| Notice of the Asset Management Association of China on Issuing the Guidelines for the Internal Control of Managers of Privately Offered Investment Funds | | 中国基金业协会关于发布《私募投资基金管理人内部控制指引》的通知 |
| All managers of privately offered investment funds: | | 各私募投资基金管理人： |
| In accordance with the relevant provisions of the Securities Investment Fund Law and the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds, as approved by vote by the board of directors of the Asset Management Association of China, the Guidelines for the Internal Control of Managers of Privately Offered Investment Funds are hereby officially issued. | | 根据《证券投资基金法》、《私募投资基金监督管理暂行办法》的有关规定，经中国基金业协会理事会表决通过，现正式对外发布《私募投资基金管理人内部控制指引》。 |
| These Guidelines shall come into force on February 1, 2016. | | 本指引自2016年2月1日起正式施行。特此通知。 |
Annex 1: Guidelines for the Internal Control of Managers of Privately Offered Investment Funds | | 附件1：私募投资基金管理人内部控制指引 |
| Annex 2: Instructions on the Drafting of the Managers of Privately Offered Investment Funds (Omitted) | | 附件2：《私募投资基金管理人内部控制指引》起草说明 |
| Asset Management Association of China | | 中国基金业协会 |
| February 1, 2016 | | 二〇一六年二月一日 |
| Guidelines for the Internal Control of Managers of Privately Offered Investment Funds | | 私募投资基金管理人内部控制指引 |
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| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 In order to direct managers of privately offered funds to strengthen internal control, promote their compliance with laws and regulations and operation in good faith, improve their risk prevention capacities, and boost the regulated development of the privately offered fund industry, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds and the Measures for the Registration of Managers of Privately Offered Investment Funds and Fund Recordation (for Trial Implementation). | | 第一条 为了引导私募基金管理人加强内部控制，促进合法合规、诚信经营，提高风险防范能力，推动私募基金行业规范发展，根据《证券投资基金法》、《私募投资基金监督管理暂行办法》、《私募投资基金管理人登记和基金备案办法（试行）》，制定本指引。 |
| Article 2 “Internal control of managers of privately offered funds” means the institutional arrangements, organizational system and control measures for the identification, assessment and management of risks in the process of business operations developed by POF managers on the basis of taking full consideration of internal and external environments for the purposes of preventing and resolving risks, ensuring the operation of various business in line with laws and regulations and achieving business objectives. | | 第二条 私募基金管理人内部控制是指私募基金管理人为防范和化解风险，保证各项业务的合法合规运作，实现经营目标，在充分考虑内外部环境的基础上，对经营过程中的风险进行识别、评价和管理的制度安排、组织体系和控制措施。 |
| Article 3 Privately offered fund managers (“POF managers”) shall, in accordance with the requirements of these Guidelines and in light of their specific circumstances, establish and improve internal control mechanisms, clarify the internal control responsibilities, improve the internal control measures, intensify internal control guarantee, and continuously conduct the internal control evaluation and supervision. | | 第三条 私募基金管理人应当按照本指引的要求，结合自身的具体情况，建立健全内部控制机制，明确内部控制职责，完善内部控制措施，强化内部控制保障，持续开展内部控制评价和监督。 |
| Thehighest governing bodies of POF managers shall undertake the final responsibility for the establishment of internal control rules and the maintenance of their effectiveness, and the management level shall undertake the responsibility for the effective implementation of internal control rules. | | 私募基金管理人最高权力机构对建立内部控制制度和维持其有效性承担最终责任，经营层对内部控制制度的有效执行承担责任。 |
| Chapter II Objectives and Principles | | 第二章 目标和原则 |
| Article 4 The overall objectives of the internal control of POF managers are as follows: | | 第四条 私募基金管理人内部控制总体目标是： |
| (1) Guaranteeing the compliance with the relevant laws and regulations on POFs and self-regulatory rules. | | （一）保证遵守私募基金相关法律法规和自律规则。 |
| (2) Preventing operational risks and ensuring the stable operation of business operations. | | （二）防范经营风险，确保经营业务的稳健运行。 |
| (3) Guaranteeing the safety and integrity of the POF properties. | | （三）保障私募基金财产的安全、完整。 |
| (4) Ensuring the authenticity, accuracy, integrity and timeliness of the financial and other information of POFs and POF managers. | | （四）确保私募基金、私募基金管理人财务和其他信息真实、准确、完整、及时。 |
| Article 5 The internal control of POF managers shall observe the following principles: | | 第五条 私募基金管理人内部控制应当遵循以下原则： |
| (1) Principle of comprehensiveness.Internal control shall cover various business, all departments and personnel at all levels, and cover fund raising, investment and research, investment operation, operating guarantee, information disclosure and other major links. | | （一）全面性原则。内部控制应当覆盖包括各项业务、各个部门和各级人员，并涵盖资金募集、投资研究、投资运作、运营保障和信息披露等主要环节。 |
| (2) Principle of mutual restraint. Organizational structures shall feature clarified powers and responsibilities and mutual restraint. | | （二）相互制约原则。组织结构应当权责分明、相互制约。 |
| (3) Principle of effective implementation. Through scientific internal control means and methods, reasonable internal control procedures shall be established, and the effective implementation of internal control rules shall be maintained. | | （三）执行有效原则。通过科学的内控手段和方法，建立合理的内控程序，维护内控制度的有效执行。 |
| (4) Principle of independence. All departments and post functions shall be kept relatively independent, and fund properties, managers' inherent properties and other properties shall be operated separately. | | （四）独立性原则。各部门和岗位职责应当保持相对独立，基金财产、管理人固有财产、其他财产的运作应当分离。 |
| (5) Cost-benefit principle. The optimum internal control effects shall be achieved through reasonable cost control, and internal control shall match with the management scales and numbers of employees of POF managers and other aspects, and correspond to the actual circumstances of the managers. | | （五）成本效益原则。以合理的成本控制达到最佳的内部控制效果，内部控制与私募基金管理人的管理规模和员工人数等方面相匹配，契合自身实际情况。 |
| (6) Principle of timeliness. POF managers shall assess on a regular basis the effectiveness of internal control, and make synchronous and timely modifications or improvements according to the adjustments to the relevant laws and regulations and the changes of business strategies, policies, philosophies and other internal and external environments. | | （六）适时性原则。私募基金管理人应当定期评价内部控制的有效性，并随着有关法律法规的调整和经营战略、方针、理念等内外部环境的变化同步适时修改或完善。 |
| Chapter III Basic Requirements | | 第三章 基本要求 |
| Article 6 The effective internal control established and implemented by POF managers shall include the following elements: | | 第六条 私募基金管理人建立与实施有效的内部控制，应当包括下列要素： |
| (1) Internal environment: including business philosophy and internal culture, governance structure, organizational structure, human resources policies and employee's moral qualities, etc. Internal environment is the basis for implementing internal control. | | （一）内部环境：包括经营理念和内控文化、治理结构、组织结构、人力资源政策和员工道德素质等，内部环境是实施内部控制的基础。 |
| (2) Risk assessment: The risks related to the objectives of internal control during business operations shall be identified in a timely manner and analyzed in a systematic manner, and risk response strategiesshall be determined in a reasonable manner. | | （二）风险评估：及时识别、系统分析经营活动中与内部控制目标相关的风险，合理确定风险应对策略。 |
| (3) Control activities: According to the results of risk assessment, the corresponding control measures shall be taken to control risks within the endurable range. | | （三）控制活动：根据风险评估结果，采用相应的控制措施，将风险控制在可承受范围之内。 |
| (4) Information and communication: The information related to internal control shall be collected and delivered in a timely and accurate manner so as to ensure the effective communication of information among internal environment, enterprises and external environment. | | （四）信息与沟通：及时、准确地收集、传递与内部控制相关的信息，确保信息在内部、企业与外部之间进行有效沟通。 |
| (5) Internal supervision: Periodic supervision and inspection shall be conducted on the construction and implementation of internal control to assess the effectiveness of internal control. Where anyinternal control defects are found or internal control requirements change as a result of business changes, the improvements and updating thereof shall be made in a timely manner. | | （五）内部监督：对内部控制建设与实施情况进行周期性监督检查，评价内部控制的有效性，发现内部控制缺陷或因业务变化导致内控需求有变化的，应当及时加以改进、更新。 |
| Article 7 POF managers shall firmly establish their philosophy of operation in compliance with laws and regulations and the conscientiousness of giving priority to risk control, cultivate employees' regulatory compliance and risk conscientiousness, create the institutional and cultural environments featured by compliance operation, and guarantee managers and their employees' honesty and trustworthiness and diligent performance of their duties. | | 第七条 私募基金管理人应当牢固树立合法合规经营的理念和风险控制优先的意识，培养从业人员的合规与风险意识，营造合规经营的制度文化环境，保证管理人及其从业人员诚实信用、勤勉尽责、恪尽职守。 |
| Article 8 POF managers shall observe the principle of professional operation and have clear main business, and may not concurrently engage in any other business that is irrelevant with or has conflicts of interest with POF management. | | 第八条 私募基金管理人应当遵循专业化运营原则，主营业务清晰，不得兼营与私募基金管理无关或存在利益冲突的其他业务。 |
| Article 9 POF managers shall improve the governance structure, prevent illegitimate affiliated transactions,tunneling and insider control risks, and protect investors' interests and theirlegitimate rights and interests. | | 第九条 私募基金管理人应当健全治理结构，防范不正当关联交易、利益输送和内部人控制风险，保护投资者利益和自身合法权益。 |
| Article 10 The organizational structure of POF managers shall embody the principles of clarification of powers and mutual restraint by establishing necessary firewall rules and business isolation rules. All departments shall have reasonable and clear authorization and division of labor and operate independently of each other. | | 第十条 私募基金管理人组织结构应当体现职责明确、相互制约的原则，建立必要的防火墙制度与业务隔离制度，各部门有合理及明确的授权分工，操作相互独立。 |
| Article 11 POF managers shall establish effective human resources management rules, improve the incentive and restraint mechanisms, and ensure that staff members observe the professional ethics and professional competences appropriate for the post requirements. | | 第十一条 私募基金管理人应当建立有效的人力资源管理制度，健全激励约束机制，确保工作人员具备与岗位要求相适应的职业操守和专业胜任能力。 |
| A POF manager shall have a minimum of two senior executives. | | 私募基金管理人应具备至少2名高级管理人员。 |
| Article 12 POF managers shall designate senior executives to take charge of compliance risk control. The senior executives in charge of compliance risk control shall independently perform the functions of internal control supervision, inspection, evaluation, reporting and recommendation, and assume the corresponding responsibilities for the heavy losses caused by the internal control failures resulted in bynegligence of duty and malfeasance. | | 第十二条 私募基金管理人应当设置负责合规风控的高级管理人员。负责合规风控的高级管理人员，应当独立地履行对内部控制监督、检查、评价、报告和建议的职能，对因失职渎职导致内部控制失效造成重大损失的，应承担相关责任。 |
Article 13 POF managers shall establish scientific risk assessment system to identify, assess, and analyze internal and external risks, and prevent and resolve risks in a timely manner.
．．．．．． | | 第十三条 私募基金管理人应当建立科学的风险评估体系，对内外部风险进行识别、评估和分析，及时防范和化解风险。
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