涉及1.9万家管理人！私募基金信息披露新规落地：十大要点必看，最高罚20万！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on Information Disclosure Supervision and Management of Private Investment Funds," which will take effect on September 1, 2026. The regulations aim to enhance the transparency of private fund operations and protect investors' rights by establishing comprehensive disclosure requirements for fund managers and custodians [1][36]. Group 1: Overview of the Regulations - The regulations consist of seven chapters and forty-four articles, covering general principles, basic disclosure requirements, periodic reports, temporary reports, liquidation reports, management of disclosure affairs, supervision, and legal responsibilities [1][36][38]. - As of December 2025, there are 19,231 private fund managers in China, with 138,300 registered products and a total scale of 22.15 trillion yuan [1][36]. Group 2: Key Content Areas - Disclosure Principles: Fund managers and custodians must ensure the authenticity, accuracy, completeness, and timeliness of disclosed information, and sales institutions must not alter this information [3][38]. - Basic Requirements: Fund managers are required to disclose information according to the fund contract, including content, channels, methods, and frequency. Prohibited actions include predicting investment performance and promising capital protection or minimum returns [3][38][41]. - Periodic Reports: Specific types and contents of periodic reports for private securities and equity investment funds are defined. Fund managers must prepare temporary reports within five working days of significant events [3][38][42]. Group 3: Management and Supervision - Management of Disclosure Affairs: Fund managers and custodians must establish robust management systems for information disclosure, appoint dedicated departments and senior personnel, and ensure that unpublicized information is strictly controlled [4][39][44]. - Supervision and Legal Responsibilities: The CSRC can take administrative measures against violations, including corrective orders and fines up to 200,000 yuan for serious infractions [4][39][44].