证监会发布私募基金信披办法，全面规范私募基金信息披露行为

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Measures for the Supervision and Administration of Information Disclosure of Private Investment Funds," effective from September 1, 2026, aimed at enhancing transparency and protecting investors' rights in the private fund sector [1][2]. Group 1: Regulatory Framework - The new measures establish a comprehensive information disclosure system for private funds, marking a significant step in strengthening regulatory oversight and optimizing regulatory arrangements [1][8]. - The measures are the first administrative regulations to implement the "Interim Measures for the Supervision and Administration of Private Investment Funds" [1][8]. Group 2: Disclosure Responsibilities - The measures clarify the disclosure responsibilities of various market participants, emphasizing that private fund managers bear the primary responsibility for accurate and timely information disclosure [4][9]. - Fund custodians and sales institutions also have defined disclosure responsibilities, ensuring that all parties involved in private fund management adhere to the disclosure requirements [4][9]. Group 3: Information Disclosure Requirements - The measures detail specific disclosure requirements throughout the fund's lifecycle, including regular, interim, and liquidation reports, while maintaining a non-public disclosure principle for investors [5][6]. - There is a focus on "penetrating disclosure" to address issues related to nested investments, requiring clear disclosure of underlying investment assets [5][6]. Group 4: Risk Disclosure and Differentiation - The measures enhance risk disclosure, particularly for complex and high-risk private funds, ensuring that investors are well-informed about investment operations and associated risks [6][7]. - Differentiated disclosure arrangements are established for private securities funds, private equity funds, and venture capital funds, tailored to their unique operational characteristics [6][7]. Group 5: External Supervision and Penalties - The measures strengthen the role of custodians and auditors in providing external oversight, mandating timely reviews of financial information and reporting any significant issues to regulatory authorities [7][9]. - There is an increase in penalties for violations of disclosure regulations, aimed at improving compliance and accountability among private fund managers and associated entities [7][9]. Group 6: Future Directions - The CSRC plans to further develop regulatory rules that align with industry characteristics, aiming to create a clear and comprehensive administrative regulatory framework for the private fund sector [10].