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深圳：外资私募基金管理公司入华新高地

2020-02-12

2019年12月25日，落地在前海深港基金小镇的东亚联丰投资管理（深圳）有限公司（简称“东亚联丰”）^[i]于中国投资基金业协会（简称“基金业协会”）完成了外资投资基金管理人（简称“WFOEPFM”）登记，完成了深圳外资私募基金管理人“第一单”。东亚联丰落户，使前海成为继上海自贸区后全国第二个海外资管机构在境内设立全资子公司的自贸区。

On 25 December 2019, BEA Union Investment Management (Shenzhen) Limited (“BUIM”),which is located in the Qianhai SZ-HK Fund Town, completed its registration with the Asset Management Association of China (“AMAC”)as a wholly foreign owned enterprise (“WFOE”)registered as a private securities investment fund manager (“WFOEPFM”), the first case of its kind in Shenzhen. Apart from the “China (Shanghai)Pilot Free Trade Zone”, with the case of BUIM set as a precedent, it makes Qianhai the second free trade zone in China in which foreign asset management institutions will be able to establish their wholly owned subsidiaries onshore.

受限于深圳此前对涉及“投资管理”的公司的注册限制，截止目前东亚联丰是华南首家且唯一WFOEPFM，其他22家WFOEPFM均注册在上海。笔者从相关主管部门工作人员处了解到，鉴于2019年 7月 20日国务院金融稳定发展委员会办公室《关于进一步扩大金融业对外开放的有关举措》确定将原定于2021年取消公司、基金管理公司和期货公司外资股比限制的时点提前到2020年，后中国监督管理委员会（简称“证监会”）在2019年 10月 11日新闻发布会上宣布自2020年4月1日起在全国范围内取消基金管理公司外资股比限制，自2020年12月1日起在全国范围内取消公司外资股比限制；为响应国务院和证监会的要求，深圳市即将出台WFOEPFM落地深圳的政策，且在遵循证监会和基金业协会有关规定的前提下，或将不设置额外外资准入门槛，仅要求就限期完成在基金业协会的登记并开展业务作出承诺。如此，则WFOEPFM落地深圳将十分便捷。

Given the restrictions relating to the establishment of “investment management company” in Shenzhen, BUIM is the first and the only WFOE PFM established in south China region to date, whereas all the other 22 WFOE PFMs are all established and registered in Shanghai. According to the“Measures for Further Opening Up the Financial Sector” issue don 20 July 2019 by the “State Council’s Office of Financial Stability and Development Committee”, the timeline for up lifting the foreign capital ratio restrictions in securities houses, fund management companies and futures companies originally scheduled in2021 is amended and moved forward to 2020. Later on 11 October 2019,China Securities Regulatory Commission (“CSRC”)announced in a press release that foreignDecember 2020. With capital ratio restrictions for fund management companies would be removed nationwide since 1April 2020, and foreign capital ratio restrictions for securities houses would be removed nationwide since 1 December 2020. With the above backdrop and based on the author's understanding from certain officers of the relevant governing authorities, in response to the measures promulgated by the State Council and CSRC, new policies will be adopted and implemented in Shenzhen relating to the establishment of WFOE PFM such that conditional upon compliance with the requirements of CSRC and AMAC, the only requirement would be an undertaking from the applicant(s) to complete registration with AMAC and commence business within a stipulated timeframe and apart from these, there is no other criteria or additional thresholds to be satisfied. In this regard, setting up WFOE PFM in Shenzhen will be just an easy and swift task.

深圳基金业有仅次于北京上海的资管体量，有领先全国的创新意识，有身处国际一流湾区的地理优势，有多措并举的政策支持，笔者有理由相信，深圳有望成为WFOEPFM入华新高地。

As for Shenzhen, given the quantum of assets managed by the fund industry in Shenzhen is next to that of Beijing and Shanghai, coupled with other factors such as in possession of a leading sense of innovation, located in a world class and first rated bay area with certain unique geographical advantages of its own, as well as supports from numerous policies in parallel from the government, it is anticipated that Shenzhen will become anew window and highland for WFOE PFM to make their investments in China.

根据《投资基金法》、《私募投资基金监督管理暂行办法》、《私募投资基金管理人登记和基金备案办法（试行）》、基金业协会《私募基金登记备案相关问题解答（十）》（下称“《问答（十）》”）、《外商独资和合资私募投资基金管理人登记备案填报说明》（下称“《登记说明》”）等之规定，笔者兹于本文将目前国家层面关于WFOEPFM的有关规定做如下梳理，后续将密切关注深圳市WFOEPFM政策。

Based on the “Law on Securities Investment Funds”,the “Interim Measures for the Supervision and Administration of Private Investment Funds”,the “Measures for the Registration of Private Investment Fund Managers and the Record-filing of Funds (for Trial Implementation)”issued by AMAC, the “Q&As Relating to Registration and Filing of Private Investment Funds (X)(“Q&As X”)”issued by AMAC, the “Statement on Registration of WFOE and JV PFM as Private Investment Funds Manager” (“Statement of WFOE PFM Registration”)issued by AMAC, this article will introduce some of the current rules and regulations in respect of WFOE PFM at national level, and we will also pay attention to future WFOE PFM policies in Shenzhen.

一、WFOEPFM的定义

Definition of WFOE PFM

根据《投资基金法》《问答（十）》的规定，WFOEPFM是指在中国境内通过非公开募集方式设立基金，开展包括二级市场交易在内的私募基金管理业务并在基金业协会登记为私募基金管理人的外商独资或合资公司。需要注意的是，根据《问答（十）》中的要求，WFOEPFM的组织形式只能为公司，不能同其他类别的私募基金管理人一样选择以合伙企业组织形式申请登记。

According to the “Law on Securities Investment Funds” and the “Q&As X”,WFOE PFM refers to those funds managers carrying on the business of private securities funds management including trading of securities in secondary market in China, whereby their registration with AMAC are either in the form of WFOEs or foreign joint venture corporations and they will establish onshore funds through non-public offering or subscription of equity. It should be noted that according to “Q&As X”, WFOE PFM should be incorporated in the form of a corporation and any application to constitute the same in the form of partnership, like those adopted by other private equity fund managers, is not allowed.

二、WFOEPFM的股东

Shareholder(s) of WFOE PFM

根据《问答（十）》《登记说明》的规定，WFOEPFM的境外股东和境外实际控制人应符合以下要求：

According to the “Q&As X” and the“Statement of WFOEPFM Registration”,overseas shareholder(s) and overseas ultimate beneficial owner(s) of WFOE PFM shall meet the following conditions:

（1）为所在国家或者地区金融监管当局批准或者许可的金融机构；

being a financial institution approved or authorized by the financial regulatory authorities of its residing country or region;

（2）所在国家或者地区的监管机构已与中国证监会或者中国证监会认可的其他机构签订监管合作谅解备忘录；

a memorandum of cooperation and understanding in relation to securities regulations and enforcements(“MOU”)having been entered into between such financial regulatory authorities with CSRC or other institutions accepted by CSRC;

（3）最近三年没有受到监管机构和司法机构的重大处罚。

no material penalties having been made against it/them by the applicable regulatory authorities or justice department for the past three years.

2019年12月，证监会已经与64个国家或地区的金融监管部门签署了合作谅解备忘录^[ii]，即意味着WFOEPFM的境外股东可以来自该等国家或地区。除香港特别行政区、台湾地区外，还包括此前广受关注的开曼群岛，此外还包括英国、美国、加拿大、东盟多国、欧盟多国，覆盖当今世界主要经济体^[iii]。但截至目前，百慕大群岛、英属维尔京群岛尚未能和证监会达成相关谅解备忘录。

As at December 2019, it is noted that CSRC has already signed such MOUs with different financial regulatory authorities in 64 countries or regions. As a result of which, overseas shareholder(s) of WFOE PFM may be coming from these64 countries or regions which include major economic hubs and regions such as Hong Kong, Taiwan, Cayman Islands, United Kingdom, United States, Canada, and a number of countries from the ASEAN and the European Union. However, no MOU has yet been signed between CSRC and the authorities of Bermuda or British Virgin Islands up to date.

三、WFOEPFM之工商设立

Establishment of WFOE PFM with the Administration for Market Regulation

WFOEPFM作为外商独资或合资公司，根据笔者截至目前了解的情况，其在深圳的设立除前置审批（有待后续政策明确）外，有以下流程及要点：

For WFOE PFM should be a WFOE or a foreign joint venture corporation, in addition to the pre-approval requirements in relation to its establishment in Shenzhen (which will be subject to further policy clarifications), certain application steps, process and important points-to-note are summarized below:

1.办理名称预先核准：因涉及“投资管理”“基金管理”等相关字样，需要通过特殊企业名称申报渠道办理名称预先核准；

apply for pre-approval of name :for corporate name with wordings and descriptions of “investment management” and “fund management”, it is a requirement to make application for the use of “special corporate name” and obtain pre-approval of name;

2.通过广东政务服务网填报公司设立登记相关材料；

submit incorporation materials online through the website of Guangdong administrative services;

3.前往深圳市各区（含前海）市场监督管理局现场递交公司设立登记材料；

submit incorporation materials through

4.领取公司营业执照；

collect business license(s);

5.通过企业登记系统^[iv]以及企业信用信息公示系统^[v]向商务主管部门报送外商投资信息。

report the inbound or foreign direct investment information to the governing departments of commerce through the use of “Corporate Record-filing System” and“Enterprise Credit Information Publicity System”.

WFOEPFM在完成工商设立登记后，须在基金业协会办理私募基金管理人登记，故需注意的是在工商设立工作开展之前，还应同步关注公司的高级管理人员（包括法定代表人/执行事务合伙人（委派代表）、总经理、副总经理、合规/风控负责人等）均应当取得基金从业资格，且具备相适应的职业操守和专业胜任能力。WFOEPFM的外籍高管和投资经理可以通过参加基金业协会开设的英文从业资格考试，取得基金从业资格。

Following its incorporation and registration with the relevant governing departments, the next step would be for WFOE PFM to complete its registration as “private fund manager” with AMAC. It is therefore necessary to make sure that those senior management (including legal representative / executive partner (designated representative), general manager, deputy general manager, compliance / risk controller) of WFOE PFM are duly qualified and have professional ethics and integrity as well as necessary skills and competence to carry out fund related business. Separately, foreign senior management and investment managers of WFOE PFM may apply for the practitioners’ examinations arranged and organized by AMAC in English in order to obtain relevant qualifications for carrying out fund business onshore.

四、WFOEPFM之私募基金相关登记/备案    

Registration and/orRecord-Filing of WFOE PFM

WFOEPFM完成工商设立登记后，应向基金业协会申请私募基金管理人登记，涉及的主要流程如下：

The required registration process and procedure of WFOE PFM with AMAC after its incorporation are summarized as follows:

1.聘请一家中国境内的律师事务所对公司进行法律尽职调查并根据法律规定及基金业协会要求出具《私募基金管理人登记法律意见书》；

engagea PRC law firm to conduct legal due diligence against WFOE PFM and issue a PRC legal opinion with respect to its registration inaccordance with PRC law and the requirements of AMAC;

2.通过基金业协会资产管理业务综合报送平台（即AMBERS系统）^[vi]，如实填报该系统要求的信息并上传《私募基金管理人登记法律意见书》、《承诺函》等相关材料；

through the “Asset Management Business Electronic Registration System”(“AMBERS”)operated by AMAC, submit information and materials in accordance with the requirements and instructions as directed by the system, and upload materials including the PRC legal opinion and undertaking letter;

3.完成在基金业协会的私募基金管理人登记后，于 10个工作日内主动与所属证监局取得联系（深圳市证监局指定的信息填报网址是http://pf.szama.org）；

after successful registration of WFOE PFM with AMAC, contact the regulatory authorities governing securities (“Shenzhen Securities Regulatory Bureau”, and the designated address for information submission ishttp://pf.szama.org) within 10 business days;

4.完成私募基金管理人登记后六个月内应备案首只基金产品（否则会被注销私募基金管理人资格），且任一基金产品在募集完成后20个工作日内通过AMBERS系统向基金业协会提交基金产品备案申请；

arrange record-filing of the first fund product within 6 months of registration of WFOE PFM(non-compliance of this might result in cancellation of fund manager qualification), and submit record-filing application for fund related products to AMAC through the AMBERS within 20 business days following completion of any fund raising activity; and

5.通过AMBERS系统和私募基金信息披露备份系统^[vii]按时履行私募基金管理人及其管理的私募基金的季度、年度和重大事项信息报送更新等信息报送义务。

perform and discharge the duties relating to the quarterly reporting, annual reporting and material information reporting on the part of WFOE PFM through the AMBERS and the “Private Fund Information Disclosure and Backup System”.

五、WFOEPFM可从事的投资活动

Permissible Scope of Investments of WFOE PFM

WFOEPFM发起设立或管理的私募投资基金的投资范围主要包括、债券、期货合约、期权合约、类基金份额以及中国证监会认可的其他资产，具体如下：

For private securities investment funds established or managed by WFOE PFM, the permissible scope of investments mainly include stocks, bonds, future contracts, option contracts, equity of securities funds and other instruments recognized by CSRC such as:

（1）私募基金：主要投资于公开交易的股份有限公司（含参与港股通交易）、债券、期货、期权、基金份额以及中国证监会规定的其他及其衍生品种；

private securities funds: mainly invest in public trading stocks of public listed companies (including Hong Kong Stock Connect), bonds, futures, options, fund units and other securities and derivatives as directed by CSRC;

（2）私募类FOF：主要投向类私募基金、信托计划、券商资管、基金专户等资产管理计划的私募基金；

private securities FOF: mainly invest in private funds focusing on securities, trusts, asset management plans offered by securities houses, discretionary managed funds and other asset management instruments;

此外，WFOEPFM还可从事以下业务：

In addition, WFOE PFM is allowed to engage in the following businesses:

（1）担任期货经营机构资产管理计划的投资顾问^[viii]；

act as investment advisor to the asset management plans offered by securities and futures institutions;

（2）接受慈善组织的委托管理慈善财产^[ix]；

manage charitable assets entrusted by charitable organizations;

（3）取得基金业协会出具的“参与银行间债券市场无异议函”后，可参与银行间债券市场。

participate in “China Interbank Bond Market” with authorization from AMAC in accordance with the “Letter of No Objection to Participate in China Interbank Bond Market” issued by AMAC.

但是，有鉴于WFOEPFM的外资属性，其经营活动还应满足以下要求：

For WFOE PFM which involves foreign investments, the business of WFOE PFM shall satisfy additional requirements as follows:

（1）资本金及其结汇所得人民币资金的使用，应当符合国家外汇管理部门的相关规定；

the renminbi reserves of WFOE PFM from its capital and foreign exchange shall be used in accordance with rules of the “State Administration of Foreign Exchange”;

（2）在境内从事及期货交易，应当独立进行投资决策，不得通过境外机构或者境外系统下达交易指令，中国证监会另有规定的除外。    

unless otherwise directed by CSRC, all investments decisions in relation to onshore securities or futures transactions shall be given in China and no transaction instructions shall be made by or received from any offshore institution or through any offshore system.

六、WFOEPFM可以“业务转型”

Permission for WFOE PFM to change its nature of business

WFOEPFM在完成私募基金管理人登记后，根据业务需要，后续还可以申请“转型”：

Following registration as a private securities fund manager, WFOE PFM may apply for a change of its business according to its business needs:

（1）根据基金业协会《私募基金登记备案相关问题解答（十五）》^[x]，WFOE PFM满足“实际控制人”、“股权稳定性”及“高级管理人员”特殊要求的，还可申请变更登记为私募资产配置基金管理人，或者亦可由其股东或实际控制人另外新设一家公司并登记为私募资产配置基金管理人(投资业务可涵盖未上市股权投资、投资等)。

according to the “Q&As Relating to Registration and Filing of Private Investment Funds (XV)”issued by AMAC, conditional upon satisfaction of certain requirements in relation to “de factor controller”, “shareholding or ownership stability” and “senior management”, WFOE PFM may apply for a change of its business to private asset-allocation fund manager; or separately, the shareholder(s) or de facto controller(s)of WFOE PFM may set up another separate entity to make application for registration as a private asset-allocation fund manager (for which, the investment scope may cover pre-listing securities and other securities investments); and

（2）在合规经营的基础上，如需进一步扩大在华展业范围，可申请开展公开募集基金管理业务^[xi]。

subject to compliance with applicable laws and regulations, WFOE PFM may apply to commence public equity fund management business to cope with its business expansion and needs in China.

我们期待深圳市积极响应国务院和证监会的要求，推动WFOE PFM政策的快速落地，扩大深圳金融市场的开放，丰富深圳金融市场，增强深圳金融市场竞争力。

It is widely expected to see Shenzhen will act in a proactive manner in response to the measures promulgated by the State Council and CSRC, and implement policies to facilitate local establishment and future business of WFOE PFM in Shenzhen, with the ultimate aims of further opening up, diversifying and enhancing the competitiveness of the financial market of Shenzhen.

文中备注：

[i]http://bea-union-investment.cn/company_intro.php。

[ii]http://www.csrc.gov.cn/pub/newsite/gjb/jghz/201912/t20191225_368346.html。

[iii]截至本文发表之日，已有中国香港特别行政区、中国台湾地区、开曼群岛、阿布扎比、阿根廷、澳大利亚、奥地利、阿塞拜疆、白俄罗斯、比利时、巴西、文莱、柬埔寨、加拿大、智利、塞浦路斯、迪拜、埃及、阿联酋、法国、德国、耿西岛、希腊、印度、印度尼西亚、伊朗、爱尔兰、马恩岛、以色列、意大利、日本、泽西岛、约旦、哈萨克斯坦、韩国、科威特、老挝、列支敦士登、立陶宛、卢森堡、马来西亚、马耳他、蒙古、荷兰、新西兰、尼日利亚、挪威、巴基斯坦、波兰、葡萄牙、卡塔尔、罗马尼亚、俄罗斯、新加坡、南非、西班牙、瑞典、瑞士、泰国、土耳其、英国、美国、乌克兰和越南的金融监管部门和证监会签署合作谅解备忘录。

[iv]http://wsdj.samr.gov.cn/saicmcdjweb/state/transferLogin?code=90000&flag=false。

[v]http://gsxt.gdgs.gov.cn:81/aiceps/liaisonsLogin.html。

[vi]http://ambers.amac.org.cn/cas/login?service=http://ambers.amac.org.cn/web/。

[vii]http://pfid.amac.org.cn/pof/login.jsp。

[viii] 根据《期货经营机构私募资产管理计划运作管理规定》及基金业协会的要求，私募投资基金管理人担任投资顾问应同时符合以下条件：

（一）在投资基金业协会登记满1年、无重大违法违规记录的会员；

（二）具备3年以上连续可追溯、期货投资管理业绩且无不良从业记录的投资管理人员不少于3人；

（三）在基金业协会登记为会员；

（四）中国证监会规定的其他条件。

[ix]具体参见中华人民共和国民政部关于《慈善组织保值增值投资活动管理暂行办法》的政策问答，http://www.mca.gov.cn/article/gk/jd/shzzgl/201811/20181100012706.shtml。

[x]http://www.amac.org.cn/aboutassociation/gyxh_xhdt/xhdt_xhgg/201808/t20180829_2420.html。

[xi]http://mp.weixin.qq.com/s/mgO0tXsmpJ2xjViHHV877g。

本文作者：

（特别感谢香港赵国贤律师事务所对本文写作的贡献。）

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