1118-1(1)

CIMA监管潮来袭,如何应对现场核查——来自Offshore的优化解决方案 (下)

一、登记人士如何应对CIMA现场核查

我们在上文已列出CIMA对登记人士的合规要求及核查关注重点,我们建议各登记人士可逐一对照进行自查,进一步完善各自的内控合规制度并规范运营活动,以备CIMA不时的核查要求。

除此之外,我们就登记人士在合规上的自我完善提出如下建议:

1.  全面了解CIMA对于登记人士的合规要求,及时了解并向律师咨询开曼监管框架的最新动向,必要时聘请专业的基金法律顾问和开曼法律顾问予以协助;

2.  明确股权结构,澄清最终受益人身份信息;

3.  根据自身业务性质、规模及复杂程度,制定并完善内部制度文件,包括但不限于反洗钱/反恐融资制度、投资者风险评估制度、反洗钱/反恐融资外包评估及程序制度、利益冲突制度、信息报送制度、内部合规监督制度、内部报告制度、客户尽职调查制度、资料管理备份制度等,并结合开曼监管框架的变化对上述制度文件进行年度更新;

4.  完善内部治理架构,严格执行内部制度文件并留存好相关执行记录,充分保证董事会或同等机构能 够有效发挥相应监管职能,保证反洗钱合规官、反洗钱报告官等特殊合规职位的独立性;

5.  重视员工管理,尤其是反洗钱/反恐融资管理人员培训,如AMLCO、MLRO,制定员工培训制度,定期开展员工培训,并保留相应记录;

6.  合规开展业务活动,做好投资者适当性、资金来源核查及持续风险评估,并保留底稿;

7.  保证反洗钱/反恐融资风险审计的独立性、有效性;

8.  妥善保管、留存内部文件及业务底稿资料,包括但不限于内部制度运作情况、员工培训记录及合规 报告文件,外部投资者KYC文件等。对于存在保密要求或其他法定要求的文件,我们建议登记人 士做好该类文件的分类及处理。

 

二、 来自offshore的优化解决方案

(一)规范离岸基金管理人名称

在实操中,我们经常看到一些离岸美元基金在基金文件中作如下表述:

XXX Investment Manager (the Investment Manager), a SIBA registered person, acts as the “Investment Manager” to XXX Fund (the Fund), providing certain “management, administration, advisory, consulting and other services to the Fund” as may be required by the Fund from time to time.

“XXX 基金管理人(下称“基金管理人”)是SIBA的登记人士,担任XXX基金(下称“基金”)的基金管理人,应基金的要求向其提供管理、行政、顾问、咨询等服务。”

如前文所讲,根据开曼经济实质法规定,登记人士如果属于对基金管理“有自主决定权的基金管理人”,则需要满足经济实质法相关规定。与之相反,登记人士如果仅是为基金或基金管理人提供“投资意见的第三方顾问”,则一般不需要满足经济实质要求。针对此,我们的建议是:

If the Registered Person is not in fact providing investment management services to the Fund, we recommend revising the fund documents and service agreements to remove the “Investment Manager” label.

如果该登记人士实际上并没有向本基金提供基金管理服务,我们建议修订基金文件和服务协议,以删除”基金管理人”的称号。

(二)考虑自身合规能力与合规成本,及时调整基金管理架构

首先,我们来看一下2021及2022年受到CIMA处罚的两个典型案例:

· https://www.cima.ky/upimages/noticedoc/1633726901PublicNotice-AdminstrativeFine-SevenMileSecurities_1633726901.pdf  (08 October 2021)

2021年10月8日,CIMA对 一家作为登记人士的公司进行了CI$250,000(约为30万美元,217万人民币)的行政处罚。根据CIMA的公示信息,本次处罚事由针对反洗钱合规的违反,可总结为5项:

the Company’s failure to comply with the legislative requirements of the AMLRs including the following:

(1) The application of Customer Due Diligence measures;

(2) The application of Enhanced Customer Due Diligence measures;

(3) Failing to monitor the implementation of a risk based approach;

(4) Failing to understand the nature, and purpose of business relationships; and

(5) Failing to conduct and document all appropriate sanctions checks.

该公司未能遵守开曼反洗钱相关法规,包括:

(1) 违反投资者尽职调查程序;

(2) 违反增强版投资者尽职调查程序;

(3) 未能对反洗钱防范制度的施行进行有效监管;

(4) 未能理解自身证券投资业务关系的性质及目的; 以及

(5) 未能进行适当的制裁情况核查并留存相关记录。

·https://www.cima.ky/upimages/noticedoc/2022-05-06PublicNotice AdministrativeFine SterlingAssetManagementInternationalLimited_1651853452.pdf (6 May 2022)

2022年5月6日,CIMA对未能在规定期限内完成整改的一家作为登记人士的基金管理公司进行了CI$299,050.00(约为36万美元,266万人民币)的行政处罚。根据CIMA的公示信息,本次处罚事由可总结为5项,包括:

(1) Failing to identify ultimate beneficial ownership;

(2) Failing to understand the purpose and nature of business relationships;

(3) Failing to verify source of wealth and/or source of funds;

(4) Failing to apply Enhanced Customer Due Diligence measures; and

(5) Failing to conduct and document all appropriate sanctions checks.

(1) 未能在规定期限内澄清最终受益所有权人的身份;

(2) 未能在规定期限内理解自身证券投资业务关系的性质及目的;

(3) 未能在规定期限内澄清基金的资金来源;

(4) 未能在规定期限内适用增强投资者尽职调查; 以及

(5) 未能在规定期限内进行适当的制裁情况核查并留存相关记录。

我们看到,从2020年到2022年,CIMA对于违规处罚的力度在逐年加大,具体可总结为下面几点特征:

1. 高额 — 违规处罚金额更高

2. 时效 — 调查应对时间更短

3. 广泛 — 合规调查范围更广

鉴于上述情况,我们给出以下建议: 

In light of the above, we recommend that you review whether the Registered Person in fact provides regulated services under SIBA to the Fund. If not, please consider restructuring the Registered Person as a Consultant and de-registering the Registered Person from CIMA.

审查登记人士是否根据SIBA要求向基金提供了受监管服务。若实际上未按照要求提供监管服务,建议注销该登记人士在CIMA中的登记,仅作为基金的“普通顾问”。

Under this approach, the activities formerly undertaken by the “Investment Manager” (to the extent they fall within SIBA) will be undertaken by the GP instead.

在此种操作下,基金的普通合伙人将会接替“基金管理人”的职责,承揽基金后续管理活动(属于SIBA的管辖范围)的开展。

Investment Advisor vs Consultant

“投资顾问”“普通顾问”的区别

For the purpose of determining whether the Registered Person is caught under SIBA, please note that the regulated activities covered by SIBA include:

为确定登记人士是否落入SIBA的监管范围,请注意受SIBA管理的“投资顾问”的受监管活动包括如下内容:

· Dealing in securities:

  交易证券:

Buying, selling, subscribing for or underwriting securities as agent or principal, including market maker activity.

This definition inherently excludes own-account dealing as dealing as a principal is only captured where there is ‘holding out’ and ‘solicitation’ under SIBA Schedule 2 – 1(b) (i) to (iii).

作为代理人进行买卖、认购或承销证券的活动,包括做市商活动。

这一定义本质上排除了自有账户的交易,因为作为被代理人的交易仅适用于SIBA 附表2- 1(b) (i) 至(iii)所规定的“自称”和“招揽”行为。

·  Arranging deals in securities:

   安排证券交易:

Making arrangements with a view to another person (whether as principal or agent) buying, selling, subscribing for or underwriting securities.

安排他人(不论是被代理人或代理人)买卖、认购或承销证券。

· Managing securities:

  管理证券:

Managing securities belonging to another person in circumstances involving the exercise of discretion.

在涉及行使自由裁量权的情况下管理他人的证券。

· Advising on securities:

  证券咨询

Advise an investor or potential investor (including acting as an agent on behalf of an investor) on buying, selling, underwriting, subscribing for or exercising any right conferred by a security.

就买卖、承销、认购或行使证券所授予的任何权利向投资者或潜在投资者提供建议 (包括作为投资者的代理人)。

In contrast, common activities undertaken by a Consultant would include:

相比之下,“普通顾问”开展的常见活动包括:

to assist the Fund in identifying potential investors in the Fund and to analyse whether such persons are eligible investors;

协助本基金甄别潜在的投资者,并分析该等人士是否为合格投资者;

to carry out reviews of the Fund’s investments whenever it considers necessary or when required to do so by the GP;

在其认为有需要或应基金的普通合伙人要求时,审查基金的投资项目;

to research into and evaluate potential investment opportunities;

寻找并评估潜在的投资机会;

to prepare material and information for inclusion in the Fund’s regular financial reports or whenever the Directors reasonably require that material and prepare and despatch regular reports, financial statements and other written material prepared by or on behalf of the Fund to all persons entitled to receive the same and manage communications with them generally;

准备基金定期财务报告所需的材料和信息,或在董事合理要求相关材料时,备好并发送由本基金或代表本基金编制的定期报告、财务报表和其他书面材料给所有有权收到该等材料的人,并收件方保持适当的联系。

if requested by the Directors, to make representatives available at the Fund’s shareholders’ meetings;

应董事要求,派代表出席基金的股东大会;

to liaise and instruct as necessary, the Administrator and other service providers of the Fund on any of the items listed above; and

必要时,就上述任何项目联络基金行政管理人和第三方服务提供商,并给予指示;并且

to provide such other services as the Directors may request and the Consultant agrees to provide.

[Note: It is advisable to then include a negative statement in the main body of the consultancy agreement that the consultant will NOT undertake any regulated activities under SIBA.]

提供董事要求且顾问同意的服务。[注:我们建议在顾问协议的正文中加入否定声明,即顾问不会进行任何根据SIBA受监管的活动。]

 

三、结语

在开曼政府对基金管理人和基金的监管趋严的背景下,作为登记人士的基金管理人需要更加重视其自身合规内控制度的建立和完善,并适时加强对其管理人员和员工的合规培训工作,以适应和满足开曼政府日益提高的监管标准和核查要求。

相关文章

更多内容

脱欧未至 准备不迟

直到今日,脱欧这幕悬疑剧仍然还未落幕。根据上周英国首相约翰逊与欧委会主席容克的会晤进程,脱欧协议仍在紧锣密鼓的