Opinions of the State Council on Promoting and Cultivating the Private Equity Market
Release Time:
2014-06-23 17:44
Source:
State Council
Further promoting the healthy development of the capital market and improving the multi-level capital market system is of great significance for accelerating the improvement of the modern market system, broadening financing channels for enterprises and residents, optimizing resource allocation, and promoting economic transformation and upgrading. The State Council has issued a document on several opinions regarding the promotion and cultivation of the private equity market.
Establish and improve the private placement issuance system. Establish a qualified investor standard system, clarify the suitability requirements for investors in various private placement products and the information disclosure requirements for private placements aimed at the same type of investors, and regulate fundraising activities. No administrative approval is required for private placements, allowing various issuers to issue stocks, bonds, funds, and other products to a cumulative number of investors not exceeding the legally specified limit on a lawful and compliant basis. Actively leverage the roles of securities intermediaries, asset management institutions, and relevant market organizations, establish and improve the regulatory system for private placement product issuance, and effectively strengthen supervision during and after the event. Establish risk control and self-discipline management system arrangements to promote the standardized operation of private placement business by operating institutions, as well as a unified monitoring system for various private placement products.
Develop private equity investment funds. According to the principles of functional regulation and moderate regulation, improve regulatory standards for various private investment products such as equity investment funds, private asset management plans, private equity wealth management products, and collective fund trust plans. Strictly crack down on all kinds of illegal fundraising activities under the guise of private placements according to law. Improve the policy system supporting venture capital development, encourage and guide venture capital funds to support small and micro enterprises. Study and formulate relevant policies for insurance funds investing in venture capital funds. Improve the science and technology financial service system centered on the needs of the innovation chain, innovate science and technology financial products and services, and promote the development of strategic emerging industries.
Led by the China Securities Regulatory Commission, with participation from the National Development and Reform Commission, Ministry of Finance, People's Bank of China, China Banking Regulatory Commission, China Insurance Regulatory Commission, and other units, the establishment and improvement of the private placement issuance system will be completed by the end of June 2015, and the development of private equity investment funds will be continuously promoted.
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