海南省開展合格境內有限合伙人（QDLP）境外投資試點工作暫行辦法

Interim Measures of Hainan Province for the Pilot Program of Overseas Investment by Qualified Domestic Limited Partners (QDLP)

第一章 總則

Chapter I General Provisions

第一條             為積極推進海南自由貿易港建設，促進金融業對外開放，規范開展合格境內有限合伙人境外投資試點工作，根據有關法律、法規，制定本暫行辦法。

Article 1                     These Interim Measures (the “Measures”) are formulated pursuant to the relevant laws and regulations in order to actively promote the development of the Hainan Free Trade Port, enhance the opening up of the financial industry, and standardize the launch of the pilot program of overseas investment by qualified domestic limited partners.

第二條             本辦法所稱的合格境內有限合伙人，是指符合本辦法第四章規定的條件，以自有資金認購本辦法規定的試點基金的境內自然人、機構投資者或本辦法規定的其他投資者。

Article 2                     For the purpose of the Measures, qualified domestic limited partners refer to domestic natural persons, institutional investors or other investors as prescribed in the Measures who meet the conditions specified in Chapter IV of the Measures and subscribe with their own funds for the pilot funds mentioned in the Measures.

本辦法所稱的試點基金管理企業是指經試點相關單位共同認定、注冊在海南省并實際經營的，以發起設立試點基金并受托管理其境外投資業務為主要經營業務的企業，且符合本辦法第二章規定。

The pilot fund management enterprises as prescribed in the Measures refer to enterprises that are determined by the authorities related to the pilot program, are incorporated and actually operate in Hainan Province, carry on their principal business as launching pilot funds and managing the overseas investment of the pilot funds upon entrustment, and conform to the provisions of Chapter II of the Measures.

本辦法所稱的試點基金是指由試點基金管理企業依法在海南省發起、以合格境內有限合伙人參與投資設立的、以基金財產按照本辦法規定進行境外投資，且符合本辦法第三章規定的基金。

The pilot funds refer to the funds that are launched by pilot fund management enterprises in Hainan Province, are established with the investment by qualified domestic limited partners, conduct overseas investment with fund assets according to the provisions of the Measures, and conform to the provisions of Chapter III of the Measures.

第三條             試點基金管理企業發起設立試點基金，運用試點基金的基金財產對外投資，應符合相關法律、法規和本辦法的規定，維護投資者的合法權益。

Article 3                     The pilot fund management enterprises shall comply with the relevant laws, regulations and the Measures and safeguard the legitimate rights and interests of investors in launching pilot funds and conducting overseas investment with fund assets of the pilot funds.

第四條             本試點工作在省政府直接領導下，省金融監管部門牽頭，相關單位根據職責共同參與。試點相關單位包括但不限于省金融監管部門、外匯管理部門、省市場監管部門、證券監管部門等。省金融監管部門承擔試點工作日常事務，負責試點申請資料及其他相關文件的受理，組織試點相關單位審核申請材料，為企業批復試點資格并授予試點額度；外匯管理部門負責本辦法所涉跨境資金管理事宜；省市場監管部門負責試點基金管理企業及試點基金的登記注冊工作；證券監管部門負責對試點基金管理企業和試點基金的登記備案工作進行指導，并對通過中國證券投資基金業協會登記備案的試點基金管理企業和試點基金業務活動進行監督管理；省發改部門和省商務部門負責對試點基金的投資標的與投資區域是否為敏感類進行指導；其他相關單位根據實際需要配合做好相關工作。

Article 4                     The pilot program is under direct leadership of the provincial government, led by the provincial administration for financial regulation, with the joint participation of relevant authorities according to their duties. The authorities related to the pilot program include but are not limited to the provincial administration for financial regulation, the foreign exchange administration, the provincial administration for market regulation, the securities regulatory authority, etc. The provincial administration for financial regulation undertakes the day-to-day affairs of the pilot program and is responsible for accepting the pilot application materials and other relevant documents, organizing the authorities related to the pilot program to review the application materials, approving the pilot qualification of enterprises and granting pilot quota; the foreign exchange administration is responsible for cross-border funds management matters involved in the Measures; the provincial administration for market regulation is responsible for the registration of pilot fund management enterprises and pilot funds; the securities regulatory authority is responsible for providing guidance on the registration and filing of pilot fund management enterprises and pilot funds and supervising and administering the activities of pilot fund management enterprises and pilot funds registered and filed with the Asset Management Association of China (the “AMAC”); the provincial development and reform commission and the provincial commission of commerce are responsible for providing guidance on whether investment targets and investment geographic areas of the pilot funds fall under the sensitive category; other related authorities shall provide cooperation to properly handle relevant affairs in light of the actual situation.

第五條             試點工作在國家有關部門指導下開展，首批試點企業名單由省政府牽頭認定，后續的試點企業名單由省金融監管部門組織外匯管理部門、省市場監管部門和證券監管部門通過會議認定。

Article 5                     The pilot program is implemented under the guidance of relevant state departments. The list of first batch of the pilot fund management enterprises shall be determined by the provincial government, and the provincial administration for financial regulation shall coordinate with the foreign exchange administration, the provincial administration for market regulation and the securities regulatory authority to hold meetings to determine the list of subsequent pilot fund management enterprises.

第六條             省金融監管部門應會同試點相關單位共同制定和落實各項政策措施，推進試點工作，協調解決試點過程中的有關問題。

Article 6                     The provincial administration for financial regulation, together with the authorities related to the pilot program, shall jointly formulate and implement the policies and measures, promote the pilot program, and coordinate to solve relevant issues in the course of the pilot program.

第二章 試點基金管理企業

Chapter II Pilot Fund Management Enterprises

第七條             本辦法規定的試點基金管理企業包括內資試點基金管理企業和外商投資試點基金管理企業。外商投資試點基金管理企業，是指按照本辦法規定由境外自然人或機構等參與投資設立的試點基金管理企業。

Article 7                     The pilot fund management enterprises prescribed in the Measures include domestic-funded pilot fund management enterprises and foreign-invested pilot fund management enterprises. Foreign-invested pilot fund management enterprises refer to the pilot fund management enterprises established with the investment by foreign natural person or institutions.

第八條             試點基金管理企業可從事如下業務：

Article 8                     Pilot fund management enterprises may engage in the following business:

（一）      發起設立試點基金；

Launching pilot funds;

（二）      受托管理試點基金的投資業務并提供相關服務；

Managing the investment of pilot funds upon entrustment and providing relevant services;

（三）      依法開展投資咨詢業務。

Carrying out investment advisory business according to the law.

第九條             試點基金管理企業可以采用公司制、合伙制等組織形式。

Article 9                     A pilot fund management enterprise may be established in the form of corporation, partnership, etc.

第十條             試點基金管理企業應符合下列條件：

Article 10                 A pilot fund management enterprise shall meet the following qualification conditions:

（一）      試點基金管理企業的注冊資本應不低于人民幣500萬元或等值外幣，出資方式僅限于貨幣，出資應按照公司章程/合伙協議的約定或在取得試點資格之日起2年內（以孰早者為準）全部繳足；

The registered capital shall not be less than RMB5 million or the equivalent amount in a foreign currency. The capital contribution can only be made in the form of cash, and the capital contribution shall be paid in full as stipulated in the articles of association /partnership agreement or within two years from the date of obtaining the pilot qualification, whichever is earlier;

（二）      具備至少1名5年以上以及2名3年以上境外投資管理經驗和相關專業資質的主要投資管理人員；主要投資管理人員在最近5年內無違規記錄或尚在處理的經濟糾紛訴訟案件；

The pilot fund management enterprise shall have at least one key investment management personnel with more than five years of overseas investment management experience and relevant professional qualification and at least another two key investment management personnel each with more than three years of overseas investment management experience and relevant professional qualification; key investment management personnel shall have no record of violation against laws and regulations in the recent five years or be involved in any pending economic dispute litigation;

（三）      試點基金管理企業的控股股東、實際控制人或執行事務合伙人中任一主體或上述任一主體的關聯實體應具備下列條件：經所在地監管機構批準從事投資管理業務或資產管理業務,具備所在地監管機構頒發的許可證件的金融企業，或具有良好投資業績且管理基金規模不低于1億元人民幣（或等值外幣）的基金管理企業；

Any of the controlling shareholder, actual controller or executive partner of the pilot fund management enterprise or a related party of any of the aforesaid entities shall meet the following conditions: obtaining the approval from the regulator in the place where it domiciles to engage in investment management business or asset management business, or being a financial enterprise with the license issued by the regulator in the place where it locates, or being a fund management enterprise with good track records and having the fund assets under its management of no less than RMB100 million (or the equivalent amount in a foreign currency);

（四）      試點基金管理企業的控股股東、實際控制人或執行事務合伙人中任一主體或上述任一主體的關聯實體滿足凈資產應不低于1000萬元人民幣或等值外幣，資產質量良好，在境內外資產管理行業從業3年以上，且具有規范的內部治理結構和健全的內部控制制度，最近1年未受所在地監管機構的重大處罰，無重大事項正在接受司法部門、監管機構的立案調查；

Any of the controlling shareholder, actual controller or executive partner of the pilot fund management enterprise or a related party of any of the aforesaid entities shall have net assets of no less than RMB10 million or the equivalent amount in a foreign currency, have good asset quality, have been practicing in domestic and foreign asset management industry for more than three years, have normative internal governance structure and sound internal control system, have not been subject to major punishment by the regulatory authority in the place where it domiciles in the recent one year, and not currently be under investigation by any judicial organ or regulatory authority for any major matter;

（五）      存續經營的境內試點基金管理企業，應已在中國證券投資基金業協會登記為私募基金管理人，且已在中國證券投資基金業協會完成至少一只私募基金的備案；

The domestic pilot fund management enterprise which is existing for operation shall have been registered as a private fund manager with the AMAC and have completed the filing of at least one private fund with the AMAC;

（六）      按審慎性原則要求的其他條件。

Other required conditions based on the principle of prudence.

第三章 試點基金

Chapter III Pilot Funds

第十一條         試點基金可以采用公司型、合伙型或契約型等形式。

Article 11                 A pilot fund may take the form of corporation, partnership, contractual structure, etc.

第十二條         試點基金應滿足下列條件：

Article 12                 A pilot fund shall meet the following conditions:

（一）      認繳出資金額/初始募集規模應不低于人民幣3000萬元（或等值外幣），出資方式僅限于貨幣形式；

The initial subscription amount/initial fundraising scale shall be no less than RMB30 million (or the equivalent amount in a foreign currency), which can only be contributed in cash;

（二）  試點基金的投資者應符合本辦法第四章規定，且投資者人數符合法律法規相關規定。

The investors of the pilot fund shall comply with the provisions of Chapter IV of the Measures, and the number of investors shall comply with relevant provisions of laws and regulations.

第十三條         試點基金境外投資應按境外投資相關法律、法規及規范性文件的規定辦理，如需履行境外投資備案或核準手續的，應按照相關法律法規的規定辦理。試點基金可以基金財產開展如下投資業務：

Article 13                 The overseas investment of pilot funds shall comply with laws, regulations and normative documents related to overseas investment. Where the overseas investment requires filing or pre-approval procedure, such procedure shall be handled according to relevant laws and regulations. A pilot fund may make the following investments with the fund assets:

（一）      境外非上市企業的股權和債券；

Equity interest of and bonds issued by overseas non-listed enterprises;

（二）      境外上市企業非公開發行和交易的股票和債券；

Stocks and bonds of overseas listed enterprises that are not publicly issued and traded;

（三）      境外證券市場（包括境外證券市場交易的金融工具等）；

Overseas securities market (including financial instrument traded in overseas securities markets, etc.);

（四）      境外股權投資基金和證券投資基金；

Overseas private equity investment funds and overseas securities investment funds;

（五）      境外大宗商品、金融衍生品；

Overseas commodities, financial derivatives;

（六）      經國家有關部門批準的其他領域。

Other areas approved by relevant state departments.

第四章 合格境內有限合伙人適當性管理

Chapter IV Suitability Management of Qualified Domestic Limited Partners

第十四條         試點基金的合格境內有限合伙人是指具備相應風險識別能力和風險承擔能力，投資于單只試點基金的金額不低于100萬元人民幣或等值外幣的境內自然人、機構投資者或本辦法規定的其他投資者，且符合以下標準：

Article 14                 Qualified domestic limited partners of a pilot fund refers to the domestic natural persons, institutional investors or other investors prescribed in the Measures who have corresponding risk identification and risk tolerance capability, each invest no less than RMB1 million or the equivalent amount in a foreign currency in a single pilot fund, and meet the following criteria:

（一）      凈資產不低于1000萬元人民幣的法人單位；

Being a legal person entity with net assets of no less than RMB10 million;

（二）      金融資產不低于300萬元或者最近三年個人年均收入不低于50萬元的個人。

Being an individual having financial assets of no less than RMB3 million or average annual income of no less than RMB500,000 for the last three years.

前款所稱金融資產包括銀行存款、股票、債券、基金份額、資產管理計劃、銀行理財產品、信托計劃、保險產品、期貨權益等。

The financial assets referred to in the preceding paragraph include bank deposits, stocks, bonds, fund units, asset management schemes, bank wealth management products, trust schemes, insurance products, futures interest, etc.

第十五條         下列投資者可視為合格境內有限合伙人：

Article 15                 The following investors can be deemed as qualified domestic limited partners:

（一）      社會保障基金、企業年金等養老基金，慈善基金等社會公益基金；

(1)               Pension funds such as social security fund, enterprise annuities, and social welfare funds such as charity funds;

（二）      依法備案的資產管理產品；

(2)               Asset management products having been filed according to the law;

（三）      投資于所管理基金的基金管理人及其從業人員；

(3)               The fund manager and its practitioners who invest in the funds managed by such fund manager;

（四）      中國證券監督管理委員會規定的其他投資者。

(4)               Other investors prescribed by China Securities Regulatory Commission.

以合伙企業、契約等形式，通過匯集投資者資金直接或者間接投資于試點基金的，試點基金管理企業應當穿透核查最終投資者是否為合格境內有限合伙人，并合并計算投資者人數。但是，符合本條第（一）（二）（四）項規定的投資者投資試點基金的，不再穿透核查最終投資者是否為合格境內有限合伙人和合并計算投資者人數。合格境內有限合伙人應當確保投資資金來源合法，不得非法匯集他人資金投資試點基金。

If an investor in the form of partnership or contractual structure directly or indirectly invests in a pilot fund by pooling investors’ funds, the pilot fund management enterprise shall look through such investor to verify whether the ultimate investors are qualified domestic limited partners, and calculate the number of investors on an aggregate basis. However, where an investor complying with the provisions under item (1), (2) or (4) of this Article invest in the pilot fund, it is neither required to look through such investor to verify whether the ultimate investors are qualified domestic limited partners nor to calculate the number of investors on an aggregate basis. Qualified domestic limited partners shall ensure that the source of funds is lawful and shall not illegally pool the funds of others to invest in the pilot fund.

第十六條         試點基金管理企業應當切實履行合格境內有限合伙人適當性管理職責，了解客戶的身份、財產與收入狀況、投資經驗、風險偏好、投資目標等相關信息，有針對性地進行風險揭示、客戶培訓、投資者教育等工作，引導客戶在充分了解境外投資市場特性的基礎上參與境外投資。

Article 16                 A pilot fund management enterprise shall effectively perform the suitability management obligations towards qualified domestic limited partner by knowing the clients’ identity, property and income, investment experience, risk appetite, investment objective and other relevant information, conducting targeted risk disclosure, client training, investor education, etc., and guiding the clients to be exposed overseas investment based on full knowledge of the features of overseas investment market.

試點基金管理企業應當建立健全合格境內有限合伙人適當性管理的具體業務制度和操作指引，并通過多種形式和渠道向客戶告知適當性管理的具體要求，做好解釋和宣傳工作。

A pilot fund management enterprise shall establish sound detailed business rules and operation guidelines on suitability management over qualified domestic limited partners, inform the clients of the detailed requirements of suitability management in various forms and through various channels, and properly conduct explanation and propaganda work.

試點基金管理企業應當妥善保管客戶適當性管理的全部記錄，并依法對客戶信息承擔保密義務；應當指定專人受理客戶投訴，妥善處理與客戶的矛盾與糾紛，認真記錄有關情況，并將客戶投訴及處理情況向省金融監管部門報告。

A pilot fund management enterprise shall properly retain all the records of client suitability management and undertake confidentiality obligations on clients’ information according to the law; shall designate the dedicated personnel to accept the clients’ complaints, properly handle the conflicts and disputes with the clients, carefully record relevant cases, and report the clients’ complaints and the disposal thereof to the provincial administration for financial regulation.

第十七條         試點基金管理企業和試點基金不得向合格境內有限合伙人承諾保本保收益。合格境內有限合伙人應簽署風險揭示書。試點基金管理企業和試點基金應當向合格投資者募集，合格投資者累計不得超過法定人數；不得向合格投資者之外的單位和個人募集資金，不得向不特定對象宣傳推介。

Article 17                 Pilot fund management enterprises and pilot funds shall not promise to qualified domestic limited partners that they will not lose the principal or that the minimum proceeds are guaranteed. Qualified domestic limited partners shall execute the risk disclosure letter. Pilot fund management enterprises and pilot funds shall raise funds from qualified investors, and the total number of qualified investors shall not exceed the statutorily prescribed number; shall not raise funds from entities and individuals other than qualified investors and shall not conduct marketing and promotion towards non-specific targets.

第五章 設立流程

Chapter V Procedure of Establishment

第十八條         省金融監管部門收取首批試點基金管理企業及試點基金的全部申請材料，組織外匯管理、省市場監管、證券監管、發改和商務等部門共同審核，對其專業程度、私募投資履歷、海外投資策略和擬投資項目的實際需要等進行綜合評估，提出首批試點企業名單及首次試點額度建議。省金融監管部門將首批試點企業名單及首次試點額度建議報省政府同意后，向申請人出具同意開展首批試點、給予試點額度的書面意見。

Article 18                 The provincial administration for financial regulation accepts all application materials of the first batch of pilot fund management enterprises and pilot funds, organizes the foreign exchange administration, the provincial administration for market regulation, the securities regulatory authority, the provisional development and reform commission, the provisional commission of commerce to jointly review and comprehensively evaluate the application based on the expertise, private investment experience, overseas investment strategies, the actual needs of the proposed investments, etc. of the applicant, and put forward the proposed list of the first batch of pilot fund management enterprises and the suggestions on their initial pilot quota. The provincial administration for financial regulation shall issue the written opinion of granting the pilot qualification and pilot quota to the first batch of applicants after the provincial government gives consent to the list of the first batch of pilot fund management enterprises and their initial pilot quota it puts forward to the provincial government.

非首批試點基金管理企業或非首次試點額度的申請，省金融監管部門收取全部申請材料，組織外匯管理、省市場監管、證券監管、發改和商務等部門共同審核，根據其專業程度、私募投資履歷、海外投資策略和擬投資項目的實際需要等決定是否給予試點資格和額度，由省金融監管部門向申請人出具同意開展試點、給予試點額度的書面意見。

For the applications for the subsequent batches of pilot fund management enterprises or the applications for additional pilot quota, the provincial administration for financial regulation accepts all application materials, organizes the foreign exchange administration, the provincial administration for market regulation, the securities regulatory authority, the provisional development and reform commission, the provisional commission of commerce to jointly review the application materials to decide whether to grant pilot qualification and quota based on the expertise, private investment experience, overseas investment strategies, the actual needs of the proposed investments, etc. of the applicants. The provincial administration for financial regulation then issues the written opinion of granting the pilot qualification and pilot quota to the applicants.

第十九條         申請成為試點基金管理企業，申請人應提交下列材料：

Article 19                 An applicant shall submit the following materials when applying for being a pilot fund management enterprise:

（一）                試點申請書（模板見附件1）；

Pilot application letter (see Appendix 1 for the template);

（二）                授權委托書（如需）；

Power of attorney (if required);

（三）                存續經營的試點基金管理企業或其控股股東、實際控制人或執行事務合伙人營業執照/登記注冊證明或其他身份證明文件；

Business license/certificate of incorporation or other identity documents of the pilot fund management enterprise or its controlling shareholder, actual controller or executive partner that is existing for operation;

（四）                公司章程/合伙協議或草案；

Articles of association/partnership agreement or the draft thereof;

（五）                內部控制制度，包括會計制度、內部審計制度、風險控制制度、信息公開制度等；

Internal control policies, including accounting policy, internal audit policy, risk control policy, information disclosure policy, etc.;

（六）                存續經營的境內基金管理企業，應提交在中國證券投資基金業協會私募基金管理人登記記錄以及其管理基金在中國證券投資基金業協會的備案記錄；

The domestic pilot fund management enterprise that is existing for operation shall submit the record of registration as a private fund manager with the AMAC and the record of filing of the fund under its management with the AMAC;

（七）                申請人最近1年未受所在地監管機構的重大處罰且無重大事項正在接受司法部門、監管機構立案調查的承諾函；

The undertaking letter stating that the applicant has not been subject to any major punishment by the regulatory authority in the place where it domiciles for the most recent one year and is not currently under investigation by any judicial organ or regulatory authority for any major matter;

（八）                法定代表人或執行事務合伙人（委派代表）及高級管理人員的人員情況表、簡歷、專業資質證書以及從業證明；

The personnel information sheets, resumes, professional qualification certificates and practitioner certificates of the legal representative or executive partner (authorized representative) and senior management personnel;

（九）                試點基金管理企業或其控股股東、實際控制人、執行事務合伙人中任一主體或上述任一主體的關聯實體須提供上一年度審計報告以及境內外資產管理從業背景介紹，以及金融許可文件、既往投資業績、基金管理規模的證明材料；

Any of the pilot fund management enterprise or its controlling shareholder, actual controller, executive partner or a related party  of any of the aforesaid entities shall provide the audit report for the last year, the introduction of its domestic and overseas asset management experience, financial license, and supporting materials on its past track records and the scale of fund assets under its management;

（十）                擬設立試點基金的項目計劃及總規模；

The project plan and total scale of the proposed pilot fund(s);

（十一）        省金融監管部門和其他試點相關單位按照審慎性原則要求的其他文件。

Other documents required by the provincial administration for financial regulation and other authorities related to the pilot program based on the principle of prudence.

第二十條         申請成為試點基金，申請人應提交如下材料：

Article 20                 The applicant shall submit the following materials to apply to become a pilot fund:

（一）      計劃說明書/募集說明書/推介材料；

Explanatory memorandum/private placement memorandum/marketing materials;

（二）      試點基金的公司章程/合伙協議/基金合同或草案；

The articles of association/partnership agreement/fund contract or the draft thereof of the pilot fund;

（三）      擬申請試點基金的委托管理協議或草案（如有）；

Investment management agreement or the draft thereof of the proposed pilot fund (if any);

（四）      合格境內有限合伙人為機構投資者的，須提交該機構上一年度審計報告；合格境內有限合伙人為自然人投資者的，須提供近3年收入證明、金融資產證明材料或金融凈資產承諾函，確保符合本辦法的要求；所有合格境內有限合伙人的投資明細、出資憑證（如有）以及風險揭示書；

If a qualified domestic limited partner is an institutional investor, it shall provide the audit report for the last year; if a qualified domestic limited partner is a natural person investor, he/she shall provide proof of income, proof of financial assets or undertaking letter on net financial assets for the last three years to ensure the requirements of the Measures have been complied with; the investment details, capital contribution certificate (if any) and risk disclosure letter of all qualified domestic limited partners;

（五）      試點基金如委托行政管理人負責基金的后臺行政管理，須提交行政管理人的營業執照、業務資質證明，最近3年未受到監管機構重大處罰且無重大事項正在接受調查的承諾函，以及基金與行政管理人簽署的意向性文件，行政管理人熟悉境外基金行政管理業務的專職人員情況表、簡歷，內部稽核監控制度和風險控制制度；

If the pilot fund appoints a fund administrator to be in charge of the back office administration, it is required to submit the fund administrator’s business license, business qualification certificate, the undertaking letter that the fund administrator has not been subject to major punishment by the regulatory authority in the last three years and is not currently under investigation for any major matter, the letter of intent executed by the pilot fund and the fund administrator, the information sheet and resumes of the dedicated personnel of the fund administrator who are familiar with overseas fund administration business, internal audit and monitoring policy and risk control policy;

（六）      認繳承諾書；

Subscription commitment letter;

（七）      省金融監管部門和其他試點相關單位按照審慎性原則要求的其他文件。

Other documents required by the provincial administration for financial regulation and other authorities related to the pilot program based on the principle of prudence.

第二十一條     試點基金管理企業及試點基金的申請資料須提供正本1份、副本6份，申請資料正本須加蓋公章。有關試點基金行政管理人（如有）的證明資料，須同時加蓋公章。

Article 21                 The applicant shall submit one original and six copies of the application materials for pilot fund management enterprises and pilot funds. The application materials shall be stamped with the official seal. The certification materials of the fund administrator of the pilot fund (if any) shall also be stamped with the official seal.

第二十二條     試點基金管理企業和試點基金取得獲準試點書面意見后，應憑獲準試點書面意見到省市場監管部門辦理登記注冊，并盡快到中國證券投資基金業協會辦理登記備案手續。

Article 22                 After obtaining the written opinion on granting the pilot qualification and quota, the pilot fund management enterprise and pilot fund shall conduct registration with the provincial administration for market regulation and conduct the registration or filing procedure with the AMAC as soon as possible.

第二十三條     新設試點基金管理企業及試點基金應在注冊設立后30個自然日內向省金融監管部門報送試點基金管理企業及試點基金的營業執照、公司章程/合伙協議、委托管理協議、托管協議、境內托管人與境外資產托管人簽署的代理協議（如有），并抄送外匯管理部門和證券監管部門。資本金繳足后30個自然日內提供實際繳付注冊資本金憑證。

Article 23                 The newly established pilot fund management enterprise and pilot fund shall submit to the provincial administration for financial regulation the business license, articles of association/partnership agreement, investment management agreement, custody agreement, sub-custody agreement executed by the onshore custodian and offshore asset custodian (if any) relating to the pilot fund management enterprise and the pilot fund, copying the foreign exchange administration and the securities regulatory authority within 30 days from the registration. The certificate of actual payment of the registered capital shall be provided within 30 days after the capital was paid in full.

第二十四條     試點基金管理企業應按照國家法律法規及規范性文件的要求開展資金募集活動，在試點相關單位批準的額度范圍內在境內托管人處辦理資金相關業務，可以按照公司章程/合伙協議/基金合同的約定進行利潤分配或清算，投資收益和資本變動收入應按有關跨境資金管理規定及時匯回境內。

Article 24                 Pilot fund management enterprises shall conduct fundraising activities according to the requirements of the state laws and regulations and normative rules and conduct funds-related business at the onshore custodian within the quota approved by the authorities related to the pilot program. Pilot fund management enterprises may conduct distribution of dividends or liquidation as stipulated by the articles of association/partnership agreement/fund contract. The investment proceeds and income from capital changes shall be timely remitted back to Mainland China.

第六章 購付匯及對外投資流程

Chapter VI Purchase and Payment of Foreign Exchange and Outbound Investment Procedure

第二十五條     試點基金管理企業應委托一家在海南省設有分支機構的商業銀行或具有基金托管資質并符合一定條件的金融機構作為試點基金的境內托管人。境內托管銀行應符合下列條件：

Article 25                 Pilot fund management enterprises shall appoint a commercial bank that has set up a branch in Hainan Province or a financial institution that possesses fund custody qualification and meets certain conditions to be the onshore custodian of the pilot funds. The onshore custodian bank shall meet the following conditions:

（一）      有外匯指定銀行資格、證券投資基金托管資格和經營人民幣業務資格；

Having the qualification of being a foreign exchange-designated bank, the qualification of securities investment fund custody business and the qualification to conduct RMB business;

（二）      總部法人最近1個會計年度末實收資本不少于30億元人民幣或等值外幣；

The paid-in capital of the legal person headquarter in the last one accounting year shall be no less than RMB3 billion or the equivalent amount in a foreign currency;

（三）      有足夠熟悉境內外托管業務的專職人員；

Having dedicated personnel who are sufficiently familiar with the onshore and offshore custody business;

（四）      具備安全托管資產的條件；

Meeting the conditions for safe custody of assets;

（五）      具備安全、高效的清算能力；

Having secure and efficient settlement capability;

（六）      有完善的內部稽核監控制度和風險控制制度；

Having sound internal audit and monitoring policy and risk control policy;

（七）      最近3年內未受到監管機構的重大處罰，無重大事項正在接受司法部門、監管機構的立案調查；

Having not been subject to major punishment by the regulatory authority in the recent three year, and not currently being under investigation by any judicial organ or regulatory authority for any major matter;

（八）      最近3年無重大違反外匯及跨境人民幣業務管理規定的行為；

Having not committed any material violation of administrative rules on foreign exchange and cross-border RMB business in the last three years;

（九）      試點相關單位要求的其他條件。

Other conditions required by the authorities related to the pilot program.

第二十六條     試點基金的境內托管人應履行的職責包括但不限于：

Article 26                 The duties of the onshore custodian of a pilot fund include but are not limited to:

（一）      須根據募集資金情況，為試點基金開設相應專用賬戶，對試點基金托管戶內資金進行安全托管；

In light of the fundraising status, opening dedicated accounts for the pilot fund and safe custody of the funds in the custodial account of the pilot fund;

（二）      辦理試點基金的有關跨境收支、結售匯業務，嚴格遵守國際收支申報、銀行結售匯統計等外匯管理要求，報送結售匯統計報表并完整保存與申報有關的紙質單據備查；

Handling cross-border receipt and payment and settlement and sale of foreign exchange related to the pilot fund, strictly complying with the reporting on the balance of international receipt and payment, statistics on banks’ settlement and sale of foreign exchange and other foreign exchange administrative requirements, reporting the statistics statements on settlement and sale of foreign exchange, and fully keep the written records related to the reporting for future inspection;

（三）      境內托管人在業務機制和流程上保證自有資金及托管的其他資產與試點基金的資產完全隔離；

The onshore custodian shall ensure to achieve the full segregation of its proprietary funds and the assets under custody in terms of the business mechanism and procedure;

（四）      按照境內外有關法律法規、托管協議的約定辦理試點基金資產的清算、交割事宜；

Handling the clearing and settlement of the fund assets of the pilot fund as stipulated in the relevant domestic and overseas laws and regulations and the custody agreement;

（五）      依法監督試點基金管理企業的投資運作，確保基金按照有關法律法規、投資管理協議約定的投資目標和限制進行管理；如發現投資指令或資金匯出匯入違法、違規，應及時向外匯管理部門匯報，并抄送省金融監管部門、省市場監管部門和證券監管部門；

Supervising the investment operation of the pilot fund management enterprise according to the law to ensure the fund is managed according to the relevant laws and regulations and the investment objective and restrictions as stipulated in the investment management agreement; If the onshore custodian detects that the investment instruction or the inbound and outbound funds remittance violates any laws or regulations, it shall report to the foreign exchange administration in a timely manner, copying the provincial administration for financial regulation, the provincial administration for market regulation and the securities regulatory authority;

（六）      保存合格境內有限合伙人的跨境資金匯出、匯入、兌換、資金往來、委托及成交記錄等相關資料，保存的時間應不少于20年；

Keeping the records of inbound and outbound cross-border funds remittance, exchange, transfer of funds, appointment, transaction and other relevant materials of the qualified domestic limited partners for no less than 20 years;

（七）      試點相關單位根據審慎監管原則規定的其他職責。

Other duties prescribed by the authorities related to the pilot program according to the principle of prudential regulation.

第二十七條     試點基金管理企業在取得試點資格以及對外投資額度后，應持獲準試點書面意見到外匯管理部門辦理外匯登記。試點基金管理企業辦理外匯登記應提交如下材料：

Article 27                 After obtaining the pilot qualification and overseas investment quota, the pilot fund management enterprise shall conduct the foreign exchange registration with the foreign exchange administration with the written opinion of granting the pilot qualification and quota. The pilot fund management enterprise shall submit the following materials in order to conduct the foreign exchange registration:

（一）      申請書（包括但不限于試點基金管理企業基本情況、擬發起試點基金情況、投資計劃等）；

Application letter (including but not limited to the basic information of the pilot fund management enterprise, the information on the proposed pilot fund, the investment plan, etc.);

（二）      省金融監管部門出具的同意開展試點、給予試點額度的書面意見；

The written opinion issued by the provincial administration for financial regulation on granting the pilot qualification and pilot quota;

（三）      營業執照（如有）；

Business license (if any);

（四）      中國證券投資基金業協會的登記或備案情況（如有）；

Registration or filing status with the AMAC (if any);

（五）      如投資行為需履行境外投資備案或核準手續的，提交境外投資主管部門出具的項目核準文件或備案通知書等相關書面意見。

If the investment requires overseas investment filing or pre-approval procedure, the approval or filing notice and other relevant written opinion of the project issued by the competent authority of overseas investment shall be submitted.

第二十八條    試點基金管理企業可憑開展業務相關證明文件開立業務托管資金專用賬戶。試點基金管理企業開設的涉及試點業務的賬戶均應納入托管，并應授權境內托管人對托管資金專用賬戶進行托管運營與監督。境內托管人作為獨立第三方實時監控資金使用情況。試點基金管理企業開立托管資金專用賬戶，應提交加蓋相關主體公章的如下材料并提交原件以供核查：

Article 28                 A pilot fund management enterprise may open the dedicated custodial accounts with the business related certification documents. The accounts involved in the pilot business opened by the pilot fund management enterprise shall be subject to custody and the onshore custodian shall be authorized to conduct custodial operation and supervision of the dedicated accounts for custody of funds. The onshore custodian as the independent third party shall conduct real-time monitoring of the use of funds. To open the dedicated accounts for custody of funds, the pilot fund management enterprise shall submit the original of the following materials that are stamped with the official seal of relevant party for verification:

（一）      試點相關單位出具的同意開展試點、給予試點額度的書面意見；

Written opinion issued by the authorities related to the pilot program on granting the pilot qualification and pilot quota;

（二）      試點基金管理企業及試點基金營業執照；

Business license of the pilot fund management enterprise and pilot fund;

（三）      法定代表人或執行事務合伙人（委派代表）的身份證明文件；

Identity documents of the legal representative or executive partner (authorized representative);

（四）      辦理完成外匯登記的證明資料；

Certification documents demonstrating that foreign exchange registration has been completed;

（五）      境內托管人要求的其他文件。

Other documents required by the onshore custodian.

第二十九條     托管資金專用賬戶的收入范圍包括：從境內投資者募集的外匯（含人民幣購匯資金）及人民幣資金；對外投資贖回款和清算、轉股、減資款；利潤、分紅、利息以及其他經常項下收入；國家外匯管理局允許的其他收入。托管資金專用賬戶的支出范圍包括：劃至境外進行規定范圍內投資；結匯或直接劃至境內有限合伙人賬戶（或募集結算資金專用賬戶）；支付相關稅費；國家外匯管理局允許的其他支出。

Article 29                 The scope of inflow to the dedicated accounts for the custody of funds includes: foreign exchange funds (including the RMB funds for purchasing foreign exchange) and RMB funds raised from domestic investors; redemption proceeds and liquidation, share transfer and capital decrease related to overseas investment; profits, distributed dividends, interest and other income under current account; other income permitted by the State Administration of Foreign Exchange. The scope of outflow of the dedicated accounts for the custody of funds includes: the fund transferred overseas to make investment within the prescribed scope; the funds transferred (directly or after settlement) to the account of domestic limited partners (or the dedicated accounts for fundraising and settlement); payment of relevant taxes; other expenditure permitted by the State Administration of Foreign Exchange.

第三十條         試點基金管理企業募集境內合格有限合伙人資金，可在購匯后或直接以人民幣形式通過托管資金專用賬戶進行境外投資。

Article 30                 The funds of qualified domestic limited partners raised by the pilot fund management enterprise may be invested overseas with the dedicated accounts for the custody of funds after purchasing foreign exchange or directly in the form of RMB.

第三十一條     試點基金管理企業發生增資、減資或股東/合伙人變更等重大事項時，須獲得試點相關單位批準。試點基金管理企業對外投資額度發生調整時，在獲得試點相關單位書面意見后，應到外匯管理部門辦理外匯變更登記手續。試點基金管理企業發起成立的所有試點基金清盤后，試點基金管理企業應到外匯管理部門申請辦理注銷登記。

Article 31                 In case of major events of the pilot fund management enterprise such as capital increase, capital decrease or change of shareholder/partner, it shall obtain the approval of the authorities related to the pilot program. In the event of adjustment of the overseas investment quota of the pilot fund management enterprise, the pilot fund management enterprise shall conduct the foreign exchange change registration procedure after obtaining the written opinion of the authorities related to the pilot program. After the liquidation of all pilot funds launched by the pilot fund management enterprise, the pilot fund management enterprise shall apply for deregistration with the foreign exchange administration.

第三十二條     境內托管人應在辦理資金匯出前審核試點基金的投資范圍。如投資行為不需履行境外投資備案或核準手續的，按照試點相關單位出具的書面意見，在試點基金額度限額內，履行托管協議約定進行跨境資金匯劃；如投資行為需履行境外投資備案或核準手續的，還應審核境外投資主管部門出具的項目核準文件或備案通知書等相關書面材料，按單筆項目投資規模進行跨境資金匯劃。

Article 32                 The onshore custodian shall review the investment scope of the pilot fund before handling the outbound funds remittance. If the investment activities do not require project filing or pre-approval procedure for overseas investment, the onshore custodian shall conduct cross-border funds transfer as stipulated in the custody agreement within the quota limit of the pilot fund according to the written opinion issued by the authorities related to the pilot program; if the investment activities requires project filing or pre-approval procedure for overseas investment, the onshore custodian shall also review the project approval or filing notice and other relevant written documents issued by the competent authority for overseas investment and conduct cross-border fund transfer according to the scale of each single project investment.

第三十三條     境內托管人應加強內控管理，對于保管的境外投資資金分賬管理、獨立核算，保證與托管人的自有資金及其他托管資金完全隔離。并應保證托管賬戶內資金安全，依法監督試點基金管理企業的投資運作，執行試點基金管理企業的指令，及時辦理清算、交割事宜。境內托管人應按季度編制《海南省合格境內有限合伙人（QDLP）境外投資業務情況表》（模板見附件2），并于每季度結束后10個工作日內報送外匯管理部門，并抄送省金融監管部門。

Article 33                 The onshore custodian shall enhance the internal control management, maintain a separate account and conduct independent accounting for the funds for overseas investment under its custody, and undertake to completely segregate the custodian’s proprietary funds and other funds under custody. The onshore custodian shall also guarantee the security of the funds in the custodial account, supervise the investment operation of the pilot fund management enterprise according to the law, carry out the instructions of the pilot fund management enterprise, and handle clearing and settlement in a timely manner. The onshore custodian shall prepare the Report on Overseas Investment of Qualified Domestic Limited Partners (QDLP) in Hainan Province (see Appendix 2 for the template) on a quarterly basis and submit the sheet to the foreign exchange administration within 10 working days after the end of each quarter, copying the provincial administration for financial regulation.

第三十四條     基金份額的申購、贖回價格依據申購、贖回日基金份額凈值加、減有關費用計算，并由試點基金管理企業或行政管理人審核后出具。

Article 34                 The subscription and redemption price of fund units shall be calculated on the basis of the net asset value per unit on the date of subscription and redemption, plus or minus the amount of relevant expenses, and shall be issued by the pilot fund management enterprise or the fund administrator after review.

第三十五條     試點基金收到的投資本金和收益，須得到試點基金管理企業或行政管理人審核確定。已實現的投資收益和本金，應匯至境內托管人的專用賬戶。

Article 35                 The investment principal and proceeds received by the pilot fund shall be reviewed and determined by the pilot fund management enterprise or the fund administrator. The realized investment proceeds and principal shall be remitted to the dedicated accounts opened with the onshore custodian.

第七章 行政管理

Chapter VII Fund Administration

第三十六條     試點基金管理企業可自行管理或委托符合本條規定條件的境內企業作為行政事務管理人，負責試點基金的后臺行政管理。被委托的行政事務管理人應具備下列條件：

Article 36                 A pilot fund management enterprise may conduct the fund administration related matters on its own or appoint a domestic enterprise that meets the conditions prescribed in this Article as the fund administrator for the back office administration of the pilot fund. The appointed fund administrator shall meet the following conditions:

（一）      具備從事基金服務業務的相關資質；

Possessing relevant qualification to engage in fund service business;

（二）      配備專門從事基金行政管理業務的部門或團隊，并有足夠熟悉境外基金行政管理業務的專職人員；

Having specialized department or team for fund administration business and dedicated personnel who are sufficiently familiar with overseas fund administration business;

（三）      有完善的內部稽核監控制度和風險控制制度；

Having sound internal audit and monitoring policy and risk control policy;

（四）      最近3年未受到監管機構的重大處罰，無重大事項正在接受司法部門、監管機構的立案調查。

Having not been subject to major punishment by the regulatory authority in the last three years and is not currently under investigation by judicial organ or regulatory authority for any major matter.

第三十七條     試點基金管理企業或行政事務管理人應履行的職責包括但不限于：

Article 37                 The duties of a pilot fund management enterprise or the fund administrator include but are not limited to:

（一）      依照試點基金的估值政策和流程計算基金的資產凈值和投資收益情況，并定期向合格境內有限合伙人發布；

Calculating the net asset value and investment proceeds of the pilot fund according to the valuation policies and procedures of the fund and disclosing the same to the qualified domestic limited partners regularly;

（二）      維護試點基金的財務賬簿和記錄，并可提供完整的試點基金執行的交易記錄；

Maintaining the financial books and records of the pilot fund and being capable to provide the full records of the transactions executed by the pilot fund;

（三）      維護與試點基金投資、退出及交易有關的支持基金的資產凈值計算的所有文件；

Maintaining all documents related to the investment, exit and trading of the pilot fund that support the calculation of net asset value of the pilot fund;

（四）      提供與權益的發行、轉移和贖回有關的登記及過戶代理服務并執行相關操作；

Providing the registration and transfer agency services related to the issuance, transfer and redemption of interests and performing relevant operations;

（五）      依照有關反洗錢政策和程序，核實試點基金投資者的身份；

Verifying the identity of investors of pilot funds according to relevant anti-money laundering policies and procedure;

（六）      及時向省金融監管部門、外匯管理部門、省市場監管部門和證券監管部門報送信息。

Reporting information to the provincial administration for financial regulation, the foreign exchange administration, the provincial administration for market regulation and the securities regulatory authority in a timely manner.

第八章 企業額度、投資管理

Chapter VIII Enterprise Quota and Investment Management

第三十八條     對外投資額度實行余額管理。試點基金管理企業發起的所有試點基金本、外幣對外投資凈匯出（不含股息、稅費、利潤等經常項目收支）之和不得超過該試點基金管理企業獲批的投資額度。試點基金管理企業及試點基金對外投資涉及的資金匯出，應在試點額度內在托管人處辦理，并須遵循按需購匯、額度管理和風險提示的原則。

Article 38                 The overseas investment quota is administered based on the quota balance. The aggregate amount of the net outbound remittance for overseas investment in RMB and foreign currencies (excluding dividends, taxes, profits and other receipt and payment under current account) by all pilot funds launched by the pilot fund management enterprise shall not exceed the approved investment quota of the pilot fund management enterprise. The outbound funds remittance involved in the overseas investment by the pilot fund management enterprise and pilot fund shall be handled by the custodian within the pilot quota and shall adhere to the principles of purchasing foreign exchange on demand, quota administration and risk disclosure.

第三十九條     試點基金管理企業可發起成立多只試點基金。除另有規定外，試點基金管理企業可在其設立的各基金之間靈活調劑單只試點基金對外投資額度，各單只試點基金對外投資額度之和不得超過經試點相關單位批準的試點基金管理企業對外投資額度。

Article 39                 A pilot fund management enterprise may launch several pilot funds. Except as otherwise prescribed, a pilot fund management enterprise may flexibly adjust the overseas investment quota of a single pilot fund among the pilot funds it launches. The total overseas investment quota of all the pilot funds shall not exceed the overseas investment quota of the pilot fund management enterprise approved by relevant authorities related to the pilot program.

第四十條         單個試點基金管理企業的額度申請和單個投資項目額度無限制。如無特殊原因，試點基金管理企業在獲取試點資格和額度11個月內未使用額度的，省金融監管部門應告知對于一年內未使用額度的試點基金管理企業，省金融監管部門有權取消其試點資格并收回全部試點額度，如需開展業務，需要重新申請試點資格和試點額度。因日后續約或追加投資導致基金獲批額度不足的，試點基金管理企業應重新申請追加額度。

Article 40                 There is no limit on the quota application of a single pilot fund management enterprise and the quota for a single investment. If a pilot fund management enterprise fails to use the quota within 11 months from obtaining the pilot qualification and quota without special reasons, the provincial administration for financial regulation shall inform the pilot fund management enterprise that it has the power to cancel the pilot qualification and withdraw all the pilot quota of the pilot fund management enterprise that fails to use the quota within one year, and the pilot fund management enterprise shall re-apply for the pilot qualification and pilot quota if it would like to carry out business. In case of quota insufficiency due to future renewal of contract or additional investment, the pilot fund management enterprise shall re-apply for additional quota.

第四十一條     試點基金管理企業應按照相關法律法規、本辦法及相關協議的約定，運用所募集的資金投資于境外，不得使用本試點額度在中國境內進行投資。

Article 41                 Pilot fund management enterprises shall invest the raised funds overseas according to the relevant laws and regulations, the Measures and relevant agreements, and shall not use the pilot quota to invest in Mainland China.

第九章 信息披露

Chapter IX Information Disclosure

第四十二條     試點基金管理企業、境內托管人、行政事務管理人等信息披露義務人應按照相關法律法規、規范性文件和本辦法規定，以及與合格境內有限合伙人的相關約定在基金募集、運作的全過程履行信息披露義務。

Article 42                 The information disclosure obligors such as the pilot fund management enterprise, onshore custodian, fund administrator, etc. shall perform their information disclosure obligations throughout the whole process of fundraising and operations of the funds according to the relevant laws and regulations, normative documents and the Measures, as well as the agreements with qualified domestic limited partners.

第四十三條     試點基金管理企業可以人民幣、美元等主要幣種計價并披露試點基金資產凈值等相關信息。涉及幣種之間轉換的，應披露匯率數據來源，并保持一致性和延續性。如出現改變，應同步予以披露并說明改變的理由。人民幣對主要外匯的匯率應以報告期末最后一個估值日中國人民銀行或其授權機構公布的人民幣匯率中間價為準。

Article 43                 Pilot fund management enterprises may denominate the pilot funds in a major currency such as RMB or US dollar and disclose the net asset value of the pilot funds and other relevant information. When currency conversion is involved, the source of exchange rate shall be disclosed to keep the consistency and continuity. In case of any change, such change shall be disclosed simultaneously, together with the reasons for such change. The exchange rate of RMB against major foreign currencies shall be subject to the median exchange rate of RMB published by the People’s Bank of China or its authorized agency on the last valuation day at the end of the reporting period.

第四十四條     試點基金管理企業應按照以下原則披露投資事項：

Article 44                 A pilot fund management enterprise shall disclose the investment matters according to the following principles:

（一）      應在募集說明書中詳細說明投資策略以及該項策略使用的金融工具，并對相關金融工具進行介紹；

Investment strategies and the financial instruments accordingly used for such strategies shall be illustrated in detail in the private placement memorandum, and the relevant financial instruments shall be introduced;

（二）      如投資境外基金的，應披露試點基金與境外基金之間的費率安排；

Where investing in the offshore funds, the fee rate arrangement between the pilot funds and the offshore funds shall be disclosed;

（三）      如參與融資融券、回購交易，應在募集說明書中按照有關規定進行披露，并應明確披露所用杠桿比率；

Where conducting securities margin or repo trading, such shall be disclosed in the private placement memorandum according to relevant provisions, and the leverage ratio shall be specifically disclosed;

（四）      在募集說明書中應對投資境外市場可能產生的下列風險進行披露：境外市場風險、政府管制風險、流動性風險、匯率風險、利率風險、衍生品風險、操作風險、會計核算風險、稅務風險、交易結算風險、法律風險等，披露的內容應包括以上風險的定義、特征、可能發生的后果等；

The following potential risks associated with investment in offshore markets shall be disclosed in the private placement memorandum: overseas market risk, government control risk, liquidity risk, foreign exchange rate risk, interest rate risk, derivative risk, operational risk, accounting risk, taxation risk, trading and settlement risk, legal risk, etc., and the disclosed information shall include the definitions, features, possible consequences, etc. thereof;

（五）      應按照有關規定對代理投票的方針、程序、文檔保管進行披露。

Disclosing the guidelines, procedures and document retention of proxy voting according to relevant provisions.

第四十五條     向合格境內有限合伙人提供的信息披露文件應采用中文文本，同時采用外文文本的，應保證兩種文本內容一致。兩種文本發生歧義時，以中文文本為準。

Article 45                 The information disclosure documents provided to qualified domestic limited partners shall be in Chinese. If the documents are also in a foreign language, the contents of the two versions shall be consistent. In case there is any discrepancy in the contents between the two versions, the Chinese version shall prevail.

第十章 監督管理

Chapter X Supervision and Administration

第四十六條     試點基金管理企業和試點基金在完成登記備案后，省市場監管部門應將其商事主體登記信息實時推送到省信息共享交換平臺，試點相關單位應根據需求通過省信息共享交換平臺獲取省市場監管部門相關數據。

Article 46                 After pilot fund management enterprises and pilot funds complete the registration and filing, the provincial administration for market regulation shall transfer their commercial entity registration information to the provincial information sharing and exchange platform in real time, and relevant authorities related to the pilot program shall obtain relevant data of the provincial administration for market regulation through the provincial information sharing and exchange platform based on its needs.

第四十七條     試點相關單位根據各自職責負責試點基金管理企業和試點基金的監督管理。探索開展事中事后監管，運用區塊鏈等金融科技手段，加強對基金的風險管理。同時將其商事主體及時納入監管范圍加強監管，并做好數據安全和保密工作。

Article 47                 The authorities related to the pilot program shall be responsible for the supervisions and administration of pilot fund management enterprises and pilot funds according to their duties. The authorities related to the pilot program shall explore the ongoing and post regulation and utilize fintech methods such as blockchain, to enhance the risk management of the funds. Meanwhile, the authorities related to the pilot program shall include the commercial entities under their regulation in a timely manner and enhance the regulation of such entities and properly handle the data security and confidentiality work.

第四十八條     試點基金管理企業應于每個自然年結束后的20個工作日內向省金融監管部門報送上年度試點基金的資金變動、結售匯情況和境外投資情況報告。

Article 48                 The pilot fund management enterprises shall submit to the provincial administration for financial regulation the report on change of funds, settlement and sale of foreign exchange and overseas investment of the pilot funds for the last year within 20 working days from the end of each year.

取得試點資格的試點基金管理企業，應在投資運作過程中發生下列事項后15個工作日內及時向省金融監管部門書面報告：

The pilot fund management enterprises obtaining the pilot qualification shall submit a written report to the provincial administration for financial regulation within 15 working days after the occurrence of the following events in the course of investment operation:

（一）      修改合同、章程或合伙協議等重要文件；

Amendments to important documents such as contracts, articles of association or partnership agreement;

（二）      高級管理人員、主要投資管理人員的變更；

Change of senior management personnel and key investment management personnel;

（三）      解散或清算；

Dissolution or liquidation;

（四）      省金融監管部門要求的其他事項。

Other events required by the provincial administration for financial regulation.

第四十九條     試點基金管理企業應在每季度結束后10個工作日內，向外匯管理部門及省金融監管部門報告相關投資產品信息（模板見附件3），包括：

Article 49                 Pilot fund management enterprises shall report relevant information of investment products (see Appendix 3 for the template) to the foreign exchange administration and the provincial administration for financial regulation within 10 working days from the end of each quarter, including:

（一）      資金匯出入、購結匯情況；

Inbound and outbound funds remittance, purchase and settlement of foreign exchange;

（二）      基本投資情況，包括：投資品種、基金凈值、資金投向、境內募集資金來源情況等信息。

Basic information on the investment of pilot funds, including investment varieties, net asset value, investment orientation, sources of funds raised from Mainland China, etc.

第五十條         境內托管人和行政事務管理人應及時向省金融監管部門報告試點基金資產托管相關的重大事項和試點基金管理企業違法違規事項。違法違規事項逾期未改正的，省金融監管部門有權會同試點相關管理部門取消其試點資格、收回試點額度，并按相關規定進行處罰。

Article 50                 The onshore custodian and fund administrator shall report the major events related to the asset custody of pilot funds and violations of laws and regulations of pilot funds to the provincial administration for financial regulation in a timely manner. If the violation against laws and regulations is not rectified within the prescribed timeline, the provincial administration for financial regulation has the authority, together with relevant administrative departments related to the pilot program, to cancel the pilot qualification, withdraw the pilot quota, and impose punishment according to relevant provisions.

第五十一條     試點基金管理企業應按期向省金融監管部門提供季度、年度報告。季度報告包括但不限于認繳規模、實繳規模、投資者情況、投資情況、退出情況、基金凈值以及購匯、結匯、賬戶資金變動等；年度報告包括但不限于上年度試點基金的資金變動、結售匯情況、境外投資情況報告、重大事項變更、審計報告等情況。

Article 51                 The pilot fund management enterprises shall submit quarterly and annual reports to the provincial administration for financial regulation on time. The quarterly report shall include, without limitation to, subscription scale, scale of paid-in capital, investor information, investment, exit, net asset value of the funds, purchase and settlement of foreign exchange, change of funds in the account, etc.; the annual report shall include, without limitation to, change of funds, settlement and sale of foreign exchange, overseas investment, major changes, audit report, etc. of the pilot funds for the last year.

第五十二條     試點基金管理企業和試點基金違反本辦法規定的，省金融監管部門應會同有關管理部門進行調查，情況屬實的，責令其限期整改；逾期未改正的，省金融監管部門應向社會公告，并會同相關部門依法進行查處；構成犯罪的，移交司法部門依法追究刑事責任。

Article 52                 Where pilot fund management enterprise and pilot funds violate the provisions of the Measures, the provincial administration for financial regulation shall conduct investigations with relevant administrative departments. If the violation really exists, relevant pilot fund management enterprise or pilot fund shall be ordered to make rectification within the prescribed timeline; if the violation is not rectified within the prescribed timeline, the provincial administration for financial regulation shall announce to the public and conduct investigations with relevant departments according to the law; if the violation constitutes a crime, the case shall be transferred to the judicial organ for pursuing criminal liability according to the law.

第十一章 附則

Chapter XI Supplementary Provisions

第五十三條     本辦法在海南省范圍內適用，由省金融監管部門負責解釋。省金融監管部門會同其他試點相關單位可根據海南開展合格境內有限合伙人境外投資試點工作的實施進展情況，對相關規定進行適時調整。

Article 53                 The Measures apply in Hainan Province and is subject to interpretation by the provincial administration for financial regulation. The provincial administration for financial regulation, together with other authorities related to the pilot program, may adjust relevant provisions according to implementation progress of the Hainan pilot program of overseas investment by qualified domestic limited partners when appropriate.

第五十四條     本辦法自發布之日起實施。

Article 54                 The Measures shall take effect from the date of promulgation.

附件1

Appendix 1

試點申請書

Pilot Application Letter

省金融監管部門、省市場監管部門、外匯管理部門、證券監管部門：

To the provincial administration for financial regulation, the provincial administration for market regulation, the foreign exchange administration, the securities regulatory authority,

根據《海南省開展合格境內有限合伙人（QDLP）境外投資試點工作暫行辦法》的相關規定，本申請人現申請             

               【試點基金管理企業或試點基金名稱】海南省合格境內有限合伙人境外投資試點資格，擬申請境外投資額度共計            【金額】。

According to the Interim Measures of Hainan Province for the Pilot Program of Overseas Investment by Qualified Domestic Limited Partners (QDLP), the applicant now applies for the pilot qualification for overseas investment by qualified domestic limited partners in Hainan Province for                [Name of the pilot fund management enterprise or name of the pilot fund], and plans to apply for the overseas investment quota of                [Amount].

本申請人向省金融監管部門、省市場監管部門、外匯管理部門、證券監管部門及其他單位提交的所有書面申請材料及其所包含信息均為真實、準確、完整及有效，所有掃描件及復印件與原件均完全一致。

All the written application materials and the information therein submitted by the applicant to the provincial administration for financial regulation, the provincial administration for market regulation, the foreign exchange administration, the securities regulatory authority and other departments are authentic, accurate, complete and valid, and all the scanned copies and photocopies conform to the originals.

如本申請人提交的資料和信息存在不實、重大遺漏或誤導之處，或本申請人存在任何以虛假資料或不當手段取得獲準試點書面意見的情形，本申請人應承擔包括但不限于試點基金資格被撤銷或取消、本申請人及主要負責人接受監管部門相應處罰等一切法律責任。

If there are any inaccuracies, material omissions or misleading information in the materials and information submitted by the applicant, or if there are any circumstances under which the applicant has used false materials or improper means to obtain the written approval for participating in the pilot program, the applicant shall bear all the legal liabilities including but not limited to the withdrawal or cancellation of the pilot qualification of the pilot fund(s), and the corresponding penalties by the regulators imposed on the applicant and its key person in charge.

試點申請工作須提交資料清單包括：

The document checklist for participating in the pilot program includes:

1.      本試點申請書；

Pilot application letter;

2.      授權委托書（如需，模板見附件1-1）；

Power of attorney (if required, please refer to Appendix 1-1 for the template);

3.      試點基金管理企業或其控股股東、實際控制人或執行事務合伙人中任一主體或上述任一主體的關聯實體營業執照/登記注冊證明或其他身份證明文件；

Business license/certificate of incorporation or other identity documents of any of the pilot fund management enterprise or its controlling shareholder, actual controller or executive partner, or the related party of any of the aforementioned entities;

4.      公司章程/合伙協議或草案；

Articles of association/partnership agreement or the draft thereof;

5.      內部控制制度，包括會計制度、內部審計制度、風險控制制度、信息公開制度等；

Internal control policies, including accounting policy, internal audit policy, risk control policy, information disclosure policy, etc.;

6.      在中國證券投資基金業協會私募投資基金管理人登記記錄以及其管理基金在中國證券投資基金業協會的備案記錄（存續經營的境內基金管理企業適用）；

Record of registration as a private investment fund manager with Asset Management Association of China (the “AMAC”) and record of filing of the funds under its management with the AMAC (applicable to the domestic pilot fund management enterprise that is existing for operation);

7.      申請人最近1年未受所在地監管機構的重大處罰且無重大事項正在接受司法部門、監管機構立案調查的承諾函（模板見附件1-2）；

The undertaking letter stating that the applicant has not been subject to any major punishment by the regulatory authority in the place where it domiciles for the most recent one year and is not currently under investigation by any judicial organ or regulatory authority for any major matter (please see Appendix 1-2 for the template);

8.      法定代表人或執行事務合伙人（委派代表）及高級管理人員的人員情況表、簡歷、專業資質證書以及從業證明（模板見附件1-3）；

The personnel information sheets, resumes, professional qualification certificates and practitioner certificates of the legal representative or executive partner (authorized representative) and senior management personnel (please see Appendix 1-3 for the template);

9.      試點基金管理企業或其控股股東、實際控制人或執行事務合伙人中任一主體或上述任一主體的關聯實體須提供上一年度審計報告以及境內外資產管理從業背景介紹。試點基金管理企業控股股東、實際控制人或執行事務合伙人中任一主體或上述任一主體的關聯實體為金融企業的，須提交金融許可證明文件，為基金管理企業的，應提交良好投資業績、基金管理規模的證明材料；

Any of the pilot fund management enterprise or its controlling shareholder, actual controller, executive partner or a related party of any of the aforesaid entities shall provide the audit report for the last year, and an introduction of its domestic and overseas asset management experience. If any of the pilot fund management enterprise or its controlling shareholder, actual controller or executive partner, or a related party of any of the aforesaid entities is a financial institution, the financial license shall be submitted; supporting materials for good track record and AUM of the funds under its management shall be submitted if it is a fund management enterprise;

10.  擬申請試點基金的計劃說明書/募集說明書（書寫要求見附件1-10）/推介材料；

Explanatory memorandum/ private placement memorandum (please refer to Appendix 1-10 for the drafting requirements)/marketing materials of the proposed pilot fund;

11.  擬申請試點基金的投資方向和項目儲備；

Investment objectives and project pool of the proposed pilot fund;

12.  擬申請試點基金的公司章程/合伙協議/基金合同或草案；

Articles of association/partnership agreement/fund contract or the draft thereof of the proposed pilot fund

13.  擬申請試點基金的委托管理協議或草案（如有）；

Investment management agreement or the draft thereof of the proposed pilot fund (if any);

14.  合格境內有限合伙人為機構投資者的，須提交該機構上一年度審計報告；合格境內有限合伙人為自然人投資者的，須提供近3年收入證明、金融資產證明材料或金融凈資產承諾函（模板見附件1-6），確保符合《海南省開展合格境內有限合伙人（QDLP）境外投資試點工作暫行辦法》的要求；所有合格境內有限合伙人的投資明細、出資憑證（如有）以及風險揭示書（書寫要求見附件1-7）；

If a qualified domestic limited partner is an institutional investor, it shall provide the audit report for the last year; if a qualified domestic limited partner is a natural person investor, he/she shall provide proof of income for the last three years, proof of financial assets or undertaking letter on net financial assets (please see Appendix 1-6 for the template) to ensure that they meet the requirements of the Interim Measures of Hainan Province for the Pilot Program of Overseas Investment by Qualified Domestic Limited Partners (QDLP); investment details, capital contribution certificate (if any) and risk disclosure letter of all the qualified domestic limited partners (please refer to Appendix 1-7 for the drafting requirements);

15.  試點基金與境內托管人簽署的托管協議或草案，境內托管人與境外資產托管人簽署的代理協議或草案；

The signed custodian agreement or its draft to be signed between the pilot fund and the onshore custodian, the signed agency agreement or its draft to be signed between the onshore custodian and the offshore asset custodian;

16.  境內托管人的營業執照及其經營外匯及人民幣業務許可證明，境內托管人經審計的上一年度財務報告，最近3年未收到監管機構重大處罰且無重大事項正在接受調查的承諾函，最近3年內無重大違反外匯及跨境人民幣業務管理規定的承諾函（模板見附件1-8），托管人熟悉境內外托管業務的專職人員情況表、簡歷（模板見附件1-11）；內部稽核監控制度和風險控制制度；

Business license of the onshore custodian and its permit to engage in foreign exchange and RMB business, audit report for the last year, a letter of undertaking stating that the company has not been subject to any major punishment by the regulatory authority in the last 3 years, and is not currently under investigation due to any major matter, a letter of undertaking stating that the company has not committed any material violation of administrative rules on foreign exchange and cross-border RMB business in the last three years (please see Appendix 1-8 for the template); information sheet and resumes of dedicated personnel who are familiar with onshore and offshore custodian business (please see Appendix 1-11 for the template), and its internal audit and monitoring policy and risk control policy;

17.  擬申請基金如委托行政管理人負責基金的后臺行政管理，須提交行政管理人的營業執照、業務資質證明，最近3年未受到監管機構重大處罰且無重大事項正在接受調查的承諾函（模板見附件1-4），以及基金與行政管理人簽署的意向性文件，行政管理人熟悉境外基金行政管理業務的專職人員情況表、簡歷（模板見附件1-11），內部稽核監控制度和風險控制制度；

If the pilot fund appoints a fund administrator to be in charge of the back office administration, it is required to submit the fund administrator’s business license, business qualification certificate, the undertaking letter that the fund administrator has not been subject to major punishment by the regulatory authority in the last three years and is not currently under investigation for any major matter (please see Appendix 1-4 for the template), and the letter of intent executed by the pilot fund and the fund administrator, the information sheet and resumes of the dedicated personnel of the fund administrator who are familiar with overseas fund administration business (please see Appendix 1-11 for the template), and the internal audit and monitoring policy and risk control policy of the fund administrator;

18.  按期繳足出資承諾函（模板見附件1-5）；

Undertaking letter for making the full capital contribution on schedule (please see Appendix 1-5 for the template);

19.  補交材料承諾函（模板見附件1-9）；

Undertaking letter for submitting supplemental materials (please see Appendix 1-9 for the template);

20.  省金融監管部門和其他試點相關單位按審慎性原則要求的其他文件。

Other materials required by the provincial administration for financial regulation and other authorities related to the pilot program in accordance with the principle of prudence.

  申請人名稱（公章）：

Name of the applicant (chop):

年    月   日     

[Day] [Month] [Year]