Fund Management Licensing Regime Part 4: Venture Capital Fund Managers (“VCFMs”) 基金管理许可制度第 4 部分：风险投资基金经理
Introduction
简介
A VCFM may carry on business in fund management in respect of venture capital funds with qualified investors only, without a restriction on the number of qualified investors.
创业投资基金经理只能与合格投资者共同开展创业投资基金的基金管理业务，不限制合格投资者的数量。
However, a VCFM is subject to restrictions on investments and fund type.
但是，风险投资基金经理受到投资类型和基金类型的限制。
A VCFM may only manage funds that meet the following criteria:
风险投资基金经理只能管理符合以下条件的基金：
- invest at least 80% of committed capital (excluding fees and expenses) in specified products that are directly issued by an unlisted business venture that has been incorporated for no more than 10 years at the time of initial investment. Any follow-on investment in such qualifying investments will be deemed qualifying, even if the portfolio company has been incorporated for more than 10 years at the time of the follow-on investment;
将至少 80% 的承诺资本（不包括费用和开支）投资于从初始投资时起算成立不超过 10 年的非上市企业所直接发行的特定产品。即使被投资对象公司在基金对其后续再投资时已成立超过 10 年，诸如此类的再投资都将被视为合格的投资； - invest up to 20% of committed capital (excluding fees and expenses) in other unlisted business ventures that do not meet the criteria set out in (a) above;
将最多 20% 的承诺资本（不包括费用和开支）投资于不符合上述 (a) 项标准的其他非上市企业; - must not be continuously available for subscription, and must not be redeemable at the discretion of the investor; and
投资不得供持续认购，且不得由投资者自行决定赎回；和 - must be offered only to (i) accredited investors or investors in an equivalent class under the laws of the country where the offer is made, (ii) and/or institutional investors.
必须仅向(i)合格投资者发出要约或根据发出要约所在国家/地区法律所规定的同等类别的投资者发出要约, (ii)和/或机构投资者发出要约。
A VCFM’s funds can only make investments in unlisted assets – it cannot invest in listed securities or initial public offerings. However, a VCFM may hold listed securities in portfolio companies if it had acquired these securities prior to their listing.
风险投资基金经理的基金只能投资于非上市资产——不能投资于上市证券或首次公开募股。但是，如果风险投资基金经理在投资组合公司上市前就已经获得了这些证券，则可以持有这些证券。
Criteria
标准
A VCFM needs to hold a CMS licence for fund management. VCFMs are exempt from certain provisions, such as the financial requirements stipulated in the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations.
风险投资基金经理需要持有资本市场服务许可牌照才能进行相关基金管理。风险投资基金管理机构不受某些规定的约束，譬如其不受《证券和期货（资本市场服务许可牌照持有人的财务和保证金要求）条例》中规定的财务要求的约束。
However, a VCFM is required to meet the following requirements that apply to fund management companies:
尽管如此，风险投资基金经理必须满足以下适用于基金管理公司的条件：
- satisfy the Monetary Authority of Singapore (“MAS”) that its shareholders, directors, representatives, employees, and the company itself, are fit and proper;
令新加坡金融管理局 (“MAS”) 确信其股东、董事、代表、雇员和公司本身是合适的； - be a Singapore-incorporated company and have a permanent physical office in Singapore; and
是一家在新加坡注册成立的公司，并在新加坡设有实体办公室；和 - engage a minimum of 2 directors, one of whom must be full-time and resident in Singapore, and a minimum of 2 full-time professionals and representatives resident in Singapore (may include the directors).
聘请至少 2 名董事，其中一名必须是全职员工且常驻新加坡，以及至少 2 名常驻新加坡的全职专业人士作为授权代表（可以包括董事）。
Application
申请
To apply to be a VCFM, the following documents are required:
若要申请成为风险投资基金经理，需要准备以下文件：
- MAS’s Form 1V (Application for a CMS licence to operate as a VCFM);
MAS表格1V（申请资本市场服务执照以作为风险投资基金经理进行商业运作）； - signed declaration by the applicant’s directors (from MAS’s Form 1V);
申请机构董事签署的声明（MAS表格 1V）； - the applicant’s business profile as per the Accounting and Regulatory Authority’s record; and
申请机构在新加坡会计和企业监管局(“ACRA”)的商业记录档案；和 - the applicant’s shareholding chart showing all immediate, intermediate and ultimate shareholders.
申请机构的股权架构，需要体现其所有直接、中间和最终股东。
The processing time for a VCFM application may take up to 4 months.
风险投资基金经理申请的处理时间可能长达 4 个月。
