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].