Xinhua News Agency, Beijing, August 8 (Reporter Liu Hui) The China Securities Regulatory Commission recently issued the "Guidelines for Public Offering of Infrastructure Securities Investment Funds (Trial)", which will be implemented on the date of publication.
The guidelines are clear that closed-end public funds for infrastructure base metals listed and traded should meet the following conditions: more than 80% of the fund assets are invested in infrastructure asset-backed securities, and full ownership of infrastructure projects can be obtained through special purpose vehicles such as asset-backed securities and project companies Or the right to operate; the fund manager actively operates and manages infrastructure projects to obtain stable cash flow, and allocates more than 90% of the fund's annual available distribution amount after the merger to investors as required.
The guidelines require that the main responsibility of the organization is compacted, and the quality of infrastructure projects is strictly controlled. Strengthen the professional competence requirements of fund managers and custodians and their trustworthy, prudent and diligent fiduciary duties. Focus on high-quality infrastructure assets and strictly control the quality of projects. Give full play to the professional roles of external management agencies, accounting firms, and evaluation agencies.
In addition, the guidelines also clarify the fund unit offering method, adopting an offline inquiry method to determine the fund unit subscription price, and public investors participate in the fund unit subscription at the subscription price determined by the inquiry. At the same time, clarify the requirements of fund investment restrictions, related transaction management, loan arrangements, fund expansion, information disclosure, etc., and fully implement the "centered on information disclosure" to ensure investors' full right to know.