"at present，The price of a third-party fund sales license has dropped from several million yuan in the same period last year, and no one is interested.，The 15 million yuan that was speculated to the middle of this year is still hard to find.，Now he is shouting "the guaranteed market price is 26 million to 27 million yuan"。Is this the rhythm of going to heaven? ? just a few months，Third-party fund sales license has achieved three consecutive price jumps，Not only has the selling price increased several times,，And the pace of increase is also overwhelming。
What exactly is a fund sales license? Since the fund market is not doing well,，为啥它的价格却突飞猛进？是谁愿意花这么多钱买卖这类牌照？买来又想干什么？基金销售牌照今年陡然涨价金融行业的门槛高一向是众所知的，One of the most important manifestations is the acquisition of a financial license。
For the fund industry，There are two main licenses，First, fund payment license，The other one is the protagonist we’re going to talk about today—a fund sales license.。The fund payment license is a fund sales, payment and settlement business license issued by the central bank to third-party payment companies.，Refers to monetary fund transfer services provided by non-financial institutions as intermediaries between payees and payees.，Fund sales institutions can choose commercial banks or payment institutions to engage in fund sales payment and settlement business.。
As the name suggests，Obtaining a fund payment license means that it can only provide payment and settlement services for fund sales.。To sell funds，This can only be done after obtaining a fund sales license.。That is to say，There is a license plate between "payment" and "sales"，The two cannot be confused。
in fact，In addition to the direct sales channels of fund companies,，Previously, it was mainly commercial banks that were qualified to sell funds in China.、Securities companies and other financial institutions，As the largest sales channel, the former even accounts for half of the country.。By 2012，The regulatory authorities have only officially begun to open fund license applications to third-party financial institutions.。Then the third-party institution needs to obtain a fund sales license，What conditions need to be met?
According to the "Measures for the Administration of Sales of Securities Investment Funds" promulgated by the China Securities Regulatory Commission in 2013，Applying for a fund distribution license requires the following qualifications:：
- A limited liability company established in accordance with the law、Partnership or other forms that comply with the provisions of the China Securities Regulatory Commission；
- Have a business scope that complies with regulations；
- Registered capital or capital contribution shall not be less than RMB 20 million，and must be paid-in monetary capital；
- Shareholders of a limited liability company or partners of a partnership comply with the provisions of these Measures；
- There are no major changes that have affected or may affect the normal operation of the organization.，or lawsuit、Arbitration and other major matters；
- Senior managers have obtained fund practitioner qualifications，Familiar with fund sales business，And have more than 2 years of work experience in fund business or more than 5 years of work experience in other financial-related institutions；
- There should be no less than 10 persons who have obtained fund professional qualifications。
The paid-in monetary capital is not less than 20 million yuan、高级管理人员需具备从事基金业务2年以上或在其他金融相关机构5年以上的工作经历等条件已经让不少公司望而却步。But this has not hindered third-party institutions from pursuing fund sales licenses.，Fund sales licenses even started a sudden price increase this year。A source from a large public fund revealed，Currently, fund sales licenses on the market have been sold for more than 30 million yuan.。
Relevant intermediaries also stated that，Now the fund sales license is also "one price every few days"，“The 21 million yuan we were talking about in June was，725 million yuan per month，Recently it was just over 30 million yuan。Last year it was sold for only 2 million yuan、300million yuan，The current guaranteed market price is 26 million to 27 million yuan，Most of what we have on hand are at this price.，Or a clean shell?，Without team and business volume。
"From the middle of this year to now，The number of regulatory approvals has been significantly reduced，Among them, the situation of independent fund sales agencies is particularly obvious.。2015September 2016 ~ June 2016，There are 32 independent sales agencies that have obtained fund sales licenses.，On average, nearly 5 companies pass the relevant qualification review every month；And from July to September 2016，Only 4 institutions have obtained fund sales licenses。
Not hard to find，first 9 months of this year，There are 9 independent fund sales institutions with licenses issued.、6Home、5Home、2Home、0Home、3Home、1Home、2home and 1 home，Basically showing a monthly downward trend，There was even a month when no one was approved.。Private equity was frantically competing for this license. “At the beginning of this year,，We have the idea of applying for Hong Kong’s No. 9 financial license，But I don’t have such a strong will to say that I must get it.。
We will see a lot of private placements in the second half of the year，Some even have half the management scale of ours.，All applications were successful，Therefore, several partners in the company cannot sit still.。”深圳这家大型私募副总向记者表示。It is understood，The Hong Kong market implements a financial license management system。There are 1-10 types of financial licenses。Among them, License No. 9 is a Type 9 regulated business qualification license issued by the Securities and Futures Ordinance of Hong Kong.，i.e. asset management license。
After obtaining the license for mainland private equity，On the one hand, you can raise funds directly in the Hong Kong market，Attract overseas capital to invest in mainland products；On the other hand, it is also convenient to build international products.，Provide overseas investment channels for mainland customers。
“The reason why many mainland private equity companies applied for Hong Kong’s No. 9 financial photo shoot this year，The most direct reason is the stimulation from the opening of Shenzhen-Hong Kong Stock Connect.，Secondly, many private equity investors judge that the mainland capital market needs to be internationalized.，The Hong Kong market is essential as a medium and buffer，So everyone wants to find a foothold in the Hong Kong market.，do business。"The above-mentioned vice president told the reporter of "Golden Securities"。
Optimistic about the future value of the license "Golden Securities" reporter learned，At present, at least 6 large-scale private equity companies are preparing applications.。Public information display，Previously, such as Chongyang Investment、Fushan Investment、Jingtai Lifeng Assets、ivy assets、About 10 established private equity firms, including Infore Capital, have obtained licenses。
"There are two particularly obvious features this year.，First, after everyone gets the license, they quickly organize and distribute products.，On the issue of the Hong Kong market，The preparations are sufficient. The second reason is that this license is not easy to obtain.，It has many hard conditions，If a company must be registered in Hong Kong、financial condition、Reputation, character, etc.，So this year regarding this application
cost
，Some service companies in the market that help with processing are also very popular.。overall，Everyone is optimistic about the future value of this license.。
”深圳一家上半年拿到牌照的私募公司基金对《金证券》记者说。He speaks out，From the current stage，Licensed private equity，Few people raise overseas funds to invest back in A-shares，More content on overseas investment。“This is related to the Hong Kong market’s recognition of mainland private equity.。I believe that through the training of the Hong Kong market，A number of international private equity companies can emerge in the mainland。
"What needs to be mentioned is，Among the 12,356 securities private equity products that have been registered with the association,，A total of 3,622 private equity products can invest in Hong Kong stocks，Zhan Bida
- 31%。There are 2,401 private equity products issued so far this year that can invest in Hong Kong stocks.，Overall circulation growth compared to last year
- 1%，Involving 1,495 private equity managers。Mainland private equity’s enthusiasm for the Hong Kong market is evident。
A full analysis of Hong Kong License No. 9 is based on the regulations of Hong Kong’s Securities and Futures Ordinance，Hong Kong License No. 9 mainly provides services for managing securities or futures contract investment portfolios, etc.。At present, Fushan Investment, a well-known domestic private equity institution、Jingtai Lifeng Assets、Bai Fang Assets、ivy assets、Tianma Assets、Infore Capital、Qiju Assets、Yifan Assets、Value Gravity and others have obtained the “No. 9 license” for asset management business.。Some of them were obtained in the past year or two.，Some get it earlier。
Instructions for applying for the Hong Kong Securities Regulatory Commission No. 9 license. Instructions for applying for the Hong Kong Securities Regulatory Commission No. 9 license.、General dealing
Require
The SFC will only issue licenses to applicants (including companies or individuals) who meet the fit and proper criteria and will assess whether the applicant is a fit and proper person from the following aspects:：a) Financial status and solvency；b) Academic or other qualifications and experience，and considerations in this regard must have regard to the nature of the functions proposed to be performed by the applicant；c) Whether you have the ability to perform competently、conduct relevant regulated activities honestly and fairly；d) Reputation、character、Reliability and financial soundness。
Note：Licensed corporations and individuals affiliated with licensed corporations must comply with other legal requirements including immigration and taxation。two、Licensing of companies
Require
An asset management company that intends to apply for a license in Hong Kong must be a company incorporated in Hong Kong or an overseas corporation registered with the Companies Registry。According to the Securities and Futures Ordinance，Neither sole proprietorship nor partnership will be issued a license。
When assessing whether a company is a good fit，The SFC will consider the company’s financial condition and solvency、Qualifications and experience of company personnel、and whether the company has the ability to conduct regulated activities competently。In terms of competence，The company must demonstrate that it has an appropriate business structure、Good internal control system and qualified personnel，To ensure proper risk management and compliance with relevant rules and regulations。
A licensed asset management company must have at least two responsible officers。In terms of nationality of licensed individuals and responsible officers，There are no restrictions or special regulations from the Securities Regulatory Commission。At least one responsible officer of the asset management company must be a member of the board of directors，However, if other board members are not actively involved in or responsible for direct supervision of asset management activities，They do not necessarily need to be licensed to be responsible persons in the asset management business。
also，Although the Securities and Futures Commission
Require
At least one responsible officer must be based in Hong Kong，in order to directly supervise the relevant business，However, the responsible officer does not need to be in Hong Kong at all times，The condition is that when necessary，The SFC must have immediate access to at least one responsible officer of the asset management company。Except for the person in charge，Any person who is a licensed asset management company or conducts asset management activities on its behalf must be licensed as a representative。
Companies planning to apply for an SFC license must also meet relevant capital requirements。If you hold a Type 9 regulated activity license and will not hold customer information，The company must maintain a minimum liquid capital of HK$100,000。three、Ongoing responsibilities after starting business After obtaining a license，The company must maintain the qualifications of a fit and proper person，and comply with all applicable provisions of the Securities and Futures Ordinance and its subsidiary legislation，and codes and guidelines issued by the Securities and Futures Commission。
Companies are required to submit audited accounts and financial statements regularly。The Securities and Futures Commission is also required to notify the Securities and Futures Commission of certain events or information changes related to the company’s business within a specific time limit.。Four、Licensing of personnel
Require
- Relevant competency requirements for responsible officers. If an individual applies for a license from the Securities and Futures Commission，Must demonstrate to the SFC that he has met relevant standards of competence and integrity，Be a fit and proper person to carry out regulated activities。
1) Academic/Industry Qualifications Hold a university degree in a specified field (e.g. Accounting、Business Administration、economy、Finance and Legal)；or other degree (and have passed at least two subject examinations in the specified areas)；or a professional qualification (e.g. Chartered Financial Analyst、Certified Financial Planner, etc.) 2) Relevant industry experience with at least 3 years of relevant industry experience in the past 6 years 3) Management experience 2 years 4) Local regulatory framework examination Passed Papers 1 and 6 of the Securities and Futures Practitioner Qualification Examination of the Hong Kong Securities Institute (for Type 9 Regulated Activities License) 2、Competence requirements for licensed representatives Any person carrying on regulated activities (other than performing a direct supervisory function) must be licensed as a licensed representative。
1) Academic/Industry Qualifications Hold a university degree in a specified field (e.g. Accounting、Business Administration、economy、Finance and Legal)；or other degree (and have passed at least two subject examinations in the specified areas)；or a professional qualification (e.g. Chartered Financial Analyst、Certified Financial Planner, etc.) 2) Local Regulatory Framework Examination Hong Kong Securities Professional Institute’s Securities and Futures Practitioner Qualification Examination Paper 1 Pass 5、Licensing Application Procedure We recommend that companies，Pay special attention to the following matters：You should describe in detail the status of the company you intend to apply for CSRC。
For example：Institutional background Business nature Business scope Operation model Customer objects Asset management procedures Risk management procedures Compliance management procedures Management team，Including responsible personnel and key staff，Its functions, organizational structure, resource allocation, corporate governance. Your corporate governance should have good internal control measures and qualified personnel.，To ensure proper risk management and compliance with relevant rules。
If a subsidiary is established outside mainland China，Please note whether you need to obtain approval from the mainland regulatory authorities first。
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