Core Insights - Recent regulatory scrutiny has revealed misconduct among certain private equity firms in Shenzhen, including selling fraudulent products and engaging in unrelated activities such as fortune-telling and course sales [1][2][4] - The Shenzhen Securities Regulatory Bureau plans to enhance compliance checks and hold violators accountable, urging private equity firms to focus on their core investment activities and improve compliance and risk management mechanisms [1][6] Group 1: Regulatory Findings - Some private equity firms have deviated from their primary responsibilities, engaging in unrelated activities like fortune-telling and selling courses, which has raised concerns [2][3] - A specific equity private equity firm was found to have mixed operations with related companies, conducting activities unrelated to fund management [2] - Misconduct includes selling fraudulent products and providing consulting services that do not align with private equity management [2][4] Group 2: Financial Misconduct - Certain private equity firms have been implicated in profit-sharing arrangements that harm investor interests, such as receiving payments for facilitating transactions involving municipal bonds [4][5] - Instances of "high buy-low sell" transactions have been reported, where private equity firms sold bonds at significantly lower prices to their executives and then repurchased them at inflated prices [4] - Some firms have charged undisclosed high consulting fees to managed funds, further compromising investor transparency [4] Group 3: Illegal Activities - Some private equity managers have exploited their credentials to engage in illegal fundraising activities, promising investors guaranteed returns [5] - There are reports of firms using their management qualifications to facilitate illegal activities, including market manipulation and unauthorized financing [5] - The regulatory body has emphasized the need for private equity firms to adhere to legal and ethical standards, avoiding any involvement in illegal fundraising or financing activities [5][6] Group 4: Industry Trends - As of June 30, 2023, over 600 private equity managers have deregistered, indicating a significant industry cleanup [7] - The deregistration includes both voluntary and association-initiated cancellations, reflecting a broader trend of regulatory tightening in the private equity sector [7]

【导读】收取债券分销费，利用私募基金财产为自身牟取非法利益，上海晋蓉被注销私募管理人登记 提供债券咨询服务、收取债券分销费 利用基金财产为自身牟取非法利益 纪律处分决定书显示，经查，上海晋蓉存在五大违规行为，包括兼营与私募基金管理无关或存在利益冲突的其他业务、利用私募基金财产为自身牟取非法 利益、委托不具备基金销售资格单位或个人从事资金募集活动、登记的高级管理人员未实际履职、未就登记信息变更向协会履行变更手续。 在去年3月收到上海证监局警示函后，今年4月上海晋蓉投资管理有限公司（以下简称上海晋蓉）又收到了来自中国证券投资基金业协会（以下简称协会） 的纪律处分决定书。 协会提到，上海晋蓉为其他公司提供债券融资咨询服务，并收取债券分销费；利用私募基金财产为自身牟取非法利益，比如其管理的两只私募基金参与认 购相关债券2.2亿元，公司收到了256万元的债券费用。 最终，协会决定注销上海晋蓉私募基金管理人登记。 具体来看，上海晋蓉兼营与私募基金管理无关或存在利益冲突的其他业务。公司于2022年11月与某投资公司签署《融资顾问服务协议》，约定某投资公司 委托上海晋蓉提供债券融资咨询服务；经核查银行流水，某投资公司于202 ...