A nationwide PE management approach is about to be introduced.
It is reported that the National Development and Reform Commission is formulating the "Interim Measures for the Filing of Equity Investment Enterprises in Pilot Areas" (hereinafter referred to as "Interim Measures"), which is currently seeking comments within the industry.
In the past two years, the domestic equity investment boom has surged, but due to many issues related to department coordination and regulatory authority, the so-called "Equity Investment Management Measures" have not been introduced. Although some places have introduced local management policies, The relevant national laws and regulations have always been blank.
The interim measures led by the National Development and Reform Commission are mainly piloted in four areas: Beijing Zhongguancun, Tianjin Binhai, Wuhan East Lake and the Yangtze River Delta. It is expected that the interim measures will be implemented within the year after soliciting opinions.
Although it is only a pilot project in some regions and does not involve administrative licensing, in the context of controversial domestic equity investment supervision, the NDRC ’s interim measures will not only regulate the development of the domestic equity investment industry to a certain extent, but also hope to clarify Regulatory authority in the equity investment industry.
PE record system
Recently, the National Development and Reform Commission has issued a draft for comments to local development and reform commissions and some people in the equity investment industry, and plans to introduce a filing system for equity investment companies. In fact, this is a link of the "Interim Measures for the Recording of Pilot Region Equity Investment Enterprises" which is currently being formulated by the National Development and Reform Commission.
It is understood that the proposed interim measures mainly specify the filing requirements of equity investment institutions, which may mean that PE companies can no longer decide whether to file for the future. For domestic equity investment companies, this regulatory measure is undoubtedly stricter.
Prior to this, domestic equity investment supervision has not had clear systems and regulations, regulatory approvals are unclear, and various regulatory authorities have not uniformly coordinated the supervision of equity investment. "The new regulations introduced by the National Development and Reform Commission mean that the era of 'active supervision' of equity investment by regulators is coming." A person from a PE institution in Beijing speculated.
Previously, the National Development and Reform Commission has been implementing a voluntary filing system for equity investment institutions, which is not mandatory. For equity investment institutions, the main motivation for filing in the National Development and Reform Commission is to meet the conditions for social security fund investment. According to the relevant regulations, the equity investment institutions approved by the Social Security Fund to invest are limited to those filed with the NDRC. Therefore, in fact, a large number of equity investment companies are free from supervision.
According to a person familiar with the matter, the interim measures will be piloted in four areas: Beijing Zhongguancun, Tianjin Binhai, Wuhan East Lake and the Yangtze River Delta. According to the industrial and commercial registration, as long as it is an equity investment enterprise registered in the pilot area, the capital scale is higher than 500 million yuan, and if it is not filed according to the venture company, it must be filed with the National Development and Reform Commission, and the local development and reform commission will assist with the filing.
In fact, at present, many equity investment funds have committed investment, but the actual investment scale does not meet the situation, and even there are short funds. Especially for some large funds, in order to compete with the size of the fund, such false capitals often appear.
In order to prevent the fund from issuing "short checks", the NDRC will make it clear in the interim measures that in addition to the starting point of more than 500 million yuan, the actual contribution of the registered fund must not be less than 100 million. The registered fund is entrusted with management The company's requirement is that the assets are not less than 10 million yuan.
The Interim Measures also stipulates for management personnel: "There are 5 senior management personnel with 2 years of experience and no economic disputes within 5 years, of which Chinese nationality is not less than two-thirds."
According to people familiar with the matter, the interim measures will only be aimed at equity investment companies in the pilot areas, and will only involve filings, not other government departments, nor any administrative licenses.
In addition, when the fund is filed, a lawyer must also provide relevant opinions on the fund's internal governance, system construction and other aspects. The NDRC will also check the filed fund from time to time.
New ideas of the National Development and Reform Commission
Although the content of the interim measures has not been fully clarified, some PE institutions have indicated that they will keep a close eye on them.
"Judging from the information currently available, it should not have an impact on the current operation of our fund." Zhao Zhongyi, a partner at Jiuding Investment, said.
A person from another PE institution in Beijing believes that the new regulations only regulate and limit registration and cover only RMB PE funds, which relatively have little direct impact on the industry. "But what makes us more concerned is that the NDRC's promotion of policies has actually represented the approval of a modest regulatory approach."
In fact, the National Development and Reform Commission has been an active promoter of domestic equity investment industry regulation. Since the supervision of the equity investment field involves multiple ministries and commissions, the unified coordination and supervision authority among the ministries and commissions have not been particularly clear.
Especially since last year, the China Securities Regulatory Commission has begun to advocate the domination of regulatory power. As for the supervision of equity investment institutions, the inter-ministerial statement has not been unified. The National Development and Reform Commission has always advocated appropriate supervision, but the China Securities Regulatory Commission believes that it should be strictly regulated.
"VC and PE belong to financial institutions that are not controversial, so they should also be supervised in accordance with the supervision concepts and ideas of financial institutions, and at the same time put forward the idea of ​​combining the central government's first-level supervision and local government's second-level supervision." Wang Ou has publicly stated that the China Securities Regulatory Commission is studying a set of regulatory systems to promote the development of this industry. At the end of last year, the China Securities Regulatory Commission also conducted research and communication on equity investment institutions with high standards. The intention to strengthen supervision is very obvious.
At the same time, the "Equity Investment Fund Management Measures", which have always been considered to dominate the development of the equity investment industry, have also been delayed and formulated several times, and there is no clear timetable so far.
"The National Development and Reform Commission has been doing this work for more than a decade, but now the differences between the major ministries and commissions have not disappeared," said a person from the Beijing Equity Investment Association.
Against this background, the National Development and Reform Commission has introduced interim measures. "Now, the" Equity Investment Fund Management Measures "is unlikely to be issued in the short term. The interim measures led by the National Development and Reform Commission now show that the National Development and Reform Commission believes that things should be managed first, without supervision." The above-mentioned insider said Pilot projects in individual regions are easier to advance.
However, a person in the PE industry reminded: It is worth noting that although the name is only implemented in the pilot area, the four areas included in the pilot are actually the major towns for domestic equity investment development. Beijing, Tianjin and Shanghai are in fact All of them are included, and these three cities are currently the most fierce competition for PE centers in China.
According to the information learned so far, the interim measures have not yet been fully finalized, and some issues and differences involved are still soliciting opinions from the industry.
For example, according to the interim measures, it cannot be called a fund but an equity investment enterprise. Now that a large number of pilot enterprises have been registered as funds, how can the name be unified?
In addition, there are many equity investment fund management companies that first file, and then go to the market to raise funds, should such companies file for them? In the future, how to punish those equity investment companies that meet the filing requirements but have not filed, will the punishment eventually lead to a blank paper?
However, many equity investment companies are still welcoming the NDRC's proposed filing mechanism. "We have done ten years of work. After many internal disputes, we finally promoted the filing system of industrial funds." A senior in the equity investment industry lamented. A person in charge of a PE organization also admitted that although the interim approach looks more like an emergency strategy, it is an important step forward in this industry.
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