基金管理2024（中国篇）（英）

PANORAMIC FUNDMANAGEMENT China LEXOLOGY FundManagement ContributingEditors PhilipMorgan,KaiZhangandZainabKuku K&LGatesLLP Generatedon:June28,2024 Theinformationcontainedinthisreportisindicativeonly.LawBusinessResearchisnotresponsibleforanyactions(orlackthereof)takenasaresultofrelyingonorinanywayusinginformationcontainedinthisreportandinnoeventshallbeliableforanydamagesresultingfromrelianceonoruseofthisinformation.Copyright2006-2024LawBusinessResearch Contents FundManagement FUNDMANAGEMENTREGULATION RegulatoryframeworkandauthoritiesFundadministration Authorisation TerritorialscopeofregulationAcquisitions Restrictionsoncompensationandprofitsharing FUNDMARKETING Authorisation Territorialscopeandrestrictionsvommissionpayments RETAILFUNDS AbailaMlebehiclesLawsandregulationsAuthorisationIarketing Ianagersandoperators xnbestmentandMorrowingrestrictionsTaxtreatment AssetprotectionGobernanceReporting xssueOtransferandredemptionofinterests NON-RETAILPOOLEDFUNDS AbailaMlebehiclesLawsandregulationsAuthorisationIarketing SwnershiprestrictionsIanagersandoperatorsTaxtreatment AssetprotectionGobernanceReporting SEPARATELYMANAGEDACCOUNTS @tructure KeylegalissuesRegulation GENERAL ProposedreformsPuMliclistingSberseasbehiclesForeigninbestment Fundsinbestinginderibatibes UPDATEANDTRENDS Recentdebelopments Contributors China GloMalLawSffice YuanYuanyuanyuanjglo.com.cn JingheWangwangjinghejglo.com.cn ZhihongJianjian(hihongjglo.com.cn FUNDMANAGEMENTREGULATION Regulatoryframeworkandauthorities )ow?inberygeneraltermsWisfundmanagementregulatedinyourjurisdiction-DhichauthoritieshabeprimaryresponsiMilityforregulatingfundsOfundmanagersandthosemarketingfunds- In2018,China’scentralbanking,securities,insuranceandforeignexchangeauthoritiescollectivelyintroducedthe‘GuidingOpinionsonRegulatingAssetManagementBusinessofFinancialInstitutions’(NewAssetManagementRegulations)toregulatetheassetmanagementbusinessoffinancialinstitutions(includingcommercialbanks,trustcompanies,insuranceassetmanagementinstitutions,securitiesfirms,fundmanagementcompanies,futurescompanies,andfinancialassetinvestmentcompanies).ThenewregulationaimstounifyregulatorystandardsforassetmanagementproductsofthesametypeandreshapetheregulatorylandscapeofChinaVsassetmanagementindustry.Sariousfinancialregulatoryauthoritieshaveissuedcorrespondingimplementationrules.jomerulesoftheNewAssetManagementRegulationsalsoapplytoprivatefundsmanagedbynon-financialinstitutions. Themanagement,operationandsalesactivitiesofinvestmentfundsaremainlyregulatedbytheChinajecuritiesRegulatoryCommission(CjRC).ManagersofpublicfundsmustobtainapprovalfromtheCjRC,andpublicfundsmustberegisteredwiththeCjRCafterobtainingitsapproval.TheCjRCauthorisestheAssetManagementAssociationofChina(AMAC)tooverseetheregistrationofprivatefundmanagersandfilingofprivatefunds,aswellascarryingoutindustryself-disciplinarysupervisionfunctions.jecuritiescompanies,fundmanagementcompaniesandfuturescompaniesmustobtainapprovalfromtheCjRCbeforetheycanbeengagedinprivatefundmanagementbusiness,whileotherprivatefundmanagersmustregisterwithAMAC.PrivatefundsmustcompletefilingwithAMAC. Inaddition,wealthmanagementsubsidiariesundercommercialbanks,trustcompaniesandinsuranceassetmanagementinstitutionscanalsoengageinthemanagementofcertainassetmanagementproducts.Thesefinancialinstitutions(includingtheirsubsidiaries)mustobtainapprovalfromtheirauthority,theNationalFinancialRegulatoryAdministration,andaresubjecttoitssupervisionwhenengagingintheaforementionedbusiness. Lawstated-72024 Fundadministration xsfundadministration?supportserbicesprobidedtofundssuchasMook’keepingOpreparingreportsOtradesettlementOetcWregulatedinyourjurisdiction- InChina,fundmanagersareultimatelyresponsibleforallfundmanagementand operation-relatedmatters,suchasfundunitregistration,accounting,valuationandreporting. FundmanagerscandelegatecertainfundadministrationmatterstoHualifiedfundserviceproviders.Publicfundmanagerscanoutsourcecertainfundadministrationwork,suchasunitregistration,accounting,valuationandinformationtechnologysystemservicestofundadministrationserviceproviders.Thesefundserviceprovidersmustregisterorfilewiththe CjRCunderCjRCregulations.Privatefundmanagerscanalsoengagefundadministrationserviceproviderstoprovidethesefundadministrationservices.TheseserviceprovidersforprivatefundsmustregisterwithAMACandbecomeAMACmembers. Lawstated-72024 Authorisation Dhatistheauthorisationorlicensingprocessforfunds-Dhatarethekeyrequirementsthatapplytomanagersandoperatorsofinbestmentfundsinyourjurisdiction- InChina,publicfundsmustberegisteredwiththeCjRCbeforetheycanbeofferedtothepublic.ThefundapplyingforregistrationmustcomplywiththeCjRCVsregulatory reHuirementsintermsofinvestmentdirection,operationmode,fundtype,subscriptionandredemptionrules,etc.Afterapublicfundisapprovedandregistered,itcanbeofferedtothepublicwithinaspecifiedtimeframe.Upontheexpirationoftheofferingperiod,anaccountingfirmisengagedtoconductcapitalverification,andthenthefundshouldbefiledwiththeCjRC.OncetheCjR