China’s Negative List of Market Access (2019 Edition) and 8 Measures of AMAC

1. Brief introduction of the clause

 On November 22, Approved  by the CPC Central Committee and the State Council，National Development and Reform Commission and Ministry of Commerce announced the Negative List of Market Access (2019 Edition). The list sets clear requirements for private equity fund industry management. “Non-financial institution and enterprises not engaged in financial activities shall not use the word ’fund management’ in the registered name and business scope (fund management refers to a fund management company or partnership enterprise engaged in private equity fund management business). For enterprises (including stock enterprises) that choose to use the above words in their names and business scope, the market supervision department shall timely inform the financial management department of their registration information. The financial management department and the market regulators will pay continuous attention to them and list them as key supervision object.”(Code: 100004, Competent authority: People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration for Market Regulation and State Administration of Foreign Exchange) This means that market regulators and industry regulators will work more closely together to strengthen the supervision of companies under the banner of "private equity fund management" but not actually engaged in related business. At the same time, market access for those real private equity companies will be more transparent and fair, and their hidden barriers to entry will be further eliminated. The private equity industry will enter a new stage of standardized, transparent and efficient development.

2. 8 Measures of AMAC

Assets Management Association of China (AMAC) will conscientiously implement the negative list of market access in accordance with the requirements of regulatory authorities, and fully cooperate with relevant departments to optimize the industry's self-regulatory mechanism.

While conducting private equity fund registration and filing in accordance with the law, the association will innovate its work ideas, cooperate with the negative list system of market access, and reform and perfect the registration and filing work with internal revolution. We will study, deploy and implement market access management deregulation measures simultaneously with self-discipline management. We will maintain effectively the market order and improve the sense of gain of excellent compliance institutions.

First, AMAC will make registration more standardized and transparent. We will further refine and quantify the standards for registration and filing, fully release the list of materials required for registration and filing. We will soon release a new version of the Notices  on Filing of Private Equity Funds to stabilize market expectations and improve conscious compliance.

Second, AMAC will improve the information disclosure system. We will enrich the dimension of information publicity on the official website, implement the publicity of the progress of registration and filing, strengthen the continuous publicity of the operation capacity of the managers, and add the announcement of the processing results, so as to build a stereo publicity network and to let interactive participation and social supervision work more efficiently.

Third, AMAC will explore new classification methods of registration and filing. AMAC will clarify differentiated handling standards and procedures considering the managers’ compliance and integrity situation as well as characteristics of product risk. AMAC will explore and apply the "filing first, spot checks later" procedure to improve the efficiency of registration and filing, and to introduce a positive incentive mechanism of compliance.

Fourth, AMAC will ensure that the intermediary agencies take responsibility. AMAC will guide law firms, accounting firms and other intermediary institutions to improve their professional capabilities as well as compliance awareness, and establish a regular communication and training mechanism for lawyers, accountants and other personnel; implement the compliance requirements through intermediary institutions, and form a professional division of labor, mutual checks and balances industry ecology.

Fifth, AMAC will provide differentiated services for venture capital funds. We will continue to implement the Opinions of the State Council on Promoting the Sustainable and Healthy Development of Venture Capital, set up dedicated personnel and post for the registration and filing services of venture capital funds. AMAC will explore the "differentiation system" for the filing; earnestly implement the loose access requirements for venture capital; In combination with the policy of optimizing the reverse linkage of venture capital funds, AMAC will implement the preferential tax policies for venture capital funds.

Sixth, AMAC will promote the construction of credit system of private equity industry. AMAC will further enrich data sources, improve industry monitoring indicators, integrate multi-dimensional data  from judicial, regulatory and self-discipline source to make a comprehensive and objective portrait of managers; AMAC will lay a solid foundation of market-oriented credit records, credit management and credit application system.

Seventh, AMAC will continue to break down the hidden barriers to private equity industry. AMAC will strictly implement the management requirements of "no additional threshold and access restrictions" in addition to the negative list of market access of the State Council; AMAC will cooperate with relevant departments to resolutely correct overkill practices such as “substantial approval” and “registration suspension” of the private equity industry in some places. Efforts should be made to remove hidden barriers to market access and ensure that market entities of all forms of ownership enjoy equal treatment of access in accordance with law.

Eighth, AMAC will actively strive to include the private equity industry in pilots of relaxing restrictions  on market access. AMAC will strengthen communication with the National Development and Reform Commission and other leading departments, make efforts to include the development of private equity funds in the pilot scope focusing on major national strategies.  On the basis of vigorously improving the filing and registration work, we will improve the convenience of market access, fund-raising, withdrawal, taxation and other links and form system dividends, and expand more space for the orderly and healthy development of the industry.

Original link：https://mp.weixin.qq.com/s/YUMQyUQVeqahvlgeNZGNMQ

译者：dominique

中国2019市场准入负面清单和AMAC的8项措施

一、条款简介                            

11月22日，经中共中央、国务院批准，国家发展改革委、商务部公布了《市场准入负面清单（2019年版）》，清单对私募基金行业管理提出明确要求，非金融机构、不从事金融活动的企业，在注册名称和经营范围中原则上不得使用“基金管理”（注：指从事私募基金管理业务的基金管理公司或合伙企业）字样。凡在名称和经营范围中选择使用上述字样的企业（包括存量企业），市场监管部门将注册信息及时告知金融管理部门，金融管理部门、市场监管部门予以持续关注，并列入重点监管对象。（事项编码：100004，主管部门：人民银行、银保监会、证监会、市场监管总局及外汇局）这就意味着，市场监管部门与行业监管部门将更好密切协作，对打着“私募基金管理”旗号却并不从事相关业务企业的监管力度将进一步加大，而对于真正从事私募基金管理业务的企业，市场准入将更加透明公正，准入隐性壁垒将进一步消除，私募基金行业将进入规范、透明、高效发展的新阶段。

二、协会八项措施

中国证券投资基金业协会（以下简称协会）将认真按照监管部门要求，落实市场准入负面清单制度，全力配合有关部门优化行业自律机制。

协会在依法进行私募基金登记备案的同时，将创新工作思路，配合市场准入负面清单制度，以刀刃向内的精神改革完善登记备案工作，将市场准入管理措施放开与自律管理同步研究、同步部署、同步落实，切实维护市场秩序，提高合规优质机构获得感。

一是提升登记备案标准化和透明度。进一步细化、量化登记备案标准，全面前置公布登记备案所需各项材料清单，近期拟发布新版《私募投资基金备案须知》，稳定市场预期、提升合规自觉。

二是健全信息公开公示制度。丰富官网信息公示维度，实施登记备案进展过程公示，强化管理人经营能力的持续公示，丰富办理结果公示等，打造立体公示网络，更好地发挥互动参与和社会监督作用。

三是探索登记备案分类分道。依据管理人合规诚信情况以及产品风险特征，明确差异化办理标准和流程，探索适用“先备案，后抽查”程序，切实提高登记备案效率，引入合规正向激励机制。

四是压实中介机构责任。引导律师事务所、会计师事务所等中介机构提高专业能力及合规意识，建立常态化律师、会计师等沟通培训机制，通过中介机构传导落实合规要求，形成专业分工、相互制衡的行业生态。

五是为创业投资基金提供差异化服务。持续落实《国务院关于促进创业投资持续健康发展的若干意见》，对创业投资基金登记备案设置专人专岗服务，探索“分道制”备案，认真落实创业投资宽准入要求，配合优化创业投资基金反向挂钩政策，落实好创业投资基金税收优惠政策。

六是推进私募行业信用体系建设。进一步丰富数据来源，完善行业监测指标，整合司法、监管、自律等多维数据，对管理人进行全面、客观画像，夯实市场化信用记录、信用管理和信用运用体系基础。

七是持续破除私募行业隐性准入壁垒。严格落实国务院市场准入负面清单之外“不得另设门槛和准入限制”管理要求，配合相关部门坚决纠正个别地方对私募基金行业“实审批”、“停注册”等矫枉过正做法，着力破除市场准入隐性壁垒，确保各种所有制市场主体依法享有同等准入待遇。

八是积极争取将私募基金行业纳入放宽市场准入试点。协会将积极加强与国家发展改革委等牵头部门沟通，争取围绕国家重大战略，将私募基金发展纳入试点范围，在大力完善备案登记工作基础上，提升市场准入、募资、退出、税收等环节便利化程度，形成制度红利，为行业有序健康发展拓展更大空间。

原文链接：https://mp.weixin.qq.com/s/YUMQyUQVeqahvlgeNZGNMQ