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隨著QDLP、私募通、電子圍網等機制陸續實施，境外私募基金通往中國金融資管市場的大門一一敞開

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踐中，包括跨國集團在內的境外私募基金管理人，出于境內外業務協同及“一站式”服務客戶的目的，通常希望能向境內主體募資。本文將針對中國法律是否允許境外主體在境內募集私募基金這一問題，介紹中國法律的監管框架和實踐，以及深港私募通、粵港澳大灣區和海南自貿港多功能自由貿易賬戶及粵港澳大灣區跨境理財通試點政策下的跨境投資機遇。

筆者認為，隨著中國金融資管領域對外開放步伐的持續加快，人民幣國際化的穩步推進，跨境投資產品和投資渠道也將日益豐富，從而實現跨境資產管理業務與實體經濟發展的良性互動和協同發展。

中國法律監管框架

整體而言，中國法律目前尚未對境外私募基金在境內發行、銷售、推介、募集私募基金作出具體規定。

《證券法》適用于在中國境內發行和交易股票、公司債券、存托憑證，以及國務院依法認定的其他證券。雖未有明確規定，但筆者傾向于理解，境外私募基金屬于該法規定的“國務院依法認定的其他證券”。根據《私募基金監督管理條例》，除國家另有規定外，境外機構不得直接向境內投資者募集資金設立私募基金。因此，未經國務院批準，境外機構不得在中國境內募集基金。

根據現行法律法規，僅經過監管機構及基金業協會登記的主體才可以在境內募集基金。不過，截至目前，該等規定僅適用于境內機構，就境外機構在境內募集基金，中國法律暫未做出明確規定。

跨境募集實踐

境外主體通常會為其境外人員的跨境活動制定內部的跨境行為指引，明確在中國法下可以或禁止開展的活動類型。

中國實行外匯管制制度，境內主體進行境外直接投資，包括投資境外股票、非上市公司股權、私募基金、理財產品等，須通過規定的主體和路徑并履行必要的監管程序，包括(人民幣)合格境內機構投資者((R)QDII)、合格境內有限合伙(QDLP)/合格境內投資企業(QDIE)、滬港通、深港通、內地和香港“債券通”、內地與香港基金互認，以及粵港澳“跨境理財通”等。

上述主體中，僅部分境內機構在履行必要的監管程序后，可投資于境外私募基金，例如QDII/RQDII、QDLP/QDIE。此外，中國主權基金及社保基金(與前述主體合稱“適格投資者”)由于其特殊地位，也可進行境外私募基金投資。根據我們對目前中國法律和監管實踐的理解，境外機構在一定情況下被允許向適格投資者以非公開的方式募集基金。

深港私募通

根據2023年7月深圳市人民政府發布的《關于印發貫徹落實金融支持前海深港現代服務業合作區全面深化改革開放意見的實施方案》，有序探索深港私募通機制，優化前海合作區QDIE、QFLP、PFM WFOE試點，降低香港投資者準入門檻，有序拓寬投資范圍，簡化試點申請流程，優先支持獲得QFLP資質的主體直接申請QDIE，同一主體開展QFLP和QDIE，或同一主體開展QDIE和PFM WFOE業務。

該政策將進一步深化深港跨境投資合作，加強兩地私募行業互聯互通。

EF賬戶

2023年8月，人民銀行廣州分行和海口支行同步出臺了橫琴粵澳深度合作區和海南自由貿易港多功能自由貿易(電子圍網)賬戶業務的征求意見稿。電子圍網，即多功能自由貿易賬戶或“EF賬戶”，指金融機構根據客戶需要，提供規則統一的本外幣賬戶分賬核算業務。

根據意見稿，資金在EF賬戶與境外賬戶、NRA及EF賬戶之間可“跨一線”自由劃轉，EF賬戶與境內居民普通賬戶之間“跨二線”劃轉視同跨境交易管理，遵循“負面清單+額度管理”原則；區內機構EF賬戶與境外賬戶之間開展資本項下業務(證券投資及部分理財投資除外)，不受投注差外債、全口徑跨境融資、境外放款額度限制。

對于存在較多境外業務收入的區內企業而言，EF賬戶為其使用海外收入提供了諸多便利。此外，意見稿也反映了橫琴和海南有望成為離岸金融中心的趨勢。雖然對于境內普通賬戶內資金劃轉后的用途仍存在一定限制，不過，隨著境外投資試點政策深入推進和發展，可以期待EF賬戶將為境外主體募資提供更多元化的渠道。

跨境理財通

據統計，自2021年9月10日粵港澳大灣區跨境理財通試點發布至今年9月10日期間，大灣區參試點共逾六萬名個人投資者，辦理資金跨境匯劃金額67億元。9月28日，人民銀行、港澳金融監管機構等七部門決定進一步優化粵港澳大灣區跨境理財通試點，優化投資者準入條件、新增符合要求的證券公司作為參與主體，擴大投資產品范圍、適當提高投資額度。

目前南向通的投資范圍主要限于中低風險的公募基金和銀行固收類產品，且累計投資額度為人民幣100萬元。相信隨著前述相關實施細則和業務指引的落地，將進一步推進大灣區金融市場的互聯互通和跨境資產管理業務的發展。

oreign private fund managers, including multinationals, hope to raise funds from inside China to facilitate synergy between domestic and international operations and offer “one-stop” customer services.

This article addresses whether Chinese law permits foreign entities to raise private funds within the country. It also introduces the regulatory framework, practical considerations and cross-border investment opportunities under certain pilot policies.

The author believes that as China’s financial asset management sector rapidly opens to the outside world and the internationalisation of the renminbi progresses, we can expect more cross-border investment products. Channels will be made available, paving the way for co-ordinated growth between cross-border asset management businesses, bringing economic advancement.

Regulatory framework

There are no specific provisions in Chinese law for foreign private funds to issue, sell, promote and fundraise in China.

The Securities Law regulates the issuance and trading of various financial instruments including stocks, corporate bonds, depositary receipts and other securities that the State Council recognises under law.

While there is no explicit provision, the author believes foreign private funds fall under the category of “other securities recognised by the State Council”. According to the Regulations on the Supervision and Administration of Private Investment Funds, overseas institutions are prohibited from directly raising funds from investors in China to establish private funds unless specified by Chinese regulations. Therefore, overseas institutions are required to obtain approval from the State Council before raising funds within China.

Only entities registered with the regulatory authorities and the Asset Management Association of China are permitted to raise funds domestically. Regarding the fundraising activities of foreign entities within China, Chinese law has not yet provided explicit guidelines.

Cross-border fundraising

Overseas entities usually establish internal guidelines for the cross-border activities of their foreign personnel, clarifying activities permitted or prohibited under Chinese law.

Under the foreign exchange regulatory regime, domestic entities in China are required to follow specific regulatory procedures when making overseas direct investment such as investing in overseas stocks, unlisted company equities, private funds and wealth management products. These investments must be carried out through prescribed entities and channels, and under regulatory procedures such as: (RMB) Qualified Domestic Institutional Investors ((R)QDII); Qualified Domestic Limited Partnership (QDLP)/Qualified Domestic Investment Enterprise (QDIE); Shanghai-Hong Kong Stock Connect; China Bond Connect; Mutual Recognition of Funds (MRF) between the mainland and Hong Kong; and Cross-border Wealth Management Connect.

A select few domestic institutions (such as QDII/RQDII, QDLP/QDIE) are permitted to invest in overseas private funds on fulfilling regulatory procedures. Additionally, China’s sovereign wealth fund and the National Social Security Fund of China (together with the above-mentioned entities, collectively referred to as “qualified investors”) are also eligible to invest in overseas private funds due to their unique status. Overseas institutions are permitted to raise funds privately from qualified investors under certain circumstances, based on the author’s understanding.

Shenzhen-HK private fund connect

In July 2023, the Shenzhen Municipal People’s Government released the Printing and Distributing and Implementing Plan for the Opinion on Financial Support for the Comprehensive Deepening of Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone. It is an effort to explore the Shenzhen-Hong Kong Private Fund Connect mechanism, enhance the efficiency of the Qianhai Co-operation Zone’s pilot scheme involving QDIE, QFLP and PFM WFOE, and reduce the access thresholds for Hong Kong investors.

It will gradually expand the investment scope and streamline the application process, enabling entities with QFLP qualifications to directly apply for QDIE qualifications. It will also allow entities to apply for both QFLP and QDIE qualifications, or to commence QDIE and PFM WFOE operations.

This policy aims to foster deeper cross-border investment co-operation between Shenzhen and Hong Kong, while enhancing the interconnection of private fund industries in both regions.

EF account

In August 2023, the Guangzhou branch and Haikou sub-branch of the People’s Bank of China both released a draft for public comments on the multifunctional free trade (electronic fence) account business in the Greater Bay Area (GBA) and Hainan Free Trade Port. The term “electronic fence” (EF) refers to a versatile free-trade account that entails financial institutions offering separate accounting services for local and foreign currency accounts with consistent rules.

The proposed regulations allow for unrestricted fund transfers between EF accounts and overseas accounts, as well as between non-resident accounts (NRAs) and EF accounts. However, transfers between EF accounts and ordinary accounts held by domestic residents are considered cross-border transactions, following the “negative list + quota management” principle.

The author expects that EF accounts will offer a broader range of channels for overseas entities to raise funds as the pilot scheme progresses further.

Wealth management connect

Following the launch of the pilot Cross-border Wealth Management Connect Scheme in the GBA, more than 60,000 individual investors participated between September 2021 and 2023.

On 28 September, seven departments, including the People’s Bank of China and financial regulators in Hong Kong and Macau, enhanced the scheme by improving investor eligibility criteria, expanding the scope of products and raising the investment quota. It is believed that the introduction of the implementation rules and business guidelines will significantly enhance the interconnection of the financial market in the GBA and bolster the growth of the cross-border asset management business.

*本文首發于《商法》2023年9月刊

作者信息

張凱南

兼并與收購，銀行與金融，私募股權投資，基金設立，資產管理，常年法律顧問