新规与司法合力疏通私募基金治理及清算堵点

Core Viewpoint - The newly revised "Guidelines for the Filing of Private Investment Funds No. 3 - Change of Fund Manager" by the Asset Management Association of China aims to address issues related to fund managers becoming uncontactable or incapacitated, thereby enhancing investor protection and facilitating smoother transitions in fund management [1][2]. Group 1: Industry Governance Challenges - The rapid development of the private fund industry has led to a faster elimination of fund managers, resulting in issues such as "disappearance" and "incapacity," which complicate fund governance and liquidation [2]. - The previous version of the guidelines, issued in September 2023, provided a standard process for changing fund managers but was found inadequate for current industry realities, prompting the revision [2]. Group 2: Key Revisions in Guidelines - The revisions focus on protecting investor rights, simplifying the procedures for changing fund managers, and optimizing the connection between judicial and self-regulatory processes [2]. - Major changes include the introduction of a "living will" clause, simplification of resolution documents, clarification of procedural bases, and an expanded scope for changing fund managers [2]. Group 3: Judicial Support and Investor Empowerment - The collaboration between the Asset Management Association of China and the Beijing Financial Court has resulted in typical cases that provide judicial support for resolving fund risks, particularly in situations where fund managers are uncontactable [4]. - The first case emphasizes that investors can convene a meeting to terminate fund operations and appoint a representative to initiate legal actions, thereby confirming their rights [5]. Group 4: Dual Protection System - The simultaneous release of the revised guidelines and judicial cases represents a coordinated effort to resolve governance and liquidation deadlocks in the private fund sector, establishing a dual protection system of self-regulation and judicial confirmation [8]. - This new governance model clarifies the rights and obligations of all parties involved and offers practical pathways for industry development [8].