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11月，監管新規方面，國家金融監督管理總局（以下簡稱“金融監管總局”）發布《金融資產管理公司不良資產業務管理辦法》；中華人民共和國商務部（“商務部”）、中國證券監督管理委員會（“中國證監會”）、國務院國有資產監督管理委員會（“國務院國資委”）、國家稅務總局（“稅務總局”）、國家市場監督管理總局（“市場監管總局”）、國家外匯管理局（“國家外匯局”）發布《外國投資者對上市公司戰略投資管理辦法》。
行業動態方面，中國人民銀行、中華人民共和國國家發展和改革委員會（“國家發展改革委”）、中華人民共和國工業和信息化部（“工業和信息化部”）、金融監管總局、中國證監會、國家數據局、國家外匯局聯合印發《推動數字金融高質量發展行動方案》；中國證監會發布《上市公司監管指引第10號——市值管理》；上海證券交易所（“上交所”）、深圳證券交易所（“深交所”）、北京證券交易所（“北交所”）就上市公司可持續發展報告編制指南公開征求意見；中國證券投資基金業協會（“基金業協會”）發布《私募基金登記備案動態（2024年）第2期）》，同時海問總結部分私募基金備案反饋意見以供了解。1. 金融監管總局：發布《金融資產管理公司不良資產業務管理辦法》
金融監管總局于2024年11月11日發布《金融資產管理公司不良資產業務管理辦法》（“《不良資產業務管理辦法》”）《不良資產業務管理辦法》共八章七十條，涵蓋總則、不良資產收購、不良資產管理、不良資產處置、其他與不良資產相關業務、風險管理、監督管理及附則等內容。其核心內容主要體現在以下四個方面：
（1）《不良資產業務管理辦法》擴大了金融不良資產的收購范圍，并明確細化非金融機構不良資產的收購標準。（2）《不良資產業務管理辦法》進一步細化不良資產從收購、管理到處置的全流程操作規范，明確盡職調查、處置定價以及處置公告等關鍵環節的監管要求。（3）《不良資產業務管理辦法》要求金融資產管理公司建立完善的審批與決策機制，強化對不良資產收購、管理和處置各環節的內部控制和風險監督。（4）《不良資產業務管理辦法》提出，金融資產管理公司可根據自身資源條件及競爭優勢，圍繞不良資產相關業務開展咨詢顧問、受托處置等輕資產服務。海問簡評
《不良資產業務管理辦法》引導金融資產管理公司專注不良資產主業，充分發揮其金融救助和逆周期調節的作用，可在當前經濟形勢下加強防范并進一步化解金融風險。2. 商務部、中國證監會、國務院國資委、稅務總局、市場監管總局、國家外匯局：發布《外國投資者對上市公司戰略投資管理辦法》商務部等相關國家機關于2024年11月1日發布《外國投資者對上市公司戰略投資管理辦法》（“《戰投辦法》”）。相比于2020年《外國投資者對上市公司戰略投資管理辦法》修訂草案，《戰投辦法》有以下三個亮點：
（1）中介機構作用強化?！稇鹜掇k法》要求外國投資者戰略投資項目聘請中介機構（如財務顧問、保薦機構或律師事務所）進行盡職調查，評估外資準入限制、國家安全及外國投資者是否符合資質條件等事項，并出具報告逐項發表意見并予以披露；中介機構需全面梳理外國投資者通過多種途徑持有上市公司股份的情況；中介機構和上市公司可要求外國投資者提供公開承諾，若在核心領域出現虛假陳述和違法行為，將剝奪其股份分紅、表決等權利。（2）外國投資者參與上市公司定向增發的渠道增加。此前，外國投資者多通過向董事會提前確定的對象發行的方式實現戰略投資，但需滿足證監會關于A股“戰略投資者”的資格要求。現在外國投資者可選擇通過競價的方式發行實現戰略投資。（3）落實允許A股上市公司跨境換股。在《戰投辦法》頒布以前，外資準入規則層面直接對跨境換股進行明確規定的只有《關于外國投資者并購境內企業的規定》（“《外資并購規定》”）。但在《中華人民共和國外商投資法》正式實施后，《外資并購規定》的效力受到了質疑?！稇鹜掇k法》對跨境換股中外國投資者資格和資產要求、用作支付手段的境外公司股權及其底層境外公司情況等均有所放寬，使跨境換股更加可行。關于以上亮點的詳細解讀，請參見《海問·觀察丨千呼萬喚始出來----《外國投資者對上市公司戰略投資管理辦法》落地》。
海問簡評
《戰投辦法》強化外資管理的合規性和透明度，豐富投資路徑，提升國內資本市場吸引力，有利于推動資本市場的法治化與國際化，也平衡市場開放與國家利益保護。1. 中國人民銀行、國家發展改革委、工業和信息化部、金融監管總局、中國證監會、國家數據局、國家外匯局聯合印發《推動數字金融高質量發展行動方案》2024年11月21日，中國人民銀行等相關機構聯合印發《推動數字金融高質量發展行動方案》（“《推動數字金融行動方案》”）?！锻苿訑底纸鹑谛袆臃桨浮诽岢龅?027年底，基本建成適應數字經濟的金融體系，實現數字金融治理、基礎設施和產品服務的全面優化。主要措施包括：
（1）制定數字化戰略，完善數據治理和技術支撐，構建數字生態服務體系，加強人才培養和風險管理，支持中小金融機構探索特色化轉型模式。推動科技自立，加強重點領域技術研究，優化核心系統自主可控能力，通過大數據和隱私計算等技術優化業務模型，提升風險管控和金融服務效率。（2）支持科技金融、綠色金融、普惠金融、養老金融等領域創新發展，推動金融與實體經濟深度融合。運用大數據技術對科技型企業進行精準畫像，提高客戶篩選和風險評估能力，基于碳賬戶和ESG評分，創新綠色金融產品，通過數字技術收集碳足跡信息，提升碳減排核算與綠色風險管理能力。（3）提升支付系統、數據市場和金融基礎設施的質量與安全性；強化數字金融業務合規監管和網絡安全防護。加強支付系統的安全性和連續性，拓展支付場景，穩步推進數字人民幣試點；建立全流程數據安全管理機制，開展網絡安全風險評估與壓力測試，構建證券業數據安全公共服務平臺。2. 中國證監會：發布《上市公司監管指引第10號——市值管理》
2024年11月15日，中國證監會發布《上市公司監管指引第10號——市值管理》（“《指引第10號》”）以進一步引導上市公司關注自身投資價值，切實提升投資者回報。其主要內容有：
（1）明確“市值管理”內涵和方式。將“市值管理”明確定義為以提高公司質量為基礎，以提升公司投資價值和股東回報能力為目的的戰略管理行為，其核心為提高公司質量進而提升公司投資價值。（2）確立上市公司市值管理體系仍以董事會為核心。要求董事會應當密切關注市場對上市公司價值的反映，在市場表現明顯偏離上市公司價值時，審慎分析研判可能的原因，積極采取措施促進上市公司投資價值合理反映上市公司質量；要求董事會在建立董事和高級管理人員的薪酬體系時強化管理層、員工與上市公司長期利益的一致性，激發管理層、員工提升上市公司價值的主動性和積極性；鼓勵控股股東、實際控制人長期持有上市公司股份，保持上市公司控制權的相對穩定。（3）細化對于相關責任主體的法律責任，明確規定上市公司及其控股股東、實際控制人、董事、高級管理人員等責任主體的禁止性行為。3. 上交所、深交所、北交所就上市公司可持續發展報告編制指南公開征求意見
2024年11月6日上交所、深交所、北交所就上市公司可持續發展報告編制指南公開征求意見。主要內容包括提示可持續發展報告的一般要求、闡釋識別和分析重要性議題的方法、明確四要素“治理”“戰略”“影響、風險和機遇管理”“指標與目標”披露要求及示例以及說明報告框架、披露項歸類、披露項說明的方法。
4. 基金業協會：發布《私募基金登記備案動態（2024年）第2期》
2024年11月1日，基金業協會發布《私募基金登記備案動態（2024年）第2期》分享了以下三個典型案例：
（1）私募基金管理人A于2016年完成管理人登記，目前，AMBERS系統中顯示的私募基金管理人A的員工人數不足5人，財務報表中存在大額應收款項，凈資產為負。私募基金管理人A僅于2017年備案過一只私募基金，基金實繳規模1000萬。私募基金管理人A近期提交新基金備案申請。私募基金管理人A不符合財務狀況良好、專職員工不少于5人等基本經營要求，基金業協會要求私募基金管理人A限期改正，暫停相關基金備案，后續根據整改情況辦理基金備案。（2）私募基金管理人A近期提交私募基金B備案申請，AMBERS系統中登記的股東信息與工商登記信息不一致。經基金業協會進行核查，發現管理人A在2023年3月份就已經發生了實際控制人變更，隨后還發生了法定代表人、高級管理人員等重大事項變更，但管理人均未向中基協提交變更手續。私募基金B的風險揭示書中未提示投資者管理人存在實際控制人發生變更尚未在基金業協會完成變更手續的風險。私募基金管理人的控股股東、實際控制人、普通合伙人發生變更，尚未在基金業協會完成變更手續的應當通過風險揭示書向投資者進行特別提示；私募基金管理人變更法定代表人、高級管理人員、執行事務合伙人或其委派代表的應當自變更之日起10個工作日內向基金業協會履行變更手續；私募基金管理人變更控股股東、實際控制人、普通合伙人的，應當自變更之日起30個工作日內向基金業協會履行變更手續。（3）私募證券基金管理人A近期頻繁備案多只私募證券投資基金，其中大部分基金份額由機構投資者B認購，基金完成備案后，機構投資者B快速贖回基金份額，從而幫助私募證券基金管理人A囤積“殼基金”?；饦I協會私募證券基金管理人A限期清理未真實募集的“殼基金”，對私募證券基金管理人A采取談話提醒、書面警告等自律措施。為了解基金業協會的監管動向以更好的完成基金備案，海問收集了近期部分私募基金備案反饋意見，值得關注的有：
（1）近期，基金業協會在私募基金備案審核中明確，基于“專業化經營”原則，私募證券基金管理人不得作為私募股權基金的普通合伙人（GP）參與基金運作。上述監管要求體現了基金業協會對私募基金行業實施分類監管、強化機構專業化經營定位的監管思路。私募基金管理人應當嚴格遵循“專業化經營”原則，在業務開展過程中審慎評估基金架構設計的合規性，確保符合監管要求。（2）自2023年以來，基金業協會持續加強對小規?；鸬谋O管力度。根據現行監管要求，當系統顯示管理人名下存在多只存續基金規模低于100萬元時，基金業協會將要求管理人采取清算注銷或通過擴募等方式提升基金規模等措施。此項要求旨在促進行業規范發展，提升私募基金運作效率。- https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1186326&itemId=915&generaltype=0
- http://www.csrc.gov.cn/csrc/c100028/c7516180/content.shtml
- http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5519902/index.html
- http://www.csrc.gov.cn/csrc/c100028/c7519048/content.shtml
- https://www.sse.com.cn/disclosure/announcement/general/c/c_20241106_10763794.shtml
- https://www.szse.cn/aboutus/trends/news/t20241106_610400.html
- https://www.bse.cn/public_opinion/200023701.html
- https://www.amac.org.cn/xwfb/tzgg/202411/t20241108_26149.html
Haiwen Finance and Asset Management Monthly (November 2024)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwen prepares the “Haiwen Finance and Asset Management Monthly”. This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.In November 2024, regarding regulatory updates, the National Financial Regulatory Administration (“NFRA”) issued the “Measures for the Administration of Non-performing Asset Business of Financial Asset Management Companies”; the Ministry of Commerce of the People's Republic of China (“MOFCOM”), the China Securities Regulatory Commission (“CSRC”), the State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”), the State Taxation Administration (“STA”), the State Administration for Market Regulation (“SAMR”), and the State Administration of Foreign Exchange (“SAFE”) issued the “Measures for the Administration of Strategic Investment by Foreign Investors in Listed Companies”.Regarding industry developments, the People’s Bank of China (“PBC”), the National Development and Reform Commission of the People’s Republic of China (“NDRC”), the Ministry of Industry and Information Technology of the People’s Republic of China (“MIIT”), the NFRA, the CSRC, the National Data Administration(“NDA”), and the SAFE jointly issued the “Action Plan for Promoting High-Quality Development of Digital Finance”; the CSRC issued the “Guidelines for Regulation of Listed Companies No. 10–Market Value Management”; the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”), and the Beijing Stock Exchange (“BSE”) issued notices on seeking public comments on the guidelines for preparing listed companies’ sustainable development reports; The Asset Management Association of China (“AMAC”) issued the “Private Fund Registration and Filing Updates 2024 (No. 2)”, Haiwen & Partners also summarized some feedbacks on private fund filing.I Latest Rules and Regulations
1. NFRA Issued the Measures for the Administration of Non-performing Asset Business of Financial Asset Management CompaniesNFRA issued the Measures for the Administration of Non-performing Asset Business of Financial Asset Management Companies (“Measures for Non-Performing Asset Business”) on November 11, 2024. The Measures for Non-Performing Asset Business consist of eight chapters and seventy articles, covering general provisions, the acquisition of non-performing assets, management of non-performing assets, disposal of non-performing assets, other businesses related to non-performing assets, risk management, supervision, and supplementary provisions. Its core content is mainly the following four aspects:
（1）The Measures for Non-Performing Asset Business expands the scope of acquisition for financial non-performing assets and details the standards for acquiring non-performing assets from non-financial institutions.（2）The Measures for Non-Performing Asset Business further specifies the full-process operational standards for non-performing assets, from acquisition and management to disposal, specifying regulatory requirements for key processes such as due diligence, disposal pricing, and disposal announcements.（3）The Measures for Non-Performing Asset Business requires financial asset management companies to establish and improve approval and decision-making mechanisms, strengthening internal controls and risk supervision across all stages of non-performing asset acquisition, management, and disposal.（4）The Measures for Non-Performing Asset Business stipulates that financial asset management companies may provide light-asset services such as consulting, advisory, and entrusted disposal services related to non-performing assets, based on their own resources and competitive advantages.The Measures for Non-Performing Asset Business guides financial asset management companies to focus on their core business of non-performing assets, fully leveraging their roles in financial relief and counter-cyclical adjustment. This can enhance the prevention and further resolution of financial risks under the current economic conditions.2. MOFCOM, CSRC, SASAC, STA, SAMR, and SAFE Issued the Measures for the Administration of Strategic Investment by Foreign Investors in Listed Companies
On November 1, 2024, MOFCOM and other related national authorities issued the Measures for the Administration of Strategic Investment by Foreign Investors in Listed Companies (“Strategic Investment Measures”). Compared to the 2020 amendment draft, the Strategic Investment Measures features the following three highlights:
（1）Strengthen the Role of Intermediary Institutions. The Strategic Investment Measures requires listed companies and foreign investors engaging in strategic investment projects to appoint intermediary institutions (such as financial advisors, sponsoring institutions, or law firms) to conduct due diligence. These institutions shall assess issues such as foreign investment access restrictions, national security, and whether the foreign investors have qualification. They must produce reports providing opinions on each matter and disclose the findings. Intermediary institutions must comprehensively review the foreign investor’s holdings in the listed company through various channels. Intermediary institutions and listed companies may also require foreign investors to provide public commitments; if false statements or illegal activities occur in core areas, the foreign investor may be deprived of rights such as dividend distribution and voting.（2）Offer more ways for foreign investors to participate in private placements by listed companies. Previously, foreign investors primarily engaged in strategic investments through targeted issuance to pre-designated entities approved by the board of directors, which required meeting CSRC’s qualification criteria for “strategic investors” in A-shares. Now, foreign investors can opt to achieve strategic investments through competitive bidding.（3）Allow cross-border share swaps for A-share listed companies. Prior to the new Strategic Investment Measures, the only regulation explicitly regulating cross-border share swaps in the foreign investment access aspect was the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (“M&A Provisions”). However, the validity of the M&A Provisions was questioned after the formal implementation of the Foreign Investment Law of the People’s Republic of China. The Strategic Investment Measures relax requirements regarding foreign investors' qualifications and asset requirements in cross-border share swaps, as well as the eligibility of overseas company shares used as payment instruments and the conditions of their underlying foreign companies, making cross-border share swaps more feasible.The Strategic Investment Measures enhances the compliance and transparency of foreign investment management, diversifies investment methods, and increase the attractiveness of the domestic capital market. These measures contribute to promoting the rule of law and internationalization of the capital market while balancing market openness with the protection of national interests.1. PBC, NDRC, MIIT, NFRA, CSRC, NDA, and SAFE Issued the Action Plan for Promoting High-Quality Development of Digital Finance
On November 21, 2024, PBC and other relevant institutions jointly issued the Action Plan for Promoting High-Quality Development of Digital Finance (“Action Plan for Digital Finance”). The Action Plan for Digital Finance proposes to establish a financial system compatible with the digital economy, achieving comprehensive optimization of digital financial governance, infrastructure, and product services by the end of 2027. The main measures include:（1）Develop digitalization strategies, improve data governance and technical support, and build a digital ecosystem service system. Strengthen talent development and risk management while supporting small and medium-sized financial institutions in exploring specialized transformation models. Promote technological self-reliance, strengthen research in key technical areas, optimize independent control capabilities of core systems, enhance business models through big data and privacy computing technologies, and improve risk management and financial service efficiency.（2）Support innovative development in areas such as fintech, green finance, inclusive finance, and pension finance, promoting deeper integration of finance with the real economy. Utilize big data technology to create precise profiles of technology-based enterprises, enhancing customer selection and risk assessment capabilities. Develop innovative green finance products based on carbon accounts and ESG ratings, and leverage digital technology to collect carbon footprint information, improving carbon emissions accounting and green risk management capabilities.（3）Enhance the quality and security of payment systems, data markets, and financial infrastructure. Strengthen compliance supervision of digital financial businesses and enhance cybersecurity protection. Improve the safety and reliability of payment systems, add more payment scenarios, and steadily advance the pilot program for the digital RMB. Strengthen compliance supervision of digital financial businesses and cybersecurity protection. Establish a full-process data security management mechanism, conduct cybersecurity risk assessments and stress tests, and build a public service platform for data security in the securities industry.2. CSRC Issued the Guidelines for Regulation of Listed Companies No. 10–Market Value Management
On November 15, 2024, the CSRC issued the Guidelines for Regulation of Listed Companies No. 10–Market Value Management (“Guideline No. 10”) to further guide listed companies to focus on their own investment value and to effectively enhance investor returns. Its main contents are:
（1）Clarify the meaning and approach of market value management. Define market value management as a strategic management behavior based on improving the quality of the company and aiming at enhancing the company’s investment value and shareholders’ return, with the core of improving the quality of the company and thus enhancing the company’s investment value.（2）Establish a market value management system centered on the board of directors. The board of directors is required to closely monitor the market’s reflection of the company’s value and prudently analyze potential reasons when the market performance significantly deviates from the company’s intrinsic value. The board of directors should actively take measures to ensure that the company’s investment value reasonably reflects its quality. The board of directors is required to enhance alignment between the interests of management, employees, and the long-term interests of the company when establishing compensation systems for directors and senior management. This aims to motivate management and employees to actively and proactively enhance the company’s value. Controlling shareholders and actual controllers are encouraged to hold company shares for the long term to maintain relative stability in the company’s control.（3）Refine legal responsibilities for relevant responsible parties. Guideline No. 10 lists prohibited behaviors for listed companies, their controlling shareholders, actual controllers, directors, and senior management.3. SSE, SZSE, and BSE Issued Notices on Seeking Public Comments on the Guidelines for Preparing Listed Companies’ Sustainable Development Reports
On November 6, 2024, the SSE, SZSE, and BSE sought public comments on the guidelines for preparation of sustainability reports by listed companies. The main contents include guidance on general requirements for sustainability reports, explanation of methods for identifying and analyzing material issues, specification of disclosure requirements and examples for four key elements ("governance," "strategy," "impact, risk and opportunity management," and "metrics and targets"), as well as instructions on reporting frameworks, categorization of disclosure items, and methods for disclosure item descriptions.
4. AMAC Issued the Private Fund Registration and Filing Updates 2024 (No. 2)
On November 1, 2024, AMAC issued the Private Fund Registration and Filing Updates 2024 (No. 2), sharing the following three typical cases:
（1）Private fund manager A completed its registration in 2016. Currently, AMBERS shows that A employs fewer than five staff members, its financial statements indicate significant accounts receivable, and its net assets are negative. Since its registration, A has only filed one private fund in 2017, with a paid-in scale of RMB 10 million. Recently, A submitted a new fund filing application. However, A does not meet the basic operational requirements, such as maintaining sound financial conditions and employing at least five full-time staff. The AMAC required A to rectify the situation within a specified period, suspending the relevant fund filing. Subsequent fund filings will be processed based on the rectification result.（2）Private fund manager A recently submitted a filing application for Private Fund B. However, the shareholder information recorded in the AMBERS was inconsistent with the business registration information. Upon investigation, the AMAC found that A had undergone a change in its actual controller in March 2023, followed by changes in its legal representative and senior management. However, A failed to submit the required change filings to AMAC. Furthermore, the risk disclosure statement for Fund B did not inform investors of the risk associated with the manager’s failure to complete the filing procedures for the change in its actual controller with the AMAC. According to regulations, when a private fund manager’s controlling shareholder, actual controller, or general partner changes, but the required filing has not been completed with the AMAC, the risk must be explicitly disclosed to investors in the risk disclosure statement; Changes in the legal representative, senior management, executive partner, or its designated representative must be reported to the AMAC within 10 working days of the change; Changes in the controlling shareholder, actual controller, or general partner must be reported to the AMAC within 30 working days of the change.（3）Private securities fund manager A recently filed multiple private securities investment funds in quick succession, most of which were subscribed by institutional investor B. After the funds were filed, institutional investor B promptly redeemed its fund units, enabling manager A to accumulate “shell funds”. AMAC required private securities fund manager A to clear out the “shell funds” that were not genuinely raised within a specified period. It also imposed self-disciplinary measures, including reminders through interviews and written warnings, to address the issue.5. Summary For Important Feedbacks on Private Fund Filing
To better understand the regulatory trends of AMAC and improve the process of fund filings, Haiwen has gathered recent feedback on private fund filings. Noteworthy points include:
（1）Recently, the AMAC has clarified in its private fund filing review that, based on the "specialized operation" principle, private securities fund managers are not permitted to participate in fund operations as general partners (GPs) of private equity funds. This regulatory requirement reflects AMAC's regulatory approach of implementing classified supervision of the private fund industry and strengthening the positioning of specialized operations. Private fund managers must strictly adhere to the "specialized operation" principle and carefully evaluate the compliance of fund structure design during business operations to ensure regulatory compliance.（2）Since 2023, the AMAC has continuously strengthened its supervision of small-scale funds. According to current regulatory requirements, when the system shows that multiple funds under a manager's management have assets below 1 million yuan, the AMAC will require the manager to implement measures such as liquidation and cancellation, or increase fund size through additional fundraising. This requirement aims to promote standardized industry development and enhance the operational efficiency of private funds.The source of industry news in this article：
- https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1186326&itemId=915&generaltype=0
- http://www.csrc.gov.cn/csrc/c100028/c7516180/content.shtml
- http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5519902/index.html
- http://www.csrc.gov.cn/csrc/c100028/c7519048/content.shtml
- https://www.sse.com.cn/disclosure/announcement/general/c/c_20241106_10763794.shtml
- https://www.szse.cn/aboutus/trends/news/t20241106_610400.html
- https://www.bse.cn/public_opinion/200023701.html
- https://www.amac.org.cn/xwfb/tzgg/202411/t20241108_26149.html
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