深圳证监局：个别私募向外部出借股票，相关人员涉非法经营被侦办

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has identified serious violations among certain private equity firms, including improper delegation of investment management responsibilities, which undermines investor rights and damages the industry's reputation [1] Summary by Sections Typical Issues Reported - Some private equity firms are allowing third-party institutions to issue private equity funds under their name, effectively outsourcing investment management responsibilities [1] - Certain firms are conducting investment transactions solely based on investor instructions, lacking independent decision-making [1] - Instances of personnel lending fund-held stocks for day trading and allowing external parties access to trading systems have been reported, leading to criminal investigations [1] - Some firms are permitting non-employees to execute investment transactions and sign legal documents, effectively transferring investment management authority [1] - Investment decision-making committees in some firms are composed mainly of investor representatives, limiting the firm's influence on investment decisions [1] Regulatory Requirements - Private equity firms must adhere to fiduciary duties and manage funds independently, without delegating investment management responsibilities [1] - Firms are required to maintain strict compliance with legal regulations, prohibiting the establishment of funds through "channel" arrangements and the lending of securities accounts [1] - The regulatory body has taken administrative measures against firms violating these rules and has reported criminal activities to law enforcement [1]