又有三家被罚！私募网下打新违规频发，这家私募被拉入“黑名单”

Core Viewpoint - The China Securities Association (CSA) has issued disciplinary measures against three private equity firms for multiple violations during a self-regulatory inspection related to offline investors, highlighting ongoing compliance issues within the private equity sector [1][2]. Group 1: Disciplinary Actions - Three private equity firms, Shanghai Tiancheng Investment, Shanghai Tianyidao Investment, and Shanghai Tuopai Private Equity, received warnings and were subjected to various penalties due to violations identified during the CSA's inspection [1][2]. - Shanghai Tiancheng Investment and Shanghai Tianyidao Investment were mandated to participate in compliance education, while Shanghai Tuopai Private Equity was placed on a six-month restriction list for offline investors [1]. Group 2: Compliance Issues - The CSA has reported a total of 10 disciplinary measures this year, with 7 involving private equity firms, indicating a trend of frequent compliance violations in the industry [2]. - Common issues identified include deficiencies in internal control systems, operational processes, and a lack of compliance awareness among private equity firms [5][6]. Group 3: Specific Violations - The recent violations by the three firms included inadequate pricing basis, flawed evaluation and decision-making processes, and insufficient compliance management systems [3][4]. - Specific examples of violations include Shanghai Tiancheng Investment's reliance on poorly constructed internal research reports, Shanghai Tianyidao Investment's lack of documented decision-making processes, and Shanghai Tuopai Private Equity's failure to conduct collective decision-making meetings [4]. Group 4: Recommendations for Improvement - To mitigate future violations, private equity firms are advised to enhance their compliance awareness, establish robust internal control systems, and ensure adherence to operational procedures [5][6]. - Emphasis on employee training and appointing dedicated personnel for compliance oversight is crucial for effective implementation of internal policies [6].