《私募投资基金信息披露监督管理办法》颁布，规定七大禁止行为

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Regulations on Information Disclosure Supervision and Management of Private Investment Funds," which will take effect on September 1, 2026, aiming to standardize information disclosure practices and protect investors' rights [1][36]. Group 1: Background and Purpose - The regulation aims to enhance transparency in private fund operations and protect investors' legal rights, as mandated by the Securities Investment Fund Law and the Private Fund Supervision Regulations [2][37]. - Information disclosure is fundamental for investors to understand private fund operations and ensure their rights are safeguarded [2][37]. Group 2: Main Contents - The regulation consists of seven chapters and forty-four articles, outlining the responsibilities of private fund managers and custodians to disclose information truthfully, accurately, completely, and timely [3][38]. - It specifies the basic requirements for information disclosure, including the need for private fund managers to disclose information according to the fund contract and to enhance industry transparency [3][39]. - The regulation prohibits certain behaviors in information disclosure, such as making false statements, predicting investment performance, and promising capital protection or minimum returns [1][36][39]. Group 3: Reporting Requirements - Private fund managers are required to provide regular reports, including quarterly and annual reports, detailing fund performance, net asset values, and investment strategies [4][20]. - In the event of significant occurrences, private fund managers must prepare and disclose temporary reports within five working days [4][23]. Group 4: Management of Disclosure Affairs - The regulation mandates the establishment of robust information disclosure management systems by private fund managers and custodians [5][26]. - It emphasizes the need for cooperation from stakeholders, including shareholders and partners, in fulfilling disclosure obligations [5][27]. Group 5: Supervision and Legal Responsibilities - The CSRC and its local branches will supervise the information disclosure activities of private fund managers, custodians, and sales institutions, with the authority to impose administrative penalties for violations [5][39]. - The regulation outlines specific penalties for non-compliance with disclosure requirements, ensuring accountability among private fund managers and related entities [5][30]. Group 6: Public Consultation - The regulation underwent public consultation from July 5 to August 5, 2024, receiving feedback from 96 institutions and individuals, which contributed to refining the disclosure requirements [6][40]. - Key suggestions included extending the reporting timeline for private securities investment funds and clarifying the standards for disclosing underlying asset information [6][41]. Group 7: Implementation Schedule - The regulation will be implemented starting September 1, 2026, requiring new private funds to comply with the updated disclosure standards from that date [8][42].