《证券公司股权投资业务合规指引》发布

Core Viewpoint - The article discusses the release of the "Compliance Guidelines for Securities Company Equity Investment Business" by the Dacheng Shanghai State-owned Assets Fund Research Center, which aims to provide a comprehensive compliance framework for securities companies engaging in equity investments amidst increasing regulatory scrutiny [1][4]. Group 1: Regulatory Background - Financial regulatory authorities have been intensifying the regulation of equity investment activities by securities companies, starting with the "Guiding Opinions on Regulating Financial Institutions' Asset Management Business" released in 2018, which reshaped the industry landscape with unified regulatory standards [1][4]. - In 2023, the China Securities Regulatory Commission revised the "Management Measures for Private Asset Management Business of Securities and Futures Operating Institutions," further detailing business regulations [1]. - The China Securities Association published updated management norms for alternative investment subsidiaries and private investment fund subsidiaries in May 2024, enhancing the regulatory framework [1]. Group 2: Compliance Guidelines Overview - The "Compliance Guidelines" define the entities through which securities companies can engage in equity investments, including asset management securities companies, asset management subsidiaries, private fund subsidiaries, and alternative investment subsidiaries [4]. - The guidelines elaborate on the operational paths and compliance requirements for each entity, detailing investment methods, business rules, risk control requirements, and information disclosure [4]. - Specific requirements for asset management plans, private fund subsidiaries, and alternative investment subsidiaries are outlined, ensuring compliance in their operations [4]. Group 3: Author and Team Background - The main author, Lawyer Yang Chunbao, leads a legal team with extensive expertise in private equity funds, investment, and mergers and acquisitions [7]. - Yang Chunbao is a senior partner at Dacheng (Shanghai) Law Firm and has been recognized in various legal media rankings for his contributions to the field [7][15]. - The team has published several influential works, including the "Private Equity Investment Fund Risk Control Practice" and the annual "Legal Bridge PE Handbook," which are essential resources in the private equity industry [7][15].