Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on Information Disclosure Supervision and Management of Private Investment Funds," effective from September 1, 2026, which prohibits certain misleading practices in investment performance predictions and guarantees [2]. Group 1: Regulations Overview - The new regulations consist of seven chapters and forty-four articles, covering general principles, basic requirements for information disclosure, transaction management, supervision, and legal responsibilities [2]. - Private fund managers and custodians are required to establish sound information disclosure management systems [2]. Group 2: Supervision and Enforcement - The CSRC and its local agencies will supervise the information disclosure activities of private fund managers, custodians, sales institutions, and other service providers, with the authority to impose corrective measures and administrative penalties for violations [2]. - The CSRC plans to enhance the regulation of information disclosure practices and ensure that all market participants fulfill their responsibilities to promote a healthy development of the private fund industry [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Measures for the Supervision and Administration of Information Disclosure of Private Investment Funds," which will take effect on September 1, 2026, aiming to enhance transparency and protect investors' rights in the private fund sector [2][4]. Group 1: Regulatory Framework - The new measures are designed to implement the directives from the central government regarding financial regulation and to align with the "Regulations on the Supervision and Administration of Private Investment Funds" [2][3]. - The measures impose clear responsibilities on private fund managers and custodians regarding information disclosure, thereby standardizing practices in the private fund industry [2][3]. Group 2: Information Disclosure Requirements - Private fund managers are required to disclose information according to the terms of the fund contract, including content, channels, methods, and frequency [3]. - There are specific prohibitions against making performance forecasts, guaranteeing the return of principal, or promising minimum returns, which are considered misleading disclosure practices [3]. Group 3: Reporting Obligations - The measures outline the types and content of periodic reports for private securities and equity investment funds, as well as the requirement for timely disclosure of significant events through interim reports [3]. - Fund managers must also provide liquidation announcements and related information promptly [3]. Group 4: Management and Supervision - Fund managers and custodians are required to establish robust information disclosure management systems and comply with disclosure obligations related to their stakeholders [3]. - The CSRC will oversee compliance and can impose administrative penalties for violations of the disclosure requirements [3][4]. Group 5: Future Actions - The CSRC plans to enhance the supervision of information disclosure practices and promote the healthy development of the private fund industry [4]. - Ongoing efforts will include the issuance of additional regulations and guidelines to strengthen the regulatory framework for private funds [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Private Investment Fund Information Disclosure Supervision and Management Measures," effective from September 1, 2026, to enhance transparency and protect investors' rights in the private fund sector [1][4]. Group 1: Key Provisions of the Measures - The measures consist of seven chapters and forty-four articles, outlining the responsibilities of private fund managers, custodians, and sales institutions regarding information disclosure [2]. - It specifies the basic requirements for information disclosure, including the obligation of fund managers to disclose information according to the fund contract, and prohibits misleading commitments regarding investment performance [2]. - Regular reports, interim reports, and liquidation reports are mandated, detailing the types and contents of reports for private securities and equity investment funds [2]. Group 2: Implementation and Oversight - The CSRC will oversee the implementation of these measures, ensuring that all market participants fulfill their responsibilities to promote a healthy development of the private fund industry [3]. - The CSRC will also continue to enforce the Private Fund Regulations, developing additional rules and guidelines to strengthen the regulatory framework for private fund operations [3].