Shanghai Municipality, Implementing Measures for the Launch of a Pilot Foreign-invested Equity Investment Enterprise Project in the Municipality
上海市关于本市开展外商投资股权投资企业试点工作的实施办法
The Measures set forth the procedures for establishment of foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises.
(Issued by the Shanghai Municipal Financial Services Office, the Shanghai Municipal Commission of Commerce and the Shanghai Municipal Administration for Industry and Commerce on December 24 2010 and effective 30 days from the date of issuance.)
(上海市金融服务办公室、上海市商务委员会、上海市工商行政管理局于二零一零年十二月二十四日发布，自发布之日起30日后施行。)
沪金融办通 [2010] 38号
第一章 总 则
第一条 为贯彻落实国务院《关于推进上海加快发展现代服务业和先进制造业建设国际金融中心和国际航运中心的意见》，促进本市股权投资行业发展，规范外商投资股权投资企业的设立和运作，根据《中华人民共和国公司法》、《中华人民共和国合伙企业法》及外商投资相关法律法规的有关规定，按照《关于本市开展外商投资股权投资企业试点工作的若干意见》要求，制定本实施办法。
第二条 本办法所称的外商投资股权投资企业，是指在本市依法由外国企业或个人参与投资设立的，以对非上市企业进行股权投资为主要经营业务，并符合本办法第三章有关要求的企业。
本办法所称的外商投资股权投资管理企业，是指在本市依法由外国企业或个人参与投资设立的，以发起设立股权投资企业，和/或受托进行股权投资管理为主要经营业务，并符合本办法第二章有关要求的企业。
第三条 外商投资股权投资企业可以采用合伙制等组织形式，外商投资股权投资管理企业可以采用公司制、合伙制等组织形式。
第四条 市人民政府成立外商投资股权投资企业试点工作联席会议（以下简称联席会议），由市人民政府分管领导召集，成员单位包括市金融办、市商务委、市工商局、市发展改革委、市经济信息化委、市科委、市财政局、市地税局、市住房保障房屋管理局、市政府法制办、外汇局上海市分局、上海银监局、上海证监局和浦东新区人民政府等。
联席会议在国家有关部门的指导下，负责组织有关部门制定和落实各项政策措施，推进本市外商投资股权投资企业相关试点工作，协调解决试点过程中的有关问题。联席会议办公室设在市金融办。
市金融办承担联席会议的日常工作；市商务委负责公司制外商投资股权投资管理企业设立审批及外商投资股权投资企业在沪投资审批工作；市工商局负责外商投资股权投资企业和外商投资股权投资管理企业注册登记工作；外汇局上海市分局负责本办法所涉外汇管理事宜；联席会议其他成员单位根据各自职责负责推进本市外商投资股权投资企业相关试点工作。
第五条 市金融办为本市外商投资股权投资企业和外商投资股权投资管理企业的业务主管部门，主要职责如下：
（一）负责出具外商投资股权投资企业和外商投资股权投资管理企业设立的审查意见；
（二）负责受理外商投资股权投资企业试点申请并组织审定；
（三）负责组织获准试点外商投资股权投资企业和外商投资股权投资管理企业的备案管理；
（四）负责组织制定与外商投资股权投资企业相关的扶持政策，督促各区（县）政府落实配套措施。
第六条 外商投资股权投资企业应遵守中国有关法律法规，境内投资应符合外商投资产业政策。
本市鼓励设立具有先进技术和管理经验的外商投资股权投资企业和外商投资股权投资管理企业。
第二章 外商投资股权投资管理企业
第七条 外商投资股权投资管理企业可从事如下业务：
（一）发起设立股权投资企业；
（二）受托管理股权投资企业的投资业务并提供相关服务；
（三）股权投资咨询；
（四）经审批或登记机关许可的其他相关业务。
第八条 外商投资股权投资管理企业在发起设立股权投资企业过程中，要按照国家有关规定开展资金募集活动，不得违背现行的法律、法规和国家相关政策。
第九条 以股权投资管理为主要业务的外商投资企业，在名称中要加注“股权投资基金管理”字样的，应具备下列条件：
（一）外商投资股权投资管理企业应至少拥有一个投资者，该投资者或其关联实体的经营范围应当与股权投资或股权投资管理业务相关。
本办法所指的关联实体是指该投资者控制的某一实体，或控制该投资者的某一实体，或与该投资者共同受控于某一实体的另一实体。
（二）外商投资股权投资管理企业在申请设立时，应当具有至少两名同时具备下列条件的高级管理人员：
1、有五年以上从事股权投资或股权投资管理业务的经历；
2、有二年以上高级管理职务任职经历；
3、有从事与中国有关的股权投资经历或在中国的金融类机构从业经验；
4、在最近五年内没有违规记录或尚在处理的经济纠纷诉讼案件，且个人信用记录良好。
本办法所称高级管理人员，系指担任副总经理及以上职务或相当职务的管理人员。
（三）外商投资股权投资管理企业注册资本（或认缴出资）应不低于200万美元，出资方式限于货币形式。注册资本（或认缴出资）应当在营业执照签发之日起三个月内到位20%以上，余额在二年内全部到位。
外国投资者用于出资的货币须为可自由兑换的货币或其在中国境内获得的人民币利润或因转股、清算等活动获得的人民币合法收益，中国投资者以人民币出资。
第十条 设立公司制外商投资股权投资管理企业应向市商务委提出申请，按以下程序办理：
（一）市商务委自收到全部申请文件之日起5个工作日内决定是否受理；在受理后5个工作日内，书面征求市金融办意见；
（二）市金融办自收到市商务委征询函和企业全部申请文件之日起10个工作日内书面回复意见；
（三）市商务委在接到市金融办书面意见之日起8个工作日内，做出批准或不批准的书面决定。决定予以批准的，颁发《外商投资企业批准证书》；决定不予批准的，书面通知申请人；
（四）获批的外商投资股权投资管理企业凭《外商投资企业批准证书》等材料在一个月内向市工商局申请办理注册登记手续，并及时至外汇局上海市分局办理外汇登记手续。
第十一条 设立合伙制外商投资股权投资管理企业应向市工商局提出申请，按以下程序办理：
（一）市工商局自收到全部申请文件之日起5个工作日内，书面征求市金融办意见；
（二）市金融办自收到市工商局征询函和企业全部申请文件之日起10个工作日内书面回复意见；
（三）市工商局在接到市金融办书面意见之日起5个工作日内，做出是否登记的决定。予以登记的，发给营业执照；不予登记的，应当给予书面答复，并说明理由；
（四）合伙制的外商投资股权投资管理企业须及时凭工商登记注册等材料至外汇局上海市分局办理外汇登记、开户核准等相关外汇管理事宜。
第十二条 除外商投资股权投资管理企业外，其他外商投资企业不得在名称中使用“股权投资基金管理”字样。
第三章 外商投资股权投资企业
第十三条 外商投资股权投资企业可从事如下业务：
（一）在国家允许的范围内，以全部自有资金进行股权投资，具体投资方式包括新设企业、向已设立企业投资、接受已设立企业投资者股权转让以及国家法律法规允许的其他方式；
（二）为所投资企业提供管理咨询；
（三）经登记机关许可的其他相关业务。
第十四条 以股权投资为主要业务的外商投资企业，名称中要加注“股权投资基金”字样的应具备：认缴出资应不低于1500万美元，出资方式限于货币形式；合伙人应当以自己名义出资，除普通合伙人外，其他每个有限合伙人的出资应不低于100万美元。
外国投资者用于出资的货币须为可自由兑换的货币或其在中国境内获得的人民币利润或因转股、清算等活动获得的人民币合法收益，中国投资者以人民币出资。
第十五条 设立合伙制外商投资股权投资企业按以下程序办理：
（一）市工商局自收到全部申请文件之日起5个工作日内，书面征求市金融办意见；
（二）市金融办自收到市工商局征询函和企业全部申请文件之日起10个工作日内书面回复意见；
（三）市工商局在接到市金融办书面意见之日起5个工作日内，做出是否登记的决定。予以登记的，发给营业执照；不予登记的，应当给予书面答复，并说明理由。
（四）合伙制的外商投资股权投资企业须及时凭工商登记注册等材料至外汇局上海市分局办理外汇登记、核准开户等相关外汇管理手续。
第十六条 外商投资股权投资企业应当委托境内符合条件的银行作为资金托管人。
外商投资股权投资企业的托管银行应将相关托管制度报送有关部门备案。
第十七条 除外商投资股权投资企业外，其他外商投资企业不得在名称中使用“股权投资基金”字样。
第十八条 外商投资股权投资企业在境内进行股权投资，应当依照国家有关外商投资的法律、行政法规、规章办理。
第四章 外商投资股权投资试点企业
第十九条 本办法所称外商投资股权投资试点企业是经联席会议审定的外商投资股权投资企业和外商投资股权投资管理企业。
外商投资股权投资试点企业中外商投资股权投资企业的境外投资者应主要由境外主权基金、养老基金、捐赠基金、慈善基金、投资基金的基金（FOF）、保险公司、银行、证券公司以及联席会议认可的其他境外机构投资者组成。
外商投资股权投资试点企业的出资实行专项资金托管，资金账户及账户内资金使用应由托管银行按规定实施管理。
第二十条 申请试点的外商投资股权投资企业中的境外投资者，应具备下列条件：
（一）在其申请前的上一会计年度，具备自有资产规模不低于五亿美元或者管理资产规模不低于十亿美元；
（二）有健全的治理结构和完善的内控制度，近二年未受到司法机关和相关监管机构的处罚；
（三）境外投资者或其关联实体应当具有五年以上相关投资经历；
（四）联席会议要求的其它条件。
第二十一条 申请试点的外商投资股权投资企业和外商投资股权投资管理企业，应通过外商投资股权投资企业或拟设立股权投资企业的执行事务合伙人向市金融办递交试点申请。该合伙人或其关联实体需具备三年以上直接或间接投资于中国境内企业的良好投资经历。申请人需递交如下申请材料：
（一）试点申请书。所附材料包括：第二十条要求的书面证明材料、机构投资者应提交营业执照复印件、最近一年经审计的财务报表等材料；
（二）股权投资企业资料。包括：募集说明书、合伙协议（主要包括境外投资者的出资比例、募集金额和募集进度等）、主要高管人员简历等；
（三）托管银行的有关资料及与托管银行签署的相关文件；
（四）申请人出具的上述全部材料真实性的承诺函；
（五）联席会议要求的其他材料。
第二十二条 市金融办自收到全部申请文件之日起5个工作日内决定是否受理；在受理后10个工作日内，召集联席会议相关单位进行评审，审定试点企业。经评审符合试点要求的，由市金融办书面通知申请人，并抄送联席会议有关单位和试点企业的托管银行；评审不通过的，由市金融办书面通知申请人。
第二十三条 获准试点的外商投资股权投资企业须在通过审核之日起六个月内，根据本办法第三章要求完成工商登记注册手续，过期须重新申请试点资格。
第二十四条 获准试点的外商投资股权投资管理企业可使用外汇资金对其发起设立的股权投资企业出资，金额不超过所募集资金总额度的5%，该部分出资不影响所投资股权投资企业的原有属性。
第二十五条 外商投资股权投资试点企业可至托管银行办理外汇资金境内股权投资事宜。
本办法发布前已经开立资本金帐户的外商投资股权投资管理企业，经联席会议办公室批准后至开户行办理外汇资金境内股权投资事宜。
第五章 监督管理
第二十六条 联席会议负责组织本市外商投资股权投资企业相关试点工作，各联席会议成员单位根据联席会议安排做好相应的管理工作。
试点企业所在区（县）政府应明确具体职能部门，配合市金融办负责对本区（县）范围内注册的外商投资股权投资试点企业实施备案管理，定期了解外商投资股权投资试点企业融资、投资、财务等信息，并向联席会议报告情况。
第二十七条 市金融办对外商投资股权投资试点企业实行备案管理。外商投资股权投资试点企业在工商登记后10个工作日内向所在区（县）职能部门提交下列材料：
（一）备案申请书。
（二）股东协议、公司章程或合伙协议等文件。
（三）工商登记决定文书与营业执照复印件。
（四）承诺出资额和已缴出资额的证明。
（五）至少两名高级管理人员名单、简历及相关证明材料。
（六）投资决策机制以及参与投资决策的主要人员简历及身份证明。
区（县）职能部门在收到上述材料齐备后5个工作日内，报市金融办。
第二十八条 外商投资股权投资试点企业，应当在每半年向所在区（县）职能部门报告上半年投资运作过程中的重大事件。
前款所称重大事件，系指：
（一）外商投资股权投资企业投资；
（二）外商投资股权投资管理企业投资；
（三）修改合同、章程或合伙协议等重要法律文件；
（四）高级管理人员的变更；
（五）所委托管理的外商投资股权投资管理企业的变更；
（六）增加或减少注册资本（认缴出资）；
（七）分立与合并；
（八）解散、清算或破产；
（九）市金融办要求的其他事项。
区（县）职能部门在收到上述材料5个工作日内，报市金融办。
第二十九条 外商投资股权投资试点企业报告境内投资项目，应提供下列材料：
（一）外商投资股权投资企业投资备案表；
（二）被投资企业营业执照（复印件加盖被投资企业公章）；
（三）被投资企业所在地外资主管部门的文件。
第三十条 外商投资股权投资试点企业的托管银行应履行的职责包括但不限于：
（一）定期向联席会议办公室及联席会议有关单位上报外商投资股权投资试点企业托管资金运作情况、投资项目情况等信息；
（二）每个会计年度结束后，向联席会议办公室上报外商投资股权投资试点企业各方核对一致的上一年度境内股权投资情况的年度报告；
（三）监督外商投资股权投资试点企业的投资运作，发现其投向违反国家法律法规或托管协议的，不予执行并立即向联席会议办公室报告；
（四）联席会议规定的其他监督事项。
第三十一条 外商投资股权投资企业不得从事下列业务：
（一）在国家禁止外商投资的领域投资；
（二）在二级市场进行股票和企业债券交易，但所投资企业上市后，外商投资股权投资企业所持股份不在此列；
（三）从事期货等金融衍生品交易；
（四）直接或间接投资于非自用不动产；
（五）挪用非自有资金进行投资；
（六）向他人提供贷款或担保；
（七）法律、法规以及外商投资股权投资企业设立文件禁止从事的其他事项。
第三十二条 市金融办可以通过信函与电话询问、走访或向托管银行征询等方式，了解已备案的外商投资股权投资试点企业情况，并建立社会监督机制。
已备案的外商投资股权投资试点企业违反本办法规定的，市金融办应会同有关部门查实。情况属实的，市金融办应责令其在30个工作日内整改；逾期未改正的，市金融办取消备案并向社会公告，并会同相关部门依法进行查处，按情节轻重依法予以惩处；构成犯罪的，依法追究刑事责任。
第三十三条 发挥上海股权投资协会、上海国际股权投资基金协会等行业自律组织的作用，加强行业自律，建立合格投资者和优秀管理团队的声誉市场。
第六章 附 则
第三十四条 合伙制外商投资股权投资企业及合伙制外商投资股权投资管理企业办理下列登记事项发生变更时，市工商局应征求市金融办意见：
（一）变更经营范围；
（二）变更合伙人；
（三）增加或减少认缴或实际缴付的出资数额、缴付期限；（四）变更合伙企业类型。
第三十五条 合伙制外商投资股权投资企业及合伙制外商投资股权投资管理企业办理注销时，市工商局应通报市金融办。
第三十六条 外商投资企业在本市再投资设立公司制股权投资管理企业或公司制股权投资企业的，应按照《关于外商投资企业境内投资的暂行规定》报市商务委审批。
第三十七条 香港特别行政区、澳门特别行政区、台湾地区的投资者在本市投资设立股权投资企业和股权投资管理企业，参照本办法执行。
第三十八条 外商投资股权投资企业试点工作在本市有条件的区县逐步开展。
第三十九条 本办法由市金融办、市商务委和市工商局按照各自职责负责解释。
第四十条 本办法自颁布之日起30日后施行。
Hu Jin Rong Ban Tong [2010] No.38
Part One: General provisions
Article 1: These Implementing Measures have been formulated pursuant to relevant provisions of the PRC Company Law, the PRC Partnership Law and laws and regulations on foreign investment and in accordance with the requirements of the Shanghai Municipality, Several Opinions on the Launch of a Pilot Foreign-invested Equity Investment Enterprise Project in the Municipality in order to thoroughly implement the State Council, Opinions on Promoting Shanghai's Accelerated Development of a Modern Service Sector and Advanced Manufacturing Sector to Establish an International Financial Centre and International Maritime Transport Centre, promote the development of the equity investment industry in Shanghai and regulate the establishment and operation of foreign-invested equity investment enterprises.
Article 2: For the purposes of these Measures, the term “foreign-invested equity investment enterprise” means an enterprise invested in and established in Shanghai in accordance with the law with the participation of foreign enterprises or individuals, the main business of which is equity investment in non-listed enterprises, and that satisfies relevant requirements set forth in Part Three hereof.
For the purposes of these Measures, the term “foreign-invested equity investment management enterprise” means an enterprise invested in and established in Shanghai in accordance with the law with the participation of foreign enterprises or individuals, the main business of which is the promotion and establishment of equity investment enterprises and/or equity investment management upon appointment, and that satisfies relevant requirements set forth in Part Two hereof.
Article 3: A foreign-invested equity investment enterprise may take the form of a partnership or other such organisational form, and a foreign-invested equity investment management enterprise may take the form of a company, partnership or other such organisational form.
Article 4: The municipal people's government will establish a pilot foreign-invested equity investment enterprise project work conference (the Conference) convened by the responsible officials of the municipal people's government and with the municipal financial services office, municipal commission of commerce, municipal administration for industry and commerce, municipal development and reform commission, municipal economic and information industry commission, science and technology commission of Shanghai, municipal finance bureau, Shanghai local taxation bureau, municipal housing support and building administration bureau, legislative affairs office of the municipal people's government, Shanghai Branch of the State Administration of Foreign Exchange, Shanghai banking regulatory commission, Shanghai securities regulatory commission and the Pudong New Area people's government as member entities.
The Conference, under the guidance of relevant state departments, will be responsible for arranging for the formulation and implementation of policy measures by relevant departments, promoting the work associated with the pilot foreign-invested equity investment enterprise project in Shanghai and coordinating the resolution of issues that arise in the course of the pilot project. The office of the Conference will be established in the municipal financial services office.
The municipal financial services office will undertake the day-to-day work of the Conference; the municipal commission of commerce will be responsible for the examination and approval of the establishment of foreign-invested equity investment management enterprises in company form, and the examination and approval of investments in Shanghai by foreign-invested equity investment enterprises; the municipal administration for industry and commerce will be responsible for the registration of foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises; the Shanghai Branch of the State Administration of Foreign Exchange will be responsible for foreign exchange control matters falling under these Measures; and other member entities of the Conference will be responsible for the work of promoting the pilot foreign-invested equity investment enterprise project in Shanghai that falls within their respective purviews.
Article 5: The municipal financial services office is the authority in charge of the tasks relating to foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises in Shanghai, and its main duties are as follows:
(1) being responsible for the issuance of opinions upon examination in connection with the establishment of foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises;
(2) being responsible for accepting applications for pilot foreign-invested equity investment enterprises and arranging for the review thereof;
(3) being responsible for arranging the administration by record filing of approved pilot foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises; and
(4) being responsible for arranging for the formulation of support policies relating to foreign-invested equity investment enterprises and procuring the implementation of complementary measures by the district (county) governments.
Article 6: Foreign-invested equity investment enterprises shall comply with relevant PRC laws and regulations and their domestic investments shall comply with policies on the investment in industry by foreign business entities.
Shanghai encourages the establishment of foreign-invested equity investment enterprises and foreign-invested equity investment management enterprises possessing advanced technologies and management expertise.
Part Two: Foreign-invested equity investment management enterprises
Article 7: Foreign-invested equity investment management enterprises may engage in the following businesses:
(1) promotion and establishment of equity investment enterprises;
(2) managing the investment business of equity investment enterprises on their behalf and providing them related services;
(3) equity investment consulting; and
(4) other related business permitted by the approval or registration authority.
Article 8: In the course of sponsoring and establishing an equity investment enterprise, a foreign-invested equity investment management enterprise shall carry out fund-raising activities in accordance with relevant state provisions, and may not violate current laws, regulations or relevant state policies.
Article 9: A foreign-invested enterprise, whose principal business is the management of equity investments, that wishes to add the words “equity investment fund management” to its name shall satisfy the following conditions:
(1) a foreign-invested equity investment management enterprise shall have at least one investor and the scope of business of such investor or an affiliated entity thereof shall be related to equity investment or equity investment management;
for the purposes of these Measures, the term “affiliated entity” means an entity that is controlled by or controls the investor, or, with the investor, is under the common control of another entity;
(2) at the time of the application for establishment, a foreign-invested equity investment management enterprise shall have at least two senior management officers who satisfy the following conditions:
(i) having a history of at least five years of engaging in equity investment or equity investment management business;
(ii) having a history of at least two years of serving in a senior management position;
(iii) having a history of engaging in PRC-related equity investment or work experience in a PRC financial institution; and
(iv) not having a record of violations of regulations in the most recent five years, nor being involved in a pending economic dispute action and having a good personal credit record;
for the purposes of these Measures, the term “senior management officer” or “senior management personnel” means management personnel in a deputy general manager or higher position or the equivalent of such positions;
(3) the registered capital (or subscribed-for capital contribution) of a foreign-invested equity investment management enterprise shall not be less than US$2 million and the capital contributions may only be made in cash. At least 20% of the registered capital (or subscribed-for capital contribution) shall be paid in within three months from the date of issuance of the business licence, and the remainder shall be paid in in full within two years; and
the currency in which a foreign investor makes its capital contribution must be a freely convertible currency, or renminbi profit it has derived in the PRC or lawful renminbi proceeds derived from an activity such as a share transfer, liquidation, etc. PRC investors shall make their capital contributions in renminbi.
Article 10: To establish a foreign-invested equity investment management enterprise in company form, an application shall be submitted to the municipal commission of commerce, and matters shall be handled in accordance with the following procedure:
(1) the municipal commission of commerce decides whether to accept the application within five working days from the date of receipt of all the application documents; and within five working days after acceptance, seeks the opinion of the municipal financial services office in writing;
(2) the municipal financial services office responds with its opinion in writing within 10 working days from the date of receipt of the municipal commission of commerce's inquiry letter and all of the enterprise's application documents;
(3) the municipal commission of commerce renders its written decision on whether or not to grant approval within eight working days from the date of receipt of the written opinion of the municipal financial services office; if it decides to grant approval, it issues an Approval Certificate of a Foreign-Invested Enterprise; if it decides to withhold approval, it notifies the applicant thereof in writing; and
(4) a foreign-invested equity investment management enterprise that has received approval carries out registration procedures with the municipal administration for industry and commerce on the strength of materials such as the Approval Certificate of a Foreign-Invested Enterprise within one month, and, in a timely manner, carries out foreign exchange registration procedures with the Shanghai Branch of the State Administration of Foreign Exchange.
Article 11: To establish a foreign-invested equity investment management enterprise in the form of a partnership, an application shall be submitted to the municipal administration for industry and commerce, and matters shall be handled in accordance with the following procedure:
(1) the municipal administration for industry and commerce seeks the opinion of the municipal financial services office in writing within five working days from the date of receipt of all the application documents;
(2) the municipal financial services office responds with its opinion in writing within 10 working days from the date of receipt of the municipal administration for industry and commerce's inquiry letter and all of the enterprise's application documents;
(3) the municipal administration for industry and commerce renders its written decision on whether or not to grant registration within five working days from the date of receipt of the written opinion of the municipal financial services office; if it grants registration, it issues a business licence; if it withholds registration, it shall give a written response explaining the reason therefor; and
(4) a foreign-invested equity investment management enterprise established in the form of a partnership must promptly carry out foreign exchange registration, account-opening approval and other such foreign exchange control-related matters with the Shanghai Branch of the State Administration of Foreign Exchange on the strength of materials such as its business registration, etc.
Article 12: Foreign-invested enterprises, other than foreign-invested equity investment management enterprises, may not use the words “equity investment fund management” in their names.
Part Three: Foreign-invested equity investment enterprises
Article 13: Foreign-invested equity investment enterprises may engage in the following businesses:
(1) carrying out equity investment within the scope permitted by the state with all of their own funds; the specific methods of investment include the establishment of new enterprises, investment in existing enterprises, accepting equity transfers from investors in existing enterprises and other methods permitted by state laws and regulations;
(2) providing management consulting to their investee enterprises; and
(3) other related business permitted by the registration authority.
Article 14: A foreign-invested enterprise whose main business is equity investment and that wishes to add the words “equity investment fund” to its name shall satisfy the following conditions: having a subscribed-for capital contribution of not less than US$15 million, and such capital contribution being in the form of cash; partners shall make their capital contributions in their own names and, other than general partners, the capital contributions of each of the limited partners shall not be less than US$1 million.
The currency in which a foreign investor makes its capital contribution must be a freely convertible currency, or renminbi profit derived by it in the PRC or lawful renminbi proceeds derived from an activity such as a share transfer, liquidation, etc. PRC investors shall make their capital contributions in renminbi.
Article 15: The establishment of a foreign-invested equity investment enterprise in the form of a partnership shall be handled in accordance with the following procedure:
(1) the municipal administration for industry and commerce seeks the opinion of the municipal financial services office in writing within five working days from the date of receipt of all the application documents;
(2) the municipal financial services office responds with its opinion in writing within 10 working days from the date of receipt of the municipal administration for industry and commerce's inquiry letter and all of the enterprise's application documents;
(3) the municipal administration for industry and commerce renders its written decision on whether or not to grant registration within five working days from the date of receipt of the written opinion of the municipal financial services office; if it grants registration, it issues a business licence; if it withholds registration, it shall give a written response explaining the reason therefor; and
(4) a foreign-invested equity investment enterprise established in the form of a partnership must promptly carry out foreign exchange registration, account-opening approval and other such foreign exchange control-related matters with the Shanghai Branch of the State Administration of Foreign Exchange on the strength of materials such as its business registration.
Article 16: A foreign-invested equity investment enterprise shall appoint a qualified bank in the PRC as its fund custodian.
The custodian bank of a foreign-invested equity investment enterprise shall submit its relevant custody rules and regulations to the relevant department for the record.
Article 17: Foreign-invested enterprises, other than foreign-invested equity investment enterprises, may not use the words “equity investment fund” in their names.
Article 18: When making equity investments in the PRC, a foreign-invested equity investment enterprise shall handle matters in accordance with state laws, administrative regulations, and rules on foreign investment.
Part Four: Pilot foreign-invested equity investment enterprises
Article 19: For the purposes of these Measures, the term “pilot foreign-invested equity investment enterprise” means a foreign-invested equity investment enterprise or foreign-invested equity investment management enterprise examined and approved by the Conference.
The foreign investors in foreign-invested equity investment enterprises that are pilot foreign-invested equity investment enterprises shall mainly consist of foreign sovereign funds, pension funds, endowment funds, charitable foundations, funds of funds, insurance companies, banks, securities companies and other foreign institutional investors recognised by the Conference.
The capital contribution made to a pilot foreign-invested equity investment enterprise shall be subject to dedicated fund custody. The fund account and use of the funds in the account shall be managed by the custodian bank in accordance with provisions.
Article 20: A foreign investor of a foreign-invested equity investment enterprise applying to participate in the pilot project shall satisfy the following conditions:
(1) in the financial year prior to its application, having own assets of not less than US$500 million or assets under its management of not less than US$1 billion;
(2) having sound corporate governance and sound internal controls, and not having been subject to penalties imposed by a judicial authority or relevant regulatory authority in the last two years;
(3) it or an affiliated entity thereof having at least a five year history of related investments; and
(4) other conditions as required by the Conference.
Article 21: The application of a foreign-invested equity investment enterprise or foreign-invested equity investment management enterprise to participate in the pilot project shall be submitted to the municipal financial services office by the executive partner of the foreign-invested equity investment enterprise or proposed equity investment enterprise. Such partner or an affiliated entity thereof shall have a good history of direct or indirect investment in enterprises in the PRC of at least three years. The applicant is required to submit the following application materials:
(1) a written application to participate in the pilot project: the accompanying materials include the written supporting documentation specified in Article 20, and an institutional investor shall submit a photocopy of its business licence, its audited financial statements for the most recent year, etc.;
(2) materials of the equity investment enterprise: including prospectus, partnership agreement (mainly including the capital contribution percentages of the foreign investors, the amount to be raised, the fund raising schedule, etc.), the résumés of the principal senior managers, etc.;
(3) relevant information on the custodian bank and relevant documents executed with the custodian bank;
(4) the undertaking issued by the applicant as to the truthfulness of all of the aforementioned materials; and
(5) other materials as required by the Conference.
Article 22: The municipal financial services office shall decide whether to accept the application within five working days from the date of receipt of all of the application documents; and within 10 working days after acceptance, it shall convene relevant entities of the Conference to conduct an evaluation and examine the pilot enterprise. If, following the evaluation, the application is determined to satisfy the requirements of the pilot project, the municipal financial services office shall notify the applicant in writing, with copies to relevant entities of the Conference and the pilot enterprise's custodian bank. If an application does not pass the evaluation, the municipal financial services office shall notify the applicant in writing.
Article 23: A foreign-invested equity investment enterprise that has received approval to participate in the pilot project must complete business registration procedures in accordance with the requirements of Part Three hereof within six months from the date of passing the review. If it fails to do so during that time, it must apply anew for qualifications to participate in the pilot project.
Article 24: A foreign-invested equity investment management enterprise that has received approval to participate in the pilot project may use foreign exchange funds to make capital contributions to the equity investment enterprises that it promotes and establishes. The amount thereof shall not exceed 5% of the total funds raised and such capital contribution shall not affect the original attributes of the equity investment enterprises invested in.
Article 25: A pilot foreign-invested equity investment enterprise may carry out matters relating to the domestic equity investment of foreign exchange funds with its custodian bank.
A foreign-invested equity investment management enterprise that had already opened a capital account before the issuance of these Measures shall carry out matters relating to the domestic equity investment of foreign exchange funds with its bank following approval by the office of the Conference.
Part Five: Oversight
Article 26: The Conference is responsible for organising the pilot project work relating to foreign-invested equity investment enterprises in Shanghai, and the member entities of the Conference shall duly carry out the relevant administrative work in accordance with the arrangements of the Conference.
The district (county) government of the place where a pilot enterprise is located shall designate a specific functional department, cooperate with the municipal financial services office in being responsible for the administration by record filing of pilot foreign-invested equity investment enterprises registered in its district (county), regularly keep itself apprised of the pilot foreign-invested equity investment enterprises' financing, investments, financial affairs, etc., and report on circumstances to the Conference.
Article 27: The municipal financial services office subjects pilot foreign-invested equity investment enterprises to administration by record filing. Within 10 working days after business registration, a pilot foreign-invested equity investment enterprise shall submit the following materials to the functional department of the district (county) where it is located:
(1) a written record-filing application;
(2) documents such as the shareholder agreement, company articles of association or partnership agreement;
(3) photocopies of the business registration decision document and business licence;
(4) proof of the capital contribution committed to and the capital contribution already paid in;
(5) a list of the names of at least two senior management officers, their résumés and relevant supporting documentation; and
(6) the investment decision-making mechanism and the résumés and proofs of identity of the main persons who participate in the investment decision-making.
Within five working days after receipt of all the aforementioned materials, the district (county) functional department shall submit the same to the municipal financial services office.
Article 28: Each half year, a pilot foreign-invested equity investment enterprise shall report to the functional department of the district (county) where it is located the material events that occurred in its investment operations during the preceding half year.
For the purposes of the preceding paragraph, the term “material event” means:
(1) a foreign-invested equity investment enterprise investment;
(2) a foreign-invested equity investment management enterprise investment;
(3) amendment of important legal documents such as contracts, the articles of association or the partnership agreement;
(4) a change in senior management personnel;
(5) a change in the foreign-invested equity investment management enterprise into whose management it has been entrusted;
(6) an increase or reduction in registered capital (subscribed-for capital contribution);
(7) a division or merger;
(8) a dissolution, liquidation or bankruptcy; and
(9) other matters required by the municipal financial services office.
Within five working days of receipt of the aforementioned materials, the district (county) functional department shall submit the same to the municipal financial services office.
Article 29: When reporting a domestic investment project, a pilot foreign-invested equity investment enterprise shall provide the following materials:
(1) an investment record filing form for a foreign-invested equity investment enterprise;
(2) the business licence of the investee enterprise (photocopy bearing the official seal of the investee enterprise); and
(3) the document of the competent foreign investment department of the place where the investee enterprise is located.
Article 30: The duties that the custodian bank of a pilot foreign-invested equity investment enterprise is required to perform include but are not limited to:
(1) regularly reporting to the office of the Conference and relevant entities of the Conference on the application of the pilot foreign-invested equity investment enterprise's funds in its custody, details of the investment projects, etc.;
(2) after the end of each financial year, submitting to the office of the Conference the annual report on the domestic equity investments during the previous year checked by and on which the parties to the pilot foreign-invested equity investment enterprise have reached a consensus;
(3) monitoring the investment operations of the pilot foreign-invested equity investment enterprise, and if it discovers that its investment orientation violates state laws or regulations or breaches the custody agreement, not executing the same and promptly reporting the same to the office of the Conference; and
(4) other matters to be monitored as specified by the Conference.
Article 31: A foreign-invested equity investment enterprise may not engage in the following businesses:
(1) investment in sectors in which foreign investment is prohibited by the state;
(2) trading in shares or corporate bonds on the secondary market; however, once an investee enterprise has listed, this provision shall not apply to the shares thereof held by the foreign-invested equity investment enterprise;
(3) trading in futures or other such financial derivatives;
(4) directly or indirectly investing in immovable property not for its own use;
(5) diverting funds that are not its own and investing the same;
(6) providing loans to, or security for, others; and
(7) other matters it is prohibited in engaging in by laws, regulations or its establishment document.
Article 32: The municipal financial affairs office may keep itself apprised of the circumstances of a pilot foreign-invested equity investment enterprise that has been placed on the record by means such as inquiries by correspondence or telephone, an onsite visit or the seeking of information from the custodian bank. Additionally, it may establish a social monitoring mechanism.
If a pilot foreign-invested equity investment enterprise that has been placed on the record violates these Measures, the municipal financial services office in concert with other relevant departments shall ascertain the facts. If the matter is found to be true, the municipal financial services office shall order it to rectify the matter within 30 working days. If it fails to do so, the municipal financial services office shall cancel its record filing, publicly announce the same and, in concert with the relevant departments, investigate and deal with the matter and impose penalties based on the seriousness of the circumstances in accordance with the law. If a criminal offense is constituted, criminal liability shall be pursued in accordance with the law.
Article 33: The functions of industry self-regulation organisations such as the Shanghai Equity Investment Association and Shanghai International Equity Investment Fund Association shall be leveraged in order to strengthen self-regulation, and establish a qualified investor and outstanding management team reputation market.
Part Six: Supplementary provisions
Article 34: If a foreign-invested equity investment enterprise established in the form of a partnership or a foreign-invested equity investment management enterprise established in the form of a partnership wishes to make a change in the following registered particulars, the municipal administration for industry and commerce shall seek the opinion of the municipal financial services office:
(1) change in the scope of business;
(2) change in partners;
(3) increase in or reduction of the subscribed-for or already paid in capital contribution amount or the deadline for payment thereof; or
(4) change in the type of partnership.
Article 35: When a foreign-invested equity investment enterprise established in the form of a partnership or a foreign-invested equity investment management enterprise established in the form of a partnership carries out deregistration procedures, the municipal administration for industry and commerce shall notify the municipal financial services office.
Article 36: If a foreign-invested enterprise wishes to reinvest and establish an equity investment management enterprise in company form or an equity investment enterprise in company form in Shanghai, it shall, in accordance with the Tentative Provision for Investment Within China by Foreign-invested Enterprises, report the same to the municipal commission of commerce for examination and approval.
Article 37: These Measures shall apply mutatis mutandis to the establishment of equity investment enterprises and equity investment management enterprises in Shanghai by investors from the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan.
Article 38: The work associated with the pilot foreign-invested equity investment enterprise project in Shanghai shall be progressively launched in qualified districts and counties of Shanghai.
Article 39: The municipal financial services office, the municipal commission of commerce and the municipal administration for industry and commerce are in charge of the interpretation of these Measures within their respective purviews.
Article 40: These Measures shall be effective within 30 days from the date of issuance.
clp reference:2300/10.12.24/SHprc reference:沪金融办通 [2010] 38号promulgated:2010-12-24effective:2011-01-22This premium content is reserved for
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