Net is illegal disclosure of private home "new rules" as if he heard

Regulators early last year, the sun has expressly provided a private equity program should be disclosed in a week, it revealed the net for the sun to create a "private" standard, but the requirement is in effect More than a year, many private sun had turned a deaf ear, and not the implementation of this provision.

Most failed to disclose information

"Published monthly NAV is the sun had a non-written disclosure of private equity practice, however, regulators in March 2009 Released a" Trust Securities Investment Fund Guidelines ("Guidelines"), the disclosure of NAV private sun, established industry "standard." However, this standard is still more or "empty rhetoric".

According to the "Guide" Article XVI, trust companies manage the collection of titles in business investment fund, require disclosure of trust units by the net one at least once a week in the website The company announced the NAV of the Trust, the second at least once every 30 days the largest net recipient of written material sent to the trust units, three at any time if the client, the recipient requires disclosure of trust units of the net the previous trading day.

While the "guidelines" under the second and the third is difficult to study, but the current version of Sun products Trust Private Equity (Capital Trust Class) disclosure of net view, is still to make, "published monthly NAV "Sunshine on private land, often failed to disclose the information. A third said that this year, once a week to reveal the net increase in the sun, a large number of private equity compared to the previous month but released a month or once every two weeks announced a net private capital is still the majority of the sun. She even said that the sun in a particular product is the disclosure of a private company net value of three months.

Shenzhen, an industry also said that the current issue of trust products that are smaller, the disclosure of net non-compliance has been more serious, to the north a small trust company, for example, the net value of the company All products are published each month. But there are also some small trust companies strictly enforce the rules, most of its products are presented net per week.

The hidden, or the public?

Why is it a major portion of the net to disclose violations of the phenomenon? Shenzhen, a manager of private equity funds, "said Sun, the publication of the net, too often, if the contract period is not good, clean break too quickly may cause fluctuations in investor sentiment, the impact negatively on investment.

And Guangdong, a fund manager Private Equity has also revealed that the sun can be studied through the Sharpe ratio volatility Sun Net private. In general, the more frequent the net release, the Sharpe ratio more effectively. At present, the reason why some private equity Sharpe ratio of the sun high, not because of their risk control properly, but because the net output cycle is too long, the net outflow in two hours The product may be a net of "V" type movements, but because of the net average is not announced and presented to investors before the final is as follows: products good risk control, small fluctuations in net. Maybe a lot of sun reluctant to publish frequently deprived one of the main net.

You see, these two private sun did not speculate because disclosure: the disclosure of less clear, the operation easier, the resentment will not cause holders.

But industry estimates that this practice can be cons-productive private sun. In his view, deprived of the "underground" to "sun" of the power drive is released from performance to attract investors, the disclosure of net worth must be in compliance with "industry" standard, not to think how to explain how the disclosure on ", do not respect is not easy to win the confidence of private sun.

Although the net has revealed a low frequency, non-standard, but also access to the market more or less certain information, but the sun private stock positions, industry profile, market outlook, perspective External and other information published on the rare. Thus, not only private owners do not know the sun is a lot of research is difficult third to accurately capture the sun style and level of private investment, not to mention the sun private study ethical issues.

"The future trend of sun disclosure of private information is more transparent." A third said that Shanghai is the caution with reference to international common practice, published in the monthly net change, scale, position, distribution industry, assessment and risk parameters , etc., by many holders welcome, "In the future the sun should take more of this type of disclosure of private information, any known market regulation. "

However, there are those who think the sun private information disclosure requirements should not be too strict, as the products and the timely disclosure of relevant information for investors may not completely transparent to the market. After all, with the government raised products are essentially different.