129773928546250000_183Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog hexun.com venture > print RSS body font size in 2012March 27 source: the 21st century business Herald, March 23, professional Committee of China Association for investment ventures ("VC") on the first session of the Governing Council meeting for the third time, a venture to develop in all members of the self-regulation code draft (hereinafter referred to as "the code").Page 22 of the code of principles for self-discipline, the establishment and operation of the Fund
tera gold, fund raising, investments and exits, credit information, violation corrections made specific provisions for the administration.
After collecting feedback, will be released. "Convention on the development of industry self-regulation, can compensate for insufficient equity investment fund of government regulation in China, opening real industry self-regulation. "Development and Reform Commission, the fiscal deficitGold Division said at the meeting, Liu Jianjun, Director of finance. Venture capital authority was approved by national development and Reform Commission of the National Association of equity and venture capital industry.
Currently has more than more than 240 members, management of fund size of over 800 billion yuan, 14 foreign institutions manage foreign funds more than US $ 20 billion. According to a number of private-sector observation,This does not mean that policies relaxed, but may mean that in addition to government supervision, through trade associations and a regulatory approach, that is, "the diverse regulatory era opened". Investment discipline in the number how to regulate private equity industry has been the focus of controversy in the industry, policy excessively loose may result in uneven and even frequent illicit funds, but too rigid and hamperDevelopment of the industry.
In the draft of the specification files, both citing specific provisions of regulatory authorities for the private equity industry, also has more than the bottom line of self-constraint of legal norms. For example, there are some in the private equity industry, "Rob project". The norms suggested that members shall not use improper means to engage in market transactions, crowding out competitionHand, may not abuse its dominant market position, prejudice to the interests of the parties.
Funds should be combined with the Fund's investment, investment strategy
tera power leveling, looking for investment opportunities through legal compliance, shall be passed by regulatory authorities or means of pressure induced by grabbing its investment opportunities. Further requirements in the fair competition in the 64th, funds in the foreign investment process in, in case of other investmentFunding agencies compete for the same investment opportunities, adhering to the principle of fair competition, may not take excessive commitment, malicious slander, bidding up prices, reducing the investment conditions and other means to crowd out competitors. Requirements of these specifications is not groundless. Dan Xiangshuang, Chairman of China merchants, for example, some in the body is deficient in one, after leaving to play in another bodyPartner, butt continued and investors
tera power leveling, project. This problem is reflected in the code. On one hand, the norms established the "integrity management" system, requiring them to report to the association involved in credit information basic information management, and to provide information to the public, to prevent individual bad persons "rigged"; on the other hand, industry has also developedRelated disciplinary measures, so that the "black sheep" clear Association, and even the entire industry. In addition, provisions to file the related ministries and local provisions strictly qualified by the number of investors from a financing perspective, also reflected in the norms. The specification made, limited number of investors should not exceed 200 people, limited partnership of investors should not exceed 50 people, fund investors trust, partnership, unincorporated body of the collection, calculation of the number of its investors should open up the total number of natural and legal persons of the verification of the final investor, subject to the conditions of the Fund, can be seen as an individual investor.
In addition, the 61st article, how multiple investors entrusted to hold funds may not receive funding. "Self-discipline code forCode for most of the content in terms of guidelines, major reveals to everyone when VC,PE run, Fund, capital raising and investment market practice, and exit; there are a few parts are peremptory norms, for example, in the fundraising phase, not by means of commercial bribery, seeking LP investment. "Fen-American involved in the enactment of law firm partners Bao Zhi said at the meeting.Specification of the 65th of the provision on prohibiting commercial bribery refers, unless the disclosure has to be investment companies, or the funds for investment opportunities to be senior managers of enterprises or pay fees, charges or any other reward. Funds should be banned in China to target businesses or investments are investment companies to solicit or accept any cash rebate, Material incentives, as well as other illegitimate gains.
Self-discipline is the hand of the Government?
An industry self-regulating norms, binding: how much?
In venture capital authority Secretary General Zheng Changxing words, self-regulating norms the ultimate goal is to enable members to gain market recognition of "green certification". Venture will be set up under Federation Disciplinary Committee, is responsible for violations of the code ofMember of disciplinary decisions, is a member of the Board of the Association's highest authority to discipline.
When there is sufficient evidence to prove that when a member violates the fundamental principles, encouraged talk of the Disciplinary Committee, suspend the Member's rights, internal criticism, publicly denounced and canceled the membership five measures. Circumstances are particularly serious violations, disciplinary authority not only to internal criticism, Or even cancel the Member rights and foreign publicity condemns decision to discipline when acts involving violations of laws and regulations, the Association can be transferred to judicial or administrative authorities handling the case.
Even so, many people in the industry believe that more recognized by the principal are bound by the Member. Northern light venture capital Managing Director Deng Feng believes that self-regulation of the industry association should be reflected in the overwhelming majority of peopleRecognised standards of right or wrong, "neither too loose nor too harsh. Start does not take all the content into, you can slowly improve.
"A lawyer who participated in a self-regulatory document drafting, this is exactly what the self-regulating norms and differs from other industry guidelines that already exist. "Chinese equity investment Association published the Chinese equity investment AssociationCode of China equity investment fund associations have the China fund industry guiding principles, however, these files do not have a clear object and disciplinary measures of constraint. The terms of constraint objects or the specification is a disciplinary measure, have a better regulation of the color.
"The lawyer said. Under the United States experience, management of the private equity industry by industry associationWill, less Government introduced regulatory filings, industry associations is also relatively independent.
In China, the Government has introduced regulatory policy, financial Xia Bin, Director of the Institute of development research center of the State Council think, orientation of the Association is to maintain independence, representatives of industry and government dialogue, reducing the official color. Zheng Changxing admits, a government perspective on Earth is doing self-discipline, or in cityField angle of self-discipline, there was a very intense discussion, "Finally, we feel that we should more to market, members of the Foundation to develop the industry self-regulation. "Deng Feng believes that private industry needs a certain degree of government regulation, but in the long term direction is market discipline," code for self-regulation was not at once can play a large role, but represent the future policy directions. ”
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