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The National Equities Exchange and Quotations Promulgated Questions and Answers about Strengthening

Date:2020-05-11 17:11:17

The Chinese Securities Regulatory Commission promulgated the Questions and Answers about Private Investment Funds Filing Formalities Concerning  the Supervision of New Share Issues on Jan 23, 2015 and the Questions and Answers about Private Investment Funds Filing Formalities Concerning the Administrative Licensing for the Mergers and Acquisitions and Reorganizations on March 6, 2015. Following this, the National Equities Exchange and Quotations promulgated the Questions and Answers about Strengthening the Supervision of the Private Investment Funds Filing Formalities Concerning the National Equities Exchange and Quotations Business on March 20, 2015. As per these regulations, when a company is applying for listing, financing by issuing, or material assets reorganization, these regulations require financial intermediaries to state whether any of the shareholders of the company or any of the counterparties are private investment funds or private investment fund managers and whether any such funds or managers have followed the applicable regulations.

Regulations regarding private investment funds and private investment fund managers participating in financing by issuing, and material assets reorganizations of listed companies are consolidated into a single set of requirements. Private investment funds and private investment fund managers cannot participate in these transactions without first going through the necessary formalities with the Asset Management Association of China (AMAC).

The new provisions require financial intermediaries to inspect whether any of the shareholders of listed companies or counterparties are private investment funds or  private  investment  fund  managers  and  whether  they  have  gone  through the necessary formalities with the AMAC. The financial intermediaries must give their opinion on this and must document their method of verification as well as their results.
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