Cheng Dan, a reporter from the Securities Times
On May 10, the China Securities Industry Association issued the Management Standards for alternative Investment subsidiaries of Securities companies and the Management Standards for Private Investment Fund subsidiaries of Securities companies (hereinafter referred to as the "two norms"). In order to meet the current equity investment business risk prevention and control and standardized development needs of securities companies, carry out the business of subsidiaries779pubcomOptimized and improved, at the same time put forward more stringent regulatory requirements for the internal control of subsidiaries, and made a further supplement and improvement in personnel management.
The revision of the two norms is mainly reflected in four aspects: first, the business of subsidiaries has been optimized and improved. To standardize the follow-up investment business of alternative subsidiaries in accordance with the regulations of the CSRC and the exchange, on the premise of business division and risk prevention and control with the parent company, alternative subsidiaries may appropriately invest in commodities, stocks of companies listed in the national share transfer system for small and medium-sized enterprises and other investment varieties approved by the China Securities Regulatory Commission. Clarify the relevant requirements for the establishment of secondary management subsidiaries of private equity fund subsidiaries, stipulate that secondary management subsidiaries shall be registered as fund managers and shall no longer set up any institutions, and expand the types of cash management investment targets of subsidiaries, improve the flexibility of idle fund management.
The second is to put forward stricter regulatory requirements for the internal control of subsidiaries. Including the need to strengthen the transaction behavior management of alternative subsidiaries, and standardize the corresponding requirements for due diligence, post-investment management, continuous control and risk management of investment targets. Strengthen the restriction on illegal related party transactions of subsidiaries, standardize the establishment of an effective related party transaction management system for new alternative subsidiaries, and carry out the management of related party transactions in accordance with the principle of substance over form and penetration, and increase the prohibitive provisions for securities companies and subsidiaries to illegally provide financing or guarantee to shareholders or other related parties. In addition, the norms also require securities companies to do a good job in business division and effectively avoid inter-industry competition, conflicts of interest and transfer of interests.
Third, the personnel management has been further supplemented and improved. Make it clear that the compliance officers of the subsidiary shall be selected by the parent company; require the senior managers of the subsidiary to put on record with the relevant dispatched offices of the CSRC in accordance with the law; emphasize that the investment behavior of the relevant personnel should comply with the relevant regulations, subsidiaries shall establish a long-term incentive and restraint mechanism.
Fourth, some requirements at the level of self-discipline management. It includes the matters submitted by subsidiaries, and it is clear that alternative subsidiaries should register their employees, and the association may take self-regulatory measures against employees that are not suitable to engage in related business.
The reporter learned from relevant people that the introduction of the new "National Nine articles" reflects the great importance and ardent expectations of the CPC Central Committee and the State Council on the capital market. Taking this as an opportunity, the China Securities Industry Association revised and improved the two standards. the aim is to better promote securities companies to play a role in serving the real economy, national strategy, and residents' wealth management. At the same time, with the end of the work of standardizing the organizational structure, it is necessary to sum up experience in a timely manner, further improve the system and rules, strengthen the standardization and supervision of the organizational structure, and continue to prevent "out of control" and promote the high-quality development of the industry.
The above-mentioned people pointed out that the main purpose of this revision is to fully implement the spirit of the Central Financial work Conference, to thoroughly implement the relevant requirements of the new "National Nine articles" and the CSRC's opinions on strengthening the Supervision of Securities companies and Public funds and speeding up the Construction of first-class Investment Banks and Investment institutions (for trial implementation), sum up normative experience and practical needs, strengthen the supervision of securities companies, return to the source, and effectively prevent and control financial risks. Urge industry organizations to firmly establish the concept of "compliance to create value" and develop steadily. On the basis of further strengthening the effective practices in the past, the revision principle is also necessary to make small adjustments to maintain the stability of the rules and industry expectations, while responding to the reasonable demands of the market, to solve the problems that need to be solved in industry development and risk prevention and control in a timely manner, so as to give better play to the function of investment business and serve the real economy.
The China Securities Industry Association said that in the next step, in accordance with the work arrangements of the CSRC, we will continue to strengthen the self-discipline management of the two types of subsidiaries, pay more attention to the organizational structure of securities companies and monitor the investment situation of alternative subsidiaries. at the same time, we will continue to do a good job in answering questions and doubts in the industry, relying on the committee to hold plenary meetings, symposiums and industry research in a timely manner to understand the industry's adaptation to the rules and the difficulties in business development. Give full play to the role of bridge to provide practical information and effective advice for regulatory departments.
