私募圈大事！明星基金经理“奔私门槛”抬高了！

Core Viewpoint - The newly released "Measures for the Management of Agency Sales Business by Commercial Banks" clarifies the obligations of commercial banks as selling agents, with a significant focus on the admission standards for private equity products and managers [1][3]. Summary by Sections Regulatory Framework - The "Measures" will take effect on October 1, 2025, allowing existing products that meet relevant regulations to gradually resolve their stock through natural expiration as per original agreements [2][6]. Admission Standards for Private Equity - The document specifies that commercial banks must conduct comprehensive evaluations involving multiple departments before approving asset management products targeting non-standardized debt assets, unlisted equity, or private equity funds [4]. - The admission standards for private equity products include: - The total scale of private equity funds managed must not be less than 500 million yuan (approximately 70 million USD) [4]. - The scale of private securities investment funds managed must not be less than 300 million yuan (approximately 42 million USD) [4]. - The private equity fund manager must be registered with the Asset Management Association of China for at least three years and must not have faced administrative penalties or disciplinary actions in the last three years [5]. Impact on Private Equity Managers - The new regulations will raise the threshold for well-known fund managers transitioning to private equity, requiring them to wait at least three years after establishing a new private equity entity before collaborating with commercial banks for product sales [10]. - Initially, newly registered private equity managers are expected to seek funding partnerships primarily with securities firms and third-party wealth management companies [11].