唐劲草：破解国资母基金备案嵌套难题，明确“双51%穿透计算”

Core Viewpoint - The article emphasizes the critical role of state-owned mother funds in guiding social capital towards the real economy and technological innovation, highlighting the need for clearer regulations regarding the "double 5 1%" standard for fund management and investment structures [1][4]. Group 1: Regulatory Framework - The current regulations do not clearly define the "double 5 1%" standard, leading to misclassification of funds as "over three layers of nesting," which hampers project advancement [1][4]. - The Private Investment Fund Supervision and Administration Regulations specify that private funds investing primarily in other private funds do not count towards investment layers, providing a regulatory basis for the exemption of mother funds from certain nesting requirements [2][3]. Group 2: Industry Challenges - The existing structure of state-owned mother funds often faces obstacles during the registration process due to unclear standards for recognizing state-owned components, particularly in cases of indirect holdings [4][6]. - Many private fund managers have encountered difficulties in fund registration due to the lack of clarity in the regulations, which has led to project delays despite agreements being in place [4][6]. Group 3: Recommendations for Improvement - It is necessary to clarify the "double 5 1% penetration calculation" for state-owned mother funds to facilitate smoother registration processes and enhance the efficiency of state capital allocation [5][8]. - The article suggests that the criteria for recognizing mother funds should include a clear definition of the penetration calculation method, ensuring that both direct and indirect state-owned contributions are accounted for [9]. Group 4: Practical Implementation - The proposed standards for exemption from nesting layers should be based on a clear and verifiable penetration calculation, which can be supported by market tools for transparency [7][10]. - The article advocates for a structured approach to nesting layer calculations, ensuring that the overall nesting does not exceed two layers, thus aligning with existing regulatory frameworks [10].