Answers to Questions regarding the Registration and Recordation of Privately Offered Investment Funds (II)

 2018-06-27  43


· Area of Law: Securities

· Level of Authority: Industry Regulations

· Date issued:09-02-2016

· Effective Date:09-02-2016

· Status: Effective

· Issuing Authority: National Equities Exchange and Quotations Co. Ltd

 

Questions and Answers of the National Equities Exchange and Quotations on the Institution Business (II)—Answers to Questions regarding the Registration and Recordation of Privately Offered Investment Funds
I. What are the changes to the registration and recordation requirements for the participation of privately offered investment funds in the business of the National Equities Exchange and Quotations?
Answer: On March 30, 2015, the National Equities Exchange and Quotations Co., Ltd. issued a Regulatory Letter of Questions and Answers regarding Strengthening the Recordation Management of Privately Offered Investment Funds Participating in the Business of the National Equities Exchange and Quotations, setting forth requirements on intermediary institutions' checking the registration and recordation status of privately offered investment funds in the processes of an enterprise's application for quotation, a quoted company's financing through a stock issue, and a significant asset restructuring, among others.
In order to improve the efficiency of review and facilitate the quotation, financing, and restructuring of (prospective) quoted companies, from the date of issuance of these Questions and Answers, if a management institution of privately offered investment funds itself participates in the application for quotation, financing through a stock issue, or significant asset restructuring, among others, its completion of registration is not a precondition for the review of the relevant process; if a privately offered investment fund under the management of a registered management institution of privately offered investment funds participates in the aforesaid business, its completion of recordation is not a precondition for the review of the relevant process. Where the aforesaid management institution of privately offered investment funds or privately offered investment fund fails to complete registration or recordation during the period of review, the management institution of privately offered investment funds shall produce a letter of commitment to completing the registration or recordation, specifying the (anticipated) date of applying for registration or recordation.
II. What are the guidance requirements for intermediary institutions regarding the commitments of privately offered investment funds?
Answer: In the process of continuous guidance, the sponsoring broker-dealer or independent financial advisor shall continuously follow the fulfillment of commitments of the management institution of privately offered investment funds, and report the results of fulfillment of commitments to National Equities Exchange and Quotations Co., Ltd. in a timely manner. The results of fulfillment of commitments shall contain the specific date of completion of registration or recordation and the registration number of the management institution of privately offered investment funds or the number of the privately offered investment fund.
For any discrepancies between any questions and answers previously issued and these Questions and Answers, these Questions and Answers shall prevail.
National Equities Exchange and Quotations Co., Ltd.
September 2, 2016