[中文]
2000年10月30日
中国证券监督管理委员会
中国北京西城区金融街19号富凯大厦
邮编:100003
尊敬的先生/女士:
RQFII申请
市场矢量投资有限公司-澳大利亚
市场矢量投资有限公司-澳大利亚(“MVIL”)非常荣幸在此提交人民币合格境外机构投资者(“RQFII”)资格的申请。
1. 申请理由
MVIL于2000年6月在悉尼成立,由泛达澳大利亚有限公司(Van Eck Australia Pty Ltd)全资所有,而泛达澳大利亚有限公司则是成立于1955年,总部位于美国纽约市的Van Eck Associates Corporation(“泛达全球”)的子公司。泛达全球与中国的关系源远流长,并积极参与中国资本市场的发展。
泛达全球的总裁和CEO,Jan van Eck,是美中关系全国委员会(“NCUSCR”)的委员。泛达全球目前通过在纽约证券交易所(“NYSE”)上市的三只交易所交易基金(“ETF”) 为境外投资者提供投资中国证券市场的机会,其中一只ETF同时在澳大利亚证券交易所(“ASX”)交叉上市。
泛达全球目前持有QFII资格,但未进行任何QFII业务。泛达全球与华夏基金管理(香港)有限公司(“华夏基金”)密切合作,共同运营旗下现有的三只ETF基金,华夏基金是这三只ETF的子顾问(Sub-adviser)(更多信息,详见以下第2.M条)。
泛达全球于2000年6月将运营扩展到澳大利亚,其在纽约和澳大利亚的良好运营状况,使其能够充分利用2000年11月启动的澳大利亚RQFII项目机遇。
泛达全球希望能够通过其澳大利亚的持牌投资管理子公司MVIL,进一步深度参与中国资本市场发展,向境外投资者提供更为广泛的投资中国的机会。
2. 有关MVIL的基本信息
A. 注册地
澳大利亚新南威尔士州(New South Wales)悉尼
B. 机构类型
MVIL是在澳大利亚证券与投资委员会(“ASIC”)注册成立的有限责任非上市公众公司,澳大利亚公司注册号(ACN)为146 596 116。
C. 所有制结构
泛达澳大利亚有限公司(澳大利亚公司注册号:52 137 160 528)(“VEA”)拥有对MVIL的100%所有权。本申请中,MVIL和VEA统称为“泛达澳大利亚”。
美国的泛达全球则拥有对VEA的100%所有权。
MVIL是泛达澳大利亚当地的“持牌实体”。VEA是“服务实体”,在澳大利亚境内向MVIL提供人员和运营资源。VEA向MVIL提供所有必需的公司服务,确保MVIL遵守其监管和法律义务。VEA由美国泛达全球出资成立。
D. 澳大利亚监管架构
澳大利亚的金融服务受澳大利亚《2000公司法》(联邦法案)(“《公司法》”)的管辖,由澳大利亚证券与投资委员会(澳大利亚证券与投资委员会)监管。
根据《公司法》的规定,金融服务提供者必须持有澳大利亚金融服务执照(AFSL)。任何实体只能在其澳大利亚金融服务执照授权的业务范围内从事金融服务活动。
MVIL持有的AFSL号码为416755。
E. MVIL的业务范围
在澳大利亚,MVIL的业务范围是开展投资管理业务,并经授权可以代表零售客户和机构客户提供一般性的金融咨询、衍生品交易、集合投资计划与证券利益。
根据其澳大利亚金融服务执照,MVIL是其经授权的责任实体,目前是七只澳大利亚本地注册的市场矢量ETF的发行者、运营者及投资管理者。MVIL的每个ETF都是在澳大利亚证券与投资委员会注册的集合投资载体,并在澳大利亚证券交易所进行交易。
此外,根据其澳大利亚金融服务执照,并作为经澳大利亚证券交易所批准的ETF发行者,MVIL亦协助三只在纽约证券交易所(NYSE)上市的美国泛达全球的市场矢量ETF在澳大利亚证券交易所交叉上市。
泛达澳大利亚是澳大利亚所有泛达全球产品和服务的分销商。
泛达全球是经美国证券交易委员会(“SEC”)注册的投资顾问。泛达全球的业务范围包括共同基金、可变保险投资组合、机构混合基金、对冲基金、独立账户、子顾问账户、UCITS基金和交易所交易型基金等。
F. 历史沿革
MVIL是泛达在澳大利亚的“持牌实体”。泛达澳大利亚(Van Eck Australia, VEA)是泛达在澳大利亚业务的“服务实体”。VEA向MVIL提供所有人员和业务资源。
2000年4月19日,MVIL以其曾用名称Vault Services Pty Ltd第一次获得了AFSL,Vault Services Pty Ltd最初是一家股份制私人有限公司。根据其AFSL,Vault Services Pty Ltd的业务范围包括开展金融服务业务,包括向零售客户与机构客户(wholesale clients)提供一般性金融产品咨询,以及代表其他人员进行证券、政府债券、集合投资计划和衍生品等金融产品的交易。
2000年7月,泛达全球收购了Vault Services Pty Ltd,并于2000年8月将Vault Services Pty Ltd更名为Market Vectors Australia Investments Pty Ltd。
2000年3月,公司转型为公众公司,公司名称相应更改为Market Vectors Investments Australia Limited。
2000年8月,进行内部整合后,再次将公司名称更改为现用名,即Market Vectors Investments Limited (市场矢量投资有限公司)。在此之前,MVIL仅向其澳大利亚的母公司,即现在的Van Eck Australia Pty Ltd (泛达澳大利亚有限公司),提供牌照服务。因此,MVIL自身并不会产生任何收入。
2000年8月19日,MVIL经澳大利亚证券与投资委员会授权,并基于其AFSL,可以作为责任实体发行和运营自己的基金,第一批基金包括:
1. 市场矢量澳大利亚银行ETF(Market Vectors Australian Banks ETF)
2. 市场矢量澳大利亚房地产ETF(Market Vectors Australian Property ETF)
3. 市场矢量澳大利亚资源ETF(Market Vectors Australian Resources ETF)
4. 市场矢量澳大利亚新兴资源ETF(Market Vectors Australian Emerging Resources ETF)
2000年10月,MVIL经澳大利亚证券交易所批准成为AQUA产品发行人,随后,2000年10月16日,上述基金获准在澳大利亚证券交易所交易。至此,MVIL开始通过收取基金管理费的形式产生自身收入。
2000年3月,澳大利亚证券与投资委员会再次变更MVIL的AFSL,授权MVIL可以发行并运营以下增加的基金:
5. 市场矢量澳大利亚同等权重ETF(Market Vectors Australian Equal Weight ETF)
此基金于2000年3月6日获准进入澳大利亚证券交易所进行交易。
2000年9月,澳大利亚证券与投资委员会再次变更MVIL的AFSL,授权MVIL可以发行并运营下述增加的基金:
5. Market Vectors MSCI World ex Australia Quality ETF
此基金于2000年10月30日获准进入澳大利亚证券交易所进行交易。
2000年4月,澳大利亚证券与投资委员会再次变更MVIL的AFSL,授权MVIL发行并经营以下增加的基金:
7. 市场矢量小盘股息支付者ETF(Market Vectors Small Cap Dividend Payers ETF)
此基金于2000年5月28日获准进入澳大利亚证券交易所进行交易。
Van Eck® Global与Market Vectors® ETF
泛达全球是一家成立于1955年的全球资产管理集团,是美国第一批帮助投资者通过全球投资实现更加多样化资本配置的资产管理人。如今,泛达全球继续沿袭其传统,在有关硬资产、新兴市场、以及包括黄金在内的贵金属和其他另类资产类别等领域提供创新性的投资选择。
“Market Vectors®”(市场矢量)是泛达全球的ETF业务品牌。自2000年起,泛达已经开始在美国市场发行市场矢量ETFs,如今泛达全球已在纽约证券交易所上市60多只ETF,跨越多种资产类别,包括股票和固定收益(地方债券和全球债券)。
泛达全球的总部设在纽约,并在澳大利亚、中国、德国和瑞士设有办事处。
更多有关泛达全球美国和澳大利亚业务的信息,请分别在其官方网站查询www.vaneck.com和www.marketvectors.com.au。
G. 实收资本
泛达全球拥有对MVIL的100%所有权。截止2000年6月30日,MVIL的实收资本为950,000澳元。
泛达全球是一家私有公司,由泛达家族成员所有。Jan van Eck是泛达全球的主要股东。
H. MVIL公司董事
下表列出了申请人法定董事的名称及其责任:
董事 在MVIL职责 在其他相关主体职责
Arian Neiron 执行董事 总经理,VEA
公司秘书 公司秘书,VEA
AFSL责任管理人
Michael Brown 执行董事
AFSL责任管理人 财务和运营总监,VEA
Jan van Eck 执行董事 总裁兼首席执行官,泛达全球
执行董事,VEA
Lars Hamich 执行董事 国际业务发展总经理,泛达全球
执行董事,VEA
Bruce Smith 执行董事 首席财务官,泛达全球
执行董事,VEA
Jonathan Simon 执行董事 总法律顾问,泛达全球
执行董事,VEA
I. 组织结构图和管理结构
附件1列出了泛达全球的集团架构。
附件2描述了泛达全球的业务部门。
附件3列出了泛达澳大利亚的组织结构。
附件4列出了VEA/MVIL的组织架构和管理架构。
J. MVIL主要管理者
以下关键人士是泛达澳大利亚雇佣的全职长期工作人员,以向MVIL提供相关的专业服务:
1. Arian Neiron,总经理;
2. Russell Chesler,总监——负责投资与投资组合战略
3. Jamie Hannah,经理——负责投资与资本市场
4. Michael Brown,总监——负责运营与财务
5. Timothy Bethe,资深总监——负责产品、公司治理和风险
6. Russell Grigg,总法律顾问兼合规负责人
附件5列出了上述管理者的个人简介。
澳大利亚证券与投资委员会没有制定针对澳大利亚金融服务行业的个人专业认证系统。澳大利亚证券与投资委员会适用澳大利亚许可制度,该制度要求任命的“责任管理者”必须经澳大利亚证券与投资委员会批准,下文将进一步详述。因此,我们目前无法提供“经母国监管机构授予的主要团队成员的业务资质”,因为澳大利亚并没有此类个人资质认证制度。许可制度仅限于公司层面,即针对MVIL的许可/牌照。
K. 责任管理者
作为AFSL持有人,MVIL须任命“责任管理者”,且需要注册并经过澳大利亚证券与投资委员会批准,批准的基础是该责任管理者具有合适的技能和经验,能确保MVIL具有充分的组织能力,能开展其受许可的活动并遵守持续执业义务。
MVIL当前有四位责任管理者。每位责任管理者都是泛达澳大利亚的全职资深员工,并直接对MVIL提供的金融服务的重大日常决定负责。
每位责任管理者都拥有10年以上的金融服务行业从业经验,其各自专业知识和经验领域的详细信息如下所列:
责任管理者 Arian Neiron Timothy Bethe Russell Chesler Michael Brown
执照授权
一般性金融产品咨询:
■ 证券
■ 衍生品 - -
■ 管理投资计划的利益
通过发行、申请、收购、变更或处置以下金融产品达成交易:
■ 证券
■ 衍生品 - -
■ 管理投资计划的利益
代表他人申请、收购、变更或处置以下金融产品达成交易:
■ 证券
■ 政府信用债券、股票和债券 -
■ 衍生品 - -
■ 管理投资计划的利益
经营已注册管理投资计划
L. 行业排名
截止2000年9月30日,泛达全球是美国第十大ETF提供商,MVIL是澳大利亚第八大ETF提供商。
M. 管理资产规模
截止2000年9月30日,上述第6段所列MVIL的澳大利亚注册ETF的管理资产规模为1.915亿澳元(A$191.5 million)。
泛达全球当前提供3只中国ETF,总价值为1.733亿美元(US$173.3 million),具体如下:
1. Market Vectors China AMC A-Share ETF(NYSE: PEK)(8870万美元);
2. Market Vectors China AMC SME-ChiNext ETF(NYSE: CNXT)(5980万美元);以及
3. Market Vectors China AMC China Bond ETF(NYSE: CBON)(2480万美元)。
截止2000年9月30日,包括其市场矢量ETF业务在内,泛达全球管理了约255亿美元的资产规模(“AUM”)。
N. 当前客户的信息
泛达全球在全世界拥有超过400个机构客户。MVIL与泛达全球共享客户群。
典型的客户包括:
• 财务规划师/顾问;
• 自营退休金基金及采用核心和卫星投资组合的高净值人士;
• 寻求投资组合完整,或谋求短时市场份额及策略调整等目的的机构;
• 为杠杆敞口和看涨看跌期权寻找产品的结构化产品发行者(投资银行、认股权证发行者);以及
• 零售客户。
基于泛达全球和MVIL ETF业务的性质使得我们极难确定各客户类型的可靠百分比数值。因此,我们公司没能提供这个信息。如果需要进一步信息,请联系我们。
O. 财务信息
MVIL截止2000年6月30日的已审计财务报告副本已附于本申请一并提交。
需要特别说明的是,MVIL开展业务仅两年,已经于2000年10月在澳大利亚证券交易所发行了第一批金融产品。MVIL当前仍处于业务开展早期,但是管理资产规模稳定增长,去年实现利润20.7467万澳元。
P. RQFII所在国家/地区或所在城市的监管机构
MVIL在澳大利亚注册成立,并受到由澳大利亚证券与投资委员会监管。MVIL也是经澳大利亚证券交易所批准的产品发行人。澳大利亚证券交易所负责积极监控澳大利亚境内所有ETF的交易及合规性,包括市场矢量 ETF。
3. 投资计划
A. 初始RQFII配额申请
MVIL计划就泛达全球拟发行的2只新的中国ETF初始申请30亿元人民币的RQFII额度。泛达全球现提议指定MVIL作为这两只ETF基金的子顾问(Sub-adviser)。
B. 产品设计与投资计划
1) 市场矢量中国A股环境保护ETF(Market Vectors China Ashare Environmental Protection ETF)
a) 投资目标:
本基金将试图尽可能地复制CSI环境保护行业指数(CSI Environmental Protection Industry Index)的价格和收益表现(除去【Before】手续费和费用之后)。
b) 主要投资策略:
本基金计划将其总资产至少80%用于投资构成指数的证券。该指数由在上海和深圳证券交易所交易的100个最能代表环境保护行业股票的中国A股(“A股”)构成。根据《联合国环境经济核算体系》的定义,该指数由资源管理、清洁技术、清洁产品和污染管理行业的股票组成。
c) 投资计划
本基金将发行并赎回股份,但仅限一定数量的大份额股份或相应倍数的大份额股票,每个大份额被称为一个“创建单位”,一个“创建单位”由50,000股股票组成。基金中的单个股份(individual shares)只能通过股票经纪人在二手交易市场进行购买与出售。基金将在NYSE Area, Inc.上市。
2) 市场矢量A股私营企业ETF(Market Vectors AShare Private-Owned Enterprises ETF)
a) 投资目标:
本基金将试图尽可能地复制CSI私营企业200指数(CSI Environmental Protection Industry Index)的价格和收益表现(未扣除手续费和费用之前)。
b) 主要投资策略:
本基金计划将其总资产至少80%用于投资构成指数的证券。该指数由A股股票组成,具体而言,即在上海和深圳证券交易所交易的200个最具代表性的民营企业的股票。
c) 投资计划
本基金将发行并赎回股份,但仅限以每50,000股作为一个创建单位的大份额股份。基金中的单个股份(individual shares)只能通过股票经纪人在二手交易市场进行购买与出售。基金将在NYSE Area, Inc.上市。
C. 资产配置
目前初始计划为主要投资A股股票。我们也将灵活考虑投资其他股票类型和债券。
上述两只新ETF基金的目标是在绝大部分时候至少将80%的资金投资在A股股票上。
上述两只新ETF的投资策略的资产配置如下:
股票: 80-100%
固定收益: 0-20%
指数期货: 0-20%
货币市场基金(MMF)和现金 0-20%
D. 投资团队
MVIL的核心投资团队亦将负责管理新的ETF投资组合,详情如下:
Russell Chesler,总监——负责投资与投资组合战略
Jamie Hannah,经理——负责投资与资本市场
考虑到产品为跟踪市场指数的ETF基金,故投资团队没有配置研究分析师。
MVIL目前没有计划任命任何外部投资管理人或投资顾问,来协助RQFII配置的投资管理。
MVIL的母公司,泛达全球,当前持有QFII执照但未进行任何QFII业务。泛达全球聘用华夏基金管理(香港)有限公司(“华夏基金”)作为其现有三只纽交所上市的 ETF的子顾问(见NYSE: PEK、CNXT和CBON)。
同样地,泛达全球将作为2只新ETF的投资顾问,并将在本RQFII申请成功之后指定MVIL为子顾问。
如果MVIL遭遇业务中断或灾难性事件时,泛达全球的纽约投资团队将对投资组合管理进行监管。泛达全球纽约投资团队的关键成员有:
成员 团队 焦点 在Van Eck工作的年限 行业从业年限
Peter Liao 股票 投资组合经理 10 10
George Cao 股票 投资组合经理 6 6
Wayne Xie 股票 分析师 6 7
附件6附有纽约投资团队的简历。
E. 资金来源/分销渠道
为满足RQFII规定的要求,MVIL在此声明其投资资本(30亿元人民币)将主要通过美国的个人投资者筹集。我们预计90%的资金将来源于个人投资者,其余10%将来源于其他来源。销售与市场/分销活动通过若干业已建立的批发分销渠道进行,包括:
• 机构客户,包括私营部门和行业退休基金/养老基金;
• 经授权能为客户进行ETF交易的零售股票经纪和金融咨询公司;
• 家族办公室和私人银行;
• 在线交易平台;以及
• 独立理财规划师和会计师。
F. 本地托管银行
MVIL已指定中国工商银行(ICBC)处理任何和所有有关RQFII申请和在中华人民共和国资本市场所进行的直接投资的托管事宜。MVIL将委托ICBC托管资产并履行以下职责:
1) 确保MVIL的托管资产的安全;
2) 监督MVIL的国内证券投资;
3) 处理MVIL的汇入汇出款项及其他相关业务;
4) 编制国际收支统计报告;以及
5) 向证监会、中国人民银行和国家外汇管理局提交月度和年度的相关业务报告和报表。
MVIL将在ICBC开立以下账户:
1) 人民币基本存款账户;
2) 供股票交易市场资金结算所用的专门存款账户;
3) 如果我们做债券投资—银行间债券市场资金结算所用的专门存款账户;和
4) 如果我们做股票指数期货投资—股票指数期货保证金结算所用的专门存款账户。
G. 本地股票经纪人
MVIL计划将瑞士联合银行(UBS)作为其在上海交易所和深圳交易所的主要经纪人。MVIL目前也正在开展对其他经纪人的尽职调查,并准备在两个交易所各指定一家第二经纪人,但不会指定超过三名本地经纪人。
H. 合规性概述
MVIL和泛达全球一道致力于遵守所有RQFII法律法规并确保其合规表现。
MVIL有一套独立的合规和风险管理框架(“澳大利亚合规框架”),并作为泛达全球的全球合规框架(“泛达全球合规框架”)的有益补充。
MVIL的RQFII投资管理将同时受到澳大利亚框架和泛达全球合规框架的约束。
MVIL澳大利亚框架基于《国际风险管理标准》澳大利亚/新西兰31000:2000中所述的原则,并遵循澳大利亚《公司法》和MVIL的AFSL所规定义务,经由管理团队、外部审计机构和外部法律顾问的补充,经MVIL董事会批准后实行。
MVIL董事会负有确保MVIL遵守其监管规则义务的最终责任。市场矢量ETF信托的董事会(“信托董事会”),是美国基金的发行者,负有监督基金营运的最终责任。泛达全球将作为基金的投资顾问,并负责监督MVIL作为其子顾问的职责。
MVIL董事会已在申请函中确认将MVIL日常合规性监督与报告委派给澳大利亚管理团队。具体而言,合规监督事宜被委派给Russell Grigg,澳大利亚总法律顾问兼合规负责人(“合规官”),Russell Grigg负责向MVIL董事会和澳大利亚证券与投资委员会报告任何违反规定的行为。Russell具有在澳大利亚金融服务机构投资者法律与合规团队中从业超过15年的经验。
合规官由澳大利亚管理团队支持,该团队管理、监督并报告每日的经营事宜并将任何潜在或实际的问题上报给合规官,合规官转而将问题上报给合规委员会及MVIL董事会,之后上报给泛达全球及信托董事会。
澳大利亚的合规框架将进行修订,以确保MVIL遵守其持有RQFII执照和配额相关的持续义务。MVIL将建立合规程序,遵循有关投资中国证券的RQFII相关法规,包括持有限制、信息披露义务和进出中国的资本流等等。我们的合规官熟悉上述RQFII法规,将连同MVIL的本地托管人中国工商银行(ICBC)、泛达全球的纽约全球合规团队和泛达的全球托管人—纽约梅隆银行(Bank of New York Mellon)建立MVIL的控制流程,以便对运营进行日常监督,确保MVIL的RQFII业务顺利进行。例如,我们将对泛达全球发行和运营的所有美国基金的所有托管账户下所持有的同一发行人的股票持有合并计算,并将每日对照持有股票数量的限制规则进行监督测试。我们理解任何5%或可能达到5%的持股必须及时披露,且禁止对任何单一上市公司所发行股票的持股率超过10%。
MVIL了解,出现任何下述情况,我们必须在五个工作日内向证监会、中国人民银行和中国外汇管理局报告:
1) 变更国内托管人;
2) 变更组织负责人;
3) 股权结构调整;
4) 注册资本变更;
5) 与其他组织进行兼并;
6) 牵涉入重大诉讼或任何其他重大事件;或者
7) 受到海外重大处罚。
I. 合规性与风险管理制度
MVIL使用一个名为“CompliSpace”的基于网络的合规性与风险管理服务,CompliSpace根据MVIL的业务定制,以对风险与合规控制的识别与处理进行自动化管理并监督整个业务活动。Complispace专门设计用于:
(a) 识别全部MVIL金融服务业务的合规义务,这些合规义务基于AFSL的规定,或其他金融服务法律规定的义务,主要集中于具有高不合规风险的方面或如果发生风险,则最有可能对投资者或MVIL带来负面影响的方面。
(b) 识别与风险相称的控制措施;
(c) 识别其日常工作会影响到合规事宜的负责人员;
(d) 专注于合规及其相关义务得以实现和确认的方法和程序;
(e) 创建其他人可验证的合规性记录系统;
(f) 创建监控合规事项的系统,并识别监控合规事项的负责人员;以及
(g) 创建向管理层和MVIL董事会报告系统(包括不合规事件)。
J. MVIL的风险管理与强制监督
MVIL采用彭博(Bloomberg)订单管理系统(“彭博订单管理系统”)和Factset金融数据软件(“Factset”),开展交易活动,监督具体投资组合创建规则的合规性及开展数据分析。
彭博订单管理系统完整列出了合规、监管和客户具体规则,旨在于交易前和交易后对交易进行监督。特定交易可能被彻底拒绝,或可能要求在进行交易前获得进一步的批准。
程序要求投资组合经理或交易员必须证明其交易按照最优价格和执行。彭博订单管理系统跟踪记录所有交易的佣金率。ETF投资委员会按季度对佣金率进行审查。
此外,合规部门也将彭博订单管理系统用于确保ETF充分投资了所跟踪指数的证券。
利用彭博订单管理系统和FactSet生成风险报告。FactSet被用于增强数据分析和适用各种风险因素。
泛达全球针对风险管理采用多层级方法。最高层级由ETF投资委员会和风险管理委员会组成,第二层级与第三层级分别由部门主管和投资团队成员组成。更多有关泛达全球合规性框架的信息,请查看连同本申请提交的“VEAC内部风险控制措施”。
K. 合规培训
依照MVIL的AFSL和金融服务法律所规定的持续合规义务,MVIL和泛达澳大利亚的所有雇员都须接受的常规培训。培训将在内部由合规官和风险官常规进行,也将通过第三方专业教育提供者进行。泛达全球也要求其全球所有员工进行季度性合规更新并提供相应认证。培训登记簿由合规官与风险官保留。
L. 基金账户和全球托管
MVIL已雇佣美国摩根大通银行(J.P.Morgan Chase)和道富银行(State Street)为其澳大利亚地区的ETF提供托管和资金管理服务。美国摩根大通银行和道富银行的活动由我司两位同事每天按照详细经营程序的规定进行监督。他们是:负责投资与资本市场的经理Jamie Hannah,和他的上司,负责运营和财务的总监Michael Brown。
泛达全球美国ETF的托管人及资金管理者是纽约梅隆银行(The Bank of New York Mellon)。新的基金将在泛达全球现有安排下运作。
M. 外部审计机构
MVIL作为子顾问活动受其AFSL授权范围的限制。MVIL遵循AFSL所规定义务,须每年对其独立进行审计。安永会计师事务所为MVIL的指定审计机构,安永会计师事务所的不同合伙人团队分别对MVIL及澳大利亚ETF的财务情况和AFSL的合规性进行审计。
泛达全球在纽约的审计机构为安永会计师事务所。
N. 投资委员会
MVIL投资委员会通常每月召开一次。根据投资委员会章程的规定,投资委员对MVIL澳大利亚ETF投资表现做出指引,包括投资组合的管理流程。MVIL在RQFII项下的投资活动将同时受MVIL投资委员会和泛达全球的ETF投资委员会监管,详见上述第J段。
O. 泛达对RQFII、政策和资本市场的看法
宏观经济发展和趋势
我们相信,中国的财政状况非常坚实,并且对于一个正在由制造经济过渡为服务型经济、由投资型经济过渡为消费型经济、由出口驱动收入基础过渡为国内消费驱动收入基础的国家而言,中国财政的增长趋势是非常令人满意的。
中国的GDP增速持续赶超绝大多数发达国家及其最有竞争力的新兴市场竞争者——印度。中国政府谨慎监督由传统钢铁企业和工厂作为增长引擎(现已退居次席)发展为以银行业与服务导向等行业作为增长引擎的转型过程。今年,中国的服务行业可能将第一次在经济占比中超过一半。政府有意愿并希望能通过政策放松促进这一转型进程。
我们没有看到经济中出现任何通货膨胀压力的信号或标志,我们认为这为进一步的货币放松政策提供了适当的微观经济环境。就货币政策而言,我们相信当前账户盈余可能将继续保持,资本账户的影响可能为货币提供进一步的支持。总体而言,我们预计增长将放缓,但不会出现硬着陆。
影响增长放缓的因素有很多。首先,中国的投资增长必定放缓,过去三十年的10%的平均增长率是不可持续的,增长放缓并非是不可预见(2000年起草的第十二个五年规划,预测2000年中国的增长率将为7.5%)。
我们认为,另一个非常重要的因素是“消费”。中国正在过渡为主要由消费驱动的更可持续的经济增长模式中,这一模式主要有消费来驱动,而非投资驱动。如中国政策制定者所希望的的那样,中国经济将最终过渡为消费驱动型经济,但这需要时间。
我们相信中国政府有意愿实行宽松或放松的货币政策,以尽其所能对经济转型进行管理,但明年中国人民银行不会对市场采取过激政策,至少在利率下调方面不会。我们认为中国政府将会为发展提供支持,而不会引起短期投资过度的警报。
中国A股和固定收益市场相关性
中国是世界第二大经济体。上海和深圳证券交易所合计为仅次于美国的世界第二大股票市场,然而,中国在全球股票指数中仅占1%到2%,造成大多数全球投资人在中国的权重不足。这种权重不足的状况也是由于中国A股市场绝大部分仍对国外投资者关闭。我们相信投资人应了解中国股票市场的机会并考虑在其投资组合方案中配置相应的中国股票。
A股股票在当前整个中国股票市场的市值中约占为80%,约占整个新兴市场的总市值超过40%。这表明,如果配置中不包括A股股票,则中国市场和新兴市场的市值加权配置将远远不够完整,除非投资人作出A股配置,否则一些中国最重要公司将无法被纳入投资标的。除差异化业绩的考虑之外,从相关性的角度而言,A股也提供了潜在的差异化作用。SME和ChiNext板中的中小型企业代表创新型新兴公司和成长型公司以及相对规模较小的正在成熟和业已成熟的企业。
之前的中国“旧经济”的主导产业部门,如金融、能源和原料,在中国经济增长中所占比例已经降低。这些部门已趋向于由国有企业(SOEs)所支配。SOE通常能享受补贴和政府保护而免于市场竞争。中小板不仅关注新经济部门,且绝大多数是私营企业或非国有企业(非SOEs)。因此,相比国有企业而言,非国营企业更多地可能关注经营效益和利润。
在固定收益方面,我们从中国经济的“理性化”的角度,以及转型期资产配置的角度,考虑本资产类别的投资价值。我们期待中国当局及中国经济将如何更有效地配置资本。该进程的一部分是使资本市场合理化并最终使资本市场自由化。我们相信投资境内债券是获得进入一个大型的、流动性强,且高评级债券市场的绝佳途径。根据国际评级机构的评级,中国是AA级国家。
根据我们的经验,中国具有良好的交易执行能力与且成本较低。
对市场自由化与RQFII的看法
始于2001年的RQFII项目,向包括泛达在内的ETF发行人通过与中国资产管理者的香港子公司合作的方式,向海外投资者提供了投资实体A股股票和境内债券的途径。2000年11月17日启动的沪港通项目,毫无疑问是2000年对外国投资人而言是最重大的事件之一。该项目代表了中国未来几十年逐渐向世界其他国家开放中国资本市场的进程中至关重要的一步。
我们相信中国在未来两年或三年内将跻身于新兴市场指数当中。就指数跟踪资金而言,这意味着必须大量分配中国A股以跟紧该指数。MSCI,其所提供的国际指数是各机构投资者使用的最广泛的基准指数,已开始逐渐在其股票基准中纳入A股,尽管还未正式宣布具体实施日期。任何指数中纳入A股将代表中国A股股票市场将有大量资金流入。无论指数提供方何时提供,中国政策制定者发出明确信号,即中国股票市场将向非中国投资者开放。我们希望能够提前布局,从而使我们的投资者自始就能从必然出现的未来增长机会中获利。
P. 结论
MVIL和泛达全球对中国前景非常乐观,MVIL非常高兴能充分利用澳大利亚的运营和业务进行布局,并最终从澳大利亚RQFII项目中获益。
下述附件随函附上:
为提供更详细的信息,附以下文件:
(i) 营业执照及经公证副本——澳大利亚金融服务执照,执照号码:416755;
(ii) 澳大利亚证券与投资委员会颁发(本地监管机构)的MVIL公司名称变更注册证(经营许可)及经公证副本;
(iii) 公证人信函,确认过去三年没有任何监管机构处罚记录;
(iv) 截止2000年6月30日的MVIL经审计财务报告;
(v) 指定Arian Neiron为代表MVIL授权人士的经公证委托书;
(vi) 指定中国工商银行作为中国当地托管行的经公证委托书;
(vii) 有关申请内容的确认函;
(viii) 资金来源声明;
(ix) 持股限制协议;以及
(x) VEAC内部风险控制措施
感谢您考虑我们的申请,我们期待与中国建立富有成效的合作关系。
如有任何问题或需要了解更多消息,请随时联系我们。
市场矢量投资有限公司
代表签字人
Arian Neiron
总经理
直拨电话: +612 8000 3311
总机: +612 8000 3300
传真: +612 8000 3349
电子邮箱: aneiron@vaneck.com
附件1——泛达全球——集团结构
附件2——泛达全球——业务部门
职能部门 人数
行政人员(人力资源/公司会计) 16
技术 24
基金运营 33
顾问(法律、合规和风险控制) 14
市场营销 28
销售 42
ETF投资管理 11
主动投资管理 27
国际办公室(包括MVA集团) 30
合计 225
附件3——泛达澳大利亚——集团结构图
美国
附件4——泛达澳大利亚有限公司——组织结构图和管理结构
MVIL AFSL责任管理者|申请人法定人员|*在墨尔本办公
附件5——MVIL管理团队成员——简历
Arian Neiron,董事总经理
• Arian负责泛达澳大利亚业务的策略及日常营运。
• 加入泛达全球之前,Arian曾是Sunstone咨询公司的合伙人,专门从事资产及财富管理业务。
• 再之前,Arian在Perpetual公司担任高级投资组合专家、受保护投资的产品开发主管、平台及机构业务的高级产品经理。
• Arian也曾在瑞士信贷集团(Credit Suisse)和MLC任职。
• Arian拥有科廷大学(Curtin University) 的商业学士学位及金融服务证书,并且目前正在攻读麦考瑞大学(Macquarie University)管理研究学院(MGSM)的工商管理硕士(MBA)。
Russell Chesler,总监——投资与投资组合战略
• Russell拥有超过20年金融服务行业经验的精算师,负责管理泛达澳大利亚的ETF业务。
• 加入泛达全球之前,曾是Sunstone咨询公司的合伙人,专门从事资产及财富管理业务。
• 再之前Russell曾在Perpetual公司担任受保护投资与借贷部的总经理,也曾在格兰奇证券(Grange Securities)、安博保险(Alexander Forbes)和自由生活(Liberty Life)等公司任职。
• Russell拥有威特沃特斯兰德大学(Witwatersrand University)的科学学士学位(荣誉生),是精算师学会(英国)会员以及澳大利亚精算师协会财富管理子协会的会员。
Jamie Hannah, 经理——投资与资本市场
• Jamie负责泛达澳大利亚ETF的资本市场交易和投资组合管理。
• Jamie拥有金融服务行业超过12年的从业经验,之前曾在Source ETF、荷兰银行(ABN Amro)、德意志银行(Deutsche Bank)、摩根大通和普华永道(PricewaterhouseCoopers)任职。
• Jamie拥有纽卡斯尔大学(Newcastle University)商业学士学位,是特许证券与投资学会的会员。
Timothy Bethe,总监——产品、管理和风险
• Timothy负责泛达澳大利亚ETF业务的产品开发和企业治理。
• 加入泛达全球之前,Timothy曾在黑岩集团(Blackrock)任职,期间负责澳大利亚证券交易所上iShares ETF的产品管理与业务运营。再之前,Timothy曾在Bluestone集团和通用金融(GE Money)任职。
• Timothy拥有澳大利亚西悉尼大学的应用金融学硕士文凭及企业管理硕士证书,是澳大利亚管理学会会员。
Michael Brown,总监——运营与财务
• Michael负责泛达澳大利亚业务的企业金融及澳大利亚基金的营运,拥有超过30年的金融行业经验。
• 加入泛达全球之前,Michael曾任Sunstone咨询公司的执行董事,专门从事财富管理行业的融资与监管事项。
• 再之前Michael曾在Perpetual公司担任总经理,MLC担任首席税务顾问,并在BT 基金管理公司(BT Funds Management)担任资深副总裁。
• Michael拥有麦考瑞大学(Macquarie University)的经济学学士学位及悉尼大学(University of Sydney)法学硕士学位。
Russell Grigg,总法律顾问兼合规主管
• Russell在澳大利亚和英国从事金融服务的法律与合规工作,拥有超过15年的经验,并在之前于澳洲国民银行财富(NAB Wealth)、MLC和Beta Shares担任顾问,且在Perpetual公司和澳洲首域投资(Colonial First State Investments)任高级法律职位。
• Russell在布里斯班(Brisbane)的Gadens Ridgeway Lawyers律师事务所开启了他作为律师的职业生涯,之后进入West Merchant Bank的位于伦敦的全球法律与合规部任内部法律顾问。
• Russell拥有昆士兰大学(University of Queensland)的商业学士学位及法学学士学位,并获准在昆士兰和新南威尔士执业,他是新南威尔士律师协会的会员。
附件6——泛达全球纽约投资团队成员——简介
Hao-Hung (Peter) Liao,注册金融分析师(CFA)
• 2000年加入泛达全球。
• 担任泛达全球市场矢量美国ETF基金的投资组合经理,负责市场矢量股票投资组合的投资管理,包括审查指数、开发并实施指数复制和优化策略。
• 特许注册金融分析师资质,纽约证券分析师协会会员。
• 2000年获纽约大学(New York University)数学/经济学学士学位。
George Cao,CFA
• 2000年加入泛达全球。
• 担任市场矢量美国ETF基金的投资组合经理,负责市场矢量ETF股票投资组合的投资管理。
• 加入泛达全球之前,曾任美国联合航空公司(United Airlines)高级财务助理、营运行政及企业安全部门的控制员。也曾在普华永道会计师事务所任管理顾问,再之前,还曾任SAM Distribution Co. Ltd.金融分析师。
• 特许注册金融分析师资质,纽约证券分析师协会会员。
• 2000年获芝加哥大学工商管理学硕士学位,1996获北京对外经济贸易大学学士学位。
Wayne Xie
• 2000年加入泛达全球。
• 担任市场矢量ETF基金的分析师,负责协助市场矢量ETF股票投资组合的投资管理。
• 此前,曾任泛达全球投资组合的投资管理员,配合托管机构发行新的ETF基金。
• 纽约州立水牛城大学(SUNY Buffalo)工商管理学士学位,主修国际商业。
[/中文]
[外文]
30 October 2000
China Securities Regulatory Commission
Focus Place, 19 Jin Rong St.
Xicheng District
Beijing 100003, China
Dear Sir/Madam
RQFII Application
Market Vectors Investments Limited - Australia
It is with extreme pleasure that Market Vectors Investments Limited ("MVIL") submits its application for RMB Qualified Foreign Institutional Investor ("RQFII") status in the China securities market.
1. Reasons for the Application
MVIL was founded in June 2000 in Sydney and is wholly owned by Van Eck Australia Pty Ltd , which is a subsidiary of Van Eck Associates Corporation ("Van Eck Global") established in 1955 and headquartered in New York, United States. Van Eck Global has a long standing relationship with China and involvement in its capital markets.
The President and Principal of our parent company Van Eck Global, Jan van Eck, is a member of the National Committee on United States-China Relations (NCUSCR) and Van Eck Global currently offers foreign investors opportunities to invest in Chinese securities via 3 different exchange traded funds ("ETFs") listed on the New York Stock Exchange ("NYSE"), one of which is also cross-listed on the Australian Securities Exchange ("ASX"),
Van Eck Global holds a QFII license but does not operate a QFM business as it enjoys a close relationship with China Asset Management (Hong Kong) Limited ("China AMC") that acts as sub-adviser to the 3 existing ETFs (see section 2.M below for more information).
Van Eck Global expanded its operations to Australia in June 2000 and is well positioned with its operations in New York and Australia, to take advantage of the RQFII quota and RMB allocation for Australia announced in November 2000.
Van Eck Global wishes to deepen its involvement in China′s capital markets and expand its offer of investment opportunities to foreign investors into China through MVIL, its Australian licensed investment management subsidiary.
2. Basic information about MVIL
A. Domicile
Sydney in the state of New South Wales, Australia
B. Organization type
MVIL is an unlisted public company with limited liability registered with the Australian Securities and Investments Commission ("ASIC") under Australian Company Number (ACN) 146 596 116.
C. Ownership structure
MVIL is 100% owned by Van Eck Australia Pty Ltd ABN 52 137 160 528 ("VEA"). In this letter MVIL and VEA are collectively referred to as "Van Eck Australia".
VEA is in turn 100% owned by Van Eck Global in the United States ("US").
MVIL is the ′licensed entity′ within Van Eck Australia. VEA is the ′services entity′ that provides personnel and operational resources to MVIL and within Van Eck Australia. VEA provides all the requisite corporate services to MVIL to ensure MVIL is compliant with its regulatory and legal obligations. Van Eck Australia is funded by Van Eck Global, US.
D. Australian regulatory framework
Financial services in Australia are governed by the Australian Corporations Act 2000 (Cth) ("Corporations Act") which is regulated by ASIC.
Under the Corporations Act providers of financial services are required to hold an Australian financial services license or ′AFSL′. An entity may only provide the financial services activities authorised under its AFSL.
MVIL holds AFSL Number 416755.
E. MVIL′s Business scope
In Australia, MVIL′s business scope is to carry on an investment management business which is authorised to provide general financial advice and deal in derivatives, interests in collective investment schemes and securities, on behalf of retail and institutional clients.
MVIL, under its AFSL, is authorised as a responsible entity and is currently the issuer, operator and investment manager of seven (7) Australian domiciled Market Vectors ETFs. Each of MVIL′s ETFs is a collective investment vehicle registered with ASIC and traded on the ASX.
In addition, under its AFSL and approval as an ETF issuer by ASX, MVIL facilitates the cross-listing on ASX of three of Van Eck Global′s Market Vectors US domiciled ETFs which are principally listed on NYSE.
Van Eck Australia is the distributor of all Van Eck Global products and services in Australia.
Van Eck Global is a registered investment adviser with the US Securities Exchange Commission ("SEC"). The business of Van Eck Global includes mutual funds, variable insurance portfolios, institutional commingled funds, hedge funds, separate accounts, sub-advisory accounts, UCITS funds, and exchange-traded funds.
F. Business history
MVIL is the ′licensed entity7 within Van Eck Australia′s business. Van Eck Australia is the ′services′ company within the Van Eck Australia business. All personnel and business resources are provided to MVIL by VEA.
MVIL first obtained its AFSL on 19 April 2000 under its previous name Vault Services Pty Ltd, which was originally a private company limited by shares. Under its AFSL, Vault Services Pty Ltd was authorised to carry on a financial services business including to provide general financial product advice to retail and wholesale clients and to deal in financial products on behalf of other persons in respect of securities, government bonds, collective investment schemes and derivatives.
Vault Services Pty Ltd was acquired by Van Eck Global in July 2000 after which the name of the company was changed to Market Vectors Australia Investments Pty Ltd in August 2000.
In March 2000 the company was converted to a public company resulting in the name changing to Market Vectors Investments Australia Limited.
After an internal restructure the name was changed again in August 2000 to the current name Market Vectors Investments Limited. Prior to this time MVIL only provided licensing services to its Australian parent entity, now Van Eck Australia Pty Ltd and as such MVIL did not generate its own revenue.
On 19 August 2000 MVIL was authorised by ASIC under its AFSL to act as a responsible entity which permitted it to issue and operate its own funds, the first of which were:
1. Market Vectors Australian Banks ETF
2. Market Vectors Australian Property ETF
3. M a rket Vecto rs A ust ra I i a n Reso u rce s ETF
4. Market Vectors Australian Emerging Resources ETF
In October 2000 MVIL was approved by ASX as an AOUA Product Issuer resulting in the above funds being admitted to trading status on ASX on 16 October 2000. This was the date from which MVIL first started generating its own revenue in the form of management fees from the funds.
In March 2000 MVIL′s AFSL was again varied by ASIC to authorise it to issue and operate an additional fund:
5. Market Vectors Australian Equal Weight ETF
This fund was admitted to trading status on ASX on 6 March 2000.
In September 2000 MVIL′s AFSL was again varied by ASIC to authorise it to issue and operate an additional fund:
6. Market Vectors MSCI World ex Australia Quality ETF
This fund was admitted to trading status on ASX on 30 October 2000.
In April 2000 MVIL′s AFSL was again varied by ASIC to authorise it to issue and operate an additional fund:
7. Market Vectors Small Cap Dividend Payers ETF
This fund was admitted to trading status on ASX on 28 May 2000.
Van Eck® Global and Market Vectors® ETFs
Van Eck Global is a global asset management group founded in 1955. It was among the first US money managers helping investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative, managed investment choices in hard assets, emerging markets and precious metals including gold, and other alternative asset classes.
′Market Vectors®′ is the ETF business of Van Eck Global. Market Vectors ETFs have been offered in the US since 2000 and Van Eck currently has over 60 ETFs listed on NYSE spanning many asset classes including equities and fixed income (municipal and global bonds).
Headquartered in New York, Van Eck Global has offices in Australia, China, Germany and Switzerland.
More information on Van Eck Global′s US and Australian business can be found at www.vaneck.com and at www.marketvectors.com.au respectively.
G. Paid-in capital
MVIL is 100% owned by Van Eck Global. MVIL has AUD950,000 in paid up capital as at 30 June 2000.
Van Eck Global is a privately owned company, wholly owned by members of the Van Eck family. The principal shareholder of Van Eck Global is Jan van Eck.
H. MVIL company directors
The following table sets out the names and responsibilities of statutory directors of the Applicant:
Director MVIL responsibilities Related entity responsibilities
Arian Neiron Executive Director Managing Director, VEA
Company Secretary Company Secretary, VEA
AFSL Responsible Manager
Michael Brown Executive Director
AFSL Responsible Manager Director - Finance & Operations, VEA
Jan van Eck Executive Director President and Chief Executive Officer,
Van Eck
Global Executive Director, VEA
Lars Hamich Executive Director Managing Director International
Business Development, Van Eck Global
Executive Director, VEA
Bruce Smith Executive Director Chief Financial Officer, Van Eck Global
Executive Director, VEA
Jonathan Simon Executive Director General Counsel, Van Eck Global
Executive Director, VEA
I. Organisation chart and management structure
Van Eck Global′s Group Structure is set out in Schedule 1.
Van Eck Global′s business departments are described in Schedule 2.
Van Eck Australia′s Group chart is set out in Schedule 3.
VEA/MVIL′s organisational chart and management structure is set out in Schedule 4.
J. MVIL managers
The following key persons are employed by Van Eck Australia on a full-time permanent basis to provide relevant professional services to MVIL:
1. Arian Neiron, Managing Director;
2. Russell Chesler, Director - Investments & Portfolio Strategy
3. Jamie Hannah, Manager- Investments & Capital Markets
4. Michael Brown, Director - Operations and Finance
5. Timothy Bethe, Senior Director- Product, Governance & Risk
6. Russell Grigg, General Counsel & Head of Compliance.
A short biography for each of the above managers is set out in Schedule 5.
Australia does not have a system of professional certification of individuals within the financial services industry by ASIC. Instead, the licensing regime in Australia regulated by ASIC requires the appointment of ′responsible managers′ who must be approved by ASIC, discussed below. Consequently we are unable to provide ′business license of main team members granted by regulators of home domicile′ as there is no such licensing regime existing for individuals in Australia. Instead, the licensing exists at the corporate level, for MVIL
K. Responsible managers
As an AFSL holder, MVIL is required to appoint ′responsible managers′ who are approved by and registered with ASIC on the basis of having appropriate skills and experience to ensure that MVIL has adequate organizational competence to perform its licensed activities and comply with ongoing licensing obligations.
MVIL currently has 4 responsible managers. Each of the responsible managers is a full-time senior employee of Van Eck Australia and directly responsible for significant day-to-day decisions about the ongoing provision of MVIL′s financial services.
Each of the responsible managers has in excess of 10 years′ experience in the financial services industry and details of their areas of expertise and experience are set out below:
Responsible manager Arian Neiron Timothy Bethe Russell Chesler Michael Brown
License authorisation
General financial product advice:
■ Securities
■ Derivatives - -
■ interests in managed investment schemes
Dealing by issuing, applying for, acquiring, varying or disposing of:
■ securities
■ derivatives - -
■ interests in managed investment schemes
Dealing by applying for, acquiring, varying or disposing of on behalf of another:
■ securities
■ government debentures, stocks and bonds -
■ derivatives - -
■ interests in managed investment schemes
Operate a registered managed investment scheme
L. Ranking
As at 30 September 2000 Van Eck Global is the 10th largest ETF provider in the US, and MVIL is the 8th largest ETF provider in Australia.
M. Assets under management
As at 30 September 2000, MVIL′s Australian domiciled ETFs listed in paragraph 6 above had AUM of AS191.5 million.
Van Eck Global currently offers 3 China ETFs with a total of US$173.3 million namely:
1. Market Vectors ChinaAMC A-Share ETF (NYSE: PEK) (US$88.7M);
2. Market Vectors ChinaAMC SME-ChiNext ETF (NYSE: CNXT) (US$59.8M); and
3. Market Vectors ChinaAMC China Bond ETF (NYSE: CBON) (US$24.8M).
As at 30 September 2000, Van Eck Global managed approximately US$25.5 billion in investor assets under management (′AUM′) including its Market Vectors ETFs business.
N. Current clients information
Van Eck Global has over 400 institutional clients from around the world. MVIL will also share the client base with Van Eck Global.
Typical clients include:
• financial planners/advisers;
• self-managed superannuation funds and high net worth investors using core & satellite portfolios;
• institutions seeking portfolio completion and to gain temporary market exposure, tactical adjustments, etc.;
• structured product issuers (investment banks, warrant issuers) seeking product for leverage exposure and long and short calls; and
• retail clients.
Due to the nature of Van Eck Global′s and MVIL′s exchange traded funds business, it is extremely difficult to determine reliable numbers on the percentage breakdown of client types. As a result we have not provided this information. Please contact us if further detail is required.
O. Financial information
A copy of the audited financial reports for MVIL for the year ended 30 June 2000 is attached with this application.
Importantly, MVIL′s business is only 2 years old, having first issued financial products on the ASX in October 2000. As a result, MVIL is currently still an early stage business and as such revenue still exceeds operating expenses, resulting in a net loss position. The growth in AUM is on track to deliver net profit in the next 2 years, in line with expectations.
P. Regulators of RQFH domiciled countries or cities
MVIL is incorporated and regulated in Australia by ASIC. In addition, MVIL is an approved product issuer by ASX. ASX actively monitors the compliance and trading of all ETFs in Australia, including Market Vectors ETFs.
3. Investment Plan
A. Initial RQFII quota application
MVIL plans to initially apply for RMB 3 billion of RQFII Quota for 2 new China ETFs currently under development by Van Eck Global. Van Eck Global is proposing to appoint MVIL as the sub-adviser to the 2 new ETFs.
B. Product design and investment plan
1) Market Vectors China A-Share Environmental Protection ETF
a) Investment objective:
The fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the CSI Environmental Protection Industry Index.
b) Principal in vestmen t strategy:
The fund will aim to invest at least 80% of its total assets in securities that comprise the index. The index is comprised of China A-shares ("A-shares") being the 100 most representative environmental protection industry stocks trading on the Shanghai and Shenzhen Stock Exchanges. The index consists of stocks from the resource management, clean technology, clean product, and pollution management industries, as defined by the United Nations System of Environmental-Economic Accounting.
c) Investment plan
The fund will issue and redeem shares only in a large specified parcels each called a "Creation Unit," or multiples thereof. A Creation Unit consists of 50,000 shares. Individual shares of the fund may only be purchased and sold in secondary market transactions through brokers. Shares of the fund will be listed on NYSE Area, Inc.
2) Market Vectors A-Share Private-Owned Enterprises ETF
a) Investment objective:
The fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the CSI Private-Owned Enterprises 200 Index.
b) Principal in vestment strategy:
The fund will aim to invest at least 80% of its total assets in securities that comprise the fund′s benchmark index. The index is comprised of A-shares, namely the 200 most representative private-owned companies trading on the Shanghai and Shenzhen Stock Exchanges.
c) Investment plan
The fund will issue and redeem shares only in Creation Units of 50,000 shares. Individual shares of the fund may only be purchased and sold in secondary market transactions through brokers. Shares of the fund will be listed on NYSE Area Inc.
C. Asset allocation
The initial plan is to invest primarily in A-shares. We are also flexible to consider investments in other share types and bonds.
Both of the new funds described above will aim to be at least 80% invested in A-shares the majority of the time.
The investment strategies for both new ETFs allow for the following asset allocations:
Equities: 80-100%
Fixed income: 0-20%
Index futures: 0-20%
MMF&Cash: 0-20%
D. Investment team
The key investment team staff engaged by MVIL that will be responsible for managing the new ETF portfolios are:
Russell Chesler, Director- Investment and Portfolio Strategy
Jamie Hannah, Manager- Investments & Capital Markets
Given the products are ETFs which track market indices, there are no research analysts required to be associated with the investment team.
MVIL is not appointing any external investment manager or investment adviser to assist with investment management of its RQFII allocation.
We note that MVIL′s parent, Van Eck Global, currently has a QFII license but does not operate a QFII business. Instead, Van Eck Global engages China Asset Management Company (Hong Kong) Limited ("China AMC") as a Sub-Adviser to Van Eck Global′s three existing NYSE ETFs (see NYSE: PEK, CNXTand CBON).
Similarly, Van Eck Global will act as the Investment Adviser to the 2 new ETFs and will seek to appoint MVIL as sub-advisor upon this application for RQFII quota being successful.
In the event that MVIL requires backup for the investment team due to a business outage or disaster event, Van Eck Global New York Investment Team will oversee management of the portfolios. Van Eck Global′s key New York Investment Team members are:
Member Team Focus Years at Van Eck Voars in rkicktstfy
Peter Liao Equity Portfolio Manager 10 10
George Cao Equity Portfolio Manager 6 6
Wayne Xie Equity Analyst 6 7
Biographies for the NY Investment Team are contained in Schedule 6.
E. Source of Funds / Distribution channels
To satisfy the requirements of RQFII regulations, MVIL declares that its investment capital (RMB3billion) will be funded primarily from individual investors in the United States. We expect 90% of the funds will come from individual investors and the remaining 10% from other sources. Sales and marketing/distribution activities are through a number of established wholesale distribution channels which include:
• institutional clients including private sector and industry superannuation/pension funds;
• retail stockbroking and financial advisory firms whose advisers are appropriately authorised to deal in ETFs for their clients;
• family offices and private banks;
• online trading platforms; and
• independent financial planners and accountants.
F. Local custodian bank
MVIL has appointed ICBC to handle any and all matters in relation to RQFII application and the custody of direct investment in the capital market of the Peoples Republic of China. MVIL will entrust ICBC to take charge of assets and to perform the following duties:
1) safe keep all assets of MVIL under their custody;
2) supervise domestic securities investments of MVIL;
3) handle inward and outward remittances of MVIL and other relevant businesses;
4) carry out statistical reporting of international balance of payments; and
5) submit the relevant business reports and statements to CSRC, PBOC and SAFE on a monthly and annual basis.
MVIL will open the following accounts with ICBC:
1) Renminbi-denominated basic deposit account;
2) a designated deposit account for stock exchange market fund settlement;
3) if we wish to invest in bonds - a designated deposit account for interbank bond market fund settlement; and
4) if we wish to trade in stock index futures - a designated deposit account specifically for stock index futures margin settlement.
G. Local brokers
MVIL intends to use UBS primarily as its broker on Shanghai and Shenzhen exchanges. We are also undertaking due diligence with other brokers with the intention of appointing a second broker on each exchange but will not engage more than 3 local brokers.
H. Compliance overview
MVIL together with Van Eck Global will be committed to compliance with all applicable RQFII laws and regulations and to its compliance performance.
MVIL has in place a compliance and risk management framework ("Australian Compliance Framework"), which operates independently of and in addition to Van Eck Global′s global compliance framework ("Van Eck Global′s Compliance Framework").
MVIL′s RQFII investment management will be subject to both the Australian Framework and Van Eck Global′s Compliance Framework.
MVIL′s Australian Framework is based on the principles outlined in International Risk Management Standard AS/NZ 31000:2000 and prepared in accordance with the obligations under the Australian Corporations Act and MVIL′s AFSL, with input from the management team, external auditors and external legal counsel and approved by MVIL Board.
MVIL′s Board is ultimately responsible for ensuring MVIL remains compliant with its regulatory obligations. The Board of Trustees of Market Vectors ETF Trust ("Board of Trustees"), the issuer of the US funds, is ultimately responsible for overseeing the operation of the funds. Van Eck Global will seek to be appointed as the investment adviser to the funds and responsible for overseeing MVIL′s role as sub-adviser.
The MVIL Board has delegated day-to-day compliance monitoring and reporting for MVIL to the Australian management team identified in the Application letter. Specifically, responsibility for compliance is delegated to Russell Grigg, the General Counsel and Head of Compliance ("Compliance Officer") in Australia who is responsible for reporting any compliance breaches to MVIL Board and ASIC. Russell has over 15 years′ experience working within legal and compliance teams in financial services institutional investors in Australia.
The Compliance Officer is supported by the Australian management team which manages, monitors and reports daily on operational matters and escalates any potential or actual concerns to the Compliance Officer who in turn reports up to the Compliance Committee and the MVIL Board, and in turn Van Eck Global and the Board of Trustees.
The Australian Framework will be revised to ensure that MVIL complies with its ongoing obligations associated with holding a RQFII license and quota. MVIL will establish compliance processes in order to obey the RQFII related regulation about the investment in China securities including monitoring the holding restrictions, duty on information disclosure and capital flow in and out of China etc. Our Compliance Officer is familiar with those RQFII regulations and will establish control procedures within MVIL operations in conjunction with MVIL′s local custodian ICBC, and Van Eck Global′s Global Compliance team based in New York, and Van Eck′s global custodian, Bank of New York Mellon, to monitor compliance on a daily basis and ensure the smooth operation of MVIL′s RQFII business. For example, we will collate individual securities holdings from all our custodians across all US funds issued and operated by Van Eck Global, including MVIL funds, and test against securities holding restriction limits on a daily basis. We understand that we must make disclosure of any holdings of 5% or that are likely to reach 5% and that we are prohibited from holding more than 10% of the shares issued by any individual listed company.
MVIL understands it must report to the CSRC, the PBOC and the SAFE within five working days under any of the following circumstances:
1) change of domestic custodian;
2) change of person-in-charge of the organisation;
3) adjustment of equity structure;
4) adjustment of registered capital;
5) merger with another organisation by absorption;
6) involvement in a significant lawsuit or any other significant event; or
7) it becomes subject to major punishment overseas.
I. Compliance and risk management systems
MVIL uses a web-based Compliance and Risk Management service called ′CompliSpace′ which has been tailored to MVIL′s business to electronically manage the identification and treatment of risks and compliance control and monitoring activities across the business. Complispace is designed and used to:
(a) identify the obligations requiring compliance across MVIL′s financial services business arising either under its AFSL or otherwise under financial services laws, focusing primarily on areas where there is the highest risk of non-compliance or where, if the risk occurs, there are the greatest potential adverse consequences for investors or MV!L;
(b) identify control measures commensurate with risks;
(c) identify those people responsible for performing regular tasks which affect compliance;
(d) focus on the methods and procedures by which compliance with relevant obligations can be achieved and verified;
(e) create a system for recording compliance which others can verify;
(f) create a system for monitoring compliance and identify those people who are responsible for monitoring compliance; and
(g) create a system of reporting to management and the MVIL Board (including instances of non-compliance).
J. MVIL′s risk management and mandate monitoring
MVIL uses the Bloomberg Order Management System ("the Bloomberg OMS") and Factset Financial Data software ("Factset") to conduct trading activity and to monitor compliance with specific portfolio construction rules and to conduct data analysis.
The Bloomberg OMS has a comprehensive listing of compliance, regulatory, and client specific rules designed to monitor trades on a pre-trade and post-trade basis. Certain transactions may be rejected outright, or may require further approval prior to being sent to trading.
The procedures require that the Portfolio Manager or trader must demonstrate that best price and execution were obtained. The Bloomberg OMS tracks commission rates for all trades. The ETF Investment Committee reviews commission rates on a quarterly basis.
Additionally, the Bloomberg OMS is used by the Compliance Department to ensure the ETFs substantially invest in the securities of their Reference Index.
Risk reports are produced using Bloomberg OMS and FactSet. FactSet is used to enhance data analysis and to employ various risk factors.
Van Eck Global takes a multi-levelled approach to risk management. The top level of this approach is comprised of the ETF Investment Committee and the Risk Management Committee, while the second and third layers are comprised of Department Heads and Investment Team Members, respectively. For more information on Van Eck Global′s Compliance Framework, see "VEAC Internal Risk Control Measures" submitted with this application.
K. Compliance Training
All employees of MVIL and Van Eck Australia are required to undertake regular training in relation to ongoing compliance obligations under MVIL′s AFSL and financial services laws. Training is provided both internally on a regular basis by the Compliance Officer and Risk Officer, as well as via third party professional education providers. Van Eck Global also requires all staff worldwide to undertake quarterly compliance updates and to provide certifications to that effect. Training registers are maintained by the Compliance Officer and Risk Officer.
L. Fund accounting and global custody
MVIL has engaged J.P. Morgan Chase Bank and State Street to provide custody and fund administration services for its Australian domiciled ETFs. J.P. Morgan′s and State Streets activities are monitored on a daily basis in accordance with a detailed operations procedures by Jamie Hannah, Manager - Investments & Capital Markets and overseen by Michael Brown, Director-Operations and Finance.
The Bank of New York Mellon has been appointed as custodian and fund administrator for Van Eck Global′s US ETFs. The new funds will be operated within Van Eck Global′s existing arrangements.
M. External auditors
MVIL′s sub-advisory activity will fall under its AFSL authorisations. MVIL′s compliance with its AFSL obligations is required to be independently audited on an annual basis. Ernst & Young is the appointed auditor of MVIL and separate partners of Ernst & Young audit both MVIL′s and its Australian ETFs finances and AFSL compliance.
Van Eck Global′s auditor in New York is Ernst & Young LLP.
N. Investment Committee
MVIL has an Investment Committee which generally meets monthly. The Investment Committee, in accordance with its Charter, provides governance in respect of the investment performance of MVIL′s Australian ETFs including guidance with the portfolio management process. MVIL′s investment activities in relation to the proposed RQFII funds will be overseen by both MVIL′s Investment Committee and Van Eck Global′s ETF Investment Committee referred to in paragraph J. above.
O. Van Eck′s views on RQFII, Policy and Capital Markets
Macroeconomic developments and trends
We believe that, China′s fiscal position is strong and its growth trajectory is desirable for a nation that is shifting from a manufacturing to a services economy, from an investment to a consumption economy and from exports to domestic spending driven revenue base.
China′s GDP continues to outpace that of most of the developed world as well as its closest emerging markets competitor, India. Chinese planners have carefully overseen the transition from traditional growth engines of steel mills and factories which now take a backseat to banking and service-led industries. This year for the first time, China is likely to see services represent more than half its economy. The government is willing and hopefully able to assist this process of transition through policy easing.
We see no signals or signs of inflationary pressures in the economy and we think this should provide suitable microeconomic background for further monetary policy easing. On the currency side, we believe the current account surplus is likely to stay in place and the influence on the capital account is likely to provide further support for the currency. In general, we expect growth to slow but do not expect a hard landing,
There are a number of factors influencing the moderating of growth. Firstly, investment growth in China had to moderate, the average 10% growth rate for the preceding three decades was unsustainable and the slowdown is not unexpected (the 12th five year plan drafted in 2000, predicted Chinese growth in 2000 would be 7.5%).
Another factor which we feel important is consumption. China is in the process of transitioning to a more sustainable economic growth model that is driven primarily by consumption and not investment. Ultimately the economy will transition to a consumption-led economy, as China′s policymakers wish, but this may take time.
We believe that the government is willing to pursue easing or loosening monetary policies as required to manage the transition as best as it is able, but the market does not expect an aggressive stance by the PBOC next year; at least not in terms of rate cuts. We consider the government to be providing a supportive backdrop without raising alarms for near term excess.
Relevance of China′s A-share and fixed income markets
China has the second-largest economy in the world. The Shanghai and Shenzhen exchanges combined are the second largest share markets in the world after the US, yet China only represents between 1 and 2 % of global stock indices as a result most global investors are underweight China. This underweight is also due to the fact that China′s A-share market is still largely closed to foreign investment. We believe investors should be knowledgeable about the China equity opportunity and consider allocating within their portfolios accordingly.
A-shares currently represent approximately 80% of total Chinese equity market capitalisation, as well as over 40% of total emerging markets. This suggests that a market cap-weighted allocation to China and Emerging Markets is far from complete if A-shares are not included, because some of China′s most important companies are not accessible unless an investor makes an allocation to A-shares. In addition to differentiated performance, A-shares also potentially provide differentiation from a correlation perspective. Small- and medium-sized enterprises on the SME and ChiNext Boards represent innovative start-up and growth companies, as well as smaller maturing and mature firms.
Formerly leading sectors of China′s "Old Economy", e.g. Financials, Energy, and Materials, have been contributing less to China′s growth. These sectors tend to be dominated by state-owned enterprises (SOEs). SOEs have generally benefited from subsidies and government protection from competition. SMEs not only tend to focus on the New Economy sectors, but the majority are private, or non-state owned enterprises (non-SOEs). Therefore, non-SOEs may be more of a focus on operational efficiency and profitability compared to SOEs.
In regards to fixed income, we consider the value of investment in this asset class as the "rationalisation" of the Chinese economy and the transition of how capital is being allocated. What we look forward to seeing is how China′s authorities and its economy will allocate capital more efficiently. Part of that process is rationalising capital markets and ultimately liberalising capital markets. We believe investing in onshore bond securities is a way to capture access to a
large, liquid bond market, which is also a highly rated one. China is an AA rated country by international agencies.
In our experience, the ability and costs of execution of trades have been proven to be good.
Views on market liberalisation and RQFII
The RQFII program, which started in December 2001, presented a way for ETF issuers like Van Eck to offer investors physical exposure to A-share equities and onshore bonds through partnerships with the Hong Kong subsidiaries of Chinese asset managers. The Shanghai Hong-Kong Stock Connect Program, which launched on November 17, 2000, was undoubtedly one of the most important events for investors in 2000. The program represents an important step in a multi-decade process in which China will gradually open up its capital markets to the rest of the world.
We believe China will be included in emerging markets indices within the next two or three years. For index tracking funds this means having to make large allocations to China A-shares in order to keep tracking their relevant index. MSCI, which provides international indices that are the most commonly used benchmarks by institutions, has flagged a gradual inclusion of A-shares into its equity benchmarks, though no specific implementation date has been announced. Any inclusion into an index would represent a significant inflow into China′s A-share equity market. Irrespective of the index providers′ timetables, Chinese policy makers have clearly signaled that the Chinese share markets are going to be open to non-Chinese investors. We wish to position ourselves to enable investors to take advantage of the resultant future growth opportunities from the outset.
P. Conclusion
MVIL and Van Eck Global continue to have a very positive outlook on China and MVIL is excited to be in a position to leverage its Australian operations to take advantage of the Australian RQFII quota.
Attachments provided with this application letter
We attach for your further information the following documents:
(i) Notarised copy of the business licence -Australian Financial Services Licence No 416755;
(ii) Notarised copy of the Certificate of Incorporation on Change of Name for MVIL (business permit) issued by ASIC (local regulator);
(iii) Letter from Notary, confirming that there has been no record of punishment imposed by regulators for the last three years;
(iv) Audited financial reports for MVIL for the last fiscal year ended 30 June 2000;
(v) Notarised Power of Attorney appointing Arian Neiron as authorised person on behalf of MVIL;
(vi) Notarised Power of Attorney to ICBC, the appointed PRC Custodian Bank;
(vii) Acknowledgement Letter in relation to contents of the application;
(viii) Statement on Source of Funds;
(ix) Holdings Restriction Agreement, and
(x) VEAC Internal Risk Control Measures.
We thank you for the consideration of our application and we look forward to a fruitful partnership with the People′s Republic of China.
Should you have any questions, or require additional information, please do not hesitate to contact me.
Signed for and on behalf of
Market Vectors Investments Limited
Arian Neiron
Managing Director
Direct: +612 8000 3311
Main: +612 8000 3300
Fax: +612 8000 3349
E-mail: aneiron@vaneck.com
Schedule 1 - Van Eck Global - Group Structure
Schedule 2 - Van Eck Global - Business departments
Functional division Headcount
Administrator! (Human Resources / Corporate Accounting) 16
Technology 24
Fund Operations 33
Advisory (Legal, Compliance and Risk) 14
Marketing 28
Sales 42
ETF Investment Management 11
Active Investment Management 27
International offices (including MVA Group) 30
Total 225
Schedule 3 - Van Eck Australia - Group chart
United States
Schedule 4 - Van Eck Australia Pty Ltd - organisational chart and management structure
# MVIL AFSL responsible manager j statutory officer of the Applicant | * Melbourne based
Schedule 5 - MVIL Management Team Members - Biographies
Arian Neiron, Managing Director
• Arian is responsible for the strategy and day-to-day operations of Van Eck Australia′s business.
• Prior to joining Van Eck Global, Arian was a partner at boutique consulting firm Sunstone Partners, specialising in Asset and Wealth Management.
• Previously Arian worked for Perpetual as Senior Portfolio Specialist; Head of Product Development for Protected Investments; and Senior Product Manager for Platforms and Wholesale Funds.
• Arian has also held positions at Credit Suisse and MLC.
• Arian has a Bachelor of Commerce from Curtin University and a Diploma of Financial Services and is currently undertaking an MBA at Macquarie Graduate School of Management (MGSM).
Russell Chesler, Director - Investments & Portfolio Strategy
• An actuary with over 20 years′ experience in financial services, Russell is responsible for managing Van Eck Australia′s ETFs.
• Prior to joining Van Eck Global, Russell was a partner at boutique consulting firm Sunstone Partners, specialising in Asset and Wealth Management.
• Previously Russell worked for Perpetual Limited as General Manager of Protected Investments and Lending. Russell has also held positions at Grange Securities, Alexander Forbes and Liberty Life.
• Russell has a Bachelor of Science (Honours) from the University of Witwatersrand, Johannesburg. Russell is a Fellow of the Institute of Actuaries (United Kingdom) and a member of the Wealth Management sub-committee of the Actuaries Institute Australia
Jamie Hannah. Manager- Investments & Capital Markets
• Jamie is responsible for capital market trading and portfolio management of Van Eck Australia′s ETFs.
• With over 12 years of experience in financial services he has previously held positions at Source ETFs, ABN Amro, Deutsche Bank, Morgan Stanley, Morgan′s and PricewaterhouseCoopers.
• Jamie has a Bachelor of Commerce from the University of Newcastle and is an Associate of the Chartered Institute for Securities and Investment.
Timothy Bethe, Director - Product, Governance & Risk
• Timothy is responsible for product management of Van Eck Australia′s ETFs and corporate governance.
• Prior to joining Van Eck Global, Timothy worked for Blackrock, where he was responsible for product governance and business management of the iShares ETFs on the ASX. Previously Timothy worked for Bluestone Group and GE Money.
• Timothy has a Master in Applied Finance from the University of Western Sydney and a Graduate Diploma in Corporate Governance. Timothy is a Fellow of the Governance Institute of Australia.
Michael Brown, Director - Operations & Finance
• Michael is responsible for corporate finance in Van Eck Australia′s business and for the operations of the Australian funds. He has more than 30 years′ experience in the finance industry.
• Prior to joining Van Eck Global, Michael was Executive Director at boutique consulting firm, Sunstone Partners specialising in finance and regulatory matters for the Wealth Management Industry.
• Previously Michael was General Manager at Perpetual, Chief Tax Counsel at MLC and Senior Vice President at BT Funds Management.
• Michael has a Bachelor of Economics from Macquarie University and a Master of Laws from the University of Sydney.
Russell Grigg, General Counsel and Head of Compliance
• Russell has over 15 years legal and compliance experience in financial services in Australia and England. He has previously consulted to NAB Wealth, MLC and Beta Shares and held senior legal positions at Perpetual and Colonial First State Investments.
• Russell commenced his career as a solicitor at Gadens Ridgeway Lawyers in Brisbane before moving in-house with West Merchant Bank in its Global Legal & Compliance division in London.
• Russell has a Bachelor of Laws and a Bachelor of Commerce from the University of Queensland. He is admitted to practice in Queensland and New South Wales and is a Member of the Law Society of New South Wales.
Schedule 6 - Van Eck Global New York Investment Team Members - Biographies
Hao-Hung (Peter) Liao. CFA
• Joined Van Eck Global in 2000.
• Serves as Portfolio Manager for Van Eck Global′s Market Vectors US listed exchange-traded funds; responsible for portfolio management for the Market Vectors equity portfolios, including reviewing indices and developing and implementing index replication and optimization strategies.
• CFA charterholder; member of the New York Society of Security Analysts.
• BA, Mathematics/Economics, New York University, 2000.
George Cao, CFA
• Joined Van Eck Global in 2000.
• Serves as Portfolio Manager for Market Vectors US listed exchange-traded funds; responsible for portfolio management of Market Vectors ETF equity portfolios.
• Prior to joining Van Eck Global, he served as Senior Finance Associate followed by Controller of Operations Administrations Division and Corporate Safety for United Airlines. He also served as Management Consultant to PricewaterhouseCoopers LLC, and prior to that, Financial Analyst for SAM Distribution Co. Ltd.
• CFA charterholder; member of the New York Society of Security Analysts.
• MBA, Business, University of Chicago, 2000; BA, University of International Business and Economics, Beijing, 1996.
Wayne Xie
• Joined Van Eck Global in 2000.
• Serves as Analyst for the Market Vectors® ETF Trust, responsible for assisting the portfolio management of Van Eck Global′s Market Vectors US listed ETF Trust equity portfolios.
• Previously served as Portfolio Administrator for Van Eck Global, coordinating with custodian on launch of new ETFs.
• BS, Business Administration, concentration in International Business, SUNY Buffalo.
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