2023-07-09 14:23:00
BEIJING, July 9 (Xinhua) — China on Sunday issued regulations on the supervision and administration of private investment funds, the country’s first administrative regulations for this sector, marking the latest step to safeguard healthy development. industry and to protect investors.
The regulations, which include 62 articles in seven chapters, will come into force on September 1, 2023, the State Council said in a statement.
The regulations aim to encourage the normalized and healthy development of the private investment fund industry, better protect the legitimate rights and interests of investors, and encourage the industry to play a greater role in serving the real economy and promoting the scientific and technological innovation.
The regulation clarifies scope, specifies obligations and requirements for private fund managers and custodians, regulates fundraising and investment operations, and strengthens supervision and management as well as legal accountability.
The new rules also establish special provisions for venture capital funds, showing that China encourages investment in tech companies and start-ups.
Also on Sunday, China’s top securities regulator announced that it would make strong efforts to promote the implementation of the regulation, develop related measures and rules, and further refine regulatory requirements to better exploit the positive role private investment funds to meet funding requirements. END
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