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1 2014 年 12 月 18 日资本市场法律热点问题中期协发布期货公司资产管理业务规则中国期货业协会 ( 以下简称中期协 ) 于 2014 年 12 月 4 日发布了期货公司资产管理业务管理规则 ( 试行 ) ( 以下简称管理规则 ) 管理规则主要依据中国证券监督管理委员会 ( 以下简称证监会 ) 分别于 2014 年 8 月 21 日和 2014 年 10 月 29 日颁布的私募投资基金监督管理暂行办法 ( 以下简称私募办法 ) 和期货公司监督管理办法 ( 以下简称期货公司监管办法 ) 制定, 旨在加强对期货公司资产管理业务的自律管理管理规则已于 2014 年 12 月 15 日起实施我们理解, 管理规则实施后, 尽管证监会于 2012 年 5 月 22 日颁布并于 2012 年 9 月 1 日实施的期货公司资产管理业务试点办法 ( 以下简称原试点办法 ) 尚未被明文废止, 但实际上将不再执行以下是我们对管理规则主要内容的梳理和总结 1. 适用范围管理规则明确规定期货公司及其依法设立的专门从事资产管理业务的子公司 ( 以下简称子公司 ) 在中国境内非公开募集资金或接受财产委托设立资产管理计划并担任资产管理人, 根据资产管理合同的约定, 为资产委托人的利益进行投资活动, 适用管理规则同时, 为了防止利益冲突和利益输送, 管理规则规定期货公司与子公司不得同时开展资产管理业务我们注意到, 管理规则允许期货公司单独设立专门从事资产管理业务的子公司, 这意味着除风险管理子公司外, 期货公司还可以增设专门从事资产管理业务的子公司 2. 业务类型自 2012 年 9 月原试点办法实施并启动期货公司资产管理业务试点以来, 期货公司资产管理业务仅限于一对一模式, 即只能为单一客户办理资产管理业务管理规则放开了一对多业务, 即除一对一业务外, 期货公司或其子公司也可为特定多个客户办理资产管理业务管理规则实施后, 已经取得资产管理业务资格的期货公司应可开展一对多资产管理业务, 但中期协可以要求其补报相关信息 3. 登记与备案根据期货公司监管办法第十三条的规定, 期货公司从事资产管理业务, 应当依法登记备案管理规则的第七条进一步明确期货公司及其子公司开展资产管理业务应当向中期协履行登记手续对于申请登记期货资产管理业务的期货公司, 除其他条件外, 管理规则规定申请登记时申请人的净资产不低于人民币 1 亿元, 最近一次期货公司分类监管评级不低于 C 类 C 级, 较原试点办法中 3 亿元净资产和 B 类 B 级分类监管评级的要求大为降低同时, 按照证监会关于私募产品统一备案和监 1

2 测的要求, 期货公司及其子公司设立的资产管理计划还应当通过中国证券投资基金业协会私募基金登记备案系统进行私募产品的备案中期协自管理规则实施之日 ( 即 2014 年 12 月 15 日 ) 起受理期货公司的资产管理业务登记申请管理规则实施当日, 中期协连同中国证券投资基金协会和中国期货保证金监控中心分别对期货公司资管业务申报资产管理计划备案资管业务统一开户, 包括一对多产品期货交易账户的开立相关事项制定了配套规范 4. 合格投资者管理规则规定资产管理计划的资产委托人应当为合格投资者, 单只资产管理计划的投资人数不得超过 200 人管理规则要求合格投资者应当符合私募办法的相关规定, 但同时明确依法设立并受国务院金融监督管理机构监管的资产管理计划视为单一合格投资者此外, 参与资产管理计划的客户可以按照规定通过证券期货交易所全国中小企业股份转让系统机构间私募产品报价与服务系统证券公司柜台市场以及中国证监会认可的其他交易场所或协议转让等方式, 向合格投资者转让其持有的资产管理计划份额, 但转让后持有资产管理计划份额的合格投资者合计仍不得超过 200 人 5. 投资范围管理规则规定资产管理计划的投资范围包括 : ( 一 ) 期货期权及其他金融衍生产品 ;( 二 ) 股票债券证券投资基金集合资产管理计划央行票据短期融资券资产支持证券等 ;( 三 ) 中国证监会认可的其他投资品种 6. 管理费及业绩报酬期货公司或子公司应当根据资产管理计划的特点在资产管理合同中约定相应的管理费率和托管费率以及其他合理费用费率, 也可以约定提取适当的业绩报酬 7. 强制托管管理规则要求资产管理计划应当交由具有基金托管业务资格或私募基金综合托管业务的机构进行托管但为单一客户办理资产管理业务, 资产管理合同可以对资产管理计划财产的托管另行约定, 前提是需要在资产管理合同中明确保障资产管理计划财产安全的制度措施和纠纷解决机制 8. 聘用第三方机构管理规则明确要求期货公司或子公司聘用第三方机构为资产管理计划提供投资策略资产配置研究咨询和投资建议等专业服务的, 应当建立第三方机构管理制度, 对第三方机构的资质条件专业服务能力和风险管理制度等方面进行尽职调查, 以书面形式明确第三方机构的权利义务, 同时有责任对其提供的专业服务行为进行合规监控和风险监控, 在发现第三方机构有违法违规行为时应当及时制止, 并向中国证监会相关派出机构和中期协报告 9. 内部控制与风险管理对于期货公司资产管理业务, 管理规则从制度设计层面特别关注内部控制与风险管理, 明确要求期货公司或子公司通过以下对关联交易关联关系客户异常交易方面的监控措施, 重点防范可能出现的利益输送内幕交易以及损害投资者合法权益等问题 : (1) 期货公司或子公司管理的委托财产投资于本公司及与本公司有关联关系的公司发行的证券或承销期内承销的证券, 或者从事其他可能存在利益冲突的重大关联交易的, 应当遵循客户利益优先原则 (2) 期货公司或子公司的关联方自有资金参与其设立的单只资产管理计划的份额合计超过该资产管理计划总份额 50% 的, 应当对上述资产账户 2

3 进行监控期货公司或子公司的自有资金和董事监事高级管理人员从业人员及其配偶, 参与本公司设立的单只资产管理计划的份额合计不得超过该资产管理计划总份额的 50% (3) 关联方认购其设立的分级资产管理计划劣后级, 期货公司或子公司应当对相关资产账户进行监控, 并及时向中期协报告 (4) 建立有效的异常交易日常监控与报告制度, 对同一投资组合的同向与反向交易不同投资组合的同向与反向交易 ( 包括交易时间交易价格交易数量交易理由等 ) 进行监控 ; 发现异常情况的, 应当及时向中国证监会相关派出机构和中期协报告我们认为, 管理规则进一步降低了期货公司资产管理业务的准入门槛, 扩大了期货公司开展资产管理业务的试点范围, 明确允许期货公司或子公司从事一对多资产管理业务, 体现了放松管制的思路另一方面, 在放松管制的同时要求加强监管, 在产品开发销售运作等方面明确了内部控制和风险防范管理的监管底线, 并强调加强日常检查和自律惩戒力度, 以进一步保护投资者的合法权益谢青合伙人电话 : 邮箱地址 :xieq@junhe.com 张弛律师电话 : 邮箱地址 :zhangchi_austin@junhe.com 本文仅为分享信息之目的提供本文的任何内容均不构成君合律师事务所的任何法律意见或建议如您想获得更多讯息, 敬请关注君合官方网站或君合微信公众号君合法律评论 / 微信号 JUNHE_LegalUpdates 3

4 December 18, 2014 Capital Markets CFA Issued Administration Rules on Futures Company s Asset Management Business The China Futures Association (the CFA ) issued the Administrative Rules for the Asset Management Business of Futures Companies (the New Rule ) on December 4, The New Rule is formulated for the purpose of strengthening the self-regulatory administration over the asset management business of futures companies, in accordance with the Interim Measures for the Supervision and Administration of Private Investment Fund (the Private Fund Measures ) and the Measures for the Supervision and Administration of Futures Companies (the Futures Companies Measures ) issued by the China Securities Regulatory Commission (the CSRC ) on August 21 and October 29 of 2014 respectively. The New Rule has taken effective on December 15, We understand that the Pilot Measures for the Asset Management Business of Futures Company (the Old Pilot Measures ) issued by the CSRC on May 22, 2012 and taking effective on September 1, 2012, though not repealed yet, will not be actually in force any more since the implementation of the New Rule. The main provisions of the New Rule are summarized as below. 1. Scope of Application The New Rule expressly stipulates that, the activities whereby futures companies or their subsidiaries specifically established to engage in the asset management business ( AMSs ), raise funds privately or accept property entrustment within the PRC, establish asset management schemes, act as asset managers and make investments for the benefit of the entrusting clients according to the asset management contracts, shall be governed by the New Rule. To avoid conflicts of interests and illegal transfer of benefits, the New Rule prohibits the concurrent engagement in the asset management business by a futures company and its AMSs. We note that the New Rule allows futures companies to set up separate AMSs, which means that futures companies may establish one more type of subsidiary for asset management business, in addition to the futures companies risk management subsidiaries. 2. Types of Asset Management Schemes Since the implementation of the Old Pilot Measures from September 2012 and the launch of the pilot program for futures companies asset management business, the asset management business of futures companies is limited to 1

5 one-to-one scheme, which means the futures companies can only engage in asset management business with one single client under a single asset management scheme. The New Rule has removed the restriction, which means futures companies or AMSs may engage in asset management business for multiple clients under a single asset management scheme, in addition to the one-to-one scheme. Upon the implementation of the New Rule, the futures companies which have obtained the license for the asset management business may launch one-to-more asset management schemes, though the CFA may require such futures companies to provide related supplementary information. 3. Registration and Filing Pursuant to Article 13 of the Futures Companies Measures, futures companies shall complete the registration and filing formalities when engaging in asset management business. Article 7 of the New Rule further clarifies that futures companies and AMSs shall register with the CFA for their asset management business. To apply for the asset management business registration, the applicant shall satisfy, inter alia, the following conditions, (i) its net asset value shall be no less than RMB 100 million; and (ii) its classified regulatory ratings in the latest round shall be at least Level C under Category C. Such conditions are greatly lower than the thresholds of RMB 300 million net asset value and the classified regulatory ratings of Level B under Category B required in the Old Pilot Measures. In addition, pursuant to the CSRC s unified filing and supervision requirements over private fund products, futures companies and AMSs shall also complete fund filing formalities for their asset management schemes through the private funds registration and filing system of the Asset Management Association of China (the AMAC ). The CFA has begun to accept the registration application of futures companies for the asset management business since December 15, On the same day, the CFA, together with the AMAC and the China Futures Margin Monitoring Center, respectively issued the supporting rules with regard to the registration of the asset management business, filing of asset management scheme and the account opening, including the account opening for the one-to-more scheme. 4. Accredited Investors The New Rule stipulates that the entrusting client of an asset management scheme shall be an accredited investor. The number of entrusting clients in a single asset management scheme shall not exceed 200. The New Rule provides that accredited investors shall meet the requirements specified in the Private Fund Measures. In addition, an asset management scheme established in accordance of laws and supervised by the finance regulatory authority under the State Council shall be deemed as accredited investor. Entrusting clients may transfer their units in the asset management schemes to other accredited investors through any securities or futures exchange, the National Equities Exchange and Quotations, the Inter-Institutional Price Quoting and Service System for Privately Placed Products, the over-the-counter market of securities companies, and any other markets approved by the CSRC or through the transfer agreements, provided that the aggregated number of accredited investors in possession of the units in an asset management scheme after the transfer shall not exceed Investment Scope The New Rule stipulates that the investment scope of an asset management scheme shall include: (1) futures, options and other financial derivatives; (2) stocks, bonds, securities 2

6 investment funds, collective investment trust schemes, central bank financial instruments, short-term financing bills, asset-backed securities, etc.; and (3) other investment products approved by the CSRC. 6. Management Fees and Performance-based Compensation Futures Companies or AMSs may, based on the characteristic of certain asset management scheme, agree with the clients upon the rate for management fees, custody fees and other reasonable fees, and may agree on an appropriate performance-based compensation, as specified in the asset management contract. 7. Mandatory Fund Custody Requirement The New Rule requires that all funds and assets in an asset management scheme shall be safeguarded by a custodian with a fund custodian business qualification or a comprehensive fund custodian qualification for private funds. While for a one to one asset management scheme, the asset management contract may separately stipulate that the assets will not be held by any custodian, provided that such contract shall clarify the measures to safeguard the property of the asset management scheme and the relevant dispute resolution mechanism. 8. Engagement of Third-Party Investment Advisor Pursuant to the New Rule, futures companies or AMSs may engage third-party investment advisors to provide professional services in respect of investment strategy, asset allocation, research advisory and investment advisory. However, the following requirements are imposed on the managers for the possible engagement: (1) managers are required to establish certain third-party service provider management mechanism and perform the due diligence on the qualification, the professional servicing capability and the risk management systems of the third-party service providers; (2) managers shall conduct compliance supervision and risk monitoring over the services provided by the third-party service providers; (3) where any third-party service provider commits any act in violation of laws or regulations, managers have the obligation to promptly stop such misconduct and report it to the CSRC's local agencies and the CFA. 9. Internal Control and Risk Management The New Rule emphasizes the internal control and risk management of the managers and requires managers to monitor the following aspects in relation to the related-party transactions, affiliated clients, abnormal trading activities etc., so as to prevent any illegal transfer of benefits, insider trading or other illegal behavior which may harm the legitimate rights and interests of investors. (1) Where a manager intends to invest the property under its management into any securities issued by itself, or by a company affiliated to it, or into the securities underwritten by itself, or engage in other material related-party transactions that may have a conflict of interest, such manager shall follow the principle of giving priority to the interests of clients. (2) If more than 50% of the units of any single asset management scheme are owned by an individual or entity affiliated with the manager, such manager is required to monitor the relevant portfolio account. If a manager is going to use its proprietary funds to invest in the asset management schemes managed by itself, the units that such manager may hold in a single asset management scheme, together with any units held by the manager s directors, supervisors, senior management personnel, other professional staff or their spouses, shall not exceed 50%. 3

7 (3) Where an affiliated party of the manager subscribes the junior-level units of a prioritized asset management scheme, the manager shall monitor the relevant portfolio account and timely report the same to the CFA. (4) Managers shall establish effective systems to monitor and report the abnormal trading activities on a day-to-day basis, covering the monitoring of the transactions, (including time, price, volume, reason etc.), occurred among the same or different investment portfolios, in the same direction or in the opposite direction. Managers shall regularly report to the local agencies of the CSRC and the CFA in case of occurrence of any abnormal situation. It is our interpretation that the New Rule further lowers the threshold of market access to the asset management business and expands the scope of pilots for futures companies. The removal of the restriction on one-to-more asset management scheme demonstrates the regulatory authorities thinking of deregulation, while on the other hand, the New Rule strengthens the supervision of the industry and the protection of investors, by clarifying the bottom lines of internal control and risk prevention in respect of the product development, distribution and operation etc., and emphasizing the routine inspections and self-regulatory punishments. Natasha (Qing) XIE Partner Tel: xieq@junhe.com Austin (Chi) ZHANG Associate Tel: zhangchi_austin@junhe.com This document is provided for and only for the purposes of information sharing. Nothing contained in this document constitutes any legal advice or opinion of Jun He Law Offices. For more information, please visit our official website at or our WeChat public account 君合法律评论 /WeChat account JUNHE_LegalUpdates. 4

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