中國將註銷2000傢俬募基金管理機構

China’s move to expel more than 2,000 investment companies from its opaque private fund market marks just the beginning of a big drive to rid the market of illegal funds, according to a former Chinese regulator.

據中國一名前任監管者介紹，中國從不透明的國內私募基金市場註銷2000多家投資公司的舉動，只是標誌着清理市場門戶、驅逐非法基金的大規模努力剛剛開始。

China’s Securities Regulatory Commission last week embarked on a clean-up of the country’s private fund market amid concerns that the savings of tens of thousands of Chinese citizens could be exposed to fraud.

中國證券監督管理委員會(CSRC)一週前宣佈整頓國內私募基金市場。目前人們擔憂無數中國公民的儲蓄可能淪爲欺詐行爲的犧牲品。

The CSRC said it had uncovered growing evidence of illegal fundraising and operations like Ponzi schemes in which no real investments are made.

中國證監會表示，它已發現越來越多的證據表明，存在非法集資以及龐氏騙局等操作，在這些騙局中，資金根本沒有得到投資。

More than 2,300 complaints were filed with the police in the first quarter of 2016, increasing the pressure on authorities in Beijing to act.

2016年第一季度，警方接到了2300多個投訴，加大了要求中國有關部門採取行動的壓力。

“This is just the beginning of the clean-up,” said the former regulator, who requested anonymity. “We will see more efforts to improve disclosure standards and eventually the introduction of inspections to verify the information provided by private managers.” The result would be many more expulsions, he added.

“這只是整治行動的開頭，”這位要求匿名的前監管機構官員表示。“我們將看到更多努力，要求提高信息披露標準，最終將引入檢查制度，以覈實私募基金管理機構提供的信息。”他補充說，結果將是更多註銷。

The regulator ordered those investment companies that had failed to provide appropriate legal documentation to exit the market. The reforms are designed to reduce fraud and encourage investors to move into safer regulated funds.

監管機構命令未能提交適當法律文件的私募基金管理機構退出市場。這些改革的目的是減少欺詐，並鼓勵投資者進入安全係數較高的受監管的基金。

Around 25,800 organisations managing assets of Rmb5tn ($769bn) are registered in China’s private fund sector, which was unregulated until June 2013.

中國私募基金部門大約2.58萬個註冊機構管理着5萬億元人民幣（合7690億美元）資產，該行業在2013年6月之前是不受監管的。

Thousands of new participants have entered the market over the past three years, but officials have found it difficult to conduct appropriate checks and complaints to the authorities about fraud and illegal fundraising have spiked.

成千上萬的新參與者在過去三年進入市場，但官員們發現很難進行適當的檢查，同時受害者向當局提交的欺詐和非法集資投訴出現飆升。

“We are seeing a crackdown on illegal fund management operations and a big focus on driving activity into the licensed and regulated market,” said Stewart Aldcroft, Asia chief executive of CitiTrust, the securities and fund services arm of Citigroup.

“我們看到當局打擊非法基金管理業務，並聚焦於推動投資活動進入持牌和規範的市場，”花旗集團(Citigroup)旗下證券與基金服務機構CitiTrust的亞洲區首席執行官斯圖爾特•奧爾德克羅夫特(Stewart Aldcroft)表示。

He said the recent appointment of Liu Shiyu, the former president of the Agricultural Bank of China, as chairman of the regulator had provided a new impetus in the drive for reform.

他表示，最近原中國農業銀行(Agricultural Bank of China)董事長劉士餘被任命爲中國證監會主席，此舉爲改革注入新的動力。

Yoon Ng, director of Asia-Pacific at Spence Johnson, the research company, said 90 per cent of the companies operating in the fragmented private funds industry had less than Rmb1bn ($154m) of assets and so the industry was long overdue a revamp.

研究公司Spence Johnson亞太區總監Yoon Ng表示，在高度分散的中國私募基金行業裏開展業務的公司，有90%只有不到10億元人民幣（合1.54億美元）資產，因此該行業早就應該進行整治。

“The clean-up could be good news for foreign managers,” she said.

“這場清理對外資管理公司可能是好消息，”她說。