| Order of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 105) | | （第105号） |
| The Interim Measures for the Supervision and Administration of Privately Offered Investment Funds, as deliberated and adopted at the 51st chairman's executive meeting of the China Securities Regulatory Commission on June 30, 2014, are hereby issued, and shall come into force on the date of issuance. | | 《私募投资基金监督管理暂行办法》已经2014年6月30日中国证券监督管理委员会第51次主席办公会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Xiao Gang | | 中国证券监督管理委员会主席：肖钢 |
| August 21, 2014 | | 2014年8月21日 |
| Interim Measures for the Supervision and Administration of Privately Offered Investment Funds | | 私募投资基金监督管理暂行办法 |
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| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the activities of privately offered investment funds, protecting the lawful rights and interests of investors and relevant parties, and promoting the sound development of the privately offered investment fund industry, these Measures are developed in accordance with the Securities Investment Fund Law and the Opinions of the State Council on Further Promoting the Sound Development of Capital Markets. | | 第一条 为了规范私募投资基金活动，保护投资者及相关当事人的合法权益，促进私募投资基金行业健康发展，根据《证券投资基金法》、《国务院关于进一步促进资本市场健康发展的若干意见》，制定本办法。 |
| Article 2 For the purposes of these Measures, “privately offered investment funds” (hereinafter referred to as “private funds”) means the investment funds formed within the territory of the People's Republic of China by raising funds from investors in a non-public manner | | 第二条 本办法所称私募投资基金（以下简称私募基金），是指在中华人民共和国境内，以非公开方式向投资者募集资金设立的投资基金。 |
| The investment scope of the assets of private funds includes the buying and selling of stocks, equities, bonds, futures, options, fund shares, and other objects of investment as agreed upon in the investment contract. | | 私募基金财产的投资包括买卖股票、股权、债券、期货、期权、基金份额及投资合同约定的其他投资标的。 |
| Where the assets of a company or partnership formed by raising funds in a non-public manner for the purpose of engaging in investment activities are managed by a fund manager or general partners, these Measures shall apply to the registration and recordation, fund raising, and investment operations of the company or partnership. | | 非公开募集资金，以进行投资活动为目的设立的公司或者合伙企业，资产由基金管理人或者普通合伙人管理的，其登记备案、资金募集和投资运作适用本办法。 |
| These Measures shall apply to the private fund business of securities companies, fund management companies, futures companies, and their subsidiary companies, unless any law or regulation or other relevant rule of the China Securities Regulatory Commission (“CSRC”) provides otherwise for the private fund business of the aforesaid institutions. | | 证券公司、基金管理公司、期货公司及其子公司从事私募基金业务适用本办法，其他法律法规和中国证券监督管理委员会（以下简称中国证监会）有关规定对上述机构从事私募基金业务另有规定的，适用其规定。 |
| Article 3 Institutions that engage in private fund business shall adhere to the principles of free will, fairness and good faith, and protect the lawful rights and interests of investors, and may not infringe upon the national interest and public interest. | | 第三条 从事私募基金业务，应当遵循自愿、公平、诚实信用原则，维护投资者合法权益，不得损害国家利益和社会公共利益。 |
| Article 4 Private fund managers and institutions that engage in the custody of private funds (hereinafter referred to as “private fund custodians”) shall, in their management and investment of assets of private funds, and institutions that engage in the distribution of private funds (hereinafter referred to as “private fund distributors”) and other private fund service providers shall, in their provision of private fund services, scrupulously fulfill their duties such as duties of good faith, prudence, and diligence. | | 第四条 私募基金管理人和从事私募基金托管业务的机构（以下简称私募基金托管人）管理、运用私募基金财产，从事私募基金销售业务的机构（以下简称私募基金销售机构）及其他私募服务机构从事私募基金服务活动，应当恪尽职守，履行诚实信用、谨慎勤勉的义务。 |
| Private fund employees shall abide by with laws and administrative regulations, and adhere to their professional ethics and code of conduct. | | 私募基金从业人员应当遵守法律、行政法规，恪守职业道德和行为规范。 |
| Article 5 The CSRC and its local offices shall supervise and administer the operations of private funds in accordance with the Securities Investment Fund Law, these Measures, and other relevant rules of the CSRC. | | 第五条 中国证监会及其派出机构依照《证券投资基金法》、本办法和中国证监会的其他有关规定，对私募基金业务活动实施监督管理。 |
| The formation of private fund management institutions and the offering of private funds shall not be subject to any administrative approval. Various types of issuers shall be permitted to privately offer funds in compliance with laws and regulations to investors in a number cumulatively not exceeding the limit set by the law. The regulatory rules for the offering of private funds shall be established and improved, interim and ex post supervision shall be effectively strengthened, and various illegal fund-raising activities conducted in the name of private funds shall be severely cracked down on. | | 设立私募基金管理机构和发行私募基金不设行政审批，允许各类发行主体在依法合规的基础上，向累计不超过法律规定数量的投资者发行私募基金。建立健全私募基金发行监管制度，切实强化事中事后监管，依法严厉打击以私募基金为名的各类非法集资活动。 |
| Risk control and self-regulatory rules, as well as a uniform monitoring system of various types of private funds, shall be established to impel institutions to engage in private fund business in a well-regulated manner. | | 建立促进经营机构规范开展私募基金业务的风险控制和自律管理制度，以及各类私募基金的统一监测系统。 |
| Article 6 The Asset Management Association of China (“AMAC”) shall, in accordance with the Securities Investment Fund Law, these Measures, other relevant rules of the CSRC, and the self-regulatory rules of the AMAC, conduct self-regulation of the private fund industry, coordinate relationships in the industry, provide services for the industry, and promote the development of the industry. | | 第六条 中国证券投资基金业协会（以下简称基金业协会）依照《证券投资基金法》、本办法、中国证监会其他有关规定和基金业协会自律规则，对私募基金业开展行业自律，协调行业关系，提供行业服务，促进行业发展。 |
| Chapter II Registration and Recordation | | 第二章 登记备案 |
| Article 7 A private fund manager shall apply to the AMAC for registration in accordance with the rules of the AMAC by submitting the following basic information: | | 第七条 各类私募基金管理人应当根据基金业协会的规定，向基金业协会申请登记，报送以下基本信息： |
| (1) Photocopies of the originals and duplicates of its industrial and commercial registration certificate and business license. | | （一）工商登记和营业执照正副本复印件； |
| (2) Company bylaws or a partnership agreement. | | （二）公司章程或者合伙协议； |
| (3) A list of principal shareholders or partners. | | （三）主要股东或者合伙人名单； |
| (4) The basic information on its officers. | | （四）高级管理人员的基本信息； |
| (5) Other information as required by the AMAC. | | （五）基金业协会规定的其他信息。 |
| The AMAC shall, within 20 working days after the registration materials of private fund managers are complete, grant their registration by announcing a list of their names and basic information on its website. | | 基金业协会应当在私募基金管理人登记材料齐备后的20 个工作日内，通过网站公告私募基金管理人名单及其基本情况的方式，为私募基金管理人办结登记手续。 |
| Article 8 Upon completion of the offering of a private fund, a private fund manager shall undergo the recordation procedure for the fund in accordance with the rules of the AMAC by submitting the following basic information: | | 第八条 各类私募基金募集完毕，私募基金管理人应当根据基金业协会的规定，办理基金备案手续，报送以下基本信息： |
| (1) The main direction of investment and the fund type as indicated according to the direction of investment. | | （一）主要投资方向及根据主要投资方向注明的基金类别； |
| (2) The fund contract and the company bylaws or partnership agreement. If a prospectus has been provided to investors in the course of offering, the prospectus shall be submitted. If the fund is established in a form such as company or partnership, the photocopies of the originals and duplicates of the fund's industrial and commercial registration certificate and business license shall also be submitted. | | （二）基金合同、公司章程或者合伙协议。资金募集过程中向投资者提供基金招募说明书的，应当报送基金招募说明书。以公司、合伙等企业形式设立的私募基金，还应当报送工商登记和营业执照正副本复印件； |
| (3) If the fund is managed by a trustee, the trust agreement shall be submitted. If there is a custodian for the fund assets, the custody agreement shall also be submitted. | | （三）采取委托管理方式的，应当报送委托管理协议。委托托管机构托管基金财产的，还应当报送托管协议； |
| (4) Other information as required by the AMAC. | | （四）基金业协会规定的其他信息。 |
| The AMAC shall, within 20 working days after the recordation materials of private funds are complete, grant their recordation by announcing a list of their names and basic information on its website. | | 基金业协会应当在私募基金备案材料齐备后的20 个工作日内，通过网站公告私募基金名单及其基本情况的方式，为私募基金办结备案手续。 |
| Article 9 The registration or recordation of a private fund manager or a private fund with the AMAC shall not constitute any recognition of the investment ability or continuous compliance of the private fund manager, nor any guarantee of the safety of the fund assets. | | 第九条 基金业协会为私募基金管理人和私募基金办理登记备案不构成对私募基金管理人投资能力、持续合规情况的认可；不作为对基金财产安全的保证。 |
| Article 10 Where a private fund manager is legally dissolved, abolished, or declared bankrupt, its legal representative or general partners shall report it to the AMAC within 20 working days, and the AMAC shall, in a timely manner, deregister the fund manager and announce it on its website. | | 第十条 私募基金管理人依法解散、被依法撤销、或者被依法宣告破产的，其法定代表人或者普通合伙人应当在20 个工作日内向基金业协会报告，基金业协会应当及时注销基金管理人登记并通过网站公告。 |
| Chapter III Qualified Investors | | 第三章 合格投资者 |
| Article 11 Private funds shall be offered to qualified investors. The cumulative total of investors of a single private fund may not exceed the specific number set by the Securities Investment Fund Law, the Company Law, the Partnership Enterprise Law, or any other law. | | 第十一条 私募基金应当向合格投资者募集，单只私募基金的投资者人数累计不得超过《证券投资基金法》、《公司法》、《合伙企业法》等法律规定的特定数量。 |
| Where an investor transfers fund shares, the transferee shall be a qualified investor, and the number of investors shall comply with the preceding paragraph after the transfer. | | 投资者转让基金份额的，受让人应当为合格投资者且基金份额受让后投资者人数应当符合前款规定。 |
Article 12 A qualified investor of a private fund shall be an entity or individual that has the corresponding risk identification ability and risk tolerance, invests not less than 1 million yuan in a single private fund, and meeting the following relevant criteria:
．．．．．． | | 第十二条 私募基金的合格投资者是指具备相应风险识别能力和风险承担能力，投资于单只私募基金的金额不低于100 万元且符合下列相关标准的单位和个人：
．．．．．． |
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