金融司法与自律监管协同联动 北京金融法院联合中基协发布重磅成果

Core Insights - The Beijing Financial Court and the Asset Management Association of China (AMAC) jointly released revised guidelines for private investment fund manager changes and typical cases, addressing issues related to manager disconnection and incapacity in the private fund industry [1][2] - The initiative aims to enhance investor protection and maintain market order amid the rapid evolution of the private fund sector, which has seen a rise in the elimination of underperforming managers and associated governance challenges [1] Group 1 - The release of the revised guidelines is a collaborative effort to tackle the challenges posed by disconnected and incapacitated fund managers, which have hindered the high-quality development of the industry [1] - The guidelines were developed in response to the requirements of the Central Financial Work Conference and the new "National Nine Articles," focusing on judicial support and self-regulatory oversight [1][2] - The AMAC has established a standardized path for changing fund managers and improved investor relief mechanisms under the guidance of the China Securities Regulatory Commission and support from the Beijing Financial Court [1] Group 2 - The Beijing Financial Court has published two typical cases that provide judicial support for orderly exits of related institutions and the resolution of risks in existing funds [2] - One case allows investors to authorize representative litigation through a fund holder meeting resolution, addressing the legitimacy and feasibility of this approach in situations where managers are unresponsive [2] - Another case permits creditors to secure their claims by providing guarantees, balancing the interests of both the executing party and potential creditors, thus exploring new pathways to resolve liquidation deadlocks [2]