| | |
| Order of the State Council of the People's Republic of China | | 中华人民共和国国务院令 |
| (No. 762) | | （第762号） |
| The Regulation on the Supervision and Administration of Private Investment Funds, as adopted at the 8th executive meeting of the State Council on June 16, 2023, is hereby issued and shall come into force on September 1, 2023. | | 《私募投资基金监督管理条例》已经2023年6月16日国务院第8次常务会议通过，现予公布，自2023年9月1日起施行。 |
| Premier: Li Qiang | | 总理 李强 |
| July 3, 2023 | | 2023年7月3日 |
| Regulation on the Supervision and Administration of Private Investment Funds | | 私募投资基金监督管理条例 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 This Regulation is developed in accordance with the Securities Investment Fund Law of the People's Republic of China (hereinafter referred to as the “Securities Investment Fund Law”), the Trust Law of the People's Republic of China, the Company Law of the People's Republic of China, the Partnership Law of the People's Republic of China, and other applicable laws in order to regulate the business activities of private investment funds (hereinafter referred to as “private funds”), protect the lawful rights and interests of investors and relevant parties, and promote the standardized and sound development of the private fund industry. | | 第一条 为了规范私募投资基金（以下简称私募基金）业务活动，保护投资者以及相关当事人的合法权益，促进私募基金行业规范健康发展，根据《中华人民共和国证券投资基金法》（以下简称《证券投资基金法》）、《中华人民共和国信托法》、《中华人民共和国公司法》、《中华人民共和国合伙企业法》等法律，制定本条例。 |
| Article 2 This Regulation shall apply to the investment activities for the benefit of investors conducted by an investment fund or a company or partnership formed through non-public fundraising for the purpose of engaging in investment activities within the territory of the People's Republic of China, which is managed by a private fund manager or general partners. | | 第二条 在中华人民共和国境内，以非公开方式募集资金，设立投资基金或者以进行投资活动为目的依法设立公司、合伙企业，由私募基金管理人或者普通合伙人管理，为投资者的利益进行投资活动，适用本条例。 |
| Article 3 The state shall encourage the regulated and sound development of the private fund industry and maximize its functions in serving the real economy and promoting scientific and technological innovation, among others. | | 第三条 国家鼓励私募基金行业规范健康发展，发挥服务实体经济、促进科技创新等功能作用。 |
| Those engaged in the private fund business shall follow the principles of free will, fairness, and good faith, protect the lawful rights and interests of investors, and shall not violate laws, administrative regulations, and national policies, go against the public order and good morals, or infringe upon the national interest, public interest, or others' lawful rights and interests. | | 从事私募基金业务活动，应当遵循自愿、公平、诚信原则，保护投资者合法权益，不得违反法律、行政法规和国家政策，不得违背公序良俗，不得损害国家利益、社会公共利益和他人合法权益。 |
| Private fund managers that manage and use private fund assets, private fund custodians that take custody of private fund assets, and private fund service institutions that provide private fund services shall comply with the provisions of laws and administrative regulations, devote themselves to their duties, and fulfill their obligations of honesty, trustworthiness, prudence, and diligence. | | 私募基金管理人管理、运用私募基金财产，私募基金托管人托管私募基金财产，私募基金服务机构从事私募基金服务业务，应当遵守法律、行政法规规定，恪尽职守，履行诚实守信、谨慎勤勉的义务。 |
| Private fund practitioners shall comply with the provisions of laws and administrative regulations, professional ethics, and the code of conduct and receive compliance and professional competence training as required. | | 私募基金从业人员应当遵守法律、行政法规规定，恪守职业道德和行为规范，按照规定接受合规和专业能力培训。 |
| Article 4 Private fund assets shall be independent of the assets of a private fund manager or private fund custodian. The debts incurred by private fund assets shall be repaid with private fund assets only, except as otherwise prescribed by any law. | | 第四条 私募基金财产独立于私募基金管理人、私募基金托管人的固有财产。私募基金财产的债务由私募基金财产本身承担，但法律另有规定的除外。 |
| Investors shall distribute income and bear risks as agreed in the fund contract, company bylaws, or a partnership agreement (hereinafter collectively referred to as the “fund contract”). | | 投资者按照基金合同、公司章程、合伙协议（以下统称基金合同）约定分配收益和承担风险。 |
| Article 5 The supervision and administration of private fund business activities shall comply with the guidelines, policies, decisions, and arrangements of the CPC and the state. The securities regulatory agency of the State Council shall supervise and administer private fund business activities in accordance with laws and this Regulation, and its local offices shall perform duties as authorized. | | 第五条 私募基金业务活动的监督管理，应当贯彻党和国家路线方针政策、决策部署。国务院证券监督管理机构依照法律和本条例规定对私募基金业务活动实施监督管理，其派出机构依照授权履行职责。 |
| If the state otherwise provides for the supervision and administration of a private fund initiated or invested with a certain proportion of government funds, such provisions shall prevail. | | 国家对运用一定比例政府资金发起设立或者参股的私募基金的监督管理另有规定的，从其规定。 |
| Article 6 The securities regulatory agency of the State Council shall carry out differentiated supervision and administration of private fund managers according to their business types, size of managed assets, continuous compliance, risk control status, and investor service capabilities, among others, and carry out classified supervision and administration of different types of private funds, such as venture capital investment and other equity investment and securities investment. | | 第六条 国务院证券监督管理机构根据私募基金管理人业务类型、管理资产规模、持续合规情况、风险控制情况和服务投资者能力等，对私募基金管理人实施差异化监督管理，并对创业投资等股权投资、证券投资等不同类型的私募基金实施分类监督管理。 |
| Chapter II Private Fund Managers and Private Fund Custodians | | 第二章 私募基金管理人和私募基金托管人 |
| Article 7 A private fund manager shall be a legally formed company or partnership. | | 第七条 私募基金管理人由依法设立的公司或者合伙企业担任。 |
| If the assets of a private fund established in the form of a partnership are managed by general partners, the provisions of this Regulation concerning private fund managers shall apply to the general partners. | | 以合伙企业形式设立的私募基金，资产由普通合伙人管理的，普通合伙人适用本条例关于私募基金管理人的规定。 |
| Any shareholder or partner of a private fund manager, the controlling shareholder or actual controller of such a shareholder or partner, or the controlling shareholder or actual controller of any other private fund manager shall comply with the rules of the securities regulatory agency of the State Council. | | 私募基金管理人的股东、合伙人以及股东、合伙人的控股股东、实际控制人，控股或者实际控制其他私募基金管理人的，应当符合国务院证券监督管理机构的规定。 |
| Article 8 Under any of the following circumstances, a person shall not serve as a private fund manager or the controlling shareholder, actual controller, or general partner of a private fund manager: | | 第八条 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、实际控制人或者普通合伙人： |
| (1) He or she falls under the circumstance prescribed in Article 9 of this Regulation. | | （一）本条例第九条规定的情形； |
| (2) He or she is a private fund manager or the controlling shareholder, actual controller, or general partner of the private fund manager who has been deregistered due to the circumstance set forth in subparagraph (3), paragraph 1 of Article 14 of this Regulation, and it has not been three years since the date of deregistration. | | （二）因本条例第十四条第一款第三项所列情形被注销登记，自被注销登记之日起未逾3年的私募基金管理人，或者为该私募基金管理人的控股股东、实际控制人、普通合伙人； |
| (3) There is any conflict of interest between the business and the private fund management. | | （三）从事的业务与私募基金管理存在利益冲突； |
| (4) The person has a serious record of bad credit that has not been repaired. | | （四）有严重不良信用记录尚未修复。 |
| Article 9 Whoever falls under any of the following circumstances shall not serve as the director, supervisor, officer, managing partner, or authorized representative 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董事、监事、高级管理人员、执行事务合伙人或者委派代表： |
| (1) The person has received any criminal punishment 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) The person has received any administrative penalty imposed by the financial administrative department against any serious violation of law or regulation in the last 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) The person, as a director, supervisor, factory director, officer, managing partner, or authorized representative of a company or enterprise, is personally liable for the bankruptcy liquidation of the company or enterprise due to poor business management or for the revocation of the business license of the company or enterprise due to any violation of law, and it has not been five years since the date of completion of bankruptcy liquidation or the date of revocation of business license. | | （三）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、厂长、高级管理人员、执行事务合伙人或者委派代表，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； |
| (4) The person who has a large amount of debt fails to repay the debt or is included in the list of dishonest persons subject to enforcement. | | （四）所负债务数额较大，到期未清偿或者被纳入失信被执行人名单； |
| (5) The person, as an employee of a fund manager, fund custodian, securities or futures trading venue, securities company, securities depository and clearing institution, futures company, or any other institution or a staff member of a government agency, has been dismissed for any violation of law. | | （五）因违法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、期货公司以及其他机构的从业人员和国家机关工作人员； |
| (6) The person, as a lawyer, certified public accountant, employee of an asset appraisal or verification institution, or investment advisory employee, has his or her practicing license or qualification revoked due to any violation of law, and it has not been five years since the date of revocation of the practicing license or qualification. | | （六）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机构、验证机构的从业人员、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； |
| (7) Any person serves as the legal representative, managing partner, authorized representative, or responsible officer of a private fund manager that has been deregistered under the circumstance specified in subparagraph (3), paragraph 1 of Article 14 of this Regulation, and it has not been three years since the date of deregistration of the private fund manager. | | （七）担任因本条例第十四条第一款第三项所列情形被注销登记的私募基金管理人的法定代表人、执行事务合伙人或者委派代表，或者负有责任的高级管理人员，自该私募基金管理人被注销登记之日起未逾3年。 |
| Article 10 A private fund manager shall, in accordance with the law, submit the following materials to the institution entrusted by the securities regulatory agency of the State Council (hereinafter referred to as the “registration and recordation agency”) and undergo registration formalities: | | 第十条 私募基金管理人应当依法向国务院证券监督管理机构委托的机构（以下称登记备案机构）报送下列材料，履行登记手续： |
| (1) Unified social credit code. | | （一）统一社会信用代码； |
| (2) The company bylaws or the partnership agreement. | | （二）公司章程或者合伙协议； |
| (3) Basic information on shareholders, the actual controller, directors, supervisors, officers, general partners, managing partners, or authorized representatives, as well as the information on beneficial owners of such shareholders, actual controllers, and partners. | | （三）股东、实际控制人、董事、监事、高级管理人员，普通合伙人、执行事务合伙人或者委派代表的基本信息，股东、实际控制人、合伙人相关受益所有人信息； |
| (4) Letter of credit commitment to guarantee the veracity, accuracy, and completeness of the submitted materials and compliance with the regulatory provisions. | | （四）保证报送材料真实、准确、完整和遵守监督管理规定的信用承诺书； |
| (5) Other materials prescribed by the securities regulatory agency of the State Council. | | （五）国务院证券监督管理机构规定的其他材料。 |
| In case of any change in major matters such as the controlling shareholder, actual controller, general partners, managing partners, or authorized representatives of a private fund manager, the private fund manager shall undergo modification registration formalities with the registration and recordation agency as required. | | 私募基金管理人的控股股东、实际控制人、普通合伙人、执行事务合伙人或者委派代表等重大事项发生变更的，应当按照规定向登记备案机构履行变更登记手续。 |
| The registration and recordation agency shall publish the information on the private fund manager which has completed the registration. | | 登记备案机构应当公示已办理登记的私募基金管理人相关信息。 |
| Without registration, no entity or individual shall use the word “fund” or words “fund management” or any similar name to engage in investment activities, except as otherwise prescribed by any law or administrative regulation, or the state. | | 未经登记，任何单位或者个人不得使用“基金”或者“基金管理”字样或者近似名称进行投资活动，但法律、行政法规和国家另有规定的除外。 |
| Article 11 A private fund manager shall perform the following duties: | | 第十一条 私募基金管理人应当履行下列职责： |
| (1) Raising funds in accordance with the law and handling the recordation of the private fund. | | （一）依法募集资金，办理私募基金备案； |
| (2) Separately managing and keeping separate accounts of the assets of different private funds under its management and making investments. | | （二）对所管理的不同私募基金财产分别管理、分别记账，进行投资； |
| (3) Managing the private fund and making investments as agreed upon in the fund contract and establishing an effective risk control system. | | （三）按照基金合同约定管理私募基金并进行投资，建立有效的风险控制制度； |
| (4) Determining the private fund income distribution plan as agreed upon in the fund contract and distributing income to investors. | | （四）按照基金合同约定确定私募基金收益分配方案，向投资者分配收益； |
| (5) Providing investors with information relating to private fund management activities as agreed in the fund contract. | | （五）按照基金合同约定向投资者提供与私募基金管理业务活动相关的信息； |
| (6) Preserving records, account books, statements, and other materials regarding the management of private fund assets. | | （六）保存私募基金财产管理业务活动的记录、账册、报表和其他有关资料； |
| (7) Performing other duties prescribed by the securities regulatory agency of the State Council and agreed upon in the fund contract. | | （七）国务院证券监督管理机构规定和基金合同约定的其他职责。 |
| Where an investment fund is established by raising funds in a non-public manner, the private fund manager shall also exercise litigation rights or take other legal actions in its own name for the interests of the private fund assets. | | 以非公开方式募集资金设立投资基金的，私募基金管理人还应当以自己的名义，为私募基金财产利益行使诉讼权利或者实施其他法律行为。 |
| Article 12 The shareholder, actual controller, or partner of a private fund manager may not: | | 第十二条 私募基金管理人的股东、实际控制人、合伙人不得有下列行为： |
| (1) make any false capital contribution or illegally withdraw any capital contribution, or authorize others or be authorized by others to make any capital contribution; | | （一）虚假出资、抽逃出资、委托他人或者接受他人委托出资； |
| (2) intervene in the business activities of the private fund manager without authorization by a resolution of the shareholders' meeting or board of directors, or other statutory procedures; | | （二）未经股东会或者董事会决议等法定程序擅自干预私募基金管理人的业务活动； |
| (3) require the private fund manager to seek any benefits for itself or himself or any other person by using private fund assets, infringing upon the interests of investors; or | | （三）要求私募基金管理人利用私募基金财产为自己或者他人牟取利益，损害投资者利益； |
| (4) commit any other act prohibited by any law or administrative regulation or the rules of the securities regulatory agency of the State Council. | | （四）法律、行政法规和国务院证券监督管理机构规定禁止的其他行为。 |
| Article 13 A private fund manager shall continuously satisfy the following requirements: | | 第十三条 私募基金管理人应当持续符合下列要求： |
| (1) It has a sound financial status and working capital commensurate with its business types and the size of assets under its management. | | （一）财务状况良好，具有与业务类型和管理资产规模相适应的运营资金； |
| (2) Its legal representative, managing partners or authorized representatives, and officers responsible for investment management hold a certain percentage of equity or property shares of the private fund manager according to the rules of the securities regulatory agency of the State Council, except as otherwise prescribed by the state. | | （二）法定代表人、执行事务合伙人或者委派代表、负责投资管理的高级管理人员按照国务院证券监督管理机构规定持有一定比例的私募基金管理人的股权或者财产份额，但国家另有规定的除外； |
| (3) It satisfies other requirements prescribed by the securities regulatory agency of the State Council. | | （三）国务院证券监督管理机构规定的其他要求。 |
| Article 14 Where a private fund manager falls under any of the following circumstances, the registration and recordation agency shall deregister the private fund manager and make an announcement thereon in a timely manner: | | 第十四条 私募基金管理人有下列情形之一的，登记备案机构应当及时注销私募基金管理人登记并予以公示： |
| (1) It applies for deregistration on its own initiative. | | （一）自行申请注销登记； |
| (2) It is dissolved, administratively dissolved, or declared bankrupt in accordance with the law. | | （二）依法解散、被依法撤销或者被依法宣告破产； |
| (3) It is held legally liable due to illegal fundraising, illegal operation, or any other serious violation of law. | | （三）因非法集资、非法经营等重大违法行为被追究法律责任； |
| (4) It fails to undergo recordation formalities for the first private fund within 12 months from the date of registration. | | （四）登记之日起12个月内未备案首只私募基金； |
| (5) It fails to undergo recordation formalities for any new private fund within 12 months after the date of liquidation of all private funds under its management. | | （五）所管理的私募基金全部清算后，自清算完毕之日起12个月内未备案新的私募基金； |
| (6) Other circumstances prescribed by the securities regulatory agency of the State Council. | | （六）国务院证券监督管理机构规定的其他情形。 |
| The registration and recordation agency shall, before the deregistration of a private fund manager, notify the private fund manager that it should liquidate the private fund assets or lawfully transfer the private fund management duties to another registered private fund manager. | | 登记备案机构注销私募基金管理人登记前，应当通知私募基金管理人清算私募基金财产或者依法将私募基金管理职责转移给其他经登记的私募基金管理人。 |
| Article 15 Except as otherwise agreed upon in the fund contract, the private fund assets shall be under the custody of a private fund custodian. If the private fund assets are not under custody, the rules and measures for protecting the safety of private fund assets and the dispute resolution mechanism shall be specified. | | 第十五条 除基金合同另有约定外，私募基金财产应当由私募基金托管人托管。私募基金财产不进行托管的，应当明确保障私募基金财产安全的制度措施和纠纷解决机制。 |
| Article 16 Where private fund assets are under custody, the private fund custodian shall perform its duties in accordance with the law. | | 第十六条 私募基金财产进行托管的，私募基金托管人应当依法履行职责。 |
| The private fund custodian shall establish a mechanism for separating the custody service from other services in accordance with the law and ensure the independence and security of the private fund assets. | | 私募基金托管人应当依法建立托管业务和其他业务的隔离机制，保证私募基金财产的独立和安全。 |
| Chapter III Fund Raising and Investment Operation | | 第三章 资金募集和投资运作 |
| Article 17 A private fund manager shall raise funds on its own and shall not have others raise funds on its behalf, except as otherwise provided by the securities regulatory agency of the State Council. | | 第十七条 私募基金管理人应当自行募集资金，不得委托他人募集资金，但国务院证券监督管理机构另有规定的除外。 |
| Article 18 Private funds shall be offered or transferred to qualified investors, and the cumulative number of investors of a single private fund may not exceed the specific number prescribed by any applicable law. No private fund manager may exceed the limit on the number of investors prescribed by any law by establishing multiple private funds for a single financing project or by other means or lower the criteria for qualified investors by splitting or transferring private fund shares or the right to income or by other means. | | 第十八条 私募基金应当向合格投资者募集或者转让，单只私募基金的投资者累计不得超过法律规定的人数。私募基金管理人不得采取为单一融资项目设立多只私募基金等方式，突破法律规定的人数限制；不得采取将私募基金份额或者收益权进行拆分转让等方式，降低合格投资者标准。 |
| ．．．．．． | | ．．．．．． |
Dear visitor,you are attempting to view a subscription-based section of lawinfochina.com. If you are already a subscriber, please login to enjoy access to our databases . If you are not a subscriber, please subscribe . Should you have any questions, please contact us at:
+86 (10) 8268-9699 or +86 (10) 8266-8266 (ext. 153)
Mobile: +86 133-1157-0713
Fax: +86 (10) 8266-8268
database@chinalawinfo.com
| |
您好：您现在要进入的是北大法律英文网会员专区，如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户，请注册并交纳相应费用成为我们的英文会员 。如有问题请来电咨询；
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail: database@chinalawinfo.com
|
| | | |
| | | |