What are the violations of private placement products?

1. Publicly publicize and promote private placement products to unspecified objects. Some private equity institutions mainly promote private equity products to unspecified objects through company websites and WeChat. There is no procedure for identifying specific objects on the company website of private equity institutions, and all non-specific objects can click to read the information of private equity products released by private equity institutions on the company website. Among them, some private equity institutions cooperate with third-party institutions and lack the necessary management. Some private equity products publicized through websites have not been filed with the fund industry association or even do not exist at all. The relevant information of private equity funds is false, which is suspected of false or misleading publicity. Among the six cases investigated and dealt with by Guangdong Bureau, three private equity institutions violated the rules of promoting private equity products to unspecified objects through websites, such as Qingyuan Investment, Yunxi Investment and a foreign exchange in Guangdong. Among them, administrative penalties have been imposed on Qingyuan Investment and Cloud Investment, and a foreign exchange violation in Guangdong is under investigation. 2. Private placement institutions failed to handle the filing procedures of fund products as required. Some private equity institutions failed to register private equity fund products as required, thus evading supervision. Private equity institutions often set up limited partnerships for the purpose of investment, with private equity institutions as general partners, and privately raise funds from investors (limited partnership share). This limited partnership is actually a limited partnership private equity fund product, but private equity institutions often do not record this product. 3. Private equity institutions did not conduct effective risk assessment on investors when raising funds, and raised funds from unqualified investors. Some private equity institutions use unregistered limited partnership funds to raise funds from individual investors at a standard of less than 6.5438+0 million yuan, thus evading supervision and violating the provisions of the threshold of 6.5438+0 million yuan for qualified investors. At the same time, some private equity institutions in the market split and transfer the income right of private equity investment funds or private equity products through some Internet platforms. Specifically, private equity institutions first find affiliated companies and individuals as qualified investors to buy private equity products, and then split and transfer the income rights of private equity products to registered users of the platform through the trading platform. By splitting and transferring the income right, they broke through the investment threshold requirements of individual investors of private equity funds and raised funds from unqualified investors. In addition, the transfer of private placement products to an unspecified number of individual investors may lead to more than 200 investors in a single private placement product, which is suspected of illegal fund-raising. Of the six cases investigated and dealt with by Guangdong Bureau, 2 were illegal fund-raising from unqualified investors, with suspected illegal fund-raising 1 case. For example, Haoyuan Taixing, a limited partnership fund established and managed by Qingyuan Investment as a general partner, raised funds from six unqualified investors, and the funds raised by a single investor were insufficient 1 10,000; Guangzhou Germination Investment Enterprise (Limited Partnership), a limited partnership fund managed by Zhongmu Venture Capital, did not go through the filing formalities with the fund industry association, but raised funds from 17 unqualified investors, and the funds raised by a single investor were less than 654,380+00,000. For the above two acts of raising funds from unqualified investors, Guangdong Bureau has imposed administrative penalties on Qingyuan Investment, and a domestic venture capital company is under investigation. The investigation found that Yunji Investment was suspected of illegal fund-raising, and the clues were handed over to the public security department according to law. 4. Private equity institutions violate the rules in investment operation, misappropriate and occupy fund property. Some private equity institutions do not store the raised funds in special accounts, and misappropriate or occupy the fund property with fund pot rice, private equity fund managers and actual controllers or relevant private equity practitioners; Breach of contract, collection of fees, transfer of benefits. Of the six cases investigated and dealt with by Guangdong Bureau, 1 involved illegal misappropriation of fund property, and Haoyuan Taixing Fund managed by Qingyuan Investment did not set up a special account. The actual controller of Qingyuan Investment borrowed 50,000 yuan from the private equity fund Haoyuan Taixing for short-term capital turnover. The CSRC has imposed administrative penalties according to law. 5. Some private equity funds managed by private equity institutions have income guarantee. Due to the tradition of "rigid payment" in China's state-owned pipeline industry, the commitment to guarantee the lowest income is conducive to attracting investors and promoting "transactions", especially for small and medium-sized investors. In order to raise funds more easily, private managers can easily violate this ban. Private equity institutions often stipulate capital preservation clauses in contracts, or sign capital preservation agreements privately, and take the terms of guarantee and repurchase of affiliated institutions to protect capital preservation and income in disguise. Of the six cases investigated by Guangdong Bureau, 1 private equity institutions promised investors that the investment principal would not be lost or the minimum income would be promised. For example, the installment payment of interest and income agreed in a fund contract in Guangdong, as well as the final repurchase clause agreed by the major shareholder, are suspected of disguised or implied commitment to guarantee the minimum income, and the case is under investigation. The above behavior violates Article 15 of the Interim Measures. "Private fund managers and private fund sales organizations shall not promise investors that the investment principal will not be lost or promise the minimum income." The provisions of the. 6. The securities investment behavior of private equity institutions in the secondary market is illegal. The illegal acts of private equity institutions in securities investment in the secondary market mainly include illegal reduction, short-term trading, excessive shareholding, insider trading and market manipulation. Some private equity institutions manage many private equity products and invest in the secondary stock market. Compared with ordinary small and medium-sized investors, private equity institutions have capital advantages and information advantages. When the above-mentioned violations occur, the impact is often worse. Private equity institutions should pay more attention to abide by relevant laws and regulations. The registration and filing of private fund managers and private fund products is the most basic requirement for fund managers and private fund to obtain legal status; Do not publicly publicize and promote private equity fund products to unspecified objects, do not promise or imply guaranteed returns to investors by promising expected returns, and do not improperly publicize and sell products to mislead and defraud customers; We should adhere to the management of investors' appropriateness as the core of fund-raising and raise funds from qualified investors. Private fund managers should do a good job in investor risk assessment and raise funds from qualified investors. Do not raise funds from unqualified investors, do not break the threshold requirement of 654.38+0 million funds in disguise, do not break the limit of 200 people in total, do not use P2P or crowdfunding to raise funds, or even become illegal fund-raising. Private equity funds shall operate in a standardized manner, and shall not harm the interests of investors, and shall not misappropriate or occupy the property of private equity funds; There shall be no acts that harm the interests of customers, such as unfair trading, interest transfer, and rat warehouse. For investors, we should carefully choose private equity funds for investment, and give continuous attention and supervision to private equity fund management institutions and custodians after investment. First of all, we must do what we can to ensure that we meet the requirements of the Interim Measures for qualified investors of private equity funds. Secondly, we should carefully verify the basic information of private fund managers. Before choosing to invest in private equity funds, investors can carefully verify the public information of private equity fund managers through the website of the fund industry association, and understand the management ability, risk control level and professionalism of private equity fund managers and senior executives, as well as the relevant information of private equity fund products. Pay attention to whether there are abnormal expressions such as "high income" and "guaranteed income" in the promotion of private equity funds. If the concept is unclear and the expression is vague, ask the manager to explain or explain. Don't be fooled by all kinds of exaggerated and false propaganda, don't be easily fooled by the so-called "champion" aura, "historical high income" and other induced propaganda, to prevent being deceived and stay away from illegal fund-raising. Thirdly, we should carefully read the fund contract, which is an important document that stipulates the rights and obligations between investors and private fund managers. Finally, after investment, we should continue to pay attention to the investment operation of private equity products and require private equity fund managers to fulfill their information disclosure obligations as agreed.