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Notice of China Banking Regulatory Commission on Issuing the Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business [Effective]
中国银监会关于印发《信托公司私人股权投资信托业务操作指引》的通知 [现行有效]
【法宝引证码】
 
  
  
Notice of China Banking Regulatory Commission on Issuing the Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business
(No.45 [2008] of the CBRC)
All banking regulatory bureaus, and all trust companies directly under the CBRC:
We hereby issue the Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business to you for your earnest compliance and implementation.
All banking regulatory bureaus shall forward this Notice to all trust companies within your respective jurisdictions.
China Banking Regulatory Commission
June 25, 2008
Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business
 

中国银监会关于印发《信托公司私人股权投资信托业务操作指引》的通知
(银监发(2008)45号)


各银监局、银监会直接监管的信托公司:
现将《信托公司私人股权投资信托业务操作指引》印发给你们,请遵照执行。
请各银监局将本通知转发给辖内信托公司。
中国银行业监督管理委员会
二〇〇八年六月二十五日
信托公司私人股权投资信托业务操作指引
Article 1 For the purpose of further regulating trust companies' operation of the trust private equity investment business and safeguarding the legitimate rights and interests of all parties concerned to trust private equity investments, these Guidelines are formulated in accordance with the Measures for the Administration of Trust Companies, the Measures for the Administration of Trust Companies' Trust Plans of Assembled Funds and other supervisory rules.
   第一条 为进一步规范信托公司私人股权投资信托业务的经营行为,保障私人股权投资信托各方当事人的合法权益,根据《信托公司管理办法》、《信托公司集合资金信托计划管理办法》等监管规章,制定本指引。
Article 2 For the purpose of these Guidelines, the term “trust private equity investment” refers to the trust business whereby a trust company invests the funds under its trust plan in the equity of any non-listed enterprise, the tradable shares with trading restrictions of any listed company or other equity approved by the CBRC.
To invest the trust funds in the equity of an overseas non-listed enterprise, a trust company shall get the approval of the CBRC and other competent supervisory departments. To make a trust private equity investment in the equity of a financial institution or a to-be-listed company, a trust company shall abide by the provisions of the competent financial regulatory department.
   第二条 本指引所称私人股权投资信托,是指信托公司将信托计划项下资金投资于未上市企业股权、上市公司限售流通股或中国银监会批准可以投资的其他股权的信托业务。
信托公司以信托资金投资于境外未上市企业股权的,应经中国银监会及相关监管部门批准;私人股权投资信托投资于金融机构和拟上市公司股权的,应遵守相关金融监管部门的规定。
Article 3 To engage in the trust private equity investment business, a trust company shall satisfy the following requirements:
   第三条 信托公司从事私人股权投资信托业务,应当符合以下规定:
1. it has a good corporate governance structure;
 (一)具有完善的公司治理结构;
2. it has a sound internal control system and a sound risk management system;
 (二)具有完善的内部控制制度和风险管理制度;
3. it has trust managers and workers required by the equity investment trust business, in particular, it shall have at least five the persons in charge of the trust equity investment and at least three of them shall have two or more years of work experience in equity investment or a related field;
 (三)为股权投资信托业务配备与业务相适应的信托经理及相关工作人员,负责股权投资信托的人员达到5人以上,其中至少3名具备2年以上股权投资及相关业务经验;
4. the status andliquidity of its fixed assets are in good condition and satisfy the supervisory requirements; and
 (四)固有资产状况和流动性良好,符合监管要求;
5. other requirements as specified by the CBRC.
 (五)中国银监会规定的其他条件。
Article 4 A trust company shall work out a flow chart for the trust private equity investment business and rules for risk management, and put them into effect upon the approval of the board of directors of the company.
   第四条 信托公司应当制定私人股权投资信托业务流程和风险管理制度,经公司董事会批准后执行。
Article 5 The rules for the trust private equity investment risk management shall include, but not limited to, the following contents:
   第五条 私人股权投资信托风险管理制度包括但不限于以下内容:
1. the project initiation of the investment in the target enterprise;
 (一)目标企业的投资立项;
2. a field due diligence investigation on the target enterprise;
 (二)目标企业的实地尽职调查;
3. the investment decision-making flowchart and the quota management;
 (三)投资决策流程及限额管理;
4. the implementation of the investment in the target enterprise;
 (四)目标企业的投资实施;
5. the management of the target enterprise; and
 (五)目标企业的管理;
6. the mechanism for quitting from the equity of the target enterprise.
 (六)目标企业股权的退出机制。www.xintuofalv.com
Article 6 A trust company shall set up a restraint and incentive mechanism for its employees which shall be in match with its trust private equity investment business.
   第六条 信托公司应建立与私人股权投资信托业务相适应的员工约束与激励机制。
Article 7 When operating the trust private equity investment business, a trust company shall observe the following rules:
   第七条 信托公司开展私人股权投资信托业务,应当遵循以下规定:
1. it shall abide by the relevant laws, and its trust purposes shall not contravene the public interests;
 (一)遵守有关法律法规的规定,且信托目的不得损害社会公共利益;
2. it shall handle trust affairs according to the trust document;
 (二)按照私人股权投资信托文件的约定处理信托事务;
3. the trust term matches the backout arrangements, the shareholding period is relatively stable, and the backout arrangements are specified in the trust document; and
 (三)信托期限与股权退出安排相匹配,持股期限相对稳定,并在信托文件中明确股权退出安排;
4. if it engages in a trust private equity investment plan with its own capital, it shall abide by the net capital management provisions for trust companies, and may not transfer the right to benefit to anyone else or use such right to directly or indirectly raise funds during the existence of the trust.
......
 (四)以固有资金参与私人股权投资信托计划的,应当遵守信托公司净资本管理的有关规定,且在信托存续期间不转让受益权,也不得直接或间接以该受益权为标的进行融资。
......



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