《私募投资基金信息披露监督管理办法》发布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on Information Disclosure Supervision and Management of Private Investment Funds," which will take effect on September 1, 2026. This regulation aims to enhance the transparency of private fund operations and protect investors' rights by clarifying the disclosure responsibilities of private fund managers and custodians [1]. Group 1: Disclosure Responsibilities - The new regulations impose clear disclosure responsibilities on private fund custodians, requiring them to disclose fund custody agreements, provide regular custodian reports, and review financial information of private securities investment funds [1][4]. - Private fund sales institutions must disclose information accurately and timely, without altering the information provided by fund managers, and must adhere to the agreed-upon disclosure obligations [4][5]. - Related parties must cooperate in the disclosure process by informing fund managers of relevant matters related to information disclosure, including details about shareholders and actual controllers [1][4]. Group 2: Basic Disclosure Requirements - Private fund managers are required to disclose information according to the fund contract, including content, channels, methods, and frequency, ensuring that investors can access this information as stipulated [6][7]. - Fund managers may voluntarily disclose additional information beyond what is legally required, provided it does not conflict with mandatory disclosures or mislead investors [7][9]. - Information must be disclosed through non-public channels, such as mail or email, ensuring consistency across different disclosure methods [10][12]. Group 3: Regular Reporting - Private fund managers must regularly disclose net asset values, cumulative net values, and financial performance, with open-end funds required to disclose net values at least as frequently as the fund's open frequency [13][14]. - Quarterly reports must include details on fund types, investment strategies, financial performance, and any related party transactions [14][15]. - Annual reports must be provided within four months of the fiscal year-end, including audited financial statements and details on related transactions [15][17]. Group 4: Temporary and Liquidation Reports - Fund managers must prepare and disclose temporary reports within five working days for significant events that may impact investor rights, such as changes in management or major transactions [19][20]. - Custodians must report any significant negative impacts on investor rights and ensure timely disclosure of liquidation announcements and reports [22][29]. Group 5: Management of Disclosure Affairs - Fund managers and custodians must establish robust information disclosure management systems, designating responsible departments and personnel [24][25]. - There are strict requirements for managing undisclosed information and ensuring that employees do not misuse confidential information for trading activities [25][26]. Group 6: Supervision and Legal Responsibilities - The CSRC will supervise the information disclosure activities of private fund managers, custodians, and sales institutions, with penalties for non-compliance [27][28]. - Violations of disclosure regulations can result in administrative measures, including warnings and fines, particularly for misleading disclosures or failure to establish proper management systems [30][31].