Understand the information disclosure obligations that private equity fund managers must know in one article.
Published:
2019-05-07
According to the China Foundation Association [2016] No. 5 "Announcement on Further Regulating the Registration of Private Equity Fund Managers", if a registered private equity fund manager fails to perform the obligation of information disclosure as required, the China Securities Investment Fund Industry Association will include it Included in the list of abnormal institutions and publicized through the private equity fund manager publicity platform (http://gs.amac.org.cn). Once the private equity fund manager is publicized as an abnormal institution, even if the rectification is completed, it will take at least 6 months to return to the normal state of institutional publicity.
Regular disclosure requirements for 1. private equity fund managers
(I) Monthly Report
Time limit for submission: within 5 working days from the end of each month
Submitted to: private equity investment fund size ≥ 50 million
Submitted content: fund size, fund net value, number of investors, etc.
(II) Quarterly Report
Time limit for submission: 10 working days from the end of each quarter
Submitted to: private equity investment funds (mandatory submission), private equity (including entrepreneurial) investment funds (encouraged to submit, but no mandatory provisions)
Submitted content: information on the net value of the fund under management, key financial indicators and portfolio status.
Special tips:
Although there is no mandatory requirement for the quarterly report submission of private equity (including entrepreneurial) investment funds, the quarterly update of private equity (including entrepreneurial) investment fund products shall be carried out quarterly update of the basic information of the registered fund products within 10 working days from the end of each quarter by the comprehensive reporting platform (https://ambers.amac.org.cn) of the association's asset management business.
(III) semi-annual report
Time limit for submission: complete the submission before the end of September of each year
Submitted to: private equity (including entrepreneurial) investment funds (mandatory submission), private securities investment funds (encouraged to submit, but not mandatory)
Submitted content: 1. Basic information of the fund; 2. Fund managers and fund custodians; 3. Fund investors; 4. Fund investment operations; 5. Fund expense details; 6. Manager report.
(IV) Annual Report
Time limit for submission: to be completed within 4 months after the end of each fiscal year, and to issue the annual report of the previous year before April 30 each year
Submitted to: private securities investment funds, private equity (including entrepreneurial) investment funds.
Contents submitted: 1. The net value of the fund and the total amount of fund shares at the end of the reporting period; 2. The financial situation of the fund; 3. The investment operation of the fund and the use of leverage; 4. Investor account information, including paid-in and unpaid contributions And the total amount of fund shares held at the end of the reporting period, etc.; 5. Investment income distribution and loss bearing; 6. Management fees and performance compensation obtained by fund managers, including the basis of accrual, the method of accrual and the method of payment; 7. Other information agreed upon in the fund contract.
Annual Audited Financial Report for (V)
Time limit for submission: within 4 months from the end of each year (before April 30 of each year)
Submitted to: private securities investment funds, private equity (including entrepreneurial) investment funds.
Disclosure: The fund manager shall contact the accounting firm to issue the audited annual financial report of the institution for the previous year, and then submit the audited financial report of the manager for the previous year to the comprehensive reporting platform (https://ambers.amac.org.cn) of the asset management business of the association.
2. Private Equity Fund Significant Matters Change Requirements
Changes in major matters of (I) private equity fund managers
Time limit requirement: within 10 working days from the date of occurrence of major changes
Specific requirements: private equity fund managers have the following major issues, should be reported to the fund industry association within 10 working days:
1, the name of the private equity fund manager, senior management personnel change;
2. Changes in the controlling shareholder, actual controller or executive partner of the private equity fund manager;
3. Separation or merger of private equity fund managers;
4, private equity fund managers or senior managers have major violations of laws and regulations;
5. Dissolved, revoked or declared bankrupt according to law;
6. Other major matters that may harm the interests of investors.
Changes in significant matters during the operation of (II) private equity funds
Time limit requirement: within 5 working days from the date of occurrence of major changes
Specific requirements: during the operation of the private equity fund, the following major matters, the private equity fund manager shall report to the fund industry association within 5 working days:
1. Significant changes in the Fund's contracts;
2. The number of investors exceeds the provisions of laws and regulations;
3, the fund is wound up or liquidated;
4, private fund managers, fund trustees change;
5. Other events that have a significant impact on the continued operation of the fund, the interests of investors and the net asset value.
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