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信托公司私人股权投资信托业务操作指引(Bilingual)

(2010-06-07 17:31:47)
标签:

信托

自有资金

投资

上市

清理

财经

分类: 法律法规

Operational Guidelines for the Private Equity Investment Trust Business of Trust Companies
信托公司私人股权投资信托业务操作指引

PRC Reference: 银监发 [2008] 45号

Promulgated: 25 June 2008

Effective: 25 June 2008

Yin Jian Fa [2008] No.45

银监发 [2008] 45号

 

Article 1: These Guidelines have been formulated pursuant to regulatory rules and regulations such as the Measures for the Administration of Trust Companies and the Measures for the Administration of the Pooled Fund Trust Plans of Trust Companies in order to further regulate the engagement in private equity investment trust business by trust companies and safeguard the lawful rights and interests of parties to private equity investment trusts.

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 purposes of these Guidelines, the term “private equity investment trust” means trust business wherein a trust company invests the funds under a trust plan in the equity of a non-listed enterprise, the shares of a listed company that are subject to sale and trading restrictions or other equity the investment in which has been approved by the China Banking Regulatory Commission (CBRC).

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。

 

If a trust company intends to invest trust funds in the equity of an overseas unlisted enterprise, it shall require the approval of the CBRC and relevant regulatory departments. If a private equity investment trust intends to invest in the equity of a financial institution or a company that intends to list, it shall comply with the provisions of the relevant financial regulatory authority.

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: If a trust company wishes to engage in the private equity investment trust business, it shall comply with the following provisions:

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) having a sound corporate governance structure;

(一)具有完善的公司治理结构;

 

(2) having sound internal control systems and risk management systems;

(二)具有完善的内部控制制度和风险管理制度;

 

(3) having trust managers and relevant working personnel who are appropriate for the equity trust investment business, and having at least five persons responsible for equity investment trusts, of whom at least 1 shall have at least two years of equity investment or related business experience;

(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,其中至少名具备2年以上股权投资或相关业务经验;

 

(4) the status of its own assets and its liquidity being good and complying with regulatory requirements; and

(四)固有资产状况和流动性良好,符合监管要求;

 

(5) other conditions as specified by the CBRC.

(五)中国银监会规定的其他条件。

 

Article 4: A trust company shall formulate the procedures and risk management systems for its private equity investment trust business and implement the same after approval thereof by its board of directors.

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 risk management system for a private equity investment trust shall include but not be limited to the following:

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 proposal for the target enterprise to be invested in;

(一)目标企业的投资立项;

 

(2) the onsite due diligence investigation of the target enterprise;

(二)目标企业的实地尽职调查;

 

(3) the investment decision procedure and limit management;

(三)投资决策流程及限额管理;

 

(4) 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 withdrawal from the equity of the target enterprise.

(六)目标企业股权的退出机制。

 

Article 6: A trust company shall establish an employee constraint and incentive mechanism appropriate for the private equity investment trust 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 engaging in private equity investment trust business, a trust company shall comply with the following provisions:

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) complying with relevant laws and regulations, and the objective of the trust not harming the public interest;

(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) handling trust affairs in accordance with the private equity investment trust documents;

(二)按照私人股权投资信托文件的约定处理信托事务;

 

(3) matching of the trust term and the arrangement for the withdrawal from the equity, relative stability of the equity holding term, and specifying the arrangement for withdrawal from the equity in the trust documents; 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 is to use its own funds to participate in the private equity investment trust plan, complying with relevant provisions on the administration of the net capital of trust companies, not transferring its beneficial rights during the life of the trust and not directly or indirectly using such beneficial rights as the subject matter for financing purposes.

(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。

 

Article 8: When a trust company engages in private equity investment trust business, it shall prepare a report on the investment philosophy and strategy of the trust plan, the criteria for selection of the project, the industry value, the candidate enterprises and the methodology for the analysis of risk factors, and such report shall be subject to the approval of the company’s trust committee.

第八条 信托公司开展私人股权投资信托业务时,应对该信托计划投资理念及策略、项目选取标准、行业价值、备选企业和风险因素分析方法等制作报告书,并经公司信托委员会通过。

 

Article 9: When a trust company is to use the funds under a private equity investment trust plan to invest in equity, it shall conduct a due diligence investigation of the development prospects, corporate governance, equity structure, management team, asset position, business position, financial position, legal risks, etc. of the investment target.

第九条 信托公司运用私人股权投资信托计划项下资金进行股权投资时,应对拟投资对象的发展前景、公司治理、股权结构、管理团队、资产情况、经营情况、财务状况、法律风险等开展尽职调查。

 

Article 10: A trust company shall prepare investment decision reports based on the principle of due diligence and proceed with formal implementation only after approval of the decision making procedure.

第十条 信托公司应按照勤勉尽职的原则形成投资决策报告,按照决策流程通过后,方可正式实施。

 

Article 11: A trust company shall itself exercise the relevant shareholder rights in the investee enterprise under the trust plan in its own name in accordance with the trust documents without interference from the settlor or beneficiary.

第十一条 信托公司应当以自己的名义,按照信托文件约定亲自行使信托计划项下被投资企业的相关股东权利,不受委托人、受益人干预。

 

Article 12: The trust company shall promote the improvement of the governance structure of the investee enterprise under the trust plan through the effective exercise of its shareholder rights so as to improve the enterprise’s business systems and corporate management capabilities and increase the enterprise’s value.

第十二条 信托公司应当通过有效行使股东权利,推进信托计划项下被投资企业治理结构的完善,提高业务体系、企业管理能力,提升企业价值。

 

Article 13: A trust company shall disclose accurate and complete information on a private equity investment trust plan in a timely manner in accordance with laws, regulations and the trust documents. The information disclosed by the trust company shall comply with relevant guidelines for the contents and format of information disclosure of the CBRC and other regulatory departments.

第十三条 信托公司应当依据法律法规规定和信托文件约定,及时、准确、完整地披露私人股权投资信托计划信息。信托公司披露的信息,应当符合中国银监会及其他监管部门有关信息披露内容与格式准则的规定。

 

Article 14: If the equity of, or the bonds issued by, the investment target are quoted or traded on a stock market, property rights trading market or other such active market, the information disclosure by the trust company shall comply with the laws and regulations of the active market regulator and relevant information on the private equity investment trust shall be disclosed to the beneficiary and the regulator in accordance with the law. The term “active markets” mentioned above refers to the concept and scope of application set forth in the Enterprise Accounting Guidelines and the Enterprise Accounting Guidelines – Application Guide issued by the Ministry of Finance.

第十四条 被投资对象的股权或所发行的债券在证券市场、产权交易市场等活跃市场上报价或交易的,信托公司的信息披露应当遵守活跃市场监管机构的法律法规,依法向受益人及监管机构披露私人股权投资信托的相关信息。前款所称活跃市场,参照财政部颁布的《企业会计准则》及《企业会计准则一应用指南》中的概念和应用范围。

 

Article 15: In managing a private equity investment trust plan, a trust company may withdraw from the investment by way of a listing of the equity, a transfer by agreement, a buyback by the investee enterprise, an equity distribution, etc.

第十五条 信托公司在管理私人股权投资信托计划时,可以通过股权上市、协议转让、被投资企业回购、股权分配等方式,实现投资退出。

 

If it is to withdraw by way of the listing of the equity, the relevant provisions of the relevant regulatory authority shall be complied with.

通过股权上市方式退出的,应符合相关监管部门的有关规定。

 

Article 16: If the withdrawal from the equity investment under a private equity investment trust plan is to be accomplished other than through the open market, the equity price shall be fair and the trust company shall endeavour to obtain the best returns for the beneficiary.

第十六条 私人股权投资信托计划项下的投资不通过公开市场实施股权退出时,股权价格应当公允,为受益人谋取最大利益。

 

Article 17: If a trust company uses its own funds to participate in the establishment of a private equity investment trust, its share thereof may not exceed 20% of the property of the trust plan. The funds of the trust company used in the establishment of private equity investment trusts may not exceed 20% of the trust company’s net assets.

第十七条 信托公司以固有资金参与设立私人股权投资信托的,所占份额不得超过该信托计划财产的20%;用于设立私人股权投资信托的固有资金不得超过信托公司净资产的20%。

 

If a trust company uses its own funds to participate in the establishment of a private equity investment trust, the amount contributed by it and the liability that it bears, etc. shall be specified in the trust documents.

信托公司以固有资金参与设立私人股权投资信托的,应当在信托文件中明确其所出资金数额和承担的责任等内容。

 

Article 18: When a trust company establishes a private equity investment trust, it shall report the same to the CBRC or its agency within 10 working days after the establishment of the trust plan. The report shall include but not be limited to a feasibility analysis, the trust documents, a risk declaration, the scope of, and plan for, application of the trust property, the principal risks to which the trust plan will be exposed and a risk management explanation, the main contents and format of trust fund management reports, the promotion plan and main promotion details, a brief description and the personnel résumés of the equity investment trust team, etc.

第十八条 信托公司设立私人股权投资信托,应当在信托计划成立后10个工作日内向中国银监会或其派出机构报告,报告应当包括但不限于可行性分析报告、信托文件、风险申明书、信托财产运用范围和方案、信托计划面临主要风险及风险管理说明、信托资金管理报告主要内容及格式、推介方案及主要推介内容、股权投资信托团队简介及人员简历等内容。

 

Article 19: When managing a private equity investment trust, a trust company shall apply the trust funds to equity investments as specified in the trust documents and funds that have not been invested in equity may only be invested in low risk high liquidity financial products, such as bonds, money funds, and central bank paper, etc.

第十九条 信托公司管理私人股权投资信托,应按照信托文件约定将信托资金运用于股权投资,未进行股权投资的资金只能投资于债券、货币型基金和央行票据等低风险高流动性金融产品。

 

Article 20: When managing a private equity investment trust, a trust company may charge management fees and a performance bonus, and may not charge any fees other than such management fees and performance bonus. The method of charging and the percentage of the management fees and performance bonus must be specified in advance in the trust documents, however, the performance bonus may only be charged upon termination of the trust plan and if a profit is realised.

第二十条 信托公司管理私人股权投资信托,可收取管理费和业绩报酬,除管理费和业绩报酬外,信托公司不得收取任何其他费用;信托公司收取管理费和业绩报酬的方式和比例,须在信托文件中事先约定,但业绩报酬仅在信托计划终止且实现盈利时提取。

 

Article 21: After the establishment of a private equity investment trust plan, the trust company shall handle the trust affairs itself, and independently make investment decisions and carry out risk control.

第二十一条 私人股权投资信托计划设立后,信托公司应亲自处理信托事务,独立自主进行投资决策和风险控制。

 

If specified in advance in the trust documents, the trust company may engage a third party to provide investment consultancy services, but the investment consultant may not implement the investment decisions on behalf of the trust company. The trust company shall conduct a due diligence investigation on the basic particulars of the investment consultant’s management team and its past performance results and note the same in the trust documents.

信托文件事先有约定的,信托公司可以聘请第三方提供投资顾问服务,但投资顾问不得代为实施投资决策。信托公司应对投资顾问的管理团队基本情况和过往业绩等开展尽职调查,并在信托文件中载明。

 

Article 22: An investment consultant as mentioned in the preceding Article shall satisfy the following conditions:

第二十二条 前条所称投资顾问,应满足以下条件:

 

(1) holding not less than 10% of the units of the trust plan;

(一)持有不低于该信托计划10%的信托单位;

 

(2) having paid-in capital of not less than Rmb20 million;

(二)实收资本不低于2000万元人民币;

 

(3) having a fixed place of business and the software, hardware and facilities suitable for the business;

(三)有固定的营业场所和与业务相适应的软硬件设施;

 

(4) having sound internal control systems and investment proposal, due diligence investigation and decision making procedures;

(四)有健全的内部管理制度和投资立项、尽职调查及决策流程;

 

(5) the principal members of its investment consultancy team having not less than three years of experience in equity investment and having a good performance record;

(五)投资顾问团队主要成员股权投资业务从业经验不少于3年,业绩记录良好;

 

(6) no record of improper activity; and

(六)无不良从业记录;

 

(7) other conditions as specified by the CBRC.

(七)中国银监会规定的其他条件。

 

Article 23: A non-listed enterprise as specified herein shall comply with but not be limited to the following conditions:

第二十三条 本办法所称未上市企业,应当符合但不限于下列条件:

 

(1) being established in accordance with the law;

(一)依法设立;

 

(2) its core business and development strategy complying with industry and environmental protection policies;

(二)主营业务和发展战略符合产业和环保政策;

 

(3) possessing core technologies or an innovative business model, and having high growth;

(三)拥有核心技术或者创新型经营模式,具有高成长性;

 

(4) its de facto controller, shareholders, directors and senior management personnel having a good integrity record, and not having been punished or sanctioned by the relevant regulatory department;

(四)实际控制人、股东、董事及高级管理人员有良好的诚信记录,没有受到相关监管部门的处罚和处理;

 

(5) its management team having the knowledge, industry experience and management capabilities appropriate to the performance of its duties; and

(五)管理团队其有与履行职责相适应的知识、行业经验和管理能力;

 

(6) there being no direct or indirect affiliation between it and the trust company or the trust company’s affiliated persons, except as reported in advance in accordance with CBRC provisions and disclosed in accordance with provisions.

(六)与信托公司及其关联人不存在直接或间接的关联关系,但按照中国银监会的规定进行事前报告并按规定进行信息披露的除外。

 

Article 24: The CBRC shall conduct onsite inspections and offsite oversight of the private equity investment trust business of trust companies in accordance with the law and may require trust companies to provide materials relating to their private equity investment trusts.

第二十四条 中国银监会依法对信托公司私人股权投资信托业务实施现场检查和非现场监管,并可要求信托公司提供私人股权投资信托的相关材料。

 

Article 25: The CBRC shall be in charge of interpreting these Guidelines.

第二十五条 本指引由中国银监会负责解释。

 

Article 26: These Guidelines shall be effective as of the date of issuance.

第二十六条 本指引自印发之日起施行。

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