The fees undertaken by investors such as the fees for participation and exit and fee rates, as well as the important rights and obligations of investors. | | （六）参与费、退出费等投资者承担的费用和费率，以及投资者的重要权利和义务； |
| (7) Raising period. | | （七）募集期间； |
| (8) The content, method and frequency of information disclosure. | | （八）信息披露的内容、方式和频率； |
| (9) Information on conflicts of interest and other important matters that may affect the lawful rights and interests of investors. | | （九）利益冲突情况以及可能影响投资者合法权益的其他重要事项； |
| (10) Other matters prescribed by the CSRC. | | （十）中国证监会规定的其他事项。 |
| Article 7 To raise an asset management plan, a securities and futures business institution shall prepare a risk disclosure statement. The content of the risk disclosure statement shall be specific, the statements shall be clear, explicit and easy to understand, and fully disclose in a conspicuous manner all kinds of risks of the asset management plan, including the market risk, credit risk, liquidity risk, operational risk, risks of affiliated transactions, and the specific risks of retaining investment advisors. | | 第七条 证券期货经营机构募集资产管理计划，应当制作风险揭示书。风险揭示书的内容应当具有针对性，表述应当清晰、明确、易懂，并以醒目方式充分揭示资产管理计划的市场风险、信用风险、流动性风险、操作风险、关联交易的风险、聘请投资顾问的特定风险等各类风险。 |
| Article 8 A Fund of Fund (FoF) asset management plan and a Manager of Managers (MoM) asset management plan shall, as required, indicate in its name the words “FOF,” “MOM” or any other word that can reflect the category of the asset management plan. | | 第八条 基金中基金资产管理计划、管理人中管理人资产管理计划应当按照规定分别在其名称中标明“FOF”、“MOM”或者其他能够反映该资产管理计划类别的字样。 |
| An employee stock ownership plan, an asset management plan established for the purpose of purchasing a listed company, or any other asset management plan with specific investment management objectives shall, as required, include in its name the words reflecting the investment management objectives of the asset management plan. | | 员工持股计划、以收购上市公司为目的设立的资产管理计划等具有特定投资管理目标的资产管理计划应当按照规定在其名称中标明反映该资产管理计划投资管理目标的字样。 |
| Article 9 The holding period for a securities and futures business institution to use its own funds to participate in a collective asset management plan shall not be less than six months. The investor and custodian shall be notified of the participation and exit five working days in advance. | | 第九条 证券期货经营机构自有资金参与集合资产管理计划的持有期限不得少于6个月。参与、退出时，应当提前5个工作日告知投资者和托管人。 |
| The shares of a single collective asset management plan participated by a securities and futures business institution with its own funds shall not exceed 20% of total shares of the plan. The total shares of a single collective asset management plan participated by a securities and futures business institution and its affiliates with their own funds shall not exceed 50% of total shares of the plan. If the aforesaid proportion passively exceeds the relevant standards due to objective factors such as the change of scale of the collective asset management plan, the securities and futures business institution shall make adjustments in a timely manner to reach the standards according to the provisions of the CSRC and as agreed upon in the asset management contract. | | 证券期货经营机构以自有资金参与单个集合资产管理计划的份额不得超过该计划总份额的20%。证券期货经营机构及其附属机构以自有资金参与单个集合资产管理计划的份额合计不得超过该计划总份额的50%。因集合资产管理计划规模变动等客观因素导致前述比例被动超标的，证券期货经营机构应当依照中国证监会规定及资产管理合同的约定及时调整达标。 |
| For the purpose of responding to the large-amount redemption of a collective asset management plan so as to resolve liquidity risk or under other circumstances recognized by the CSRC, under the premise that there is no conflict of interest and the contract agreement is complied with, the participation with self-owned funds and the subsequent exit from the collective asset management plan by a securities and futures business institution and its affiliates is not required to be subject to the restriction of paragraphs 1 and 2 of this Article, but they shall inform the investor and the custodian in a timely manner, and report it to the relevant local office and the AMAC. | | 为应对集合资产管理计划巨额赎回以解决流动性风险，或者中国证监会认可的其他情形，在不存在利益冲突并遵守合同约定的前提下，证券期货经营机构及其附属机构以自有资金参与及其后续退出集合资产管理计划可不受本条第一款、第二款规定的限制，但应当及时告知投资者和托管人，并向相关派出机构及证券投资基金业协会报告。 |
| Article 10 A share registration institution shall properly keep the registration data, and backup the name and identity information of investors of the collective asset management plan, the detailed shares of the collective asset management plan and other data to the institutions recognized by the CSRC. The data shall be preserved for not less than 20 years from the date of cancellation of the account of the collective asset management plan. | | 第十条 份额登记机构应当妥善保存登记数据，并将集合资产管理计划投资者名称、身份信息以及集合资产管理计划份额明细等数据备份至中国证监会认定的机构。其保存期限自集合资产管理计划账户销户之日起不得少于20年。 |
| Article 11 A securities and futures business institution shall, in a timely manner, transfer investors' funds for participating in a plan to the custody account of the asset management plan in a timely manner. | | 第十一条 证券期货经营机构应当及时将投资者参与资金划转至资产管理计划托管账户。 |
| It may be agreed upon in a single asset management plan that a custody institution is not retained for custody, but the rules and measures for guaranteeing the safety of assets in the asset management plan and the mechanism for the resolution of disputes shall be specified in the asset management contract. | | 单一资产管理计划可以约定不聘请托管机构进行托管，但应当在资产管理合同中明确保障资产管理计划资产安全的制度措施和纠纷解决机制。 |
| An asset management plan which invests in the assets prescribed in item (5), Article 37 of the Administrative Measures shall accurately and rationally define in the asset management contract such functions as the custodian's safe custody of property under the asset management plan and supervision of the manager's investment operation, and fully disclose risks to investors. | | 投资于《管理办法》第三十七条第（五）项规定资产的资产管理计划，应当在资产管理合同中准确、合理界定托管人安全保管资产管理计划财产、监督管理人投资运作等职责，并向投资者充分揭示风险。 |
| Article 12 An asset management plan shall open a capital account, securities account, futures account and other accounts as required, and the name of the capital account shall be the “name of the asset management plan,” and the name of the securities account or futures account of the collective asset management plan shall be the “name of the securities and futures business institution – name of the custodian – name of the asset management plan.” The name of the securities account or futures account of a single asset management plan shall be “the name of the securities and futures business institution – name of the investor – name of the asset management plan.” | | 第十二条 资产管理计划应当按照规定开立资金账户、证券账户、期货账户和其他账户，资金账户名称应当是“资产管理计划名称”，集合资产管理计划的证券账户、期货账户名称应当是“证券期货经营机构名称－托管人名称－资产管理计划名称”，单一资产管理计划的证券账户、期货账户名称应当是“证券期货经营机构名称－投资者名称－资产管理计划名称”。 |
| Article 13 The position opening period of an asset management plan shall be clearly agreed upon in the asset management contract. The position opening period of a collective asset management plan shall not exceed six months from the date of establishment of the product, except the collective asset management plan specifically investing in the equity of an unlisted enterprise. | | 第十三条 资产管理合同应当明确约定资产管理计划的建仓期。集合资产管理计划的建仓期自产品成立之日起不得超过6个月，专门投资于未上市企业股权的集合资产管理计划除外。 |
| The investment activities of the position opening period shall comply with the investment orientation agreed upon in the asset management contract and the risk and return characteristics of the asset management plan, excluding the investment in banks' current deposits, treasury bonds, central bank bills, policy-related financial bonds, local government bonds, money market funds, and other varieties of investment instruments recognized by the CSRC for the purpose of cash management. | | 建仓期的投资活动，应当符合资产管理合同约定的投向和资产管理计划的风险收益特征。以现金管理为目的，投资于银行活期存款、国债、中央银行票据、政策性金融债、地方政府债券、货币市场基金等中国证监会认可的投资品种的除外。 |
| After the end of the position opening period, the asset portfolios of the asset management plan shall comply with the orientation and proportion prescribed by laws, administrative regulations, the provisions of the CSRC, and as agreed upon in the contract. | | 建仓期结束后，资产管理计划的资产组合应当符合法律、行政法规、中国证监会规定和合同约定的投向和比例。 |
| Article 14 Investment and trading under an asset management plan at the securities or futures exchange, among others, shall comply with the relevant provisions of the exchange. Whoever conducts investment and trading outside the exchange shall comply with the relevant management provisions. | | 第十四条 资产管理计划在证券期货等交易所进行投资交易的，应当遵守交易所的相关规定。在交易所以外进行投资交易的，应当遵守相关管理规定。 |
| ．．．．．． | | 证券期货经营机构应当采用信息技术等手段，对资产管理计划账户内的资金、证券是否充足进行审查。资产管理计划资金账户内的资金不足的，不得进行证券买入委托或期货买入卖出委托；资产管理计划证券账户内的证券不足的，不得进行证券卖出委托。 |
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