The China Securities Regulatory Commission issued the Measures for the Supervision and Administration of Information Disclosure of Private Investment Funds, setting out investor-facing disclosure requirements and allocating responsibility across private fund managers, custodians and entrusted private fund sales institutions. The measures take effect on 1 September 2026. The framework sets basic disclosure requirements, including that managers disclose information to investors in line with the fund contract’s agreed content, channels, methods and frequency, and specifies requirements for voluntary disclosures. It also defines custodians’ disclosure duties related to custody services and requires custodians to review and verify information such as the financial condition of private securities investment funds. Prohibited disclosure conduct includes performance forecasting, guaranteeing that investors’ principal will not suffer losses, promising minimum returns or maximum losses, and public or disguised public disclosure. The measures define periodic report types and content for private securities investment funds and private equity investment funds, require timely interim reporting when major events occur, and mandate disclosure of liquidation announcements, liquidation reports and other material liquidation-related matters. Managers and custodians must establish and improve internal disclosure management systems, with cooperation obligations for managers’ shareholders, partners and controllers, alongside requirements on managing non-public information and retaining records. Supervision will cover managers, custodians, sales institutions, other private fund service providers and relevant personnel, with tools including orders to rectify, regulatory interviews and warning letters, and administrative penalties under the private fund regulatory regime; the Commission also indicated it will organise implementation and continue issuing supporting rules to strengthen end-to-end supervision of private fund operations.
China Securities Regulatory Commission 2026-02-27
China Securities Regulatory Commission issues private fund information disclosure rules effective 1 September 2026
The China Securities Regulatory Commission issued the Measures for the Supervision and Administration of Information Disclosure of Private Investment Funds, effective 1 September 2026. These measures outline disclosure requirements for private fund managers, custodians, and sales institutions, prohibiting certain practices and mandating periodic and interim reporting. The framework includes supervision tools like orders to rectify and administrative penalties, with plans for ongoing rule issuance to enhance oversight.