私募合规自查指南（四）——清算退出环节自查要点与风险防范

Core Viewpoint - The article emphasizes the importance of compliance in the private equity fund lifecycle, particularly focusing on the liquidation and exit phase, which is critical for investor capital recovery and fund asset management [4][39]. Group 1: Non-Compliance in Liquidation Obligations - A case study of Beijing Zhongfu Private Equity Fund Management Company illustrates the failure to initiate liquidation procedures after the fund's term ended, leading to potential regulatory penalties and investor arbitration [5][41]. - The company did not disclose the triggering of the buyback clause to investors and failed to take necessary actions to recover investments, resulting in significant risks for investors [6][42]. - Regulatory requirements mandate timely liquidation and reporting to the association, with severe penalties for non-compliance [8][43]. Group 2: Misappropriation of Fund Assets - Shanghai Zhongyou Private Equity Fund Management Company is highlighted for misappropriating fund assets by transferring significant profits to an offshore company without proper disclosure [12][46]. - The company utilized a complex offshore structure to obscure the flow of funds, violating regulations that prohibit the misappropriation of fund assets [14][47]. - Regulatory frameworks strictly prohibit such actions, and the consequences for misappropriation can include heavy fines and penalties [15][48]. Group 3: Unfair Treatment of Investors - Shanghai Zhongxian Private Equity Fund Management Company faced scrutiny for implementing a discriminatory distribution plan during the liquidation process, favoring early investors over others [19][20]. - The company’s actions violated the principle of equal treatment for all investors, which is a core regulatory requirement [21][22]. - Regulatory measures can be taken against firms that do not treat investors fairly, including warnings and potential revocation of registration [23][24]. Group 4: Regulatory Compliance and Recommendations - The article outlines the necessity for private equity firms to establish robust compliance frameworks that encompass all stages of fund management, from fundraising to liquidation [31][32]. - Recommendations for firms include immediate initiation of liquidation processes, transparent communication with investors, and adherence to regulatory requirements to avoid severe penalties [44][51]. - Continuous training and accountability measures for responsible personnel are essential to ensure compliance and protect investor interests [11][44].