Chairman of the Macau Financial Law Association, Macao Licensor Law FirmChoi Cheonryulawyer
Wen Stun Law Firm Hong Kong OfficeJeong Jieunglawyer
Beijing Jing Tian Gong Cheng Law OfficeWang Yonglawyer
Foreword
.Initiated implementation of the “Limited Joint Fund Regulations”, a limited liability joint fund for private funds in Hong Kong. The Association and the China Securities Investment Fund Industry Association have set up a separate land-based multi-departmental discipline code and self-regulatory rules, and are about to form a “one law, three rules, and “7+2+8” self-regulatory rules” for the main structural private fund management system.
Definition & Quite
An Macau private fund is established by a legal entity or a formal contract, and is the owner of the managing entity, the beneficiary, the trustee, or the administrator entrusted with the management entity at the time of establishment of the private placement fund. Managers include banks, financial companies, investment fund management companies, and wealth management companies. Acquired a private fund manager qualification for physical development and management.
The Hong Kong limited liability fund conforms to the private placement fund, which violates the normal operation and gate, showing that it is done in a private way. 800,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000. In Hong Kong, a ‘corporate investor’ is primarily an individual whose investment partnership has achieved $800, a law firm or joint-stock company whose investment partnership has achieved $800, or an investment partnership which has achieved $4,000, or a 4,000 Includes companies that have achieved $. Licensed public court. Internal “successful applicants” are mainly those who wish to invest in funds with an unspecified amount of low RMB 1 million yuan and (1) the latest March end of the month (including) RMB 1,000,000 yuan; or (2) In the last 20 days of trading, the gold coins have not earned 300,000 yuan, or the average annual income of 500,000 yuan for individuals in the last three years.
Hong Kong Limited Joint Stock Fund is a corporate account liability plan, Joint Limited Joint Stock Fund Institutional Fund is a single-member fund with unlimited liability and a minimum number of legally liable limited liability.
Limited liability for the final management and control of the fund, the person or body below: Hong Kong registered private limited company; registered non-Hong Kong company; Hong Kong or overseas limited joint enterprise; natural person over the age of 18. Co., Ltd. Co., Ltd., Co., non-legal group or any other physical body or natural person aged 18 years or older, whose limited liability is co-operative. Daily management rights or control rights.
Local private placement rights, majority of start-up investment funds set up in limited form. , pipes, the main tasks of each segment of withdrawal. It has a fund manager qualified as a private fundraising fund manager.
Administrative body / General group / Executive office group
Macao’s Private Funds, <
A Hong Kong Limited Partnership Fund, the common fund of which is a limited partnership fund or an unincorporated non-Hong Kong Limited Partnership Fund. all suspension and obligatory liability of, juxtaposed ordinary members co-management and ultimate liability of the restricted fund.已 will take responsibility for the procurement management and supervision fund in Hong Kong for the ninth type of enterprise.
Internal policy private fund manager, shareholder structure, capital, main business, internal control system, detailed requirements for equality provisions such as group members, legal representative in the middle management/executive affairs joint representative, Requirements and comparative standards for high-ranking officials, such as those responsible for compliance with regulations, in terms of professional experience and professional competence.
Beneficiary
In Macao, the custody of the fund-raising recipients and the financial institution responsible for the business of the Macao or overseas private acquisition license, such as foreigners, received the request to the AMCM (Macao Monetary Authority). In addition, there are specific provisions for officers between the recipient’s authority administration, the leading or supervising appointee, and all managers of the recipient’s manager. .Limited partnership funds are subject to Hong Kong law. Limited partnership funds require an approver, but in general, a limited partnership fund splits the liability. Qualified Trustee Trustee Trustee of Legislative Enactment and Acquisition Fund Trust by Contractual Private Investment Fund Foundation. , which passes through this book to process investor rights and distributions. In addition, private placement funds can be used for specific purposes such as transit companies, joint ventures, etc., and can be used to back the assets of the bottom layer of the investment and to be entrusted.
knowledge reporting supervision
The private placement fund managed by the Macao Financial Management Bureau (AMCM) reporting office, which is permitted by the Macao Private Placement Fund Regulations. The private placement fund’s information disclosure obligations are taken over by the fund manager, including the obligation to disclose phase information to fund investors, and the obligation to send the China Securities Investment Fund Industry Association report and set up phase information. will be
Procedures and required documents
Hong Kong General Fund Application for Limited General Fund, Applicant Submission Negotiation: Form LPF1 (Limited General Fund Application Form) and application fee and application fee.，Applicant must submit: Form LPF2 (Application Form for General Guidance Fund) and application fee and application fee. Generally, a group of people should submit a copy of the application for registration to the commercial registry under the jurisdiction of the Tax Office within one month after the deadline;
Documents required for Macao application private placement fund: Administrative documents provided by AMCM (Macao Monetary Authority), including application documents and materials, imitation of fund management rules for establishment of reporting functions; Draft, to be approved by AMCM (Macao Monetary Authority) for approval or ratification; acknowledgment made by you; providing such relevant background material, lining up their color and analogous responsibilities and obligations.
The establishment protocol of the internal private placement fund will be reported by the fund administrator in line with its asset management business after the fund completes the flow of the transaction split and the step-by-step registration proposal of the industry and commerce sector. It is necessary to apply for the business association farm bill. Documents include: Fund invitation letter, fund consolidation, custody agreement, fund audit statement and wind acceptance capacity survey questionnaire signed by fund investors, explanation of fund initial declaration certificate , Establishment of industry and commerce public announcement information explanation, fund trust management agreement, subscription supervision agreement signed by the recruitment supervisory body, etc. Application materials for grounds such as suspicion.
Evaluation
After the establishment of a series of private placement funds and limited joint funds in relation to the Macao and Hong Kong governments, we will be able to design more products and services, expand the customer base, and ensure the benefits of investors, and promote favorable development in Asia. Promote the development of the multi-faceted development of the modern financial industry as a major capital and wealth management center in the region, promote the healthy development of the private fund market and the interests of guaranteed investors. Securities supervision and other departments and the China Securities Investment Fund Industry Association have a complete internal private fund supervision system for each category of regulations, self-regulations, and step-by-step formation. More and more are currently in favor of preferential treatment. A considerable variety of policies are not only unmarketed, but also marketed in supervisory departments, self-governing organizations and private placement institutions. More work, not the dominance, deployment in a mature direction.
