2024-10-29
海問金融資管月刊（雙語）（2024年9月）
作者：
張凱南
魏雙娟
楊雨格 *本文其他作者：劉維佳、劉睿
引言
為便于業界及時了解金融資管行業熱點，海問每月發布《海問金融資管月刊》，介紹并簡評監管新規及行業動態。
2024年9月，監管新規方面，中央金融委員會辦公室（“中央金融辦”）和中國證券監督管理委員會（“證監會”）聯合印發《關于推動中長期資金入市的指導意見》；證監會發布《證監會系統離職人員入股擬上市企業監管規定（試行）》和《關于深化上市公司并購重組市場改革的意見》；國家外匯管理局（“外匯管理局”）發布《銀行外匯風險交易報告管理辦法（試行）（征求意見稿）》。
行業動態方面，中國證券投資基金業協會（“基金業協會”）召開《促進創業投資高質量發展的若干政策措施》座談會；國家金融監督管理總局（“金融監管總局”）發布《關于部分非銀機構差異化適用公司治理等相關監管規定的通知》《關于做好金融資產投資公司股權投資擴大試點工作的通知》和《關于擴大金融資產投資公司股權投資試點范圍的通知》；海南省人民代表大會常務委員會（“海南省人大常委會”）公布《海南自由貿易港極簡審批條例》。
一、新規速遞
2024年9月26日，中央金融辦、證監會聯合印發《關于推動中長期資金入市的指導意見》（“《中長期資金入市指導意見》”）提出大力引導中長期資金入市。指導意見主要包括三方面舉措：
（1）建設培育鼓勵長期投資的資本市場生態。多項舉措并舉提高上市公司質量，鼓勵具備條件的上市公司回購增持，有效提升上市公司投資價值。嚴厲打擊資本市場各類違法行為，持續塑造健康的市場生態。
（2）大力發展權益類公募基金，支持私募證券投資基金穩健發展。加強基金公司投研核心能力建設，制定科學合理、公平有效的投研能力評價指標體系，引導基金公司從規模導向向投資者回報導向轉變。豐富公募基金可投資產類別，建立ETF指數基金快速審批通道，持續提高權益類基金規模和占比。鼓勵私募證券投資基金豐富產品類型和投資策略，推動證券基金期貨經營機構提高權益類私募資管業務占比，適配居民差異化財富管理需求。
（3）著力完善各類中長期資金入市配套政策制度。建立健全商業保險資金、各類養老金等中長期資金的三年以上長周期考核機制，推動樹立長期業績導向。完善全國社保基金、基本養老保險基金投資政策制度，支持具備條件的用人單位放開企業年金個人投資選擇，鼓勵企業年金基金管理人探索開展差異化投資。
海問簡評
2024年9月6日，證監會發布《證監會系統離職人員入股擬上市企業監管規定（試行）》（“《離職人員監管規定》”），進一步加強證監會對其系統內離職人員入股擬上市企業的管理。《離職人員監管規定》吸納了《監管規則適用指引—發行類第2號》的主要內容，并新增三方面規定：
（1）拉長離職人員入股禁止期。將離職前五年內曾任職發行監管崗位或離職前屬于會管干部的離職人員入股禁止期延長至10年；發行監管崗位或會管干部以外的離職人員，處級及以上離職人員入股禁止期從3年延長至5年，處級以下離職人員從2年延長至4年。
（2）擴大從嚴監管的離職人員范圍。將從嚴審核的范圍從離職人員本人擴大至其父母、配偶、子女及其配偶。
（3）提出更高核查要求。中介機構要對離職人員投資背景、資金來源、價格公平性、清理真實性等做充分核查，證監會對有關工作核查復核。證券交易所在制度執行中，應當向擬上市企業、中介機構等各方做好政策解讀和引導等工作。
海問簡評
3. 證監會：發布《關于深化上市公司并購重組市場改革的意見》
2024年9月24日，證監會發布《關于深化上市公司并購重組市場改革的意見》（“《上市公司并購重組市場改革意見》”），《上市公司并購重組市場改革意見》主要內容如下：
（1）支持上市公司向新質生產力方向轉型升級。積極支持上市公司圍繞戰略性新興產業、未來產業等進行并購重組，包括開展基于轉型升級等目標的跨行業并購、有助于補鏈強鏈和提升關鍵技術水平的未盈利資產收購，以及支持“兩創”板塊公司并購產業鏈上下游資產等。
（2）鼓勵上市公司加強產業整合。繼續助力傳統行業通過重組合理提升產業集中度，提升資源配置效率。對于上市公司之間的整合需求，將通過完善限售期規定、簡化審核程序等方式予以支持。
（3）進一步提高監管包容度。證監會將在尊重規則的同時，尊重市場規律、尊重經濟規律、尊重創新規律，進一步提高對重組估值、業績承諾、同業競爭和關聯交易等事項的包容度，進一步發揮市場優化資源配置的作用。
（4）提升重組市場交易效率。支持上市公司根據交易安排，分期發行股份和可轉債等支付工具、分期支付交易對價、分期配套融資，以提高交易靈活性和資金使用效率。建立重組簡易審核程序，對符合條件的上市公司重組，大幅簡化審核流程、縮短審核時限。
（5）提升中介機構服務水平。引導證券公司等中介機構充分發揮交易撮合和專業服務作用，助力上市公司實施高質量并購重組。
（6）依法加強監管。引導交易各方規范開展并購重組活動、嚴格履行信息披露等各項法定義務，打擊各類違法違規行為。
海問簡評
海問簡評
二、行業動態
1. 基金業協會：召開《促進創業投資高質量發展的若干政策措施》座談會
2024年9月，基金業協會在廈門召開貫徹落實《促進創業投資高質量發展的若干政策措施》（“創投十七條”）座談會暨協會早期投資、創業投資基金及長期資金委員會2024年度聯席會議。
2. 金融監管總局：發布《關于部分非銀機構差異化適用公司治理等相關監管規定的通知》
2024年9月10日，金融監管總局就金融租賃公司、企業集團財務公司、消費金融公司、汽車金融公司和貨幣經紀公司五類非銀機構的監管，發布《關于部分非銀機構差異化適用公司治理等相關監管規定的通知》（“《非銀機構差異化適用公司治理的通知》”）。主要內容包括：
（1）對于同一股東及其關聯方、一致行動人合計全資控股的有限責任公司形式的非銀機構，不強制要求董事會人數最少為五人，可以按照《中華人民共和國公司法》董事會成員為三人以上的規定執行。
（2）對于股權較為集中的非銀機構，即主要股東（同一股東及其關聯方視為一名股東）數量不超過五個的非銀機構，對同一股東及其關聯方提名的董事數量占比不限制在三分之一以下，并可按照適當分散的原則并結合實際合理確定獨立董事、外部監事的人數。
（3）在有效保障董事會內部制衡有效性和董事獨立性的前提下，對于全部主要股東均已提名非獨立董事的非銀機構，已經提名非獨立董事的股東及其關聯方可以再提名獨立董事。
（4）同一股東及其關聯方、一致行動人合計持股比例超過50%的未上市非銀機構，可以結合實際自行決定是否設置獨立董事。但不設立獨立董事的情況下，應當建立健全其他內部監督制衡機制，保護中小股東合法權益。
（5）允許未上市的非銀機構不設置董事會秘書。
（6）企業集團財務公司關聯交易管理、審查和風險控制等職責可以由董事會下設專業委員會負責。
（7）適當調整部分資本管理規定，以契合非銀機構的經營特征和風險水平。
3. 金融監管總局：發布《關于做好金融資產投資公司股權投資擴大試點工作的通知》和《關于擴大金融資產投資公司股權投資試點范圍的通知》
2024年9月14日，金融監管總局發布《關于做好金融資產投資公司股權投資擴大試點工作的通知》（“《擴大試點工作通知》”）。2024年9月24日，金融監管總局發布《關于擴大金融資產投資公司股權投資試點范圍的通知》（“《擴大試點范圍通知》”）。金融監管總局介紹，大型商業銀行下設的金融資產投資公司通過先期在上海開展股權投資試點，探索了路徑，積累了經驗，鍛煉了隊伍，已具備擴大試點的條件。《擴大試點工作通知》提出，納入金融資產投資公司股權投資試點的地區應滿足經濟實力較強、科技企業數量較多、研發投入量較大、股權投資活躍等條件。根據上述條件，經相關部門商討，《擴大試點范圍通知》規定金融資產投資公司股權投資試點范圍由上海擴大至北京、天津、上海、重慶、南京、杭州、合肥、濟南、武漢、長沙、廣州、成都、西安、寧波、廈門、青島、深圳、蘇州等18個大中型城市。
4. 海南省人大常委會：公布《海南自由貿易港極簡審批條例》
2024年9月30日，海南省人大常委會發布《海南自由貿易港極簡審批條例》（“《極簡審批條例》”）。《極簡審批條例》的主要內容有：
（1）聚焦投資全領域全流程，從企業投資經營的角度，按行業全面推行投資領域極簡審批，并吸收借鑒先進地區“一業一證”“一照通行”“一件事一次辦”“一枚印章管審批”“信用+免審”“區域互認”等經驗做法。
（2）優化完善行政審批流程。推行“一次性告知”“一次性承諾”“一次性受理”措施；行政審批服務部門或者重點園區管理機構集中統一辦理審批手續，并采用信用免審制度、跨區域互認通用等創新舉措進一步縮短審批時間。
（3）專章規定工程建設項目領域的極簡審批。對各市縣和經營主體普遍認可的極簡審批舉措予以充分吸收，并授權省人民政府公布可以推行工程建設項目領域極簡審批的重點園區和其他條件成熟區域名錄。
（4）加強社會信用體系建設。信用記錄中納入極簡審批過程中產生的信用承諾信息和信用承諾履約情況，并依法歸集至信用信息共享平臺；明確建立與信用等級和風險程度相關聯、以“雙隨機、一公開”監管為基本手段、以重點監管為補充、以信用監管為基礎的極簡審批監管機制。
Introduction
I Latest Rules and Regulations
On September 26, 2024, the CFC Office and CSRC jointly issued the "Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market" (the "MLT Funds Guiding Opinions"), which aims to strongly encourage medium and long-term funds to enter the market. The MLT Funds Guiding Opinions primarily include three aspects of measures:
(1) Building and nurturing a capital market ecosystem that encourages long-term investment. Multiple measures are implemented simultaneously to improve the quality of listed companies, encourage qualified listed companies to conduct share buybacks and increase holdings, and effectively enhance the investment value of listed companies. Strictly crack down on various illegal activities in the capital market and continuously shape a healthy market ecosystem.
(2) Vigorously developing equity public funds and supporting the steady development of private securities investment funds. Strengthen fund companies' core investment research capabilities, establish a scientific, reasonable, fair, and effective evaluation system for investment research capabilities, and guide fund companies to shift from scale-oriented to investor return-oriented approaches. Enrich the investable asset classes for public funds, establish a fast-track approval channel for ETF index funds, and continuously increase the scale and proportion of equity funds. Encourage private securities investment funds to diversify product types and investment strategies, promote securities, fund, and futures institutions to increase the proportion of equity private asset management business, and accommodate residents' differentiated wealth management needs.
(3) Focus on improving supporting policies and systems for various medium and long-term funds to enter the market. Establish and improve the three-year or longer evaluation mechanism for commercial insurance funds, various pension funds, and other medium and long-term funds, promoting a long-term performance orientation. Improve investment policy systems for the National Social Security Fund and basic pension insurance funds, support qualified employers to open up individual investment choices for enterprise annuities, and encourage enterprise annuity fund managers to explore differentiated investment approaches.
2. CSRC Issued the "Regulatory Provisions on Former CSRC System Employees' Investment in Pre-IPO Companies (Trial)"
On September 6, 2024, the CSRC issued the "Regulatory Provisions on Former CSRC System Employees' Investment in Pre-IPO Companies (Trial)" (the "Former Employee Investment Provisions"), further strengthening the CSRC's management of investments in pre-IPO companies by former employees within its system. The Former Employee Investment Provisions incorporate the main contents of the "Guidelines for the Application of Regulatory Rules - Issuance Series No. 2" and add three new aspects:
(1) Extended prohibition period for former employees' investment. The investment prohibition period is extended to 10 years for former employees who held IPO regulatory positions within five years before departure or were department-level cadres at the time of departure; for former employees other than those in IPO regulatory positions or department-level cadres, the prohibition period is extended from 3 to 5 years for division-level and above former employees, and from 2 to 4 years for below division-level former employees.
(2) Expanded scope of strict review. The scope of strict review is expanded from former employees themselves to include their parents, spouses, children, and their spouses.
(3) Enhanced verification requirements. Intermediary institutions must thoroughly verify former employees' investment background, funding sources, price fairness, and authenticity of disposals, with the CSRC reviewing such verification work. Stock exchanges should provide policy interpretation and guidance to pre-IPO companies, intermediary institutions, and other parties in implementing these regulations.
3. CSRC Issued the "Opinions on Furthering the Market Reform for the Mergers, Acquisitions, and Restructurings of Listed Companies"
On September 24, 2024, the CSRC issued the "Opinions on Furthering the Market Reform for the Mergers, Acquisitions, and Restructurings of Listed Companies" (the "M&A Reform Opinions"). The main contents include:
(1) Supporting listed companies' transformation towards new productive forces. Actively support listed companies' M&A activities in strategic emerging industries and future industries, including cross-industry M&A for transformation and upgrading, acquisition of pre-profit assets that strengthen supply chains and enhance key technical capabilities, and supporting companies listed on ChiNext and STAR Market to acquire upstream and downstream assets.
(2) Encouraging industry consolidation by listed companies. Continue supporting traditional industries to reasonably increase industrial concentration through restructuring and improve resource allocation efficiency. Support integration between listed companies through optimized lock-up period provisions and simplified review procedures.
(3) Further increasing regulatory tolerance. While respecting rules, the CSRC will respect market principles, economic laws, and innovation patterns, showing greater tolerance for matters such as restructuring valuation, performance commitments, industry competition, and related-party transactions, further enabling market-based resource allocation.
(4) Improving transaction efficiency. Support listed companies in implementing phased issuance of shares and convertible bonds as payment instruments, staged payment of transaction considerations, and phased matching financing according to trading arrangements, to enhance transaction flexibility and capital utilization efficiency. Establish simplified review procedures for restructuring, significantly streamline the review process and shorten review timelines for qualified listed companies' restructuring activities.
(5) Enhancing intermediary service quality. Guide securities firms and other intermediaries to fully leverage their role in transaction matching and professional services, supporting high-quality M&A by listed companies.
(6) Strengthening regulatory oversight. Guide transaction parties to conduct compliant M&A activities, strictly fulfill information disclosure and other legal obligations, and crack down on violations.
4. SAFE Issued the "Administrative Measures for Banks' Foreign Exchange Risk Transaction Reporting (Trial) (Draft for Comments)"
On September 14, 2024, SAFE issued the "Administrative Measures for Banks' Foreign Exchange Risk Transaction Reporting (Trial) (Draft for Comments)" (the "Forex Risk Reporting Measures"). The Forex Risk Reporting Measures specify monitoring and reporting requirements when banks discover or have reasonable grounds to suspect clients' foreign exchange risk transactions; clarify that foreign exchange risk transactions include illegal cross-border fund movements such as fake trade, underground banking, cross-border gambling, fraudulent export tax rebates, and illegal cross-border virtual currency financial activities; specify that banks should report through their headquarters or designated institutions to SAFE within 5 working days after confirming foreign exchange risk transaction information according to internal procedures. The Forex Risk Reporting Measures also require banks to strengthen internal management related to foreign exchange business reform, provide necessary personnel, systems, and information resources, establish monitoring systems, ensure comprehensive and accurate collection and analysis of transaction entity identification and transaction information, and maintain proper record-keeping and information security management.
II Industry News
1. AMAC Held a Symposium on "Several Policy Measures to Promote High-quality Development of Venture Capital Investment"
In September 2024, AMAC held a symposium in Xiamen on implementing the "Several Policy Measures to Promote High-quality Development of Venture Capital Investment" ("17 VC Measures") and the 2024 joint meeting of AMAC's Early-stage Investment, Venture Capital Fund, and Long-term Capital Committees.
2. NFRA Issued the "Notice of the Differentiated Application of Relevant Regulatory Provisions on Corporate Governance and Other Matters to Certain Non-banking Institutions"
On September 10, 2024, NFRA issued the "Notice of the Differentiated Application of Relevant Regulatory Provisions on Corporate Governance and Other Matters to Certain Non-banking Institutions" for supervising five types of non-banking institutions (financial leasing companies, corporate group finance companies, consumer finance companies, auto finance companies, and money brokerage companies). Key provisions include:
(1) Non-banking institutions in the form of fully-owned limited liability companies by the same shareholder and its affiliates or persons acting in concert are not required to have a minimum of five board members; they can follow the Company Law requiring at least three board members.
(2) For non-banking institutions with concentrated shareholding (up to five main shareholders, including affiliates as one), there is no restriction on the proportion of directors nominated by the same shareholder to be less than one-third. The number of independent directors and external supervisors can be determined based on appropriate diversification principles and actual conditions.
(3) Under the premise of effectively ensuring the internal checks and balances of the board of directors and director independence, for non-banking institutions where all major shareholders have already nominated non-independent directors, shareholders who have nominated non-independent directors and their related parties may also nominate independent directors.
(4) For unlisted non-banking institutions where a single shareholder and its related parties or persons acting in concert hold a combined stake exceeding 50%, they may decide whether to appoint independent directors based on their actual circumstances. However, if independent directors are not appointed, other internal supervision and checks-and-balances mechanisms should be established to protect the legitimate rights and interests of minority shareholders.
(5) Unlisted non-banking institutions are not required to have a board secretary.
(6) The responsibilities of related-party transaction management, review, and risk control for finance companies can be assigned to specialized committees under the board of directors.
(7) Appropriately adjust certain capital management regulations to align with the operational characteristics and risk levels of non-banking institutions.
3. NFRA Issued the "Notice of Effectively Completing the Work of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" and the "Notice of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies"
On September 14, 2024, the NFRA issued the "Notice of Effectively Completing the Work of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" (the "Pilot Work Notice"). On September 24, 2024, the NFRA issued the "Notice of Expanding the Scope of the Pilot Program of Equity Investment by Financial Asset Investment Companies" (the "Pilot Scope Notice"). The NFRA explained that financial asset investment companies under large commercial banks have explored pathways, accumulated experience, and developed teams through the initial equity investment pilot program in Shanghai, and are now ready for pilot expansion. The Pilot Work Notice stipulates that regions included in the financial asset investment companies' equity investment pilot program should meet conditions such as strong economic strength, large number of technology enterprises, substantial R&D investment, and active equity investment. Based on these conditions, after discussion among relevant departments, the Pilot Scope Notice expands the pilot program from Shanghai to 18 large and medium-sized cities, including Beijing, Tianjin, Shanghai, Chongqing, Nanjing, Hangzhou, Hefei, Jinan, Wuhan, Changsha, Guangzhou, Chengdu, Xi'an, Ningbo, Xiamen, Qingdao, Shenzhen, and Suzhou.
4. Hainan PC Standing Committee Promulgated the "Regulations on Ultra-simplified Approval in Hainan Free Trade Port"
On September 30, 2024, the Hainan PC Standing Committee promulgated the "Regulations on Ultra-simplified Approval in Hainan Free Trade Port" (the "Ultra-simplified Approval Regulations"). The main contents include:
(1) Focusing on the entire investment process across all sectors, implementing ultra-simplified approval from the perspective of enterprise investment and operation, and incorporating successful practices from advanced regions such as "one industry, one license," "universal business license", "one-stop service," "one-seal approval," "credit-based exemption," and "regional mutual recognition."
(2) Optimizing administrative approval processes. Ultra-simplified Approval Regulations implement "one-time notification," "one-time commitment," and "one-time acceptance" measures. Administrative approval service departments or key park management institutions will handle approval procedures in a centralized manner, adopting innovative measures such as credit-based exemption and cross-regional mutual recognition to further reduce approval time.
(3) Dedicating a special chapter to ultra-simplified approval in construction projects. The regulations incorporate ultra-simplified approval measures widely recognized by cities, counties, and business entities, and authorize the provincial government to publish a list of key parks and other qualified areas where ultra-simplified approval for construction projects can be implemented.
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近日，北京市海問律師事務所（“本所”）發現，網絡上存在將一家名為“廣州海問睿律咨詢顧問有限公司”的主體與本所進行不當關聯的大量不實信息，導致社會公眾產生混淆與誤解，也對本所的聲譽及正常執業活動造成不良影響。
本所特此澄清，本所與“廣州海問睿律咨詢顧問有限公司”（成立于2025年11月）不存在任何隸屬、投資、關聯、合作、授權或品牌許可關系，亦從未授權任何主體以“海問”的名義提供法律咨詢服務，該公司的任何行為與本所無關。更多詳情，請點擊左下方按鈕查看。
