China Fund News reporter Ruohui
Some independent third-party fund sales agencies that have repeatedly offended have become "frequent customers" of regulatory penalties. The latest person to receive regulatory fines is Beijing Qianjing Fund Sales Co., Ltd.
Recently, the Beijing Securities Regulatory Bureau pointed out that during the sales business process of Qianjing Fund, there were publicity and promotion of private equity funds to unspecified objects, mixed operations with wholly-owned shareholders, imperfect internal controls, and failure to comply with the fund sales business. It was decided to order corrections and suspend the handling of public funds and other financial wealth management products due to issues such as conducting effective supervision, cooperating with institutions that do not meet the qualification requirements of regulatory authorities to sell private equity funds, and failing to properly preserve information related to investor suitability management. Supervisory measures for sales business for 6 months.
In fact, this is the third regulatory fine that Qianjing Fund has received in recent years. As early as the beginning of 2019 and 2017, Qianjing Fund was successively punished by the Asset Management Association and the Beijing Securities Regulatory Bureau.
Public fund sales business has been suspended for 6 months
As the end of the year approaches, the supervision of third-party fund sales agencies by the local securities regulatory bureau continues to maintain a "high-pressure" posture. Not only have many non-compliant third-party fund sales agencies had their fund sales licenses cancelled, , and continue to focus on fund sales agencies that have irregular behaviors in the sales process.
On December 8, the Beijing Securities Regulatory Bureau issued the "Decision on Administrative Supervision Measures to Order Correction and Suspension of Relevant Businesses against Beijing Qianjing Fund Sales Co., Ltd.". The decision stated that Qianjing Fund had some negative behaviors during the development of its sales business. Promote and promote private equity funds to no specific target, operate jointly with wholly-owned shareholders, have imperfect internal controls and fail to effectively supervise the compliance of fund sales business, cooperate with institutions that do not meet the qualification requirements of regulatory authorities to conduct private equity fund sales, and fail to Properly preserve information related to investor suitability management and other issues. The above situation violates Articles 14 and 26 of the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds", Article 4 (1) of the "Internal Control Guidance Opinions of Securities Investment Fund Sales Institutions", and " Securities Investment". The provisions of Article 55 and Article 69 of the Fund Sales Management Measures . According to the provisions of Article 33 of the "Interim Measures for the Supervision and Administration of Private Investment Funds" and Article 87 of the "Measures for the Sales and Administration of Securities Investment Funds".
The China Securities Regulatory Bureau decided to take administrative regulatory measures to order it to make corrections and suspend the sales of public funds and other financial management products for 6 months.
Beijing Qianjing Fund is a third-party fund sales agency that has been established for many years. Tianyancha information shows that the company was established on November 1, 2012, with a registered capital of 20 million yuan. It is a subsidiary of Beijing Caizhi United Financial Consulting Co., Ltd. A wholly-owned subsidiary of the company, the official website shows that the actual controller Zhao Rongchun has worked for Agricultural Bank of China, China Great Wall Trust and Investment Company, China Galaxy Securities Co., Ltd., HSBC Jinxin Fund Management Co., Ltd., and CITIC Securities Co., Ltd. and other institutions.
On November 14, 2013, Beijing Qianjing Fund obtained the fund sales qualification and took advantage of the situation to rename Beijing Qianjing Wealth Investment Management Co., Ltd. to Beijing Qianjing Fund Sales Co., Ltd.
has been subject to regulatory penalties many times before.
In fact, this is not the first time that Qianjing Fund has been subject to regulatory penalties.
On January 21, 2019, China Securities Investment Fund Association issued a fine to Beijing Qianjing Fund and suspended its private equity fund raising business.
The Fund Industry Association said that recently, Qianjing Fund Sales Company was found to have failed to fill in the company and executive information in the association system as required, and there was a large-scale resignation of employees.
Based on this and comprehensive consideration of relevant factors, the Asset Management Association believes that it has failed to fulfill its member obligations of reporting information, has major hidden dangers in internal control mechanisms and personnel management, and no longer meets the requirements for conducting private equity fund raising business. Therefore, it was decided to suspend its private equity fund raising business until the rectification is completed and the on-site acceptance is passed.
also requires Qianjing Fund Sales Company to immediately cease private equity fund raising activities from the date of receipt of the decision. During the suspension of business, it is not allowed to engage in the following activities: signing new sales agreements, publicizing and promoting funds, selling fund shares (equity), handling funds Share subscription/subscription (subscription).
As early as November 2017, Qianjing Fund was also issued a regulatory decision by the Beijing Securities Regulatory Bureau to suspend its fund sales business for six months. At that time, the Asset Management Association believed that Qianjing Fund had risks in internal control, information security and other aspects, and did not meet the requirements for conducting private equity fund raising business.
Many fund companies, including Bank of Communications Schroders,
, have suspended agency sales cooperation.
Many fund companies have also suspended agency sales cooperation with Qianjing Fund.
On December 7, Bank of Communications Schroeder Fund announced that starting from December 7, 2021, it will terminate Jiangsu Huilin Baoda Fund Sales Co., Ltd. transaction of the company's funds, and suspend Yitong Fortune (Beijing) Information Technology Co., Ltd. The company and Beijing Qianjing Fund Sales Co., Ltd. handle the subscription and regular fixed-amount investment business of the company's funds, and the redemption and conversion business are handled normally.
In 2019, many fund companies, including ICBC Credit Suisse , Cathay Pacific, Vanguard, Huatai-Berry, Western Leader, etc., successively issued announcements to suspend the sales of Beijing Qianjing Fund Sales Co., Ltd.'s fund business.
However, in June this year, Fuanda and Nanhua Fund also added Qianjing Fund to sell institutions for the company's fund, but the "good times did not last long". With the latest fine of Qianjing Fund "landed", industry insiders judged that the future may be More fund companies will join the camp that suspends Qianjing Fund agency sales.
Editor: Captain
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