刚刚，中基协重要发布，事关私募基金

Core Viewpoint - The China Securities Investment Fund Industry Association has released a revised version of the "Private Investment Fund Filing Guidelines No. 3 - Management Change of Private Investment Funds," aimed at optimizing the management change mechanism for private investment funds, mitigating existing risks, and enhancing investor protection [1][2]. Group 1: Background and Rationale - The rapid development of the private fund industry has led to a faster elimination of underperforming fund managers, resulting in issues such as "disappearance" and "inability to perform," which complicate fund governance and liquidation [2]. - The previous guidelines did not adequately reflect the realities of the industry and judicial practices, necessitating revisions to better align with operational needs [2]. Group 2: Key Revisions - The revised guidelines introduce a "living will" clause for new private funds, requiring specific provisions for management changes and contract modifications in case the manager is unable to perform their duties [3]. - The decision-making process for changing fund managers has been simplified, allowing for various voting methods beyond in-person meetings, such as written and electronic voting [3][4]. Group 3: Simplification and Compliance - The guidelines have reduced the number of articles from 19 to 16, streamlining documentation requirements and removing certain materials that were difficult to provide in practice [4][6]. - The requirement for custodians to assess the ongoing viability of new managers has been eliminated, and new compliance measures have been introduced for special changes, enhancing the practicality of the decision-making process [4][6]. Group 4: Legal and Judicial Integration - The guidelines have removed provisions related to the establishment of liquidation groups due to the complexity of fund liquidation and the lack of a viable path in practice [5][6]. - The scope for changing fund managers has been expanded to include funds that are in the liquidation process but not yet completed, with specific conditions for those in corporate liquidation [6]. - The revised guidelines incorporate arbitration awards as a basis for processing changes and clarify the need to align with court judgments and self-regulatory rules [6].