Legislative Updates（5.1-5.7）| 法宝双语新闻

目录

Contents

【司法】

1.最高检印发加强新时代未成年人检察工作意见

1.SPP Issues Opinions on Strengthening Prosecution Involving Minors in the New Era

【金融】

2.关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》发布

2.Notice Issued Regarding Promoting the Relevant Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector

3.证监会就《公开募集基础设施证券投资基金指引（试行）》（征求意见稿）公开征求意见

3.Public Comments Requested on Draft Guidelines for Publicly Offered Infrastructure Securities Investment Funds 

一司法

1.最高检印发加强新时代未成年人检察工作意见

1.SPP Issues Opinions on Strengthening Prosecution Involving Minors in the New Era

近日，最高检印发《最高人民检察院关于加强新时代未成年人检察工作的意见》。

Recently, the Supreme People’s Procuratorate issued the Opinions of the Supreme People’s Procuratorate on Strengthening Prosecution Involving Minors in the New Era.

根据《意见》，要依法从严从快批捕、起诉侵害未成年人犯罪。依法惩处危害校园安全、监护侵害、侵害农村留守儿童和困境儿童犯罪。

According to the Opinions, for crimes of infringing on the minors, arrest should be approved and prosecution should be conducted in a strict and rapid manner as legally required. Crimes of endangering the safety of campuses, infringement by guardians, and infringing on rural ‘left-behind children’ and children in difficult situations should be punished according to law.

《意见》要求，要强化刑事诉讼监督，积极推进涉及未成年人案件刑事审判监督、刑罚执行监督，重点监督重罪轻判、有罪判无罪、特殊管教措施虚置、社区矫正空转等问题。

The Opinions require that supervision on criminal proceedings be strengthened. Supervision on criminal trials and execution of criminal penalties in cases involving minors should be actively promoted, and problems such as finding guilty persons innocent, imposing lighter punishments for severer crimes, absence of special disciplinary measures, and idling of community correction should be given focused supervision.

二金融

2.关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》发布

2.Notice Issued Regarding Promoting the Relevant Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector

近日，中国证监会，国家发展改革委联合发布《关于推进基础设施领域不动产投资信托基金（REITs）试点相关工作的通知》。

Recently, the China Securities Regulatory Commission (CSRC) and the National Development and Reform Commission (NDRC) jointly issued the Notice Regarding Promoting the Relevant Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Sector.

《通知》明确了基础设施REITs试点的基本原则、试点项目要求和试点工作安排。根据《通知》要求，中国证监会与国家发展改革委将加强合作，按照市场化、法治化原则，充分依托资本市场，积极支持符合国家政策导向的重点区域、重点行业的优质基础设施项目开展REITs试点。国家发展改革委将对判断项目是否符合国家重大战略和产业政策、是否符合固定资产投资管理法规，以及是否形成良性投资循环等方面，研究提出指导性意见。中国证监会已同步就《公开募集基础设施证券投资基金指引（试行）》公开征求意见。

The Notice clarifies the basic principles of the pilot program, pilot project requirements and pilot work arrangements of the infrastructure REITs. According to the requirements of the Notice, the CSRC and the NDRC will strengthen cooperation, in accordance with the principles of marketization and rule of law, fully rely on the capital market, and actively support high-quality infrastructure projects in line with national policy guidance at key regions and key industries in carrying out the pilot program. The NDRC will research and provide guidance on whether a project complies with major national strategies and industrial policies, whether it is in compliance with regulations on management of fixed asset investment, and whether a benign investment cycle has been formed. The CSRC has publicly solicited opinions on the Guidelines for Publicly Offered Infrastructure Securities Investment Funds (for Trial Implementation).

3.证监会就《公开募集基础设施证券投资基金指引（试行）》（征求意见稿）公开征求意见

3.Public Comments Requested on Draft Guidelines for Publicly Offered Infrastructure Securities Investment Funds

4月30日，中国证监会就《公开募集基础设施证券投资基金指引（试行）》（征求意见稿）公开征求意见，意见反馈截止时间为2020年5月30日。

On April 30, 2020, the China Securities Regulatory Commission (CSRC) released the Guidelines for Publicly Offered Infrastructure Securities Investment Funds (for Trial Implementation) (Exposure Draft), and public comments may be submitted until May 30, 2020.

一是明确产品定义与结构。公开募集基础设施证券投资基金（简称基础设施基金）是指，80%以上基金资产投资于单一基础设施资产支持证券，通过资产支持证券和项目公司等特殊目的载体穿透取得基础设施项目完全所有权或特许经营权，同时积极运营管理基础设施项目以获取稳定现金流，并将90%以上可供分配利润按要求分配给投资者的封闭式基金产品。二是明确管理人与托管人等机构主体的专业胜任要求，发挥专业机构作用，严控质量关。三是明确基金份额发售方式，借鉴境外成熟市场经验，采取网下询价的方式确定份额认购价格，公众投资者以询价确定的认购价格参与基金份额认购。四是规范基金投资管理与项目运营管理，明确基础设施基金投资运作、关联交易管理、收益分配、估值计价和信息披露等要求，坚持“以信息披露为中心”，确保信息公开透明，压实基金管理人责任，谨慎勤勉专业履行基础设施项目运营管理职责。五是强化监督管理。强化中国证监会对基金管理人、托管人及相关专业机构的监督管理职责，并明确了沪深交易所、行业协会的自律管理要求。

First, the Guidelines define the fund product. A publicly offered infrastructure securities investment fund (“infrastructure fund”) is defined as a closed-end fund product that invests over 80% of its assets in a single infrastructure asset-backed securities to acquire the full ownership or a concession through the asset-backed securities, project companies, and other special-purpose vehicles in a pass-through manner, that actively operates and manages infrastructure projects to achieve stable cash flows, and that distributes more than 90% of distributable profits to investors as required.

Second, the Guidelines set forth professional competency requirements for managers, custodians, and other institutions to strengthen their roles and quality control.

Third, the mode of fund share sales is specified. By learning from experience in overseas mature markets, share subscription prices are determined by book building, and retail investors may subscribe for fund shares at the price determined through book building.

Fourth, in regulating the fund’s investment management and project operation management, the Guidelines set forth the requirements for the investment operations of an infrastructure fund, the management of affiliated transactions, the income distribution, the valuation and pricing, and the information disclosure, and further clarify the responsibilities of fund managers by “surrounding information disclosure” to ensure that information is open and transparent and fund managers perform their managerial duties for operations of infrastructure projects in a prudent, diligent and professional manner.

Fifth, supervision should be strengthened. The CSRC will redouble efforts in the supervision of fund managers, custodians and relevant professional institutions, and the self-regulation requirements for the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and industry associations are clarified.

-END-

稿件来源 | 北大法宝英文编辑组（Mani）

责任编辑 | 吴晓婧

审核人员 | 张文硕

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