制度优化 司法创新 双轮驱动化解私募治理清算困局

Core Viewpoint - The recent revisions to the Private Investment Fund Registration Guidelines No. 3 by the Asset Management Association of China, in collaboration with the Beijing Financial Court, signify a new phase in the risk management of private funds, emphasizing a combination of self-regulation and judicial practice [1][6]. Summary by Relevant Sections Regulatory Changes - The revised guidelines optimize the management change process and respect contractual autonomy, providing a clear institutional path to address issues of "lost" or "ineffective" fund managers [1][2]. - The new guidelines reduce the number of articles from 19 to 16, reflecting a streamlined approach to managing fund changes [2]. - Key revisions include respecting contractual agreements, simplifying decision-making documents, clarifying procedural bases, focusing on management changes, and expanding the applicability of management changes [2][3]. Judicial Support - The Asset Management Association of China and the Beijing Financial Court released two typical cases that provide judicial examples for addressing the challenges posed by ineffective fund managers [4][5]. - These cases illustrate how courts can facilitate the resolution of fund management issues and protect investor rights through flexible legal measures [4][5]. Industry Implications - The new guidelines and judicial cases are expected to enhance the operational efficiency of changing fund managers, thereby addressing existing risks and safeguarding investor interests [3][6]. - The collaborative approach between regulatory and judicial bodies marks a significant step towards a more transparent and sustainable development of the private fund market [6][7]. Future Directions - The Asset Management Association of China plans to continue strengthening financial legal cooperation under the guidance of the China Securities Regulatory Commission, aiming to create a more regulated and vibrant industry ecosystem [7].