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 industry [1][8]. Group 1: Background and Purpose - The regulation aims to standardize information disclosure practices for private funds, ensuring that investors can understand the operational status of their investments and safeguarding their legal rights [2]. - The measures are based on the "Securities Investment Fund Law" and the "Private Fund Supervision and Administration Regulations," emphasizing the importance of transparency in private fund operations [2]. Group 2: Main Content - The regulation consists of seven chapters and forty-four articles, outlining the responsibilities of private fund managers and custodians to disclose information truthfully, accurately, completely, and timely [3]. - It specifies the basic requirements for information disclosure, including the need for private fund managers to disclose information according to the fund contract and to enhance industry transparency through "penetration disclosure" [3][4]. - Prohibited disclosure behaviors include making false statements, predicting investment performance, and promising capital protection or minimum returns [3][4]. Group 3: Reporting Requirements - Private fund managers must provide regular reports, including quarterly and annual reports, detailing fund performance, net asset values, and significant events affecting the fund [4][19][20]. - In the event of major incidents, private fund managers are required to prepare and disclose temporary reports within five working days [4][25]. Group 4: Management of Disclosure Affairs - Private fund managers and custodians must establish robust information disclosure management systems and ensure compliance with disclosure obligations [4][27]. - There are specific requirements for the management of undisclosed information and the responsibilities of stakeholders in the disclosure process [4][28]. Group 5: Supervision and Legal Responsibilities - The CSRC will supervise the information disclosure activities of private fund managers, custodians, and sales institutions, with the authority to impose administrative penalties for violations [4][31][32]. - The regulation outlines the legal responsibilities and potential penalties for non-compliance with disclosure requirements [4][33].