本报记者 陈植 上海报道

Our correspondent reported ChenZhi Shanghai

　　上海酝酿多日的QDLP政策（Qualified Domestic Limited Partner，合格境内有限合伙人），已经进入最后审批环节。

Shanghai brewing QDLP days policy(Qualified Domestic Limited Partner,Qualified domestic limited partners),Is in the final approval link.

　　知情人士透露，11月份，上海金融办等部门将QDLP政策管理办法与二期QFLP（Qualified Foreign Limited Partner，（合格境外有限合伙人）额度申请材料递交给外管局等监管部门。

insider,November,Shanghai financial do departments will QDLP policy and measures for the administration of the second phase of QFLP(Qualified Foreign Limited Partner,(Qualified foreign limited partners)Limit the application materials submitted to the safe supervision department, etc.

　　其中，QDLP申请额度区间暂定为30-50亿美元。

the,QDLP application line interval provisional for 30-5 billion dollars.

　　“具体获批额度要视监管部门的意见而最终确定。”他透露，毕竟QDLP政策涉及境内人民币资金结汇投资境外，到期能否安全回流境内，监管部门对此有所顾虑。

"The approved amount depends on regulatory opinions and final."He revealed,After all QDLP policy involves domestic RMB capital settlement and overseas investment,Maturity can be safe return territory,Regulators have any concerns.

　　为此，近日上海金融办等部门多次举行研讨会，讨论优化QDLP资金安全管理措施与合规操作细则，争取尽快“落地”。

therefore,Recently Shanghai financial do many departments of seminars,Discuss optimization QDLP capital safety management measures and compliance operation rules,As soon as possible for"landing".

　　QDLP资金安全回流“被担心” QDLP funds safe return"Was worried about"

　　为推动QDLP政策顺利出台，有关部门做足准备工作。

In order to promote QDLP policy on smoothly,The relevant departments be prepared.

　　上述知情人士透露，此前上海金融办与浦东新区金融服务局先后约谈数家全球大型对冲基金管理公司高管，就QDLP操作细则征求意见，落实投资者准入门槛、募资结汇、海外投资状况信息披露、资金回流等合规操作措施。

The insider,After Shanghai pudong new area for financial and financial service has questioning several of the world's large hedge fund management company executives,It QDLP operation rules for advice,Implement investors access threshold/Need to recapitalise settlement/Overseas investment status of the information disclosure/Capital return and compliance operation measures.

　　按照上报待批的QDLP初步方案，获得QDLP资格的海外大型对冲基金管理公司需先在上海注册一只联络基金，由联络基金将所募集的人民币资金进行结汇，再交给对冲基金全球管理团队投资境外金融市场。

According to the report of the DaiPi QDLP preliminary scheme,Get QDLP qualified overseas large hedge fund management company in Shanghai are required to register a contact fund,The contact fund will be raised money for RMB settlement,Then to hedge funds global management team invest overseas financial markets.

　　“设立联络基金的一项初衷，是对境内出资人资质与资金来源提前做好合规审查，避免非法资金借QDLP流往境外。”上述知情人士透露。

"The fund set up contact one of the original intention,Is within the territory of the contributor qualification and capital source ahead compliance review,Avoid the illegal funds flow to borrow QDLP overseas."The insider.

　　但这似乎不足以打消监管部门的顾虑。

But it seems not enough to reassure regulatory concerns.

　　记者了解到，监管部门主要担心资金能否按期回流，尤其是在全球金融市场遭遇次贷危机资金短缺时，对冲基金管理公司如何保障QDLP资金得到优先偿还回流。

The reporter understands,Supervision department main worry about money can return on schedule,Especially in the global financial markets were the subprime crisis when the shortage of funds,Hedge fund management company how to safeguard QDLP funds get passu return.

　　为此，上海金融办等部门一度打算借鉴QDII的投资风险管理经验，即QDII基金将部分资金交给境外合作伙伴投资管理的同时，要求后者定期将持仓报告与收益状况向QDII基金负责人做汇报，由QDII基金经理综合评估投资组合流动性风险，决定是否调整仓位以保障境内出资人资金能够及时安全回流。考虑到QDII基金的“特殊风控要求”，多数海外合作伙伴都将委托管理的QDII资金投向套现能力较高的各类ETF。

therefore,Shanghai financial do departments once going to reference the QDII investment risk management experience,Namely QDII fund will be part of the funds to overseas partners investment management at the same time,Request the latter regularly position report and income of the report to the QDII funds do,The QDII fund managers comprehensive evaluation portfolio liquidity risk,To decide whether to adjust position to protect domestic investor funds can timely safe return.Considering the QDII fund"Special wind control requirements",Most of the overseas partners will entrust management QDII fund input taking all kinds of high ability ETF.

　　但上海QDLP并没有引进干预对冲基金投资组合的相关条款。

But Shanghai QDLP did not introduce intervention hedge fund portfolio relative clauses.

　　按照QDLP初步方案，试点对冲基金管理公司被允许按照自身投资组合流动性风险的管理水准，将资金自主投向ETF、股票、债券或PE等金融投资品种。

According to the QDLP preliminary scheme,Pilot hedge fund management company were allowed to own portfolio liquidity risk management level,Funds will be independent to ETF/stock/Bonds or PE, and other financial investment products.

　　只是，对投资组合的不干预政策，某种程度也在放大QDLP资金流动性风险如果对冲基金由于投资策略失误而资金链出问题，资金按时回流可能难以保障。

just,On investment combination of a policy of non-intervention,To some extent in the amplification QDLP liquidity risk if hedge funds because investment strategy error and capital chain problem,Capital return on time may find it difficult to guarantee.

　　为此，上海QDLP将资金安全监管重点，放在抬高募资对象与试点对冲基金的准入门槛上。上述知情人士透露，上海QDLP初步方案拟定投资者准入门槛至少在1000万元，落实到操作环节，实际准入门槛在2000万-3000万元，以此过滤一批抗风险能力较弱的境内投资者；同时将借鉴QFLP运作模式，引进联席会议制度由上海市金融办、上海市商务委、上海市工商局、外汇局上海市分局等部门代表共同组成会议形式组织，对试点的对冲基金管理公司资质（资产规模最好超过百亿美元）、境外投资信息披露、募集资金结汇往返等方面做全程管理。

therefore,Shanghai QDLP will fund safety supervising key,On the drive up need to recapitalise objects and pilot hedge funds on the admittance threshold.The insider,Shanghai QDLP preliminary scheme investors admittance threshold worked at least 10 million yuan,Carry out to the operation link,The actual admittance threshold in 20 million - 30 million yuan,To filter a batch of risk resistance capacity weaker domestic investors;At the same time QFLP operation mode for reference,The joint conference system introduced by Shanghai financial do/Shanghai business committee/The Shanghai industrial and commercial bureau/The Shanghai branch office and other departments jointly organized the meeting on behalf of the composition,The pilot of the hedge fund management company qualification(The best asset scale over billions of dollars)/The overseas investment of information disclosure/To raise funds and settlement of the management, etc.

　　记者了解到，上海金融办等部门就QDLP资金安全回流等风险管理环节，与监管部门进行多此沟通。但该政策获批前，相关QDLP资金境外回流安全管理措施还需要更多时间论证完善。

The reporter understands,Shanghai financial do departments will QDLP capital safety return and risk management link,And regulators with this communication.But the policy before approved,Related QDLP funds overseas return safety management measures still need more time to perfect argument.

　　上海QDLP胎动 30-50亿美元额度申请低调进行

Shanghai QDLP quickening 30-5 billion dollar limit applications on a low profile

　　QFLP申请额度“受制” QFLP application amount"captive"

　　QDLP审批路漫漫的同时，上海二期QFLP额度申请悄然启动。

A long way QDLP approval at the same time,Shanghai phase ii QFLP limit applications start quietly.

　　记者独家获悉，在上海国际集团全球并购基金获得3亿美元QFLP后，上海QFLP首期30亿美元总额度已全部批出。近期上海金融办等部门向外管局申请二期额度。“具体审批额度，视外管局等监管部门意见而确定。”上述知情人士透露，目前对二期获批额度构成最大“制约”的是，上海QFLP实际完成的项目结汇投资数量不到10单，结汇资金占首期30亿美元额度比重偏低，令监管部门“感觉”上海QFLP实施效果不够明显。

Reporters learned that the sole,In the Shanghai international group global mergers and acquisitions funds received $300 million after QFLP,Shanghai QFLP initial $3 billion ZongEDu has currently full.Recent Shanghai financial do departments to apply for the second phase of the safe limit."The specific amount of examination and approval,Depending on the comments and opinions and to determine the supervision department."The insider,At present the second phase of approved poses the biggest limit"restriction"is,Shanghai QFLP actual completion settlement of project investment amount less than ten single,Settlement funds accounted for the proportion of the amount of $3 billion on the low side,Make supervision department"feel"Shanghai QFLP effect is not obvious.

　　但上海也有苦衷。原先设想的是试点基金先结汇后投资，最终改成按项目结汇，导致QFLP试点基金异地投资时频现操作难，实际能完成的项目投资数与结汇投资额并不高。

But Shanghai also have difficulties.The original idea is the first pilot fund settlement after investment,Finally according to the settlement of project change,Lead to different QFLP pilot fund investment time-frequency now operation difficult,The actual can finish the project total investment, and the settlement of investment is not high.

　　一位QFLP试点基金负责人直言，试点QFLP的外资股权投资基金原先只需向托管银行发出结汇指令，由后者办理结汇与项目合规审核并实现资金转账投资，但在投资其他省市项目时，当地商务部、工商部门与外管局得先审查投资标的是否遵守《外商投资产业指导目录》、结汇资金是否隐藏热钱，才通过结汇投资审批。

A QFLP pilot fund in the truth,Pilot QFLP foreign equity funds previously just have to trust to be issued by a bank settlement instruction,By the latter to handle foreign exchange and project compliance audit and realize the fund transfer investment,But in other provinces and cities of investment projects,The ministry of commerce/The ministry of commerce and safe have to review compliance with investment mark[The foreign investment industrial guidance catalogue]/Settlement of funds will be hidden hot money,Only through the settlement of exchange investment approval.

　　“部分QFLP基金投资项目从签订投资意向，到实际结汇投资，耗时大半年。”他透露，目前他所在的QFLP试点基金成立大半年，还没能完成一笔投资。

"Part of the QFLP fund investment projects from sign a investment intention,To the actual settlement of investment,Take few months."He revealed,Currently he is QFLP pilot fund established redeemed,Haven't been able to complete an investment.

　　上海金融办看在眼里，急在心里。

Shanghai financial do see in the eye,Urgent in the heart.

　　过去两个月，该部门与浦东新区金融发展局召集各家QFLP基金管理人举行两次座谈会，要求增加上海企业投资力度，借助上海相对便捷的审批流程，以增加首期QFLP实际结汇投资额。

In the past two months,The department of pudong new area and financial development council called each QFLP fund manager held two symposium,Ask for an increase in Shanghai enterprise investment,With the aid of Shanghai relatively convenient approval process,In order to increase the first QFLP actual settlement amount of investment.

　　“如果首期实际结汇投资额度大幅增加，有助于二期争取更高额度。”前述知情人士透露。

"If the actual settlement amount increase investment,The second phase to a higher limit."The insider.