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2024年8月16日，金融監管總局發布《金融機構合規管理辦法（征求意見稿）》（“《辦法》”）。《辦法》主要適用于依法由金監局及其派出機構監管的銀行、保險公司和金融公司。如商業銀行、政策性銀行、金融控股公司、保險集團（控股）公司、保險公司（包括再保險公司）、消費金融公司、汽車金融公司、金融資產投資公司等機構。與現行《商業銀行合規風險管理指引》相比，《辦法》將合規監管對象的范圍擴大到員工，明確指出合規管理對象包括金融機構經營管理行為及其員工履職行為；創設“合規官”崗位，明確合規官需屬于高級管理人員并應取得任職資格許可及相關資格條件，細化首席合規官、合規官一系列權責，包括對重大違法違規行為或者重大合規風險隱患存在瞞報、漏報情形的，對責任機構和相關負責人的“一票否決”權，重大事項合規審查權，違規行為/風險隱患報告權，組織合規監督檢查權等職權。與現行《保險公司合規管理辦法》相比，《辦法》加強“三道防線”職責：以刪除定期合規自查等具體要求并強調負責本條線本領域合規規范的嚴格執行與有效落實，促進各業務及職能部門和下屬機構主動進行日常合規管控，進而強化由各業務及職能部門、下屬各機構構成的“第一道防線”；以強調合規管理部門負責推動各部門和下屬機構開展合規管理工作的功能，強調合規管理部門“第二道防線”的定位；以將《保險公司合規管理辦法》中建立“明確的合作和信息交流機制”的要求提升到建立“有效的信息交流機制”，加強由內部審計部門構成的“第三道防線”。

2. 金融監管總局：發布《關于印發金融租賃公司業務發展鼓勵清單、負面清單和項目公司業務正面清單的通知》

2024年8月16日，金融監管總局印發了《金融租賃公司業務發展鼓勵清單》（“《鼓勵清單》”）、《金融租賃公司業務發展負面清單》（“《負面清單》”）和《金融租賃公司項目公司業務正面清單》（“《正面清單》”）。《鼓勵清單》列出了金融租賃公司可積極開展的業務領域，包括農林牧漁、新能源、醫藥、船舶和海洋工程等27個產業中的農業機械、風電光伏、光熱發電、醫藥研發、船舶等重要設備和重大技術裝備；《負面清單》重申了已發布實施的《國家金融監督管理總局關于促進金融租賃公司規范經營和合規管理的通知》中的禁止性業務領域要求，例如構筑物、字畫、古玩玉石、低值易耗品等，這一措施旨在避免金融資源的錯配和不當使用，并明確新老劃斷原則，以妥善處置存量業務；《正面清單》的建立基于《金融租賃公司項目公司管理辦法》第三條，并增加了集成電路和算力中心設備。

2024年8月23日，金融監管總局在《網絡小額貸款業務管理暫行辦法（征求意見稿）》及《中國銀保監會關于加強小額貸款公司監督管理的通知（銀保監辦發〔2020〕86號）》（“86號文”）等文件的基礎上，發布了《小額貸款公司監督管理暫行辦法（征求意見稿）》（“《暫行辦法》”）。與86號文相比，《暫行辦法》主要修訂如下：（1）明確將網絡小額貸款公司納入監管范圍；（2）對網絡小額貸款公司的展業方式、經營區域、貸款集中度、互聯網業務信息系統要求、風險防控體系、信息披露要求及過渡期等作出特別規定；（3）明確小額貸款公司可開展商業匯票貼現業務及相關資質要求；（4）加強了對貸款集中度、融資杠桿、貸款用途的監管，保留86號文中“小額貸款公司對同一借款人的各項貸款余額不得超過其凈資產的10%的基礎上，對同一借款人及其關聯方的各項貸款余額不得超過其凈資產的15%的要求，小額貸款公司通過銀行借款、股東借款等非標準化形式融入資金的余額不得超過其凈資產的一倍，通過發行債券、資產證券化產品等標準化形式融入資金的余額不得超過其凈資產的四倍”的相關規定的基礎上，《暫行辦法》進一步區分了消費和生產經營兩種貸款并設置了額度限制；（5）《暫行辦法》在融資用途方面新增了不得用于“股本權益性投資”和“償還貸款或償還其他融資”。

《境外機構投資者境內證券期貨投資資金管理規定》（“《管理規定》”）相比于2020年的舊規，修訂了以下幾個方面的內容：（1）新規合并證券交易人民幣專用存款賬戶和衍生品交易人民幣專用存款賬戶，減少合格境外機構投資者在同一境內托管機構為不同類型投資開立賬戶的數量，減輕其成本負擔。同一境外機構投資者的合格投資者專用賬戶內資金與中國債券市場投資專用資金賬戶內資金，可根據境內投資需要在境內直接雙向劃轉，后續交易及資金使用、匯兌等遵循劃轉后渠道的相關管理要求；（2）新規優化了合格境外機構投資者跨境資金流動管理，完善了資金流入和流出的幣種管理原則。新規允許以人民幣匯出，進一步滿足了境外投資者資金匯兌的便利需求，但值得注意的是，如果合格境外機構投資者的投資本金和收益是以人民幣匯入的，則只能以人民幣匯出；（3）根據新規，合格境外機構投資者還可以通過其他境內金融機構，或成為中國外匯交易中心會員，進入銀行間外匯市場開展即期結售匯和外匯衍生產品交易，不再局限于舊規中只能通過境內托管銀行開展的相對單一的模式。

2024年8月28日，海南省政府辦公廳發布修訂后的《海南自由貿易港建設投資基金管理辦法》（“《辦法》”）。《辦法》有以下三點值得關注：

（1）規定自貿港基金原則上采用“母-子基金”投資方式運作，但經基金投資運作聯席會議審議同意，自貿港基金也可直投項目或參與發起設立項目制專項子基金；

（2）明確自貿港基金對子基金的出資比例、返投要求、收益分配和讓利措施，將自貿港基金對社會資本的讓利與子基金投資省內項目金額掛鉤，若子基金投資省內項目的金額達到自貿港基金出資額2倍、2.5倍、3倍的，自貿港基金可將該子基金投資所得超額收益的20%、40%、60%進行讓利；

（3）規定基金績效評價指標、實施方法、績效評價結果應用等事項，將績效評價結果與管理費支付等掛鉤，績效評價結果為優秀、良好、合格、較差的，自貿港基金將分別按照實際到位投資額100%、80%、60%、40%的比例相應支付年度管理費。

自2024年8月1日實施《私募證券投資基金運作指引》（“《運作指引》”）以來，基金管理人在新產品備案過程中收到中基協諸多反饋。為幫助管理人順利備案，我們總結了重點反饋意見：

（1）在設計產品時，約定按周開放的固定開放日如遇非交易日的，不得跨周順延，基金管理人可以選擇不順延或者順延至下一交易日，如本周無下一交易日的則本周不開放，以避免順延后可能會造成一周開放兩次；

（2）雖然《運作指引》未明確，但場外衍生品、私募基金、資管產品、新三板等投資標的屬于指引規定的流動受限資產，基金投資該等資產合計超過凈資產20%的，至多每季度開放一次申購、贖回，每次開放不得超過5天；

（3）基金合同中應明確約定份額鎖定期且不少于3個月，否則必須約定基金份額持有期限對應的短期贖回費用安排，相關贖回費至少應覆蓋3個月，贖回費用歸屬于基金，基金管理人及其員工跟投的，鎖定期不少于6月。

2024年8月16日，證監會發布2024年上半年證監會行政執法情況綜述。2024年上半年，證監會在行政執法方面繼續加強對證券市場的監管，確保市場的公正與透明。首先，證監會積極推動法規的全面落地，認真落實《關于進一步做好資本市場財務造假綜合懲防工作的意見》相關要求以及《國務院關于加強監管防范風險推動資本市場高質量發展的若干意見》。其次，證監會加大了對違法違規行為的打擊力度，特別是在信息披露、市場操縱和內幕交易等領域，通過嚴格查處一系列案件，強化了對市場參與者的警示作用，維護了投資者的合法權益。此外，證監會加強了與最高人民法院、最高人民檢察院、中華人民共和國財政部、中國人民銀行以及中華人民共和國公安部等部門的協作，通過信息共享與聯合執法，提高了案件查處的效率和效果。

2024年8月23日，中基協發布2024年第1期《私募基金登記備案動態》，對《私募投資基金登記備案辦法》和配套指引實施以來私募基金管理人登記中的共性問題、典型問題、熱點和難點問題予以解析。典型問題包括：（1）提供虛假登記材料，如偽造高管履歷及投資業績材料；（2）控股股東、普通合伙人、實際控制人財務狀況和經營情況存在問題，如日常經營所得不足以覆蓋債務成本、資產負債率高以及股東與關聯方之間存在大額異常資金往來等情況；（3）控股股東、實際控制人和高管的專業性不佳，在控股股東和實際控制人不是同一主體的情況下，應當兩者均符合專業性要求，并且在審查過往工作經驗的相關機構時，除了關注原任職機構的類型、業務性質和工作年限外，還需要重點對運作正常、合規穩健等要求進行核查。

On August 16, 2024, the NFRA released the “Measures for the Compliance Management of Financial Institutions (Draft for Comments)” (“Measures”). The Measures primarily applies to banks, insurance companies, and financial companies regulated by the NFRA and its regional offices. These include but not limit to commercial banks, policy banks, financial holding companies, insurance groups, insurance companies (including reinsurers), consumer finance companies, auto finance companies, and financial asset investment companies.

(1) The “first line of defense” is enhanced by removing the requirement for periodic self-assessments and emphasizing strict enforcement of compliance by all departments and subordinate institutions, encouraging proactive daily compliance management;

(2) The “second line of defense” emphasizes the role of the compliance management department in overseeing compliance efforts across all departments and institutions;

(3) The “third line of defense” formed by internal audit departments, is reinforced by upgrading the requirement for “clear cooperation and information exchange mechanisms” to “effective information exchange mechanisms”.

On August 16, 2024, NFRA issued the “Encouraged List for the Business Development of Financial Leasing Companies” (“Encouraged List”), the “Negative List for the Business Development of Financial Leasing Companies” (“Negative List”), and the “Positive List for Project Company Business of Financial Leasing Companies” (“Positive List”). The Encouraged List highlights sectors where financial leasing companies are encouraged to actively engage, including key equipment and major technological assets in 27 industries such as agriculture, forestry, animal husbandry, fisheries, renewable energy, pharmaceuticals, shipbuilding, and marine engineering. The Negative List reaffirms prohibitive business areas as specified in the previously issued “Notice by the State Administration for Financial Regulation of Promoting Standardized Operation and Compliant Management of Financial Leasing Companies”, such as structures, artwork, antiques, and low-value consumables, aimed at avoiding misallocation and misuse of financial resources, while establishing clear distinctions between old and new businesses for ensuring existing operations. The Positive List, based on Article 3 of the “Measures for the Administration of Project Companies of Financial Leasing Companies”, includes additional categories such as integrated circuits and computing center equipment.

Haiwen Comments

On August 23, 2024, the NFRA released the “Interim Measures for the Supervision and Administration of Microfinance Companies (Draft for Comments)” (“Interim Measures”) based on the “Interim Measures for the Administration of Online Microfinance Business (Draft for Comments)” and the “Notice by the General Office of the China Banking and Insurance Regulatory Commission of Strengthening the Supervision and Administration of Microfinance Companies” (“Document No. 86”).

(1) Explicit inclusion of online microfinance companies under the regulatory scope;

(2) Specific provisions on the business model, operational regions, loan concentration, IT system requirements for internet operations, risk control frameworks, information disclosure, and transition periods for online microfinance companies;

(3) Allowance for microfinance companies to engage in commercial bill discounting and the relevant qualification requirements;

(4) Enhanced supervision of loan concentration, financing leverage, and loan usages. In addition to maintaining the requirements from Document No. 86 that a microfinance company’s total outstanding loans to a single borrower must not exceed 10% of its net assets, and loans to a single borrower and its related parties must not exceed 15% of its net assets, the Interim Measures further differentiate between consumer loans and business loans, imposing specific limits;

(5) Introduction of restrictions on financing uses, prohibiting the use of loans for “equity investments” or “repaying loans or other forms of financing”.

The “Provisions on the Administration of Domestic Securities and Futures Investment Funds of Foreign Institutional Investors” (“Provisions”), which came into effect on August 26, 2024, introduced several key revisions compared to the 2020 rules:

(1) The new Provisions consolidates the RMB special deposit accounts for securities transactions and derivatives transactions, reducing the number of accounts that qualified foreign institutional investors (“QFII”) need to open with the same domestic custodian for different types of investments, thereby lowering their cost burden. The funds in the QFII’s special deposit accounts and the funds in the special accounts for the bond market can be directly transferred to each other within China based on domestic investment needs, as required by investment needs, with subsequent transactions and the use of funds adhering to the management requirements of the respective channels after the transfer;

(2) The new Provisions optimizes the management of cross-border capital flows for QFIIs and improve the principles governing the management of currency inflows and outflows. It permits the repatriation of funds in RMB, further facilitating currency exchange for foreign investors. However, it is important to note that if the investment principal and returns are remitted in RMB, they must also be only repatriated in RMB; the principles governing the management of currency inflows and outflows permit the repatriation of funds in RMB.

(3) Under the new Provisions, QFIIs may also engage in spot foreign exchange and foreign exchange derivative transactions in the interbank foreign exchange market through other domestic financial institutions or by becoming a member of the China Foreign Exchange Trading System. This represents a departure from the old rules, which limited such activities to domestic custodian banks.

On August 28, 2024, the General Office of Hainan Provincial Government released the revised “Administrative Measures for Investment Funds in the Hainan Free Trade Port” (“Administrative Measures”).

(1) The Administrative Measures stipulates that the free Trade Port Fund will primarily operate using an parent-subsidiary fund (“FOF”) investment model. However, with approval from the joint fund investment committee, the Free Trade Port Fund may directly invest in projects or participate in the establishment of project-based special purpose underlying funds;

(2) The Administrative Measures clarifies the equity contribution ratios, reinvestment requirements, profit distribution, and profit-sharing measures for the underlying funds. The benefits offered to social capital by the Free Trade Port Fund are linked to the amount invested by subsidiary funds in provincial projects, allowing for profit-sharing of 20%, 40%, or 60% of excess returns based on achieving investment multiples of 2, 2.5, or 3 times the fund's contributions;

(3) The Administrative Measures establishes performance evaluation metrics, methods, and applications of evaluation results, which are tied to the payment of management fees. Based on the results of the performance evaluation (excellent, good, qualified, or poor), the fund will pay annual management fees at 100%, 80%, 60%, or 40% of the actual invested amount, respectively.

The Measures clearly stipulates the functional positioning, management structure, investment operations, and supervision mechanisms of the Free Trade Port Fund, fostering its continuous and healthy operation. Additionally, by establishing incentive mechanisms and performance evaluations, the Administrative Measures aims to achieve efficient allocation and utilization of funds.

Significant Feedback on the Guidelines for the Operation of Private Securities Investment Funds since the implementation of the “Guidelines for the Operation of Private Securities Investment Funds” (the “Operation Guidelines”) on August 1, 2024, have received numerous feedback comments from AMAC during the registration of new products. To assist managers in smoothly completing the registration process, we have summarized key feedback points:

(1) When designing products, if a fixed open day scheduled weekly falls on a non-trading day, the opening day may not be deferred to the next week. Fund managers can either choose not to defer or defer to the next trading day. If there is no subsequent trading day that week, the fund will remain closed to avoid opening twice in one week;

(2) Although the Operation Guidelines do not specify this, investment targets such as OTC derivatives, private equity funds, asset management products, and New Third Board shares are considered illiquid assets under the Operation Guidelines. If a fund invests more than 20% of its net assets in these instruments, it may open for subscriptions and redemptions no more than once per quarter, with each opening lasting no more than five days;

(3) The fund contract should clearly specify a lock-up period for fund units of no less than three months. Otherwise, a short-term redemption fee arrangement must be in place, with the applicable redemption fees covering at least three months. The redemption fees should belong to the fund, and for fund managers or employees investing in the fund, the lock-up period must be at least six months.

On August 16, 2024, the CSRC released an overview of its administrative law enforcement activities for the first half of 2024. During this period, the CSRC continued to strengthen its oversight of the securities market to ensure fairness and transparency.

On August 23, 2024, the AMAC released the first issue of the “Dynamic Report on the Registration and Filing of Private Funds” for 2024, which analyzes common, typical, hot, and difficult issues encountered by private fund managers since the implementation of the “Measures for the Registration and Record-filing of Private Investment Funds” and its supporting guidelines.

(1) Submission of registration materials, such as falsified executive resumes and investment performance records;

(2) Financial and operational issues concerning controlling shareholders, general partners, and actual controllers, such as insufficient daily operational income to cover debt costs, high debt-to-equity ratios, and significant abnormal fund transfers between shareholders and related parties;

(3) Inadequate professionalism of controlling shareholders, actual controllers, and executives. In cases where controlling shareholders and actual controllers are not the same entity, both must meet the required professional requirements. When reviewing the relevant institutions of past work experience, in addition to considering the type, business nature, and tenure at previous employers, it is also important to focus on whether the institutions were operating normally, in compliance, and in a stable manner.