| Announcement of the Asset Management Association of China on Submitting Special Legal Opinions by Private Fund Managers under Abnormal Operation Circumstance | | 中国证券投资基金业协会关于私募基金管理人在异常经营情形下提交专项法律意见书的公告 |
| (Adopted at the fourth meeting of the second council of the Asset Management Association of China on March 23, 2018) | | （中国证券投资基金业协会第二届四次理事会2018年3月23日通过） |
| For the purposes of strengthening the self-regulatory management of the private fund industry, establishing and improving the industry constraint mechanism of honesty, protecting the lawful rights and interests of investors, advancing the sound development of the industry, and fully maximizing the role of law firms in providing legal professional services, according to the Securities Investment Fund Law, the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds, the Measures for the Registration of Private Fund Managers and Recordation of Funds (for Trial Implementation), the Implementation Measures of the Asset Management Association of China for Disciplinary Actions (for Trial Implementation) and other laws and regulations as well as self-regulatory rules, the relevant institutional arrangements for submission of special legal opinions by private fund managers under abnormal operation circumstance are further specified as follows: | | 为了加强私募基金行业自律管理，建立健全行业诚信约束机制，维护投资者合法权益，促进行业健康发展，充分发挥律师事务所的法律专业服务作用，根据《证券投资基金法》、《私募投资基金监督管理暂行办法》、《私募基金管理人登记和基金备案办法（试行）》、《中国证券投资基金业协会纪律处分实施办法（试行）》等法律法规和自律规则，现将私募基金管理人在异常经营情形下提交专项法律意见书的有关制度安排进一步明确如下： |
| I. Abnormal operation circumstance for submitting special legal opinions | | 一、提交专项法律意见书的异常经营情形 |
| Where a private fund manager or its legal representative, senior executive, actual controller or major contributor falls under the following circumstances which may affect the private fund manager's continuous compliance with the provisions on registration, the private fund manager shall submit special legal opinions to the Asset Management Association of China (“AMAC”): | | 私募基金管理人及其法定代表人、高级管理人员、实际控制人或主要出资人出现以下情形，可能影响私募基金管理人持续符合登记规定时，应当向中国证券投资基金业协会（以下简称协会）提交专项法律意见书： |
| (1) It is investigated by the public security authority, the procuratorial authority or the supervisory authority. | | （一）被公安、检察、监察机关立案调查的； |
| (2) It is listed as a seriously dishonest person by an administrative authority and listed as a dishonest person subject to enforcement by a people's court. | | （二）被行政机关列为严重失信人，以及被人民法院列为失信被执行人的； |
| (3) It is subject to administrative penalties by the securities regulatory department or disciplinary actions by the exchange or any other self-regulatory organization, and falls under serious circumstances. | | （三）被证券监管部门给予行政处罚或被交易所等自律组织给予自律处分，情节严重的； |
| (4) It refuses or obstructs the legal exercise of the power of supervisory inspection and investigation or self-regulatory inspection by the supervisors or self-regulatory management personnel. | | （四）拒绝、阻碍监管人员或者自律管理人员依法行使监督检查、调查职权或者自律检查权的； |
| (5) The securities regulatory department suggests that the AMAC should take self-regulatory management measures due to serious violations of laws and regulations. | | （五）因严重违法违规行为，证券监管部门向协会建议采取自律管理措施的； |
| (6) It is subject to real-name complaints by investors multiple times, is suspected of violating the laws and regulations, as well as the self-regulatory rules, infringes upon the lawful rights and interests of investors, and fails to reasonably explain the matters complained about to the AMAC and investors. | | （六）多次受到投资者实名投诉，涉嫌违反法律法规、自律规则，侵害投资者合法权益，未能向协会和投资者合理解释被投诉事项的； |
| (7) It falls under the circumstances under which registration is not granted as set forth in the Questions and Answers regarding Private Fund Registration and Recordation (XIV) during the process of business operation. | | （七）经营过程中出现《私募基金登记备案问答十四》规定的不予登记情形的； |
| (8) It commits any other serious violation of the relevant provisions of the laws and regulations, the Guidelines for the Internal Control of Private Fund Managers and other self-regulatory rules, its business management is out of control, and major risks occur, which infringes upon the rights and interests of investors. | | （八）其他严重违反法律法规和《私募基金管理人内部控制指引》等自律规则的相关规定，经营管理失控，出现重大风险，损害投资者利益的。 |
| II. Procedures and requirements for submitting special legal opinions | | 二、提交专项法律意见书的程序和要求 |
| (1) Where a private fund manager or its legal representative, senior executive, actual controller or major contributor falls under the aforesaid abnormal operation circumstance, the AMAC will notify the private fund manager in writing of entrusting a law firm to verify the relevant matters and of submitting special legal opinions within three months. | | （一）私募基金管理人及其法定代表人、高级管理人员、实际控制人或主要出资人出现上述规定的异常经营情形的，协会将书面通知私募基金管理人委托律师事务所对有关事项进行查验，并在3个月内提交专项法律意见书。 |
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