私募基金变更管理人新规出台！业界热议：直击痛点，制度与司法协同护航

Core Viewpoint - The revised "Private Investment Fund Filing Guidelines No. 3 - Management Change" aims to address the issues of fund managers becoming uncontactable or incapacitated, optimizing the risk management pathways for private funds [1][2][3] Summary by Sections Regulatory Changes - The new guidelines compress the original 19 articles into 16, focusing on contract autonomy, simplifying decision-making processes, and enhancing the connection between judicial arbitration and self-regulation [2][3] - Key revisions include the introduction of a "living will" clause, simplification of resolution documents, clarification of procedural bases, and expansion of the scope for changing fund managers [2][3] Judicial Support - Two typical cases from the Beijing Financial Court provide judicial backing for the new regulations, addressing the challenges faced when fund managers become uncontactable [4][5] - In one case, the court ruled that representatives authorized by the fund holders do not need prior association approval to obtain litigation status, resolving issues related to the rights of fund holders when managers are incapacitated [4] - Another case introduced an innovative "guarantee execution" method, allowing for the direct execution of underlying fund assets while ensuring the rights of creditors are preserved [4][5] Industry Implications - The combination of the new guidelines and judicial cases represents a significant step towards collaborative governance in the private fund industry, providing clearer pathways for investor protection and risk resolution [5][6] - The revisions and judicial support are expected to enhance the operational efficiency of changing fund managers, thereby safeguarding investor rights and promoting the healthy development of the private fund sector [3][5]