金融业大幅放宽市场准入将为外资参与私募股权投资基金业务带来新契机
2018年4月召开的博鳌亚洲论坛宣布了中国将大幅放宽包括金融业在内的市场准入的重大举措，引发业内热议。结合近期各地陆续发布和更新的关于外商投资股权投资企业的有关规定，可以预期该政策导向将为外国投资者参与国内私募股权投资基金业务提供更优化的营商环境。
与2011年北京、天津、上海、深圳等地陆续发布的早期外商投资股权投资企业的试点办法相比，近三年以来，随着外商投资企业审批制度和资本金结汇管理政策的改革、以及中国基金业协会对私募行业的强化监管，该业务领域出现以下变化趋势：
1、设立企业虽然仍需向金融办提出前置申请，但是无需再办理商务部门审批（投资领域涉及国家规定实施准入特别管理措施的除外），通过金融办审核后可以直接办理工商登记注册手续；
2、外国投资者出资的货币除可自由兑换货币及其在中国境内取得合法人民币收益外，部分地区规定可以使用境外人民币出资。同时，外商投资企业资本金意愿结汇政策试点已放开至全国范围，除原币划转股权投资款外，允许按实际投资规模将外汇资本金直接结汇，或将结汇待支付账户中的人民币资金划入被投资企业账户。
3、外国投资者参与国内私募股权投资基金业务的方式更多样，包括外资股权投资管理企业可以向境内、境外投资者募集设立基金，管理外商投资股权投资企业，也可以管理境内私募基金；境外投资者也可以参与由境内私募基金管理机构发起设立的外商投资股权投资企业，或委托境内私募基金管理机构管理境外投资者参与设立的外商投资股权投资企业等。
4、近期各地区的有关规定还对外商投资股权投资企业及其管理机构在中国基金业协会的登记和备案做出有效衔接，并要求限期完成登记报备。中国基金业协会也于5月4日组织了外籍高级管理人员基金从业人员资格考试英文专场的首场考试。
5、部分地区为吸引外资私募股权投资机构落地，承诺简化政府办事程序，实现单一窗口办理，开辟绿色通道，进一步提升营商环境。
Foreign-invested PE Business Facing New Opportunities in China
Boao Forum for Asia Annual Conference 2018 convened in April has announced that China will substantially broaden the market access including the financial sector. Guided by such policy, it is expectable that the business environment for foreign investors to practice private equity investment/management (“PE Business”) in China will be further optimized, taking into consideration of the relevant regulations published or updated recently in various regions.
Compared with the Pilot Programs for foreign-invested investment/management enterprises published successively by Beijing, Shanghai, Tianjin and Shenzhen from 2011, there’re some new trends in this field within the past three years along with the reform of approval system for the establishment of foreign enterprises and the administrative approaches regarding the settlement of the foreign exchange capitals, as well as the strengthened supervision on PE Business by Asset Management Association of China (“AMAC”).
●Although the pre-approval by Financial Services Office is still a necessary step for setting up a foreign-invested equity investment/management enterprise, the pre-approval by Commission of Commerce has been replaced by the post-filing procedure, except for the industries involving special management measures prescribed by the State. Applicants can go through the registration directly at Administration for Industry and Commerce with the approval from Financial Services Office.
●The capital contributed by the foreign investor may be freely convertible currency, lawful RMB proceeds, as well as offshore RMB as prescribed by some regions. Meanwhile, the settlement of the foreign exchange capitals has been reformed nationwide based on pilot program in some regions. Except for the transfer of equity investment payments in their original currencies, a foreign-invested VC/PE is allowed to directly settle its foreign exchange capital or transfer the RMB funds under its Account for Foreign Exchange Settlement Pending Payment to the account of an invested enterprise according to the actual amount of investment.
●There are more ways for foreign investors to participate in the PE Business in China, including but not limited to, raise PE funds from domestic or overseas investor by foreign-invested PE management enterprises, manage domestic PE funds or foreign-invested PE funds by foreign-invested PE management enterprises, subscribe PE fund raised by domestic PE management enterprises, entrust domestic PE management enterprises to manage the existing foreign-invested PE, etc.
●The registration of foreign-invested PE management entity and filing of foreign-invested PE fund at AMAC within time limit have been supplemented in some relevant regulations published recently to connect the supervision by AMAC on the PE Business. AMAC has also organized the first Licensing Examination in English for Foreign Fund Practitioners on May 4.
●A number of regions have promised to simplify the administrative process through unified business window or open green channel to attract the foreign-invested PE and promote the business environment continuously.
注：首刊于亚洲法律杂志-中国版2018年5月刊
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王阳
执行合伙人
观韬中茂北京办公室
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