Regulatory new regulations fermented private regulatory risk control upgrade-cosmax

Supervision of new regulations, fermentation private equity compliance risk control upgrade reporter Tan Chudan Shenzhen report private equity regulatory new regulations continue to ferment. "On further regulate the registration of private equity fund managers issues notice" issued in early February, "compliance" in the private sector in a storm. Around the "compliance", the fund industry association of private equity fund managers from the cancellation of registration certificates, information disclosure, qualification, legal opinions and other aspects of private equity put on the "inhibition". Twenty-first Century Economic Herald reporter learned that the new regulations require not only executives have funds qualifications, also stressed that compliance and wind all types of private equity fund managers control the responsible person shall not be engaged in investment business". However, due to the scarcity of talent and compliance risk control system to increase the cost of construction, lack of professional lawyers issued legal opinions and other reasons, private road compliance is still facing challenges. As the executive risk control and investment in twenty-first Century economic report reporter in private equity fund management fund association has registered names found in the book, there is a lot of private people as "investment and risk control" two characters. For example, Ningbo in 2011 to set up a private company, has issued 31 products, the general manager who is responsible for risk control; Shanghai company founded in 2013 in private, large-scale, issued a total of 40 products, CEO company is also responsible for compliance. Shenzhen chamagudao investment development limited company co-founder and President Zhu Siming explained to the twenty-first Century Economic Herald reporter, "before private filing and introducing legal opinions, the establishment of a private and issued by the record of sunshine private products is relatively easy, some companies actually operating, financing, investment, risk control personnel shortage, even only 1 to 2 people to do. In the case of outstanding performance, investors generally do not pay too much attention to the problem of risk control." Now, how to solve the part-time situation, it is this kind of private equity headache problem. People in Shanghai a large brokerage business for PB said the company has private client of "executive risk control and investment" part-time, "they are now we will help to check the rectification, rectification." He said, in fact, this requirement is not new requirements, but in the past is not clear. "To see what positions can follow the control coincidence, such as part-time legal personnel, personnel, but not part of the market, investment, trading business." A Shanghai business department general manager said that preparations for the filing of private equity, private sun when applying for registration certificate, there must be a senior executives as a compliance risk control official, and the executives can not also engaged in related business investment. Compliance talent missing, a small private placement in Shanghai, its partner is the company’s three products investment manager, he is also the person in charge of compliance. As a result of the legal profession, the partner in the governance company, build a risk control system, timely stop all methodically. For private equity regulation, he believes that hierarchical management should be carried out. "Foreign experience for different management scale of private placement, the degree of supervision is not the same. I think the future of the private equity industry supervision should appear stratification, for small private, they should be on

监管新规发酵 私募合规风控升级   本报记者 谭楚丹 深圳报道   私募监管新规持续发酵。   《关于进一步规范私募基金管理人登记若干事项的公告》在2月初发布后,“合规”风暴在私募行业中掀起。围绕“合规”,基金业协会从取消私募基金管理人登记证明、信息披露、从业资格、法律意见书等方面为私募戴上“紧箍咒”。   21世纪经济报道记者了解到,新规不仅要求高管有基金从业资格,另外还强调“各类私募基金管理人的合规\风控负责人不得从事投资业务”。   然而,由于合规人才稀缺、风控体系建设成本增加、律师出具法律意见时不够专业等原因,私募合规之路仍面临挑战。   高管兼任风控与投资   21世纪经济报道记者在基金协会已备案的私募基金管理人名录中发现,不少私募存在一人兼任“投资与风控”两个角色。   例如宁波一家2011年成立的私募公司,曾发行31只产品,其总经理兼任风控负责人;上海一家在2013年成立的私募,颇具规模,累计发行40只产品,公司CEO也同时是合规负责人。   深圳茶马古道投资发展有限公司联合创始人兼总裁朱思铭向21世纪经济报道记者解释,“在私募备案和引入法律意见书之前,成立一家私募并通过备案发行阳光化私募产品是相对容易的,一些公司实际上的运营、融资、投资、风控人员配备不足,甚至只有1到2人在做。在业绩出众的情况下,投资者一般也不会过多关注风控问题。”   如今,如何解决兼任情况,正是这类私募头疼的问题。   上海一家大型券商负责PB业务的人士透露,公司有私募客户存在“高管风控与投资”兼任的情况,“他们现在正在整改,我们会帮忙查看整改情况。”   他表示,事实上这个要求并不是新要求,只是在过去并没明确。“要看哪些岗位可跟风控重合,譬如可兼任法务、人事,但不能兼任市场、投资、交易业务。”   上海一家营业部总经理则表示,对于准备申请备案的私募,在申请阳光私募登记证明的时候,必须有个高管作为合规风控负责人,且该高管不能同时从事公司投资类相关的业务。   合规人才缺失   上海一家小微私募,其合伙人是公司三款产品的投资经理,他同时是合规负责人。由于出身法律专业,该合伙人在治理公司、搭建风控体系、及时止损上均做到有条不紊。   对于私募监管,他认为应进行分层管理。“国外经验对于不同管理规模的私募,监管程度也不一样。我觉得未来私募行业监管应会出现分层,对于规模小的私募,他们应达到最低监管要求;对于影响力较大的私募,监管对其人员、风控体系应相应加强,形成立体的监管体系。”   对于单独设立合规岗位的问题,他表示,“目前只有大型的私募基金公司有完善的合规体系和架构。风险主要分为公司层面、产品层面和操作层面风险,把这些具体的风险交给一个人或一个部门都是难以完成的,除非这个人既懂法律,又懂基金,还懂运营。这类人才是比较少的。”   朱思铭也表示这类合规人才较为稀缺。“新形势下的合规人才要具备一定的金融、法律的知识和经验,从事过基金内控工作,具备风控体系设计及实施经历,但目前这类人才在私募行业还较为缺乏。”   同时他也指出,成本增加也是个问题。“私募公司中与营收息息相关的部门是投资部门与业务部门,一般来说内控属于私募公司后台范畴,一些私募觉得并没有对风控有着更为深刻的理解,没有把风控放在相对重要的位置。一旦私募的运营成本增加,再遇上目前不乐观的市场环境,会出现不少私募退出行业的情况,但长远来看,准入门槛的提高,私募的洗牌有助于市场规范。”   私募与律师的磨合期   此次私募行业的规范化,还引进了法律意见书。   对于引进法律意见书的原因,朱思铭表示,“私募要进行风控制度的的设立,包括部门架构的搭建,如何做好投资决策。”   他谈道,“在跟律师协商中我发现,很多律师因为不是私募基金行业出身,对股票投资并不是很了解。短时间内让他们给私募基金搭建完善的内控制度,也存在一定难度。一些律师在制度建立上反而要找我们这个行业的人来咨询。”   他希望法律界与金融界有好的沟通机制,促进各项制度范例的建立。双方的专家出来一起讨论如何为私募基金建立合理的各项制度和律所收费标准,给出一些普遍适用的原则指引大家。   上述上海小微私募合伙人表示,目前证券业律师居多,基金律师较少。“有基金律师只懂国外经验,或者只懂如何设立私募基金,但不懂基金运营过程当中产生的问题。律师会有一个学习的过程,律师行业会考虑机会和成本,供需两方会有一个培养过程。”   进入【新浪财经股吧】讨论相关的主题文章: