Circular on Issuing the Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation)
Circular on Issuing the Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation)
Circular on Issuing the Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation)
Zhong Ji Xie Fa [2019] No. 4
June 3, 2019
All securities and futures operators and relevant institutions,
The Asset Management Association of China has studied and formulated the Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation) according to the work arrangements of the China Securities Regulatory Commission ("CSRC") for the purpose of protecting the legitimate rights and interests of investors and relevant parties. The Measures, approved by the CSRC and deliberated and adopted by the Executive Council of the Asset Management Association of China, are hereby issued and shall come into force as of July 1, 2019. The Circular on Matters Concerning Strengthening the Record-filing of Asset Management Schemes for Specific Clients of Fund Management Companies and Specialized Subsidiaries, the Circular on Matters Concerning the Record-filing of Asset Management Schemes of Futures Companies, and the Circular on Matters Concerning the Record-filing of Direct Investment Funds shall be repealed simultaneously.
Each and all institutions shall report to the Asset Management Association of China the problems discovered during implementation of this Circular in a timely manner (Email: zgcpb@amac.org.cn).
It is notified as above.
Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation)
Chapter I General Provisions
Article 1 The Measures are formulated in accordance with the Securities Investment Fund Law of the People's Republic of China, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, the Administrative Measures for the Private Asset Management Business of Securities and Futures Operators (hereinafter referred to as the "Administrative Measures"), the Administrative Provisions on Operation of Private Asset Management Schemes of Securities and Futures Operators (hereinafter referred to as the "Operation Provisions") and other laws, regulations and self-discipline rules for the purpose of protecting the legitimate rights and interests of investors and relevant parties.
Article 2 A securities and futures operator that conducts the private asset management business shall join the Asset Management Association of China (hereinafter referred to as the "AMAC") as a member and, according to the requirements of the AMAC, file the private asset management scheme in a timely manner, report the information concerning the operation of the asset management scheme, and accept the self-regulation of the AMAC.
For the purpose of the Measures, "securities and futures operators" mean securities companies, fund management companies, futures companies, and subsidiary companies legally established by the aforesaid institutions to engage in the private asset management business.
Article 3 Securities and futures operators that file the private asset management scheme shall submit filing materials and operation information in an authentic, accurate, complete and timely manner, and be responsible for the authenticity, accuracy, completeness, timeliness and compliance of filing materials and operation information.
Article 4 The AMAC's acceptance of the filing materials concerning the asset management scheme shall not exempt the legal liability to be assumed by securities and futures operators for disclosure of product information in an authentic, accurate, complete and timely manner.
Acceptance of the filing materials does not mean the AMAC's guarantee and judgments in respect of the compliance, investment value and investment risk of the products concerned. Investors shall independently identify the investment risks of products and bear the losses that may occur from such investment.
Article 5 The AMAC shall, on the principle of fairness, justice, simplicity and efficiency, carry out self-regulation of the private asset management business conducted by securities and futures operators in accordance with the law.
Article 6 The AMAC's self-regulation of securities and futures operators shall be subject to the guidance and supervision of the CSRC, and the AMAC shall establish regulatory cooperation and information sharing mechanisms with the CSRC and its local offices, stock exchanges, futures exchanges, securities registration and clearing institutions, the China Futures Market Monitoring Center, the Securities Association of China, the China Futures Association and other relevant institutions.
Chapter II Record-filing Requirements
Article 7 An asset manager shall, in accordance with the requirements of the Measures, report to the AMAC the establishment, modification, extension, termination and liquidation record-filing of the asset management scheme, as well as periodical reports and irregular reports, and report in a timely manner the operation, risk status and other information of the asset management scheme.
A trustee shall submit relevant reports to the AMAC according to Articles 15 and 18 of the Measures.
The filing and operation information submitted by asset managers and trustees to the AMAC shall be copied or reported to the CSRC and relevant local offices according to relevant provisions.
Article 8 An asset manager shall appoint one or more investment managers for each asset management scheme.
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Zhong Ji Xie Fa [2019] No. 4
June 3, 2019
All securities and futures operators and relevant institutions,
The Asset Management Association of China has studied and formulated the Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation) according to the work arrangements of the China Securities Regulatory Commission ("CSRC") for the purpose of protecting the legitimate rights and interests of investors and relevant parties. The Measures, approved by the CSRC and deliberated and adopted by the Executive Council of the Asset Management Association of China, are hereby issued and shall come into force as of July 1, 2019. The Circular on Matters Concerning Strengthening the Record-filing of Asset Management Schemes for Specific Clients of Fund Management Companies and Specialized Subsidiaries, the Circular on Matters Concerning the Record-filing of Asset Management Schemes of Futures Companies, and the Circular on Matters Concerning the Record-filing of Direct Investment Funds shall be repealed simultaneously.
Each and all institutions shall report to the Asset Management Association of China the problems discovered during implementation of this Circular in a timely manner (Email: zgcpb@amac.org.cn).
It is notified as above.
Administrative Measures for the Record-filing of Private Asset Management Schemes of Securities and Futures Operators (for Trial Implementation)
Chapter I General Provisions
Article 1 The Measures are formulated in accordance with the Securities Investment Fund Law of the People's Republic of China, the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, the Administrative Measures for the Private Asset Management Business of Securities and Futures Operators (hereinafter referred to as the "Administrative Measures"), the Administrative Provisions on Operation of Private Asset Management Schemes of Securities and Futures Operators (hereinafter referred to as the "Operation Provisions") and other laws, regulations and self-discipline rules for the purpose of protecting the legitimate rights and interests of investors and relevant parties.
Article 2 A securities and futures operator that conducts the private asset management business shall join the Asset Management Association of China (hereinafter referred to as the "AMAC") as a member and, according to the requirements of the AMAC, file the private asset management scheme in a timely manner, report the information concerning the operation of the asset management scheme, and accept the self-regulation of the AMAC.
For the purpose of the Measures, "securities and futures operators" mean securities companies, fund management companies, futures companies, and subsidiary companies legally established by the aforesaid institutions to engage in the private asset management business.
Article 3 Securities and futures operators that file the private asset management scheme shall submit filing materials and operation information in an authentic, accurate, complete and timely manner, and be responsible for the authenticity, accuracy, completeness, timeliness and compliance of filing materials and operation information.
Article 4 The AMAC's acceptance of the filing materials concerning the asset management scheme shall not exempt the legal liability to be assumed by securities and futures operators for disclosure of product information in an authentic, accurate, complete and timely manner.
Acceptance of the filing materials does not mean the AMAC's guarantee and judgments in respect of the compliance, investment value and investment risk of the products concerned. Investors shall independently identify the investment risks of products and bear the losses that may occur from such investment.
Article 5 The AMAC shall, on the principle of fairness, justice, simplicity and efficiency, carry out self-regulation of the private asset management business conducted by securities and futures operators in accordance with the law.
Article 6 The AMAC's self-regulation of securities and futures operators shall be subject to the guidance and supervision of the CSRC, and the AMAC shall establish regulatory cooperation and information sharing mechanisms with the CSRC and its local offices, stock exchanges, futures exchanges, securities registration and clearing institutions, the China Futures Market Monitoring Center, the Securities Association of China, the China Futures Association and other relevant institutions.
Chapter II Record-filing Requirements
Article 7 An asset manager shall, in accordance with the requirements of the Measures, report to the AMAC the establishment, modification, extension, termination and liquidation record-filing of the asset management scheme, as well as periodical reports and irregular reports, and report in a timely manner the operation, risk status and other information of the asset management scheme.
A trustee shall submit relevant reports to the AMAC according to Articles 15 and 18 of the Measures.
The filing and operation information submitted by asset managers and trustees to the AMAC shall be copied or reported to the CSRC and relevant local offices according to relevant provisions.
Article 8 An asset manager shall appoint one or more investment managers for each asset management scheme.
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