私募信披细则出炉：明确穿透披露要求，高集中度、跨境投资等迎量化披露标准

Core Viewpoint - The article discusses the upcoming changes in private fund information disclosure regulations, emphasizing the transition towards clearer and more standardized practices that will enhance transparency and protect investor rights in the private fund industry [2]. Group 1: New Disclosure Regulations - The Asset Management Association of China has solicited opinions on the "Implementation Rules for Information Disclosure of Private Investment Funds" and the "Template for Important Content of Information Disclosure" [2]. - The new rules aim to implement the "Supervision and Administration Measures for Information Disclosure of Private Investment Funds," which is the first administrative regulation following the "Private Investment Fund Supervision Administration Regulations" [2]. Group 2: Detailed Disclosure Requirements - The "Information Disclosure Rules" consist of seven chapters and fifty-one articles, focusing on the disclosure requirements for private securities and equity funds, including regular and temporary reports [2]. - The rules clarify the requirements for disclosing investment assets in cases of nested investments, mandating detailed reporting on the categories, amounts, and proportions of investments [4][5]. Group 3: Addressing Investment Risks - The rules introduce stricter disclosure requirements for common risks in private funds, such as high leverage and concentration, defining clear boundaries for high concentration investments [6]. - Funds investing more than 10% of their net assets in the same bond or 25% in the same asset must disclose specific information about those investments [7]. Group 4: Audit and Reporting Standards - The new rules impose stricter auditing requirements for private funds, particularly for those with significant holdings in illiquid assets or other specified categories [9]. - Funds with over 60% of their net assets in illiquid assets or certain other categories must have their annual financial reports audited by a qualified accounting firm [9]. Group 5: Continuous Disclosure During Liquidation - The rules emphasize the need for ongoing disclosure during the liquidation period, addressing the issue of funds becoming "information black holes" during this time [9]. - Fund managers are required to provide timely updates to investors if they anticipate delays in the liquidation process [9].