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| Announcement of the Asset Management Association of China on Issuing the Measures for the Registration and Recordation of Private Investment Funds | | 中国证券投资基金业协会关于发布《私募投资基金登记备案办法》的公告 |
| (No. 5 [2023] of the Asset Management Association of China) | | （中基协发〔2023〕5号） |
| For the purposes of regulating the private investment fund business, protecting the legitimate rights and interests of investors and promoting the sound development of the industry, the Asset Management Association of China (“AMAC”) has, after revision, renamed the Measures for the Registration of Private Investment Fund Managers and Recordation of Funds (for Trial Implementation) the Measures for the Registration and Recordation of Private Investment Funds (“Measures”), which, as deliberated and adopted by the Board of Directors of the AMAC, are hereby issued with effect from May 1, 2023. To ensure the orderly transition of the new and original rules and the smooth implementation of these Measures, the relevant matters are hereby announced as follows: | | 为了规范私募投资基金业务，保护投资者合法权益，促进行业健康发展，中国证券投资基金业协会（以下简称协会）将《私募投资基金管理人登记和基金备案办法（试行）》修订为《私募投资基金登记备案办法》（以下简称《办法》），经协会理事会审议通过，现予发布，自2023年5月1日起施行。为确保新旧规则有序衔接过渡和《办法》的顺利实施，现将有关事项公告如下： |
| I. The AMAC shall handle the registration, recordation, information change and other business submitted for handling before these Measures come into force in accordance with the rules currently in force. The AMAC shall handle the registration, recordation and information change business submitted for handling after these Measures come into force in accordance with these Measures. | | 一、《办法》施行前已提交办理的登记、备案和信息变更等业务，协会按照现行规则办理。施行后提交办理的登记、备案和信息变更业务，协会按照《办法》办理。 |
| II. If a registered private fund manager submits change in the registration and recordation information other than the actual control right for handling after these Measures come into force, the relevant alteration matters shall comply with the provisions of these Measures. Where a change in actual control right is submitted for handling, the private fund manager after the change shall comprehensively satisfy the registration requirements of these Measures. | | 二、已登记的私募基金管理人在《办法》施行后提交办理除实际控制权外的登记备案信息变更的，相关变更事项应当符合《办法》的规定。提交办理实际控制权变更的，变更后的私募基金管理人应当全面符合《办法》的登记要求。 |
| III. From May 1, 2023, the AMAC shall, in accordance with the Measures, handle the registration, recordation and information change matters submitted but not completed before these Measures take effect. | | 三、自2023年5月1日起，《办法》施行前已提交但尚未完成办理的登记、备案及信息变更事项，协会按照《办法》办理。 |
| | 特此公告。 |
| Annex: Measures for the Registration and Recordation of Private Investment Funds | | 附件：私募投资基金登记备案办法 |
| Asset Management Association of China | | 中国证券投资基金业协会 |
| February 24, 2023 | | 2023年2月24日 |
| Measures for the Registration and Recordation of Private Investment Funds | | 私募投资基金登记备案办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the business of private investment funds (“private funds”), protecting the legitimate rights and interests of investors, and promoting the sound development of the private funds industry, these Measures are developed in accordance with the Securities Investment Fund Law of the People's Republic of China, the Interim Measures for the Supervision and Administration of Private Investment Funds and other laws, administrative regulations and rules of the China Securities Regulatory Commission (“CSRC”). | | 第一条 为了规范私募投资基金（以下简称私募基金）业务，保护投资者合法权益，促进私募基金行业健康发展，根据《中华人民共和国证券投资基金法》《私募投资基金监督管理暂行办法》等法律、行政法规和中国证券监督管理委员会（以下简称中国证监会）规定，制定本办法。 |
| Article 2 These Measures apply to the establishment of an investment fund in the territory of the People's Republic of China by raising funds in a non-public way, which is managed by a private fund manager and carries out investment activities for the benefits of fund shareholders. | | 第二条 在中华人民共和国境内，以非公开方式募集资金设立投资基金，由私募基金管理人管理，为基金份额持有人的利益进行投资活动，适用本办法。 |
| These Measures apply to the private fund business activities of a company or partnership that is formed through non-public capital raising for the purpose of carrying out investment activities, whose assets are managed by a private fund manager or a general partner. | | 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，资产由私募基金管理人或者普通合伙人管理的，其私募基金业务活动适用本办法。 |
| Article 3 Private fund activities shall be carried out under the principles of free will, fairness, honesty and credibility, for protecting the lawful rights and interests of investors, without damaging national interests, public interests, or lawful rights and interests of any other party. | | 第三条 从事私募基金活动，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、社会公共利益和他人合法权益。 |
| When carrying out private fund business activities, private fund managers, custodians and service institutions shall follow the principle of giving priority to the interests of investors, scrupulously perform their duties, fulfill their obligations of being honest, trustworthy, prudential and diligent, and prevent tunneling and conflict of interests. | | 私募基金管理人、私募基金托管人和私募基金服务机构从事私募基金业务活动，应当遵循投资者利益优先原则，恪尽职守，履行诚实信用、谨慎勤勉的义务，防范利益输送和利益冲突。 |
| Employees of a private fund shall comply with laws, administrative regulations and relevant provisions, abide by professional ethics and codes of conduct, and have the necessary professional capacity to carry out fund business. | | 私募基金从业人员应当遵守法律、行政法规和有关规定，恪守职业道德和行为规范，具备从事基金业务所需的专业能力。 |
| Article 4 A private fund manager shall, in accordance with the provisions, undergo the registration and recordation formalities with the Asset Management Association of China (“AMAC”) and continue to submit the relevant information. | | 第四条 私募基金管理人应当按照规定，向中国证券投资基金业协会（以下简称协会）履行登记备案手续，持续报送相关信息。 |
| A private fund manager shall be honest and trustworthy, and ensure that the information and materials submitted are authentic, accurate and complete, and contain no false or misleading statements or material omissions. | | 私募基金管理人应当诚实守信，保证提交的信息及材料真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 |
| The AMAC shall handle registration and recordation under the principles of compliance with laws and regulations, openness and transparency, convenience and efficiency, and conduct penetration verification of private fund managers and private funds under their management. | | 协会按照依法合规、公开透明、便捷高效的原则办理登记备案，对私募基金管理人及其管理的私募基金进行穿透核查。 |
| Article 5 The AMAC's handling of registration and recordation shall neither indicate that it has made substantive judgment on the investment ability, risk control compliance and sustainable operation of the private fund manager, nor be regarded as a guarantee for the property safety of the private fund and investors' income, or indicate that the AMAC guarantees the authenticity, accuracy and integrity of the registration and recordation materials. | | 第五条 协会办理登记备案不表明对私募基金管理人的投资能力、风控合规和持续经营情况作出实质性判断，不作为对私募基金财产安全和投资者收益的保证，也不表明协会对登记备案材料的真实性、准确性、完整性作出保证。 |
| Investors shall fully understand the investment scope, investment strategy, risk returns and other information on a private fund, prudently select private fund managers and private funds according to their own risk bearing capacity, and independently judge the investment value and assume the investment risks. | | 投资者应当充分了解私募基金的投资范围、投资策略和风险收益等信息，根据自身风险承担能力审慎选择私募基金管理人和私募基金，自主判断投资价值，自行承担投资风险。 |
| Article 6 The AMAC shall, according to the law, develop bylaws and industrial self-regulation rules, conduct self-regulation of the private funds industry, protect the legitimate rights and interests of investors, coordinate industrial relationship, provide industrial services and promote the development of the industry. | | 第六条 协会依法制定章程和行业自律规则，对私募基金行业进行自律管理，保护投资者合法权益，协调行业关系，提供行业服务，促进行业发展。 |
| Article 7 The AMAC shall, under the principles of classified management, supporting the superior and restricting the inferior, implement differentiated self-regulation and provide industrial services for private fund managers and private funds. | | 第七条 协会按照分类管理、扶优限劣的原则，对私募基金管理人和私募基金实施差异化自律管理和行业服务。 |
| The AMAC shall support the standardized development of private fund managers with sound governance structure, stable operation compliance, outstanding professional ability and good integrity record, and provide convenience for their handling of registration and recordation business. | | 协会支持治理结构健全、运营合规稳健、专业能力突出、诚信记录良好的私募基金管理人规范发展，对其办理登记备案业务提供便利。 |
| Chapter II Registration of Private Fund Managers | | 第二章 私募基金管理人登记 |
| Article 8 A private fund manager shall be a company or partnership lawfully formed in the territory of the People's Republic of China and continue to satisfy the following requirements: | | 第八条 私募基金管理人应当是在中华人民共和国境内依法设立的公司或者合伙企业，并持续符合下列要求： |
| (1) Its financial condition is sound, with paid-in monetary capital not less than 10 million yuan or an equivalent value in a freely convertible currency, and if there are other provisions on private fund managers specializing in the management of venture capital funds, such provisions shall prevail. | | （一）财务状况良好，实缴货币资本不低于1000万元人民币或者等值可自由兑换货币，对专门管理创业投资基金的私募基金管理人另有规定的，从其规定； |
| (2) Its investment structure is clear and stable, its shareholders, partners and actual controllers have good credit records, and its controlling shareholders, actual controllers and general partners have relevant experience satisfying with the requirements. | | （二）出资架构清晰、稳定，股东、合伙人和实际控制人具有良好的信用记录，控股股东、实际控制人、普通合伙人具有符合要求的相关经验； |
| (3) Its legal representative, executive partner or their appointed representatives and senior executive responsible for investment management directly or indirectly holding in aggregate a certain percentage of equity or property shares of the private fund manager. | | （三）法定代表人、执行事务合伙人或其委派代表、负责投资管理的高级管理人员直接或者间接合计持有私募基金管理人一定比例的股权或者财产份额； |
| (4) Its senior executives have good credit records and professional competence appropriate to their positions and relevant work experience satisfying with the requirements; and it has not less than five full-time employees, except as otherwise prescribed in Article 17 of these Measures concerning private fund manager. | | （四）高级管理人员具有良好的信用记录，具备与所任职务相适应的专业胜任能力和符合要求的相关工作经验；专职员工不少于5人，对本办法第十七条规定的私募基金管理人另有规定的，从其规定； |
| (5) It has completed internal governance structure, and perfect risk control compliance system and interest conflict prevention mechanism. | | （五）内部治理结构健全、风控合规制度和利益冲突防范机制等完善； |
| (6) It has the name, business scope, business premise and facilities related to the fund management business that satisfy with the requirements. | | （六）有符合要求的名称、经营范围、经营场所和基金管理业务相关设施； |
| (7) Other circumstances prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （七）法律、行政法规、中国证监会和协会规定的其他情形。 |
| The provisions of item 3 of the preceding paragraph shall not apply to private fund managers controlled by commercial banks, securities companies, fund management companies, futures companies, trust companies, insurance companies and other financial institutions, private fund managers controlled by the government and its authorized institutions, private fund managers controlled by institutions under regulation by overseas financial regulatory departments and other private fund managers in compliance with the provisions. | | 商业银行、证券公司、基金管理公司、期货公司、信托公司、保险公司等金融机构控制的私募基金管理人，政府及其授权机构控制的私募基金管理人，受境外金融监管部门监管的机构控制的私募基金管理人以及其他符合规定的私募基金管理人，不适用前款第三项的规定。 |
| Article 9 Anyone who falls under any of the following circumstances shall not serve as a shareholder, partner or actual controller of a private fund manager: | | 第九条 有下列情形之一的，不得担任私募基金管理人的股东、合伙人、实际控制人： |
| (1) Failing to make capital contribution with legal self-owned funds, making capital contribution with entrusted funds, debt funds and other non-self-owned funds, illegally holding equity or property shares by entrusting others or accepting the entrustment of others, falling under circular capital contribution, cross-shareholding, complex structure and other circumstances, and concealing affiliation relationship. | | （一）未以合法自有资金出资，以委托资金、债务资金等非自有资金出资，违规通过委托他人或者接受他人委托方式持有股权、财产份额，存在循环出资、交叉持股、结构复杂等情形，隐瞒关联关系； |
| (2) The governance structure is unsound, the operation is nonstandard and unstable, it has no sound financial position, its assets and liabilities and leverage ratio are inappropriate, and it has no continuous capital replenishment capability matching the private fund manager's business conditions. | | （二）治理结构不健全，运作不规范、不稳定，不具备良好的财务状况，资产负债和杠杆比例不适当，不具有与私募基金管理人经营状况相匹配的持续资本补充能力； |
| (3) The controlling shareholder, actual controller and general partner have no relevant experience in operation, management or asset management, investment or related industries, or has less than five years of relevant experience. | | （三）控股股东、实际控制人、普通合伙人没有经营、管理或者从事资产管理、投资、相关产业等相关经验，或者相关经验不足5年； |
| (4) The controlling shareholder, actual controller, general partner or main contributor holds a position at a non-affiliated private fund manager, or has carried out conflicting business in the recent five years. | | （四）控股股东、实际控制人、普通合伙人、主要出资人在非关联私募基金管理人任职，或者最近5年从事过冲突业务； |
| (5) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （五）法律、行政法规、中国证监会和协会规定的其他情形。 |
| An actual controller of a private fund manager that is a natural person shall serve as director, supervisor, senior executive, or executive partner or its designated representative of the private fund manager, unless as otherwise prescribed. | | 私募基金管理人的实际控制人为自然人的，除另有规定外应当担任私募基金管理人的董事、监事、高级管理人员，或者执行事务合伙人或其委派代表。 |
| Article 10 Anyone who falls under any of the following circumstances shall not serve as a private fund manager's legal representative, senior executive, executive partner or its appointed representative: | | 第十条 有下列情形之一的，不得担任私募基金管理人的法定代表人、高级管理人员、执行事务合伙人或其委派代表： |
| (1) Having carried out conflicting business in the most recent five years. | | （一）最近5年从事过冲突业务； |
| (2) Failing to meet the professional qualifications and practicing conditions for a fund as prescribed by the CSRC and the AMAC. | | （二）不符合中国证监会和协会规定的基金从业资格、执业条件； |
| (3) Having no operation or management ability suitable for the position to be taken, or having no relevant work experience that satisfies with the requirements. | | （三）没有与拟任职务相适应的经营管理能力，或者没有符合要求的相关工作经验； |
| (4) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （四）法律、行政法规、中国证监会和协会规定的其他情形。 |
| A private securities fund manager's legal representative, executive partner or its appointed representative, the primary person in charge of operation and management, and the senior executives responsible for investment management shall have five or more years of experience in securities, fund and futures investment management. | | 私募证券基金管理人法定代表人、执行事务合伙人或其委派代表、经营管理主要负责人以及负责投资管理的高级管理人员应当具有5年以上证券、基金、期货投资管理等相关工作经验。 |
| A private equity fund manager's legal representative, executive partner or its appointed representative, primary person in charge of operation and management, and senior executives responsible for investment management shall have five or more years of experience in equity investment management or related industry management. | | 私募股权基金管理人法定代表人、执行事务合伙人或其委派代表、经营管理主要负责人以及负责投资管理的高级管理人员应当具有5年以上股权投资管理或者相关产业管理等工作经验。 |
| A private equity fund manager's person in charge of compliance risk control shall have three or more years of investment-related work experience in law, accounting, audit, supervision, and examination, or compliance, risk control, supervision and self-regulation in the asset management industry. | | 私募基金管理人合规风控负责人应当具有3年以上投资相关的法律、会计、审计、监察、稽核，或者资产管理行业合规、风控、监管和自律管理等相关工作经验。 |
| The senior executives of a private fund manager responsible for investment management shall also have investment management performance satisfying with the requirements. | | 私募基金管理人负责投资管理的高级管理人员还应当具有符合要求的投资管理业绩。 |
| Article 11 A private fund manager's legal representative, senior executive, and executive partner or its appointed representative shall ensure enough time and energy for performing duties, and the part-time job shall be reasonable. | | 第十一条 私募基金管理人的法定代表人、高级管理人员、执行事务合伙人或其委派代表应当保证有足够的时间和精力履行职责，对外兼职的应当具有合理性。 |
| A private fund manager's legal representative, senior executive, executive partner or its appointed representative shall not take any part-time job in any non-affiliated private fund manager, institution with conflicting business or any other institution with conflict of interest with its institution, or become its controlling shareholder, actual controller or general partner. | | 私募基金管理人的法定代表人、高级管理人员、执行事务合伙人或其委派代表不得在非关联私募基金管理人、冲突业务机构等与所在机构存在利益冲突的机构兼职，或者成为其控股股东、实际控制人、普通合伙人。 |
| The person in charge of compliance risk control shall independently perform duties of reviewing, supervising and inspecting the operation and management compliance of the private fund manager, and shall not carry out investment management business or concurrently hold any position in conflict with the duties of compliance risk control; and shall not take any part-time job in any other profit-making institution, except as otherwise prescribed in Article 17 of these Measures concerning private fund manager. | | 合规风控负责人应当独立履行对私募基金管理人经营管理合规性进行审查、监督、检查等职责，不得从事投资管理业务，不得兼任与合规风控职责相冲突的职务；不得在其他营利性机构兼职，但对本办法第十七条规定的私募基金管理人另有规定的，从其规定。 |
| Article 12 A private fund manager's practitioners other than legal representative, senior executive, executive partner or its appointed representative shall carry out business activities of the private funds in the name of the institution where they work and shall not take part-time jobs in other for-profit institutions, except as otherwise prescribed in Article 17 of these Measures concerning private fund manager. | | 第十二条 私募基金管理人的法定代表人、高级管理人员、执行事务合伙人或其委派代表以外的其他从业人员应当以所在机构的名义从事私募基金业务活动，不得在其他营利性机构兼职，但对本办法第十七条规定的私募基金管理人另有规定的，从其规定。 |
| Article 13 A private fund manager shall establish and improve internal control, risk control, compliance management and other systems, maintain legal and compliant operation, and ensure sound and effective internal control. | | 第十三条 私募基金管理人应当建立健全内部控制、风险控制和合规管理等制度，保持经营运作合法、合规，保证内部控制健全、有效。 |
| A private fund manager shall improve the firewall and other isolation mechanisms, effectively separate investment made with its own capital from the private fund business, and take isolation measures in office premise, staffing, finance, business and other respects with affiliated parties carrying out conflicting business, to effectively prevent insider trading, trading with undisclosed information, conflict of interest and tunneling. | | 私募基金管理人应当完善防火墙等隔离机制，有效隔离自有资金投资与私募基金业务，与从事冲突业务的关联方采取办公场所、人员、财务、业务等方面的隔离措施，切实防范内幕交易、利用未公开信息交易、利益冲突和利益输送。 |
| Article 14 A private fund manager that carries out private securities fund business in China and whose total foreign shareholding ratio is not less than 25% shall continue to satisfy with the following requirements: | | 第十四条 在境内开展私募证券基金业务且外资持股比例合计不低于25%的私募基金管理人，还应当持续符合下列要求： |
| (1) The private securities fund manager is a company formed in the territory of China. | | （一）私募证券基金管理人为在中国境内设立的公司； |
| (2) The overseas shareholder is a financial institution approved or permitted by the financial regulatory department of the country or region where it is located, and the securities regulatory institution of the country or region where it is located has entered into a memorandum of understanding on securities regulatory cooperation with the CSRC or another institution recognized by the CSRC. | | （二）境外股东为所在国家或者地区金融监管部门批准或者许可的金融机构，且所在国家或者地区的证券监管机构已与中国证监会或者中国证监会认可的其他机构签订证券监管合作谅解备忘录； |
| (3) The private securities fund manager and its overseas shareholders have not been severely punished by the regulatory institution and judicial authority in the recent three years. | | （三）私募证券基金管理人及其境外股东最近3年没有受到监管机构和司法机关的重大处罚； |
| (4) The use of the capital fund and the RMB funds obtained from the settlement of foreign exchange shall comply with the relevant rules of the State Administration of Foreign Exchange. | | （四）资本金及其结汇所得人民币资金的使用，应当符合国家外汇管理部门的相关规定； |
| (5) When conducting securities and futures trading in the territory of China, investment decisions shall be made independently, and trading orders shall not be given through overseas institutions or overseas systems, unless as otherwise prescribed by the CSRC. | | （五）在境内从事证券及期货交易，应当独立进行投资决策，不得通过境外机构或者境外系统下达交易指令，中国证监会另有规定的除外； |
| (6) Other requirements as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （六）法律、行政法规、中国证监会和协会规定的其他要求。 |
| Where a private equity fund manager has an overseas actual controller, the overseas actual controller shall satisfy with the requirements of items 2 and 3 of the preceding paragraph. | | 有境外实际控制人的私募证券基金管理人，该境外实际控制人应当符合前款第二项、第三项的要求。 |
| Article 15 Anyone falling under any of the following circumstances shall not serve as a private fund manager, or become the controlling shareholder, actual controller, general partner or major contributor of the private fund manager: | | 第十五条 有下列情形之一的，不得担任私募基金管理人，不得成为私募基金管理人的控股股东、实际控制人、普通合伙人或者主要出资人： |
| (1) It falls under the circumstances as prescribed in Article 16 of these Measures. | | （一）有本办法第十六条规定情形； |
| (2) It is subject to disciplinary sanction of revoking registration of a private fund manager and three years have not elapsed from the date of revocation. | | （二）被协会采取撤销私募基金管理人登记的纪律处分措施，自被撤销之日起未逾3年； |
| (3) The institution, its controlling shareholder, actual controller and general partner whose registration of the private fund manager has been terminated due to the circumstances set forth in items 6 and 8 of paragraph 1 of Article 25 of these Measures, and three years have not elapsed from the date of termination of registration. | | （三）因本办法第二十五条第一款第六项、第八项所列情形被终止办理私募基金管理人登记的机构及其控股股东、实际控制人、普通合伙人，自被终止登记之日起未逾3年； |
| (4) The private fund manager, its controlling shareholder, actual controller and general partner whose registration has been canceled due to the circumstances set forth in Article 77 of these Measures, and three years have not elapsed from the date of cancellation of registration. | | （四）因本办法第七十七条所列情形被注销登记的私募基金管理人及其控股股东、实际控制人、普通合伙人，自被注销登记之日起未逾3年； |
| (5) Major business risks or major risk events occur. | | （五）存在重大经营风险或者出现重大风险事件； |
| (6) There is conflict of interest between the business and the private funds management. | | （六）从事的业务与私募基金管理存在利益冲突； |
| (7) Major bad credit records have not been repaired. | | （七）有重大不良信用记录尚未修复； |
| (8) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （八）法律、行政法规、中国证监会和协会规定的其他情形。 |
| Article 16 Anyone falling under any of the following circumstances shall not serve as any private fund manager's director, supervisor, senior executive, executive partner or its appointed representative: | | 第十六条 有下列情形之一的，不得担任私募基金管理人的董事、监事、高级管理人员、执行事务合伙人或其委派代表： |
| (1) He has received a criminal penalty for embezzlement, bribery, malfeasance, property encroachment, or disruption of the order of the socialist market economy. | | （一）因犯有贪污贿赂、渎职、侵犯财产罪或者破坏社会主义市场经济秩序罪，被判处刑罚； |
| (2) He has received an administrative penalty imposed upon by the financial regulatory department for major violations of laws and regulations in the recent three years. | | （二）最近3年因重大违法违规行为被金融管理部门处以行政处罚； |
| (3) He is banned by the CSRC from access to the market, and the executable period has not expired. | | （三）被中国证监会采取市场禁入措施，执行期尚未届满； |
| (4) He is subject to administrative regulatory measures taken by the CSRC or disciplinary sanction measures taken by the AMAC in the recent three years, and the circumstances are serious. | | （四）最近3年被中国证监会采取行政监管措施或者被协会采取纪律处分措施，情节严重； |
| (5) He is a director, supervisor, senior executive, executive partner or its appointed representative that is personally liable for the bankruptcy liquidation of the company or enterprise for which he serves due to poor business management or for illegal revocation of the business license of the company or enterprise for which he or she serves, and five years have not elapsed since the completion of bankruptcy liquidation or revocation of the business license of the company or enterprise. | | （五）对所任职的公司、企业因经营不善破产清算或者因违法被吊销营业执照负有个人责任的董事、监事、高级管理人员、执行事务合伙人或其委派代表，自该公司、企业破产清算终结或者被吊销营业执照之日起未逾5年； |
| (6) He is an employee of a fund manager, a fund custodian, a stock and futures exchange, a securities company, a securities depository and clearing institution, a futures company or any other institution or an employee of a government agency from which he has been dismissed for any violation of law or discipline, and five years have not elapsed from the date of dismissal. | | （六）因违法行为或者违纪行为被开除的基金管理人、基金托管人、证券期货交易场所、证券公司、证券登记结算机构、期货公司等机构的从业人员和国家机关工作人员，自被开除之日起未逾5年； |
| (7) He is a lawyer, a certified public accountant, an employee of an asset appraisal institution or another institution, or an investment advisory employee who has forfeited his practicing certificate or who has been disqualified for any violation of law, and five years have not elapsed from the date of revocation of practicing certificate or disqualification. | | （七）因违法行为被吊销执业证书或者被取消资格的律师、注册会计师和资产评估等机构的从业人员、投资咨询从业人员，自被吊销执业证书或者被取消资格之日起未逾5年； |
| (8) He has caused major social doubts or serious negative social impacts which have not been eliminated due to violation of professional ethics such as honesty and credibility, public order and good customs, or major violations of laws and regulations; and three years have not elapsed since he is mainly responsible for major violations or major risks of the company where he works. | | （八）因违反诚实信用、公序良俗等职业道德或者存在重大违法违规行为，引发社会重大质疑或者产生严重社会负面影响且尚未消除；对所任职企业的重大违规行为或者重大风险负有主要责任未逾3年； |
| (9) He is a controlling shareholder, actual controller, general partner, legal representative, executive partner or its appointed representative, liable senior executive and directly liable personnel of an institution whose registration of a private fund manager has been terminated due to the circumstances specified in items 6 and 8 of paragraph 1 of Article 25 of these Measures, and three years have not elapsed from the date when institution is subject to termination of registration of a private fund manager. | | （九）因本办法第二十五条第一款第六项、第八项所列情形被终止私募基金管理人登记的机构的控股股东、实际控制人、普通合伙人、法定代表人、执行事务合伙人或其委派代表、负有责任的高级管理人员和直接责任人员，自该机构被终止私募基金管理人登记之日起未逾3年； |
| (10) He is a controlling shareholder, actual controller, general partner, legal representative, executive partner or its appointed representative, liable senior executive and directly liable personnel of a private fund manager whose registration is canceled due to the circumstances prescribed in Article 77 of these Measures, and three years have not elapsed from the date of cancellation of registration of the private fund manager. | | （十）因本办法第七十七条所列情形被注销登记的私募基金管理人的控股股东、实际控制人、普通合伙人、法定代表人、执行事务合伙人或其委派代表、负有责任的高级管理人员和直接责任人员，自该私募基金管理人被注销登记之日起未逾3年； |
| (11) The amount of debts is relatively large and the debts have not been repaid upon expiry, or he is listed as a seriously dishonest person or included in the list of discredited judgment debtors. | | （十一）所负债务数额较大且到期未清偿，或者被列为严重失信人或者被纳入失信被执行人名单； |
| (12) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （十二）法律、行政法规、中国证监会和协会规定的其他情形。 |
| Article 17 If the same controlling shareholder or actual controller controls two or more private fund managers, it shall comply with the rules of the CSRC and the AMAC, have sufficient rationality and necessity, and the private fund managers controlled by it shall carry out business in a continuous, compliant and effective manner. | | 第十七条 同一控股股东、实际控制人控制两家以上私募基金管理人的，应当符合中国证监会和协会的规定，具备充分的合理性与必要性，其控制的私募基金管理人应当持续、合规、有效展业。 |
| The controlling shareholder and the actual controller shall reasonably distinguish the business scope of each private fund manager and make reasonable and effective arrangements for internal control systems such as business risk isolation, avoidance of interbank competition, management of affiliated transactions and prevention of conflict of interests. | | 控股股东、实际控制人应当合理区分各私募基金管理人的业务范围，并就业务风险隔离、避免同业化竞争、关联交易管理和防范利益冲突等内控制度作出合理有效安排。 |
| Article 18 Where the same controlling shareholder or actual controller controls two or more private fund managers, it shall establish a continuous compliance and risk management system that is consistent with the management scale and business situation of the private fund managers controlled by it, and strengthen the compliance supervision and inspection of the private fund managers under the premise of guaranteeing their independent business operation. | | 第十八条 同一控股股东、实际控制人控制两家以上私募基金管理人的，应当建立与所控制的私募基金管理人的管理规模、业务情况相适应的持续合规和风险管理体系，在保障私募基金管理人自主经营的前提下，加强对私募基金管理人的合规监督、检查。 |
| The AMAC shall implement classified management and differentiated self-regulation of private fund managers according to private fund managers' business development situation, investment management capability, internal governance and compliance risk control level. | | 协会根据私募基金管理人的业务开展情况、投资管理能力、内部治理情况和合规风控水平，对私募基金管理人实施分类管理和差异化自律管理。 |
| Article 19 A private fund manager shall follow the principle of professional operation, have clear main business, carry out fund investment activities consistent with the registration type of the private fund manager, and shall not concurrently carry out various types of private fund management business directly or in a disguised manner unless as otherwise prescribed. | | 第十九条 私募基金管理人应当遵循专业化运营原则，主营业务清晰，基金投资活动与私募基金管理人登记类型相一致，除另有规定外不得兼营或者变相兼营多种类型的私募基金管理业务。 |
| A private fund manager shall satisfy with the requirements of the CSRC and the AMAC when carrying out investment advisory business. | | 私募基金管理人开展投资顾问业务，应当符合中国证监会和协会的要求。 |
| Article 20 A private fund manager shall maintain sufficient capital to meet the needs of continuous operation, business development and risk prevention, and the shareholders and partners of the private fund manager shall not make false capital contribution or withdraw their capital contribution. | | 第二十条 私募基金管理人应当保持资本充足，满足持续运营、业务发展和风险防范需要，私募基金管理人的股东、合伙人不得虚假出资或者抽逃出资。 |
| The equity, property shares or actual control rights held by the controlling shareholder, actual controller or general partner of a private fund manager shall not be transferred within three years from the date of registration or alteration registration, except under any of the following circumstances: | | 私募基金管理人的控股股东、实际控制人、普通合伙人所持有的股权、财产份额或者实际控制权，自登记或者变更登记之日起3年内不得转让，但有下列情形之一的除外： |
| (1) Administrative transfer or alteration of equity and property shares in accordance with the provisions. | | （一）股权、财产份额按照规定进行行政划转或者变更； |
| (2) Transfer of equity and property shares between different entities controlled by the same actual controller. | | （二）股权、财产份额在同一实际控制人控制的不同主体之间进行转让； |
| (3) The private fund manager implements equity incentive for employees, without changing the status of the actual controller. | | （三）私募基金管理人实施员工股权激励，但未改变实际控制人地位； |
| (4) Acquisition of equity or property share due to statutory reasons such as inheritance. | | （四）因继承等法定原因取得股权或者财产份额； |
| (5) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （五）法律、行政法规、中国证监会和协会规定的其他情形。 |
| Article 21 A private fund manager shall maintain adequacy and stability of the management team and relevant personnel. Senior executives shall continuously satisfy with the relevant job requirements of these Measures. After dimission of a former senior executive, a private fund manager shall, in accordance with the provisions of the bylaws or the partnership agreement, appoint a person satisfying with the job qualifications to perform duties on his behalf, and appoint senior executives satisfying with the requirements of the position within six months, without affecting the internal governance and effective business operation in the long term. | | 第二十一条 私募基金管理人应当保持管理团队和相关人员的充足、稳定。高级管理人员应当持续符合本办法的相关任职要求，原高级管理人员离职后，私募基金管理人应当按照公司章程规定或者合伙协议约定，由符合任职要求的人员代为履职，并在6个月内聘任符合岗位要求的高级管理人员，不得因长期缺位影响内部治理和经营业务的有效运转。 |
| Before undergoing the recordation formalities for the first private fund, a private fund manager shall not replace its legal representative, executive partner or its appointed representative, principal person in charge of operation and management, senior executive in charge of investment management and person in charge of compliance risk control. | | 私募基金管理人在首支私募基金完成备案手续之前，不得更换法定代表人、执行事务合伙人或其委派代表、经营管理主要负责人、负责投资管理的高级管理人员和合规风控负责人。 |
| Article 22 A private fund manager shall, before carrying out private fund business activities such as fund raising and investment management, submit the following basic information and materials to the AMAC and undergo the registration formalities: | | 第二十二条 私募基金管理人应当在开展基金募集、投资管理等私募基金业务活动前，向协会报送以下基本信息和材料，履行登记手续： |
| (1) Unified social credit code and other certification materials on subject qualification. | | （一）统一社会信用代码等主体资格证明材料； |
| (2) Bylaws or partnership agreement. | | （二）公司章程或者合伙协议； |
| (3) Documents and materials on paid-in capital and financial status. | | （三）实缴资本、财务状况的文件材料； |
| (4) Basic information, good faith information, relevant investment ability, experience and other materials of shareholders, partners, actual controllers, legal representatives, senior executives, executive partners or their appointed representatives. | | （四）股东、合伙人、实际控制人、法定代表人、高级管理人员、执行事务合伙人或其委派代表的基本信息、诚信信息和相关投资能力、经验等材料； |
| (5) Information on relevant beneficial owners of shareholders, partners and actual controllers. | | （五）股东、合伙人、实际控制人相关受益所有人信息； |
| (6) Basic information on branches, subsidiaries and other affiliated parties. | | （六）分支机构、子公司以及其他关联方的基本信息； |
| (7) Business norms and institutional documents on fund raising, publicity and promotion, operational risk control and information disclosure. | | （七）资金募集、宣传推介、运营风控和信息披露等业务规范和制度文件； |
| (8) Financial reports audited by an accounting firm for which recordation formalities have been undergone with the CSRC and legal opinions issued by a law firm for which recordation formalities have been undergone with the CSRC. | | （八）经中国证监会备案的会计师事务所审计的财务报告和经中国证监会备案的律师事务所出具的法律意见书； |
| (9) A letter of credit commitment guaranteeing the authenticity, accuracy and integrity of the materials submitted and compliance with the provisions on supervision and administration and self-regulation, as well as for being responsible for the legality, authenticity and effectiveness of the matters prescribed. | | （九）保证提交材料真实、准确、完整和遵守监督管理、自律管理规定，以及对规定事项的合法性、真实性、有效性负责的信用承诺书； |
| (10) Other information and materials as prescribed by CSRC and the AMAC. | | （十）中国证监会、协会规定的其他信息和材料。 |
| The private fund manager shall ensure that the mailing address, fax address, telephone number, E-mail and other contact information and service address entered in the electronic system for registration and recordation are authentic, effective and timely updated, and assume corresponding consequences if the CSRC, its local offices and the AMAC fail to obtain effective contact according to the aforesaid contact information. | | 私募基金管理人应当确保在登记备案电子系统中填报的邮寄地址、传真地址、电话号码、电子邮箱等联系方式和送达地址真实、有效和及时更新，并承担中国证监会及其派出机构、协会按照上述联系方式无法取得有效联系的相应后果。 |
| If a law firm or an accounting firm accepts entrustment to issue legal opinions, audit reports and other documents for the private fund manager to undergo the registration formalities, it shall scrupulously perform duties and be diligent and pious, prudently perform the obligations of verification and verification, and ensure the authenticity, accuracy and integrity of the documents issued by it. | | 律师事务所、会计师事务所接受委托为私募基金管理人履行登记手续出具法律意见书、审计报告等文件，应当恪尽职守、勤勉尽责，审慎履行核查和验证义务，保证其出具文件的真实性、准确性、完整性。 |
| Article 23 The AMAC shall complete the registration formalities within 20 working days from the date when the registration materials of the private fund manager are complete. If the registration information and materials submitted by the proposed registration institution are incomplete or do not satisfy with the requirements, it shall take corrective action in a timely manner according to the requirements of the AMAC, or make explanations, supplements or modifications. | | 第二十三条 协会自私募基金管理人登记材料齐备之日起20个工作日内办结登记手续。拟登记机构提交的登记信息、材料不完备或者不符合要求的，应当根据协会的要求及时补正，或者作出解释说明或者补充、修改。 |
| The AMAC may verify the registration information and materials by requesting written explanations, face-to-face interviews, on-site inspections, soliciting opinions from the CSRC and its local offices or other relevant entities, making public inquiries, and other means; and where there are complex, new or major difficult issues involving the understanding and application of policies and rules, the AMAC may consult and request relevant departments for guidance or organize experts to conduct discussion and judgment. | | 协会可以采取要求书面解释说明、当面约谈、现场检查、向中国证监会及其派出机构或者其他相关单位征询意见、公开问询等方式对登记信息、材料进行核查；对存在复杂、新型或者涉及政策、规则理解和适用等重大疑难问题的，协会可以采取商请有关部门指导、组织专家会商等方式进行研判。 |
| The time for the proposed registration institution to explain, supplement or modify the registration information and materials and the time for the AMAC to conduct verification and judgment by the aforesaid means shall not be included in the time limit for handling. | | 拟登记机构对登记信息、材料进行解释说明或者补充、修改的时间和协会采取前述方式核查、研判的时间，不计入办理时限。 |
| The AMAC shall publicize the basic information, handling progress, handling results and other information on private fund managers through its official website. The private fund manager shall report to the local office of the CSRC within 10 working days from the date of completion of registration. | | 协会通过官方网站对私募基金管理人的基本信息、办理进度和办理结果等信息进行公示。私募基金管理人应当于登记完成之日起10个工作日内向中国证监会派出机构报告。 |
| Article 24 Under any of the following circumstances, the AMAC shall suspend the registration of a private fund manager and explain the reasons: | | 第二十四条 有下列情形之一的，协会中止办理私募基金管理人登记，并说明理由： |
| (1) The proposed registration institution and its controlling shareholders, actual controllers, general partners and major investors have been subject to criminal investigation by the public security, procuratorial and supervisory authorities for suspected violations of laws and regulations, or are under investigation or inspection by financial regulatory departments or self-regulatory organizations, and the cases have not been concluded. | | （一）拟登记机构及其控股股东、实际控制人、普通合伙人、主要出资人因涉嫌违法违规被公安、检察、监察机关立案调查，或者正在接受金融管理部门、自律组织的调查、检查，尚未结案； |
| (2) The proposed registration institution and its controlling shareholders, actual controllers, general partners and major investors are involved in major litigation, arbitration and other legal risks that may affect normal operation, or major internal disputes that may affect the registration of private fund managers, which have not been eliminated or resolved. | | （二）拟登记机构及其控股股东、实际控制人、普通合伙人、主要出资人出现可能影响正常经营的重大诉讼、仲裁等法律风险，或者可能影响办理私募基金管理人登记的重大内部纠纷，尚未消除或者解决； |
| (3) Major negative public opinions on the proposed registration institution and its controlling shareholders, actual controllers, general partners, major investors and affiliated private fund manager have not been eliminated. | | （三）拟登记机构及其控股股东、实际控制人、普通合伙人、主要出资人、关联私募基金管理人出现重大负面舆情，尚未消除； |
| (4) The CSRC and its local offices require the AMAC to suspend the handling. | | （四）中国证监会及其派出机构要求协会中止办理； |
| (5) It is suspected of providing information and materials with false or misleading statements or major omissions, handling relevant business by improper means such as cheating, bribery or illegal cooperation with intermediary institutions for the purpose of avoiding supervision and self-regulation, and the relevant situation is still under verification. | | （五）涉嫌提供有虚假记载、误导性陈述或者重大遗漏的信息、材料，通过欺骗、贿赂或者以规避监管、自律管理为目的与中介机构违规合作等不正当手段办理相关业务，相关情况尚在核实； |
| (6) Other circumstances as prescribed by laws, administrative regulations, the CSRC and the AMAC. | | （六）法律、行政法规、中国证监会和协会规定的其他情形。 |
| After the circumstances listed in the preceding paragraph disappear, the proposed registration institution may request resumption of the registration of the private fund manager, and the time limit for resumption shall continue to be calculated from the date of resumption. | | 前款所列情形消失后，拟登记机构可以提请恢复办理私募基金管理人登记，办理时限自恢复之日起继续计算。 |
| Article 25 Under any of the following circumstances, the AMAC shall terminate registration of a private fund manager, return the registration materials and explain the reasons: | | 第二十五条 有下列情形之一的，协会终止办理私募基金管理人登记，退回登记材料并说明理由： |
| (1) An application for withdrawal of registration is proactively filed. | | （一）主动申请撤回登记； |
| (2) The proposed registration institution is dissolved or canceled according to the law, is subject to cancellation or revocation of business license, is ordered to be closed down or is declared bankrupt according to the law. | | （二）依法解散、注销，依法被撤销、吊销营业执照、责令关闭或者被依法宣告破产； |
| (3) The proposed registration institution fails to supplement and correct the registration materials for over six months from the date of return by the AMAC, or fails to make explanations, supplements or modifications according to the feedback of the AMAC. | | （三）自协会退回之日起超过6个月未对登记材料进行补正，或者未根据协会的反馈意见作出解释说明或者补充、修改； |
| (4) The suspension has not been resumed for over 12 months. | | （四）被中止办理超过12个月仍未恢复； |
| (5) The CSRC and its local office require the AMAC to terminate the handling. | | （五）中国证监会及其派出机构要求协会终止办理； |
| (6) Information and materials with false or misleading statements or major omissions are provided, and relevant business is handled by improper means such as cheating, bribery or illegal cooperation with intermediary institutions for the purpose of avoiding supervision and self-regulation. | | （六）提供有虚假记载、误导性陈述或者重大遗漏的信息、材料，通过欺骗、贿赂或者以规避监管、自律管理为目的与中介机构违规合作等不正当手段办理相关业务； |
| ．．．．．． | | ．．．．．． |
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