1、【Statute Title】 Notice of the General Office of the National Development and Reform Commission on Further Regulating the Development and Filing Management of Equity Investment Enterprises in Pilot Areas Effective【法规标题】国家发展改革委办公厅关于进一步规范试点地区股权投资企业发展和备案管理工作的通知 现行有效Promulgation date: 01-31-2011Effective
2、 date:01-31-2011Department: State Development and Reform Commission (incl. Former State Development Planning Commission, former Subject: Reform and Opening-up发布日期：2011-01-31生效日期：2011-01-31发布部门：国家发展和改革委员会（含原国家发展计划委员会、原国家计划委员会）类别： 改革开放Notice of the General Office of the National Development and Reform
3、 Commission on Further Regulating the Development and Filing Management of Equity Investment Enterprises in Pilot Areas(No.253 2011 of the General Office of the National Development and Reform Commission, January 31, 2011)The general offices of the peoples governments of Beijing Municipality, Tianji
4、n Municipality, Shanghai Municipality, Jiangsu Province, Zhejiang Province and Hubei Province:According to the spirit of the relevant documents of the State Council, the National Development and Reform Commission (NDRC) has successively conducted a pilot program on the filing management of equity en
5、terprises in Tianjin Binhai New Area, Beijing Zhongguancun Science and Technology Park, Wuhan Donghu New-tech Industrial Development Zone and Yangtze River Delta Area since June 2008. To further regulate the filing management of equity investment enterprises in pilot areas and promote the sound deve
6、lopment of equity investment enterprises, we hereby notify you of the relevant issues as 国家发展改革委办公厅关于进一步规范试点地区股权投资企业发展和备案管理工作的通知（发改办财金2011253 号 2011 年 1 月 31 日）北京市、天津市、上海市、江苏省、浙江省、湖北省人民政府办公厅：遵照国务院有关文件精神，我委自 2008 年 6 月以来，先后在天津滨海新区、北京中关村科技园区、武汉东湖新技术产业开发区和长江三角洲地区，开展了股权投资企业备案管理先行先试工作。为进一步规范试点地区股权投资企业备案管
7、理工作，更好地促进股权投资企follows: 业健康规范发展，现就有关事项通知如下：I. Standardizing the formation, fund-raising and investment field of equity investment enterprisesEquity investment enterprises shall be formed pursuant to the Company Law of the Peoples Republic of China and the Partnership Law of the Peoples Republic of Ch
8、ina. In particular, those in the form of a limited liability company or a joint-stock limited company may realize self-management by forming their internal management teams, or entrust their assets to other equity investment enterprises or equity investment management enterprises for management.Equi
9、ty investment enterprises may only raise funds in the form of private placement from specific objects with a risk identification ability and certain risk tolerance, and shall not make direct or indirect recommendations to unspecific objects by publishing announcements on media (including their own w
10、ebsites), posting bulletins in communities, giving out flysheets to the general public, sending text messages to unspecific public through mobile phones, holding forums or lectures or any other public or disguised public means (including placing prospectus on the counters of commercial banks, securi
11、ties companies, trust investment companies and other relevant institutions). The fundraiser of an equity investment enterprise must fully disclose the investment risks and potential losses to investors, and shall not promise any recovery of principal or fixed return to investors. Investors may only
12、contribute legitimate self-owned monetary funds. Contribution of capital may be made on commitment, i.e. an investor only needs to sign a letter of commitment in the fund-raising stage and pays off his contribution in installments in the investment operation period according to the bylaws or partner
13、ship agreement of the equity investment company.The investment field of equity investment enterprises shall be limited to corporate shares not openly traded, and their idle funds in the process of investment may only be deposited in banks or used to purchase treasury bonds or other fixed-income inve
14、stment products. Their investment direction shall conform to the industrial policies, investment policies and macro-control policies of the state. Their investment projects must meet the relevant provisions on examination and approval, verification and 一、规范股权投资企业的设立、资本募集与投资领域股权投资企业应当遵照中华人民共和国公司法和中华人
15、民共和国合伙企业法有关规定设立。其中，以有限责任公司、股份有限公司形式设立的股权投资企业，可以通过组建内部管理团队实行自我管理，也可采取委托管理方式将资产委托其他股权投资企业或股权投资管理企业管理。股权投资企业的资本只能以私募方式向具有风险识别和承受能力的特定对象募集，不得通过在媒体（包括企业网站）发布公告、在社区张贴布告、向社会散发传单、向不特定公众发送手机短信或通过举办研讨会、讲座及其他公开或变相公开方式（包括在商业银行、证券公司、信托投资公司等机构的柜台投放招募说明书等）直接或间接向不特定对象进行推介。股权投资企业的资本募集人须向投资者充分揭示投资风险及可能的投资损失，不得向投资者承诺确
16、保收回投资本金或获得固定回报。所有投资者只能以合法的自有货币资金认缴出资。资本缴付可以采取承诺制，即投资者在股权投资企业资本募集阶段签署认缴承诺书，在股权投资企业投资运作实施阶段，根据股权投资企业的公司章程或者合伙协议的约定分期缴付出资。股权投资企业的投资领域限于非公开交易的企业股权，投资过程中的闲置资金只能存放银行或用于购买国approval and document filing of fixed asset investment projects. Foreign-funded equity investment enterprises shall go through the veri
17、fication and approval formalities for investment projects according to the relevant provisions of the state.债等固定收益类投资产品；投资方向应当符合国家产业政策、投资政策和宏观调控政策。股权投资企业所投资项目必须履行固定资产投资项目审批、核准和备案的有关规定。外资股权投资企业进行投资，应当依照国家有关规定办理投资项目核准手续。II. Improving the risk control mechanisms of equity investment enterprisesIn the a
18、pplication of funds, equity investment enterprises shall, according to the bylaws or partnership agreement, reasonably decentralize investments to reduce investment risks. No equity investment enterprise shall provide guarantee for any enterprise other than an investee. When an equity investment ent
19、erprise makes a decision on investment in an affiliate, the affiliate shall withdraw from the decision process, which shall be included in the bylaws or partnership agreement and the trust or custody agreement of the equity investment enterprise. The investors in an equity investment enterprise shal
20、l agree on the standards for determining an affiliate in the bylaws or partnership agreement and the trust or custody agreement of the enterprise according to the provisions of laws and regulations.The bylaws or partnership agreement and other legal documents of an equity investment enterprise and i
21、ts trustee shall specify the incentive mechanism, risk restriction mechanism and decision-making process for the related investment. Equity investment enterprises may continuously exist for a limited period of time.Equity investment enterprises may regularly or irregularly inspect and evaluate their
22、 investment operations according to the trust agreement and other legal documents.Where the trustee of an equity investment enterprise is a wholly foreign-owned institution or a Chinese-foreign joint venture, the equity investment enterprise shall designate an incorporated custodian within China for
23、 its assets.二、健全股权投资企业的风险控制机制股权投资企业的资金运用应当依据股权投资企业公司章程或者合伙协议的约定，合理分散投资，降低投资风险。股权投资企业不得为被投资企业以外的企业提供担保。股权投资企业对关联方的投资，其投资决策应当实行关联方回避制度，并在股权投资企业的公司章程或者合伙协议以及委托管理协议、委托托管协议中约定。对关联方的认定标准，由股权投资企业投资者根据有关法律法规规定，在股权投资企业的公司章程或者合伙协议以及委托管理协议、委托托管协议中约定。股权投资企业及其受托管理机构的公司章程或者合伙协议等法律文件，应当载明业绩激励机制、风险约束机制，并约定相关投资运作的决策
24、程序。股权投资企业可以有限存续。股权投资企业可以根据委托管理协议等法律文件的相关约定，定期或者不定期对股权投资企业的投资运作情况进行检查和评估。股权投资企业的受托管理机构为外商独资或者中外合资的，应当由在境内具有法人资格的托管机构托管该股权投资企业的资产。III. Clarifying the basic responsibilities of equity investment management institutionsA trustee of an equity investment enterprise shall perform the following responsibili
25、ties under the trust agreement: (1) making and implementing investment plans and managing the investee after investment; (2) participating in making the development strategies of the investee and providing value-added services for the investee; (3) regularly or irregularly disclosing information on
26、the equity investment enterprises investment operations to the equity investment enterprise; making accounting statements on a regular basis and after verification by an external audit agency, report them to the equity investment enterprise; and (4) other responsibilities as set forth in the trust a
27、greement.A trustee shall equally treat the property of different equity investment enterprises under its management, and shall not use the property of an equity investment enterprise to seek benefits for any third party. Different accounts shall be set for different equity investment enterprises to
28、manage their property separately.Under any of the following circumstances, a trustee shall be dismissed: (1) the trustee is dissolved or bankrupt or its assets are taken over; (2) the trustee loses the management ability or causes seriously damage to the interests of the investors in an equity inves
29、tment enterprise; (3) investors holding not less than a certain percentage of equities in an equity investment enterprise requires the trustee to be dismissed under the trust agreement; or (4) any other circumstance under which the trustee shall be dismissed as agreed on in the trust agreement.三、明确股
30、权投资管理机构的基本职责股权投资企业采取委托管理方式的，受托管理机构应当按照委托管理协议，履行下列职责：（1）制定和实施投资方案，并对所投资企业进行投资后管理。（2）积极参与制定所投资企业发展战略，为所投资企业提供增值服务。（3）定期或者不定期向股权投资企业披露股权投资企业投资运作等方面的信息。定期编制会计报表，经外部审计机构审核后，向股权投资企业报告。（4）委托管理协议约定的其他职责。股权投资企业的受托管理机构应当公平对待其所管理的不同股权投资企业的财产，不得利用股权投资企业财产为股权投资企业以外的第三人牟取利益。对不同的股权投资企业应当设置不同的账户，实行分账管理。有下列情形之一的，股权投
31、资企业的受托管理机构应当退任：（1）受托管理机构解散、破产或者由接管人接管其资产的。（2）受托管理机构丧失管理能力或者严重损害股权投资企业投资者利益的。（3）按照委托管理协议约定，持有一定比例以上股权投资企业权益的投资者要求受托管理机构退任的。（4）委托管理协议约定受托管理机构退任的其他情形。IV. Establishing an information disclosure system of equity investment enterprisesIn addition to disclosing investment operation information to investors
32、 under the bylaws or partnership agreement, an equity investment enterprise shall, within 4 months after the end of each accounting year, submit an annual business report and an annual financial report audited by an accounting firm to the NDRC and the local authority which assists in the filing mana
33、gement of equity investment enterprises. 四、建立股权投资企业信息披露制度股权投资企业除应当按照公司章程和合伙协议向投资者披露投资运作信息外，还应当于每个会计年度结束后 4 个月内，向国家发展和改革委员会（以下简称“国家发展改革委”）及所在地协助备案管理部门提交年度业务The trustee and custodian of the equity investment enterprise shall, within 4 months after the end of each accounting year, submit an annual asse
34、ts management report and an annual assets custody report to the NDRC and the local authority which assists in the filing management of equity investment enterprises.Where any of the following major events occurs in the course of investment operation, an equity investment enterprise shall report it t
35、o the NDRC and the local authority which assists in the filing management of equity investment enterprises within 10 workdays: (1) any modification of the bylaws, partnership agreement or trust agreement of the equity investment enterprise or its trustee; (2) any increase or decrease of capital or e
36、xternal debt financing of the equity investment enterprise or its trustee; (3) a split or merger of the equity investment enterprise or its trustee; (4) any modification of the equity investment enterprise or its trustee, including changes of the senior managers of the trustee and other major change
37、s; or (5) dissolution or bankruptcy of the equity investment enterprise or takeover of its assets.报告和经会计师事务所审计的年度财务报告。股权投资企业的受托管理机构和托管机构应当于每个会计年度结束后 4 个月内，向国家发展改革委及所在地协助备案管理部门提交年度资产管理报告和年度资产托管报告。股权投资企业在投资运作过程中发生下列重大事件的，应当在 10 个工作日内，向国家发展改革委及所在地协助备案管理部门报告：（1）修改股权投资企业或者其受托管理机构的公司章程、合伙协议和委托管理协议等文件。（2）股权投资企业或者其受托管理机构增减资本或者对外进行债务性融资。（3）股权投资企业或者其受托管理机构分立与合并。（4）受托管理机构或者托管机构变更，包括受托管理机构高级管理人员变更及其他重大变更事项。（5）股权投资企业解散、破产或者由接管人接管其资产。
