中国证券业协会修订发布《公开募集不动产投资信托基金网下投资者管理规则》

Core Viewpoint - The China Securities Association has revised and published the "Management Rules for Offline Investors in Publicly Raised Real Estate Investment Trusts," expanding the scope to include commercial real estate investment trusts and enhancing the management of offline investors [1][3]. Summary by Sections Rule Adjustments - The name of the rules has been adjusted for adaptability, expanding the applicability from infrastructure real estate investment trusts to commercial real estate investment trusts [3]. - The registration management of offline investors has been strengthened, maintaining existing requirements for institutional investors while adding new criteria related to pricing research capabilities, compliance risk control, communication equipment management, and internal accountability [3]. Investor Management - The rules enhance the suitability management of offline investors, ensuring alignment with the "Management Rules for Offline Investors in Initial Public Offerings," and require timely reporting of significant events by offline investors or their managed allocation targets [2][3]. - The rules specify that fund managers and financial advisors must fulfill their respective roles diligently, ensuring proper verification and monitoring of offline inquiries and subscription activities for real estate funds [2][3]. Market Regulation - Continuous efforts will be made to purify the offline issuance market ecosystem, applying a principle of punishment and education for any identified violations by offline investors [2][3]. - The association will implement graded and classified self-regulatory management for offline investors and allocation targets based on self-regulatory practices, enhancing reputational constraints to build a high-quality team of offline investors in real estate investment trusts [2][3]. Future Actions - The association plans to guide and supervise offline investors, fund managers, and financial advisors through training, market monitoring, and self-regulatory inspections to ensure compliance with the new rules [4].