Shenzhens private placement supervision has completed self inspection and self correction

category:Finance
 Shenzhens private placement supervision has completed self inspection and self correction


On the evening of the 24th, Shenzhen Securities Regulatory Bureau issued the latest situation Circular on self inspection and self correction of private fund managers under the jurisdiction (hereinafter referred to as the circular). According to the circular, as of November 15, 2020, 1823 private institutions have completed the self-examination and self correction on the Shenzhen private fund information service platform, accounting for 40.6% of the private placement agencies in the jurisdiction. Another 200 institutions have filled in the self inspection and self correction draft, but have not uploaded the self inspection report and other attachment materials.

According to the Shenzhen Securities Regulatory Bureau, the audit found that 1023 of the 1823 private placement agencies that have completed the application have not found any problems or found that the problems have been rectified; 798 institutions have found clues of violation that need to be verified and rectified, or the self-examination materials are not complete and can not be judged; 2 institutions have found clues of violation of the law, or can not be contacted by the end of 2020, and have not reported the self-examination and self correction situation. For the latter two types of institutions, Shenzhen Securities Regulatory Bureau will inform the specific situation through e-mail and other means.

Since then, the Shenzhen Securities Regulatory Bureau will update and disclose the self-examination and self correction audit situation by the end of November, mid December and the end of December 2020 in three times, and the audit situation at the end of December will further disclose the classification of private institutions.

At present, more than 2600 private equity institutions have not completed the self-examination and self correction on the Shenzhen private fund information service platform. As for those still unable to contact or report self-examination and self correction by the end of 2020, Shenzhen Securities Regulatory Bureau will notify such institutions in the self-examination and self-correction audit at the end of December, and list them as the key objects of supervision and disposal, and request the industry association to take measures such as suspending product record keeping, listing as abnormal business organizations, and canceling the registration of managers.

Private placement supervision storm in Shenzhen

Since the second half of 2020, Shenzhens private equity supervision has played a combination fist.

On June 10, Shenzhen Securities Regulatory Bureau released the first batch of 131 major illegal private placement institutions. The list includes not only the names of private fund managers, but also their specific illegal behaviors. Among them, 13 private equity institutions, including Shenzhen Qianhai Huineng, Xinhua wealth, Zhongjin Guorui, Qianhai East Asia and Zhongtian fortune, were suspected of illegal public deposit taking, fund-raising fraud and other criminal acts, which have been handed over to the public security organs for investigation and punishment according to law. In addition, 82 loss of contact and 36 abnormal private equity institutions were forced to write off.

According to the Shenzhen Securities Regulatory Bureau, the private equity managers included in the list mainly include those who are subject to regulatory and disciplinary measures due to serious violations of laws and regulations, refuse to cooperate with supervision or enter into criminal accountability procedures for suspected crimes, and are forced to cancel by the CFA due to loss of contact and failure to submit special legal opinions as required.

In July, regulatory measures continued. On the 23rd, Shenzhen Securities Regulatory Bureau issued the first issue of Shenzhen private fund supervision circular. Shenzhen Securities Regulatory Bureau said that in the first phase, combined with the inspection and supervision and law enforcement of private equity institutions in its jurisdiction in recent years, it focused on three typical problems in the sales process of private funds, including public publicity and promotion, fund-raising from unspecified objects and misleading and cheating the public. Disciplinary measures have been taken according to law and the sales disorder has been initially curbed. All private institutions should stick to the bottom line of private placement and ensure that the source link of fund sales is in compliance with the law.

On September 3, Shenzhen Securities Regulatory Bureau disclosed the second issue of Shenzhen private fund supervision circular. According to the circular, as of August 31, 2020, 545 private equity institutions have completed the self-examination and self correction on the Shenzhen private placement platform. Among them, 259 (including 35 institutions that found problems through self-examination) have actually completed the self-examination and self-correction work as required, 252 institutions need to adjust the form or content of materials reported by them, and 51 institutions have mastered the supervision of the CSRC There are differences in information. Another 165 institutions have filled in the self-examination and self correction draft, yet to upload the self-examination report and other attached materials. A total of 710 institutions have reported data on Shenzhen private placement platform, accounting for 15.8% of the registered private placement institutions in the jurisdiction. Moreover, since May 2020, under the overall guidance of Shenzhen Securities Regulatory Bureau, 14 private fund managers in Shenzhen have initiated the establishment of Shenzhen private fund industry association, which was officially unveiled on August 18. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931

Moreover, since May 2020, under the overall guidance of Shenzhen Securities Regulatory Bureau, 14 private fund managers in Shenzhen have initiated the establishment of Shenzhen private fund industry association, which was officially unveiled on August 18.