This is a draft translation version for reference purposes. If you need an accurate version, please contact us for a quote on a professional translation.
| 私募投资基金监督管理条例 | Regulations on the Supervision and Administration of Private Investment Funds |
| 国务院 中华人民共和国国务院令 第762号 《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。 总理 李强 2023年7月3日 | Decree of the State Council of the People’s Republic of China The Regulations on the Supervision and Administration of Private Investment Funds No. 762 was adopted at the 8th executive meeting of the State Council on June 16, 2023 and is hereby promulgated and shall come into effect as of September 1, 2023. Premier Li Qiang July 3, 2023 |
| 私募投资基金监督管理条例 | Regulations on the Supervision and Administration of Private Investment Funds |
| 第一章 总 则 | Chapter 1 General Provisions |
| 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 1 In order to regulate the business activities of private investment funds (hereinafter referred to as private equity funds), protect the legitimate rights and interests of investors and relevant parties, and promote the standard and healthy development of the private equity fund industry, these Regulations are formulated in accordance with the Law of the People’s Republic of China on Securities Investment Funds (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 laws. |
| 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 2 These Regulations shall apply to the raising of funds by private means within the territory of the People’s Republic of China, the establishment of an investment fund or the establishment of a company or partnership for the purpose of conducting investment activities in accordance with the law, which shall be managed by a private fund manager or general partner for the benefit of investors. |
| 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。 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。 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。 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 3 The state encourages the private equity fund industry to standardize the healthy development, play a functional role in serving the real economy and promoting scientific and technological innovation. Engaging in private fund business activities shall follow the principles of voluntariness, fairness and integrity, protect the legitimate rights and interests of investors, shall not violate laws, administrative regulations and national policies, shall not violate public order and customs, and shall not harm the national interests, social public interests and the legitimate rights and interests of others. The private fund manager shall manage and use the private fund property, the private fund custodian shall custody the private fund property, and the private fund service institution shall engage in the private fund service business, and shall abide by the provisions of laws and administrative regulations, abide by its duties, and fulfill its obligations of honesty, trustworthiness, and prudence and diligence. Private equity fund practitioners shall abide by the provisions of laws and administrative regulations, abide by professional ethics and codes of conduct, and receive compliance and professional ability training in accordance with regulations. |
| 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。 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 4 The property of a private fund shall be independent of the inherent property of the private fund manager and the private fund custodian.The debts of the private fund property shall be borne by the private fund property itself, except as otherwise provided by law. The investor distributes income and assumes risks in accordance with the fund contract, the articles of association, and the partnership agreement (hereinafter collectively referred to as the fund contract). |
| 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。 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 5 The supervision and management of the business activities of private equity funds shall implement the policies and decision-making arrangements of the Party and the state.The securities regulatory authority under the State Council shall supervise and manage the business activities of private equity funds in accordance with the provisions of laws and these Regulations, and its local offices shall perform their duties in accordance with the authorization. Where the state has other provisions on the supervision and management of private equity funds that use a certain proportion of government funds to initiate the establishment or participate in shares, such provisions shall prevail. |
| 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。 | Article 6 The securities regulatory authority under the State Council implements differentiated supervision and management of private fund managers according to their business types, scale of assets under management, continuous compliance, risk control, and ability to serve investors, and implements classified supervision and management of different types of private funds such as venture capital and equity investment and securities investment. |
| 第二章 私募基金管理人和私募基金托管人 | Chapter 2 Private Fund Managers and Private Fund Custodians |
| 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。 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。 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 7 The private fund manager shall be a company or partnership established in accordance with the law. Where the assets of a private equity fund established in the form of a partnership are managed by the General Partner, the General Partner shall apply the provisions of these Regulations regarding the private equity fund manager. The shareholders and partners of the private fund manager, the controlling shareholders and actual controllers of the shareholders and partners, and the controlling shareholders or actual controllers of other private fund managers shall comply with the provisions of the securities regulatory authority under the State Council. |
| 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： （一）本条例第九条规定的情形； （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； （三）从事的业务与私募基金管理存在利益冲突； （四）有严重不良信用记录尚未修复。 | Article 8. Under any of the following circumstances, a person shall not act as a private fund manager or become the controlling shareholder, actual controller or general partner of a private fund manager: (1) The circumstances provided for in Article 9 of these Regulations; (2) The private fund manager who has been deregistered due to the circumstances listed in item (3) of paragraph 1 of Article 14 of these Regulations and has not been deregistered for more than 3 years from the date of deregistration, or is the controlling shareholder, actual controller, or general partner of the private fund manager; (3) There is a conflict of interest between the business engaged in and the management of private equity funds; (4) There are serious bad credit records that have not been repaired. |
| 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： （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； （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； （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； （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； （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； （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； （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 9 Under any of the following circumstances, a person shall not serve as a director, supervisor, senior manager, executive partner or appointed representative of a private fund manager: (1) Being sentenced for embezzlement and bribery, dereliction of duty, infringement of property, or disruption of the order of the socialist market economy; (2) The financial management department has imposed administrative penalties for major violations of laws and regulations in the past three years; (3) Directors, supervisors, factory directors, senior managers, executive partners or appointed representatives who are personally responsible for the bankruptcy liquidation of the company or enterprise due to poor operation or the revocation of the business license due to violation of the law, not more than 5 years have elapsed since the date of the bankruptcy liquidation of the company or enterprise or the revocation of the business license; (4) The amount of debt incurred is relatively large, has not been paid off upon maturity, or has been included in the list of dishonest executees; (5) Employees of fund managers, fund custodians, securities and futures trading venues, securities companies, securities registration and clearing institutions, futures companies and other institutions and employees of state organs who have been expelled for illegal acts; (6) Lawyers, certified public accountants and asset appraisal agencies, practitioners of certification agencies, and investment consulting practitioners whose practice certificates have been revoked or disqualified for illegal acts have not been disqualified for more than 5 years since the date of the revocation of their practice certificates or disqualification; (7) Serving as the legal representative, executive partner or appointed representative of the private fund manager that is deregistered due to the circumstances listed in Paragraph 1, Item 3 of Article 14 of these Regulations, or as a responsible senior manager, has not exceeded 3 years from the date of deregistration of the private fund manager. |
| 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： （一）统一社会信用代码； （二）公司章程或者合伙协议； （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； （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； （五）国务院证券监督管理机构规定的其他材料。 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。 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。 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 10 The private fund manager shall submit the following materials to the institution entrusted by the securities regulatory authority under the State Council (hereinafter referred to as the registration and filing institution) in accordance with the law, and complete the registration procedures: (1) unified social credit codes; (2) Articles of Association or partnership agreement; (3) Basic information of shareholders, actual controllers, directors, supervisors, senior managers, general partners, executive partners or appointed representatives, and relevant beneficial owner information of shareholders, actual controllers and partners; (4) Guarantee that the submitted materials are true, accurate, complete and comply with the supervision and management provisions of the letter of credit commitment; (5) Other materials specified by the securities regulatory authority under the State Council. If there is a change in major matters such as the controlling shareholder, actual controller, general partner, executive partner or appointed representative of the private fund manager, the change registration procedures shall be performed with the registration and filing institution in accordance with the provisions. The registration and filing institution shall publicize the relevant information of the registered private fund manager. Without registration, no unit or individual may use the words “fund” or “fund management” or similar names for investment activities, unless otherwise stipulated by laws, administrative regulations and the state. |
| 第十一条 私募基金管理人应当履行下列职责： （一）依法募集资金，办理私募基金备案； （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； （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； （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； （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； （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； （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。 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 11 The private fund manager shall perform the following duties: (1) Raising funds in accordance with the law and handling the filing of private funds; (2) Managing and separately accounting for and investing in the assets of different private equity funds under management; (3) Managing and investing in private equity funds in accordance with the fund contract, and establishing an effective risk control system; (4) Determine the private fund income distribution plan in accordance with the fund contract, and distribute the income to investors; (5) Provide investors with information related to private fund management business activities in accordance with the fund contract; (6) Keeping records, books, statements and other relevant information on private fund property management business activities; (7) Other duties stipulated by the securities regulatory authority under the State Council and stipulated in the fund contract. If an investment fund is established by raising funds in a non-public manner, the private fund manager shall also exercise litigation rights or carry out other legal acts for the property interests of the private fund in its own name. |
| 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： （一）虚假出资、抽逃出资、委托他人或者接受他人委托出资； （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； （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； （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 12 The shareholders, actual controllers, and partners of a private fund manager shall not: (1) False capital contribution, evasion of capital contribution, entrustment of capital contribution by others, or acceptance of entrustment of capital contribution by others; (2) Interfering in the business activities of the private fund manager without the resolution of the shareholders’ meeting or the board of directors or other legal procedures; (3) Requiring private fund managers to use private fund assets for their own benefit or that of others, to the detriment of investors; (4) Other acts prohibited by laws, administrative regulations and the securities regulatory authority of the State Council. |
| 第十三条 私募基金管理人应当持续符合下列要求： （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； （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； （三）国务院证券监督管理机构规定的其他要求。 | Article 13 The private fund manager shall continue to meet the following requirements: (1) is in good financial standing and has working capital commensurate with the type of business and the size of the assets under management; (2) The legal representative, executive partner or appointed representative, or senior managerial personnel in charge of investment management hold a certain proportion of the equity or property shares of the private fund manager in accordance with the provisions of the securities regulatory authority under the State Council, unless otherwise stipulated by the state; (3) Other requirements stipulated by the securities regulatory authority under the State Council. |
| 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： （一）自行申请注销登记； （二）依法解散、被依法撤销或者被依法宣告破产； （三）因非法集资、非法经营等重大违法行为被追究法律责任； （四）登记之日起12个月内未备案首只私募基金； （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； （六）国务院证券监督管理机构规定的其他情形。 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 14 If the private fund manager has any of the following circumstances, the registration and filing institution shall promptly cancel the registration of the private fund manager and publicize it: (1) Apply for deregistration on their own; (2) Dissolved, revoked or declared bankrupt according to law; (3) Being investigated for major illegal acts such as illegal fund-raising and illegal business operations; (4) Failure to file the first private fund within 12 months from the date of registration; (5) After all the managed private equity funds have been liquidated, no new private equity funds have been filed within 12 months from the date of completion of the liquidation; (6) Other circumstances stipulated by the securities regulatory authority under the State Council. Before deregistering the private fund manager, the registration and filing institution shall notify the private fund manager to liquidate the private fund property or transfer the management responsibilities of the private fund to other registered private fund managers according to law. |
| 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 15 Unless otherwise stipulated in the fund contract, the property of the private fund shall be held in trust by the custodian of the private fund.If the property of a private fund is not held in custody, the institutional measures and dispute resolution mechanism to ensure the safety of the property of the private fund shall be clarified. |
| 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。 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。 | Article 16 Where the property of a private fund is held in custody, the custodian of the private fund shall perform its duties according to law. The private fund custodian shall establish a segregation mechanism for the custody business and other businesses in accordance with the law to ensure the independence and safety of private fund assets. |
| 第三章 资金募集和投资运作 | Chapter 3 Fund Raising and Investment Operations |
| 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 17 The private fund manager shall raise funds on its own and shall not entrust others to raise funds, except as otherwise provided by the securities regulatory authority under the State Council. |
| 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。 前款所称合格投资者，是指达到规定的资产规模或者收入水平，并且具备相应的风险识别能力和风险承担能力，其认购金额不低于规定限额的单位和个人。 合格投资者的具体标准由国务院证券监督管理机构规定。 | Article 18 Private equity funds shall be raised or transferred from qualified investors, and the total number of investors of private equity funds alone shall not exceed the number prescribed by law.Private fund managers must not set up multiple private funds for a single financing project to break through the legal limit on the number of people; they must not reduce the standards for qualified investors by splitting and transferring private fund shares or income rights. The qualified investor referred to in the preceding paragraph refers to units and individuals that have reached the specified asset size or income level, and have the corresponding risk identification ability and risk taking ability, and the subscription amount is not less than the prescribed limit. The specific standards for qualified investors shall be formulated by the securities regulatory authority under the State Council. |
| 第十九条 私募基金管理人应当向投资者充分揭示投资风险，根据投资者的风险识别能力和风险承担能力匹配不同风险等级的私募基金产品。 | Article 19 Private fund managers shall fully disclose investment risks to investors, and match private fund products with different risk levels according to investors’ risk identification capabilities and risk-taking capabilities. |
| 第二十条 私募基金不得向合格投资者以外的单位和个人募集或者转让；不得向为他人代持的投资者募集或者转让；不得通过报刊、电台、电视台、互联网等大众传播媒介，电话、短信、即时通讯工具、电子邮件、传单，或者讲座、报告会、分析会等方式向不特定对象宣传推介；不得以虚假、片面、夸大等方式宣传推介；不得以私募基金托管人名义宣传推介；不得向投资者承诺投资本金不受损失或者承诺最低收益。 | Article 20 Private equity funds shall not be raised or transferred to units or individuals other than qualified investors; may not be raised or transferred to investors held on behalf of others; may not be promoted to unspecified targets through mass media such as newspapers, radio, television, the Internet, telephone, text messages, instant messaging tools, e-mail, leaflets, or lectures, reports, analysis sessions, etc.; may not be promoted in a false, one-sided, exaggerated manner; may not be promoted in the name of the custodian of private equity funds; and may not promise investors that the principal of the investment will not be lost or the minimum return promised. |
| 第二十一条 私募基金管理人运用私募基金财产进行投资的，在以私募基金管理人名义开立账户、列入所投资企业股东名册或者持有其他私募基金财产时，应当注明私募基金名称。 | Article 21 Where a private equity fund manager uses the assets of a private equity fund to invest, the name of the private equity fund shall be indicated when opening an account in the name of the private equity fund manager, being included in the register of shareholders of the invested enterprise, or holding the assets of other private equity funds. |
| 第二十二条 私募基金管理人应当自私募基金募集完毕之日起20个工作日内，向登记备案机构报送下列材料，办理备案： （一）基金合同； （二）托管协议或者保障私募基金财产安全的制度措施； （三）私募基金财产证明文件； （四）投资者的基本信息、认购金额、持有基金份额的数量及其受益所有人相关信息； （五）国务院证券监督管理机构规定的其他材料。 私募基金应当具有保障基本投资能力和抗风险能力的实缴募集资金规模。登记备案机构根据私募基金的募集资金规模等情况实施分类公示，对募集的资金总额或者投资者人数达到规定标准的，应当向国务院证券监督管理机构报告。 | Article 22 The private fund manager shall, within 20 working days from the date of completion of the private fund raising, submit the following materials to the registration and filing agency for filing: (1) Fund contract; (2) Custody agreements or institutional measures to ensure the safety of private fund assets; (3) Private fund property certificates; (4) The basic information of the investor, the subscription amount, the number of fund shares held and the relevant information of the beneficial owner; (5) Other materials specified by the securities regulatory authority under the State Council. Private equity funds should have the scale of paid-up and raised funds that safeguard the basic investment ability and anti-risk ability.The registration and filing institution shall classify and publicize the total amount of funds raised or the number of investors according to the scale of the funds raised by the private fund, etc. If the total amount of funds raised or the number of investors reaches the prescribed standards, it shall report to the securities regulatory authority under the State Council. |
| 第二十三条 国务院证券监督管理机构应当建立健全私募基金监测机制，对私募基金及其投资者份额持有情况等进行集中监测，具体办法由国务院证券监督管理机构规定。 | Article 23 The securities regulatory authority under the State Council shall establish and improve a monitoring mechanism for private equity funds, and centrally monitor the holding of private equity funds and their investors’ shares, etc. The specific measures shall be stipulated by the securities regulatory authority under the State Council. |
| 第二十四条 私募基金财产的投资包括买卖股份有限公司股份、有限责任公司股权、债券、基金份额、其他证券及其衍生品种以及符合国务院证券监督管理机构规定的其他投资标的。 私募基金财产不得用于经营或者变相经营资金拆借、贷款等业务。私募基金管理人不得以要求地方人民政府承诺回购本金等方式变相增加政府隐性债务。 | Article 24 The investment of private fund property includes the trading of shares of a joint stock limited company, the equity of a limited liability company, bonds, fund shares, other securities and derivatives thereof, and other investment targets in line with the provisions of the securities regulatory authority under the State Council. The property of private equity funds shall not be used for business operations or disguised operations such as fund lending and loans.Private fund managers may not require local people’s governments to promise to repurchase the principal or increase the government’s hidden debt in disguised form. |
| 第二十五条 私募基金的投资层级应当遵守国务院金融管理部门的规定。但符合国务院证券监督管理机构规定条件，将主要基金财产投资于其他私募基金的私募基金不计入投资层级。 创业投资基金、本条例第五条第二款规定私募基金的投资层级，由国务院有关部门规定。 | Article 25 The investment level of private equity funds shall comply with the regulations of the financial management department of the State Council.However, in line with the conditions stipulated by the securities regulatory authority under the State Council, private equity funds that invest major fund assets in other private equity funds are not included in the investment hierarchy. The investment levels of venture capital funds and private equity funds stipulated in the second paragraph of Article 5 of these Regulations shall be stipulated by the relevant departments of the State Council. |
| 第二十六条 私募基金管理人应当遵循专业化管理原则，聘用具有相应从业经历的高级管理人员负责投资管理、风险控制、合规等工作。 私募基金管理人应当遵循投资者利益优先原则，建立从业人员投资申报、登记、审查、处置等管理制度，防范利益输送和利益冲突。 | Article 26 The private fund manager shall follow the principle of professional management and employ senior managers with corresponding professional experience to be responsible for investment management, risk control, compliance and other work. Private fund managers should follow the principle of putting investors’ interests first, and establish management systems such as investment declaration, registration, review, and disposal for practitioners to prevent the transfer of interests and conflicts of interest. |
| 第二十七条 私募基金管理人不得将投资管理职责委托他人行使。 私募基金管理人委托其他机构为私募基金提供证券投资建议服务的，接受委托的机构应当为《证券投资基金法》规定的基金投资顾问机构。 | Article 27 A private equity fund manager shall not entrust investment management duties to others. If the private fund manager entrusts other institutions to provide securities investment advice services for private funds, the institution that accepts the entrustment shall be a fund investment advisory institution as stipulated in the Securities Investment Fund Law. |
| 第二十八条 私募基金管理人应当建立健全关联交易管理制度，不得以私募基金财产与关联方进行不正当交易或者利益输送，不得通过多层嵌套或者其他方式进行隐瞒。 私募基金管理人运用私募基金财产与自己、投资者、所管理的其他私募基金、其实际控制人控制的其他私募基金管理人管理的私募基金，或者与其有重大利害关系的其他主体进行交易的，应当履行基金合同约定的决策程序，并及时向投资者和私募基金托管人提供相关信息。 | Article 28 The private fund manager shall establish and improve the management system of affiliated transactions, and shall not conduct improper transactions or transfer benefits with related parties with the assets of the private fund, and shall not conceal them through multiple layers of nesting or other means. If the private fund manager uses private fund assets to trade with private funds managed by itself, investors, other private funds managed by it, other private fund managers controlled by its actual controllers, or other entities with which it has a major interest, it shall perform the decision-making procedures stipulated in the fund contract and provide relevant information to investors and private fund custodians in a timely manner. |
| 第二十九条 私募基金管理人应当按照规定聘请会计师事务所对私募基金财产进行审计，向投资者提供审计结果，并报送登记备案机构。 | Article 29 The private equity fund manager shall, in accordance with regulations, engage an accounting firm to audit the assets of the private equity fund, provide the results of the audit to the investors, and submit it to the registration and filing institution. |
| 第三十条 私募基金管理人、私募基金托管人及其从业人员不得有下列行为： （一）将其固有财产或者他人财产混同于私募基金财产； （二）利用私募基金财产或者职务便利，为投资者以外的人牟取利益； （三）侵占、挪用私募基金财产； （四）泄露因职务便利获取的未公开信息，利用该信息从事或者明示、暗示他人从事相关的证券、期货交易活动； （五）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 30 Private fund managers, private fund custodians and their employees shall not: (1) mixing its own property or the property of others with the property of a private fund; (2) Using the assets or position of the private fund to obtain benefits for people other than investors; (3) Embezzlement or misappropriation of private fund property; (4) Disclosing undisclosed information obtained due to the convenience of his/her position, and using the information to engage in or expressly or impliedly engaging in relevant securities and futures trading activities; (5) Other acts prohibited by laws, administrative regulations and the securities regulatory authority of the State Council. |
| 第三十一条 私募基金管理人在资金募集、投资运作过程中，应当按照国务院证券监督管理机构的规定和基金合同约定，向投资者提供信息。 私募基金财产进行托管的，私募基金管理人应当按照国务院证券监督管理机构的规定和托管协议约定，及时向私募基金托管人提供投资者基本信息、投资标的权属变更证明材料等信息。 | Article 31 In the process of fund raising and investment operation, the private fund manager shall provide information to investors in accordance with the provisions of the securities regulatory authority under the State Council and the provisions of the fund contract. Where the property of a private fund is held in custody, the private fund manager shall, in accordance with the provisions of the securities regulatory authority under the State Council and the custody agreement, promptly provide the private fund custodian with basic investor information, proof materials of ownership change of the subject matter of the investment, and other information. |
| 第三十二条 私募基金管理人、私募基金托管人及其从业人员提供、报送的信息应当真实、准确、完整，不得有下列行为： （一）虚假记载、误导性陈述或者重大遗漏； （二）对投资业绩进行预测； （三）向投资者承诺投资本金不受损失或者承诺最低收益； （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 32 The information provided and submitted by the private fund manager, the private fund custodian and their employees shall be true, accurate and complete, and shall not have the following acts: (1) False records, misleading statements or major omissions; (2) Predicting investment performance; (3) Promising the investor that the principal of the investment will not be lost or promising a minimum return; (4) Other acts prohibited by laws, administrative regulations and the securities regulatory authority of the State Council. |
| 第三十三条 私募基金管理人、私募基金托管人、私募基金服务机构应当按照国务院证券监督管理机构的规定，向登记备案机构报送私募基金投资运作等信息。登记备案机构应当根据不同私募基金类型，对报送信息的内容、频次等作出规定，并汇总分析私募基金行业情况，向国务院证券监督管理机构报送私募基金行业相关信息。 登记备案机构应当加强风险预警，发现可能存在重大风险的，及时采取措施并向国务院证券监督管理机构报告。 登记备案机构应当对本条第一款规定的信息保密，除法律、行政法规另有规定外，不得对外提供。 | Article 33 The private fund manager, the private fund custodian, and the private fund service institution shall, in accordance with the provisions of the securities regulatory authority under the State Council, submit information such as the operation of the private fund investment to the registration and filing institution.The registration and filing agency shall stipulate the content and frequency of the submitted information according to different types of private funds, summarize and analyze the situation of the private fund industry, and submit relevant information on the private fund industry to the securities regulatory authority under the State Council. The registration and filing agency shall strengthen risk early warning, and if it finds that there may be significant risks, it shall take measures in a timely manner and report to the securities regulatory authority under the State Council. The registration and filing agency shall keep the information stipulated in the first paragraph of this article confidential and shall not provide it to the outside world unless otherwise stipulated by laws and administrative regulations. |
| 第三十四条 因私募基金管理人无法正常履行职责或者出现重大风险等情形，导致私募基金无法正常运作、终止的，由基金合同约定或者有关规定确定的其他专业机构，行使更换私募基金管理人、修改或者提前终止基金合同、组织私募基金清算等职权。 | Article 34 If the private equity fund manager is unable to perform its duties normally or there are significant risks, etc., resulting in the normal operation or termination of the private equity fund, the other professional institutions determined by the fund contract or the relevant provisions shall exercise the authority to replace the private equity fund manager, modify or terminate the fund contract in advance, or organize the liquidation of the private equity fund. |
| 第四章 关于创业投资基金的特别规定 | Chapter IV Special Provisions on Venture Capital Funds |
| 第三十五条 本条例所称创业投资基金，是指符合下列条件的私募基金： （一）投资范围限于未上市企业，但所投资企业上市后基金所持股份的未转让部分及其配售部分除外； （二）基金名称包含“创业投资基金”字样，或者在公司、合伙企业经营范围中包含“从事创业投资活动”字样； （三）基金合同体现创业投资策略； （四）不使用杠杆融资，但国家另有规定的除外； （五）基金最低存续期限符合国家有关规定； （六）国家规定的其他条件。 | Article 35 The term “venture capital fund” as used in these Regulations refers to a private equity fund that meets the following conditions: (1) The scope of investment is limited to unlisted enterprises, except for the unassigned portion of the shares held by the fund after the listing of the invested enterprise and its placement portion; (2) The name of the fund includes the words “venture capital fund”, or the words “engaged in venture capital activities” are included in the business scope of the company or partnership; (3) The fund contract reflects the venture capital strategy; (4) Not using leveraged financing, except as otherwise provided by the state; (5) The minimum duration of the fund is in accordance with relevant state regulations; (6) Other conditions stipulated by the state. |
| 第三十六条 国家对创业投资基金给予政策支持，鼓励和引导其投资成长性、创新性创业企业，鼓励长期资金投资于创业投资基金。 国务院发展改革部门负责组织拟定促进创业投资基金发展的政策措施。国务院证券监督管理机构和国务院发展改革部门建立健全信息和支持政策共享机制，加强创业投资基金监督管理政策和发展政策的协同配合。登记备案机构应当及时向国务院证券监督管理机构和国务院发展改革部门报送与创业投资基金相关的信息。 享受国家政策支持的创业投资基金，其投资应当符合国家有关规定。 | Article 36 The State shall provide policy support to venture capital funds, encourage and guide them to invest in growth-oriented and innovative entrepreneurial enterprises, and encourage long-term funds to invest in venture capital funds. The development and reform department of the State Council is responsible for organizing the formulation of policies and measures to promote the development of venture capital funds.The securities regulatory authority of the State Council and the development and reform department of the State Council have established and improved the information and support policy sharing mechanism, and strengthened the synergy between the supervision and management policies of venture capital funds and development policies.The registration and filing institution shall promptly submit the information related to the venture capital fund to the securities regulatory authority under the State Council and the development and reform department under the State Council. Venture capital funds that enjoy the support of national policies shall be invested in accordance with relevant national regulations. |
| 第三十七条 国务院证券监督管理机构对创业投资基金实施区别于其他私募基金的差异化监督管理： （一）优化创业投资基金营商环境，简化登记备案手续； （二）对合法募资、合规投资、诚信经营的创业投资基金在资金募集、投资运作、风险监测、现场检查等方面实施差异化监督管理，减少检查频次； （三）对主要从事长期投资、价值投资、重大科技成果转化的创业投资基金在投资退出等方面提供便利。 | Article 37 The securities regulatory authority under the State Council implements differentiated supervision and management over venture capital funds as distinguished from other private equity funds: (1) Optimize the business environment of venture capital funds and simplify the registration and filing procedures; (2) Implement differentiated supervision and management of venture capital funds that are legally funded, compliantly invested, and operate with integrity in terms of fund raising, investment operations, risk monitoring, on-site inspections, etc., to reduce the frequency of inspections; (3) Provide convenience for venture capital funds mainly engaged in long-term investment, value investment, and transformation of major scientific and technological achievements in terms of investment withdrawal. |
| 第三十八条 登记备案机构在登记备案、事项变更等方面对创业投资基金实施区别于其他私募基金的差异化自律管理。 | Article 38 Registration and filing institutions shall implement differentiated self-regulatory management of venture capital funds that is different from other private equity funds in terms of registration and filing, change of items, etc. |
| 第五章 监督管理 | Chapter 5 Supervision and Management |
| 第三十九条 国务院证券监督管理机构对私募基金业务活动实施监督管理，依法履行下列职责： （一）制定有关私募基金业务活动监督管理的规章、规则； （二）对私募基金管理人、私募基金托管人以及其他机构从事私募基金业务活动进行监督管理，对违法行为进行查处； （三）对登记备案和自律管理活动进行指导、检查和监督； （四）法律、行政法规规定的其他职责。 | Article 39 The securities regulatory authority under the State Council shall supervise and manage the business activities of private funds and perform the following duties according to law: (1) Formulate rules and regulations related to the supervision and management of private fund business activities; (2) Supervise and manage private fund managers, private fund custodians and other institutions engaged in private fund business activities, and investigate and punish illegal acts; (3) Guidance, inspection and supervision of registration and self-regulatory management activities; (4) Other duties stipulated by laws and administrative regulations. |
| 第四十条 国务院证券监督管理机构依法履行职责，有权采取下列措施： （一）对私募基金管理人、私募基金托管人、私募基金服务机构进行现场检查，并要求其报送有关业务资料； （二）进入涉嫌违法行为发生场所调查取证； （三）询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明； （四）查阅、复制与被调查事件有关的财产权登记、通讯记录等资料； （五）查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料以及其他有关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存； （六）依法查询当事人和与被调查事件有关的账户信息； （七）法律、行政法规规定的其他措施。 为防范私募基金风险，维护市场秩序，国务院证券监督管理机构可以采取责令改正、监管谈话、出具警示函等措施。 | Article 40 The securities regulatory authority under the State Council shall have the right to take the following measures in the performance of its duties according to law: (1) Conduct on-site inspections of private fund managers, private fund custodians, and private fund service providers, and require them to submit relevant business information; (2) Entering the place where the suspected illegal act occurred to investigate and collect evidence; (3) Interrogate the parties and units and individuals related to the incident under investigation, and ask them to explain the matters related to the incident under investigation; (4) Accessing and copying property rights registration, communication records and other information related to the incident under investigation; (5) Access and copy the securities transaction records, registration and transfer records, financial and accounting information, and other relevant documents and materials of the parties and units and individuals related to the incident under investigation; documents and materials that may be transferred, concealed or destroyed may be sealed; (6) to inquire about the parties and account information related to the incident under investigation in accordance with the law; (7) Other measures stipulated by laws and administrative regulations. In order to prevent the risk of private equity funds and maintain market order, the securities regulatory authority under the State Council may take measures such as ordering corrections, conducting regulatory talks, and issuing warning letters. |
| 第四十一条 国务院证券监督管理机构依法进行监督检查或者调查时，监督检查或者调查人员不得少于2人，并应当出示执法证件和监督检查、调查通知书或者其他执法文书。对监督检查或者调查中知悉的商业秘密、个人隐私，依法负有保密义务。 被检查、调查的单位和个人应当配合国务院证券监督管理机构依法进行的监督检查或者调查，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。 | Article 41 When the securities regulatory authority under the State Council conducts supervision, inspection or investigation in accordance with the law, the number of supervision, inspection or investigation personnel shall not be less than two, and shall present the law enforcement certificate, supervision, inspection, investigation notice or other law enforcement documents.Commercial secrets and personal privacy learned during supervision and inspection or investigation shall be subject to confidentiality obligations according to law. Units and individuals under inspection or investigation shall cooperate with the supervision and inspection or investigation conducted by the securities regulatory authority under the State Council in accordance with the law, truthfully provide relevant documents and materials, and shall not refuse, obstruct or conceal them. |
| 第四十二条 国务院证券监督管理机构发现私募基金管理人违法违规，或者其内部治理结构和风险控制管理不符合规定的，应当责令限期改正；逾期未改正，或者行为严重危及该私募基金管理人的稳健运行、损害投资者合法权益的，国务院证券监督管理机构可以区别情形，对其采取下列措施： （一）责令暂停部分或者全部业务； （二）责令更换董事、监事、高级管理人员、执行事务合伙人或者委派代表，或者限制其权利； （三）责令负有责任的股东转让股权、负有责任的合伙人转让财产份额，限制负有责任的股东或者合伙人行使权利； （四）责令私募基金管理人聘请或者指定第三方机构对私募基金财产进行审计，相关费用由私募基金管理人承担。 私募基金管理人违法经营或者出现重大风险，严重危害市场秩序、损害投资者利益的，国务院证券监督管理机构除采取前款规定的措施外，还可以对该私募基金管理人采取指定其他机构接管、通知登记备案机构注销登记等措施。 | Article 42 If the securities regulatory authority under the State Council finds that the private fund manager violates laws and regulations, or that its internal governance structure and risk control management are not in line with the regulations, it shall order it to make corrections within a time limit; if it fails to make corrections within the time limit, or if its behavior seriously endangers the sound operation of the private fund manager and damages the legitimate rights and interests of investors, the securities regulatory authority under the State Council may take the following measures against it in different circumstances: (1) Order part or all of the business to be suspended; (2) Ordering the replacement of directors, supervisors, senior managers, executive partners or delegated representatives, or restricting their rights; (3) Ordering the liable shareholder to transfer the equity, the liable partner to transfer the share of property, and restricting the liable shareholder or partner from exercising their rights; (4) Order the private fund manager to hire or designate a third-party institution to audit the private fund assets, and the relevant expenses shall be borne by the private fund manager. If a private fund manager operates illegally or presents significant risks, seriously endangering the market order and damaging the interests of investors, the securities regulatory authority under the State Council may, in addition to the measures provided for in the preceding paragraph, also take measures such as appointing other institutions to take over and notifying the registration and filing institution to cancel the registration. |
| 第四十三条 国务院证券监督管理机构应当将私募基金管理人、私募基金托管人、私募基金服务机构及其从业人员的诚信信息记入资本市场诚信数据库和全国信用信息共享平台。国务院证券监督管理机构会同国务院有关部门依法建立健全私募基金管理人以及有关责任主体失信联合惩戒制度。 国务院证券监督管理机构会同其他金融管理部门等国务院有关部门和省、自治区、直辖市人民政府建立私募基金监督管理信息共享、统计数据报送和风险处置协作机制。处置风险过程中，有关地方人民政府应当采取有效措施维护社会稳定。 | Article 43 The securities regulatory authority under the State Council shall record the integrity information of private fund managers, private fund custodians, private fund service institutions and their employees in the integrity database of the capital market and the national credit information sharing platform.The securities regulatory authority under the State Council shall, in conjunction with the relevant departments under the State Council, establish and improve a joint disciplinary system for untrustworthiness of private fund managers and relevant responsible entities in accordance with the law. The securities regulatory authority under the State Council, together with other financial regulatory departments and other relevant departments under the State Council and the people’s governments of provinces, autonomous regions and municipalities directly under the Central Government, has established a coordination mechanism for the sharing of information on private fund supervision and management, the submission of statistical data, and the handling of risks.In the process of handling risks, relevant local people’s governments shall take effective measures to maintain social stability. |
| 第六章 法律责任 | Chapter VI Legal Liability |
| 第四十四条 未依照本条例第十条规定履行登记手续，使用“基金”或者“基金管理”字样或者近似名称进行投资活动的，责令改正，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上30万元以下的罚款。 | Article 44 If a person fails to complete the registration procedures in accordance with Article 10 of these Regulations and uses the words “fund” or “fund management” or similar names for investment activities, he shall be ordered to make corrections, his illegal income shall be confiscated, and a fine of not less than one time but not more than five times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned and fined not less than 30,000 yuan but not more than 300,000 yuan. |
| 第四十五条 私募基金管理人的股东、实际控制人、合伙人违反本条例第十二条规定的，责令改正，给予警告或者通报批评，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 45 If the shareholders, actual controllers or partners of the private fund manager violate the provisions of Article 12 of these Regulations, they shall be ordered to make corrections, be warned or criticized, their illegal income shall be confiscated, and a fine of not less than one time but not more than five times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第四十六条 私募基金管理人违反本条例第十三条规定的，责令改正；拒不改正的，给予警告或者通报批评，并处10万元以上100万元以下的罚款，责令其停止私募基金业务活动并予以公告。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 46 If a private fund manager violates the provisions of Article 13 of these Regulations, it shall be ordered to make corrections; if it refuses to make corrections, it shall be warned or criticized, and a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed, and it shall be ordered to stop the business activities of the private fund and announced.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第四十七条 违反本条例第十六条第二款规定，私募基金托管人未建立业务隔离机制的，责令改正，给予警告或者通报批评，并处5万元以上50万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 47 If a private fund custodian fails to establish a business isolation mechanism in violation of the provisions of the second paragraph of Article 16 of these Regulations, it shall be ordered to make corrections, given a warning or criticism, and fined not less than 50,000 yuan but not more than 500,000 yuan.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第四十八条 违反本条例第十七条、第十八条、第二十条关于私募基金合格投资者管理和募集方式等规定的，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上30万元以下的罚款。 | Article 48 Anyone who violates the provisions of Articles 17, 18 and 20 of these Regulations on the management and offering methods of qualified private equity investors shall be confiscated of illegal income and shall also be fined not less than 1 times but not more than 5 times the illegal income; if there is no illegal income or the illegal income is less than 1 million yuan, he shall also be fined not less than 100,000 yuan but not more than 1 million yuan.The directly responsible supervisory personnel and other directly responsible personnel shall be warned and fined not less than 30,000 yuan but not more than 300,000 yuan. |
| 第四十九条 违反本条例第十九条规定，未向投资者充分揭示投资风险，并误导其投资与其风险识别能力和风险承担能力不匹配的私募基金产品的，给予警告或者通报批评，并处10万元以上30万元以下的罚款；情节严重的，责令其停止私募基金业务活动并予以公告。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上10万元以下的罚款。 | Article 49 Anyone who, in violation of the provisions of Article 19 of these Regulations, fails to fully disclose the investment risks to investors and misleads them to invest in private fund products that do not match their ability to identify risks and their ability to bear risks shall be given a warning or criticized, and shall be fined not less than 100,000 yuan but not more than 300,000 yuan; if the circumstances are serious, he shall be ordered to stop the business activities of the private fund and be announced.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed. |
| 第五十条 违反本条例第二十二条第一款规定，私募基金管理人未对募集完毕的私募基金办理备案的，处10万元以上30万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上10万元以下的罚款。 | Article 50 If a private fund manager fails to file a private fund that has been raised in violation of the provisions of the first paragraph of Article 22 of these Regulations, it shall be fined not less than 100,000 yuan but not more than 300,000 yuan.The directly responsible supervisory personnel and other directly responsible personnel shall be warned and fined not less than 30,000 yuan but not more than 100,000 yuan. |
| 第五十一条 违反本条例第二十四条第二款规定，将私募基金财产用于经营或者变相经营资金拆借、贷款等业务，或者要求地方人民政府承诺回购本金的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 51 If, in violation of the provisions of the second paragraph of Article 24 of these Regulations, the property of a private fund is used for the operation or disguised operation of a fund lending, loan, or other business, or the local people’s government is required to promise to repurchase the principal, it shall be ordered to make corrections, warned or criticized, the illegal income shall be confiscated, and a fine of 100,000 yuan to 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十二条 违反本条例第二十六条规定，私募基金管理人未聘用具有相应从业经历的高级管理人员负责投资管理、风险控制、合规等工作，或者未建立从业人员投资申报、登记、审查、处置等管理制度的，责令改正，给予警告或者通报批评，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 52 If, in violation of Article 26 of these Regulations, the private equity fund manager fails to employ senior managers with corresponding professional experience to be responsible for investment management, risk control, compliance, etc., or fails to establish management systems such as investment declaration, registration, review, and disposal of employees, it shall be ordered to make corrections, be given a warning or criticism, and be fined not less than 100,000 yuan but not more than 1 million yuan.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十三条 违反本条例第二十七条规定，私募基金管理人委托他人行使投资管理职责，或者委托不符合《证券投资基金法》规定的机构提供证券投资建议服务的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 53 If a private equity fund manager, in violation of Article 27 of these Regulations, entrusts another person to perform investment management duties, or entrusts an institution that does not comply with the provisions of the Securities Investment Fund Law to provide securities investment advice services, it shall be ordered to make corrections, be warned or criticized, the illegal income shall be confiscated, and a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十四条 违反本条例第二十八条规定，私募基金管理人从事关联交易的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 54 If a private fund manager engages in affiliated transactions in violation of Article 28 of these Regulations, it shall be ordered to make corrections, given a warning or criticism, its illegal income shall be confiscated, and a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十五条 私募基金管理人、私募基金托管人及其从业人员有本条例第三十条所列行为之一的，责令改正，给予警告或者通报批评，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 55 If the private fund manager, the private fund custodian and their employees commit any of the acts listed in Article 30 of these Regulations, they shall be ordered to make corrections, be warned or criticized, their illegal income shall be confiscated, and a fine of not less than one time but not more than five times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十六条 私募基金管理人、私募基金托管人及其从业人员未依照本条例规定提供、报送相关信息，或者有本条例第三十二条所列行为之一的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。 | Article 56 If the private fund manager, the private fund custodian and their employees fail to provide or submit relevant information in accordance with the provisions of these Regulations, or commit any of the acts listed in Article 32 of these Regulations, they shall be ordered to make corrections, be warned or criticized, their illegal income shall be confiscated, and a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 300,000 yuan shall be imposed. |
| 第五十七条 私募基金服务机构及其从业人员违反法律、行政法规规定，未恪尽职守、勤勉尽责的，责令改正，给予警告或者通报批评，并处10万元以上30万元以下的罚款；情节严重的，责令其停止私募基金服务业务。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上10万元以下的罚款。 | Article 57 If a private fund service institution and its employees violate the provisions of laws and administrative regulations and fail to perform their duties and diligence, they shall be ordered to make corrections, be warned or criticized, and be fined not less than 100,000 yuan but not more than 300,000 yuan; if the circumstances are serious, they shall be ordered to stop the private fund service business.The directly responsible supervisory personnel and other directly responsible personnel shall be warned or criticized, and a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed. |
| 第五十八条 私募基金管理人、私募基金托管人、私募基金服务机构及其从业人员违反本条例或者国务院证券监督管理机构的有关规定，情节严重的，国务院证券监督管理机构可以对有关责任人员采取证券期货市场禁入措施。 拒绝、阻碍国务院证券监督管理机构及其工作人员依法行使监督检查、调查职权，由国务院证券监督管理机构责令改正，处10万元以上100万元以下的罚款；构成违反治安管理行为的，由公安机关依法给予治安管理处罚；构成犯罪的，依法追究刑事责任。 | Article 58 If a private fund manager, a private fund custodian, a private fund service institution and their employees violate these Regulations or the relevant provisions of the securities regulatory authority under the State Council, and the circumstances are serious, the securities regulatory authority under the State Council may take measures to prohibit the relevant responsible personnel from entering the securities and futures market. Refusing or obstructing the exercise of supervision, inspection and investigation functions by the securities regulatory authority under the State Council and its staff in accordance with the law, the securities regulatory authority under the State Council shall order correction and impose a fine of not less than 100,000 yuan but not more than 1 million yuan; if it constitutes a violation of public security management, the public security organ shall impose a public security management penalty in accordance with the law; if it constitutes a crime, criminal responsibility shall be investigated in accordance with the law. |
| 第五十九条 国务院证券监督管理机构、登记备案机构的工作人员玩忽职守、滥用职权、徇私舞弊或者利用职务便利索取或者收受他人财物的，依法给予处分；构成犯罪的，依法追究刑事责任。 | Article 59 Any staff member of the securities regulatory body or the registration and filing institution under the State Council who neglects his duty, abuses his power, engages in malpractices for personal gain, or uses his position to facilitate the solicitation or acceptance of property of others shall be punished according to law; if a crime is constituted, criminal responsibility shall be investigated according to law. |
| 第六十条 违反本条例规定和基金合同约定，依法应当承担民事赔偿责任和缴纳罚款、被没收违法所得，其财产不足以同时支付时，先承担民事赔偿责任。 | Article 60 If a person, in violation of the provisions of these Regulations and the provisions of the fund contract, shall bear civil liability for compensation and pay a fine or confiscated illegal income according to law, and his/her property is insufficient to pay at the same time, he/she shall first bear civil liability for compensation. |
| 第七章 附 则 | Chapter VII Supplementary Provisions |
| 第六十一条 外商投资私募基金管理人的管理办法，由国务院证券监督管理机构会同国务院有关部门依照外商投资法律、行政法规和本条例制定。 境外机构不得直接向境内投资者募集资金设立私募基金，但国家另有规定的除外。 私募基金管理人在境外开展私募基金业务活动，应当符合国家有关规定。 | Article 61 The measures for the administration of foreign-invested private placement fund managers shall be formulated by the securities regulatory authority under the State Council in conjunction with the relevant departments under the State Council in accordance with foreign investment laws, administrative regulations and these Regulations. Foreign institutions may not directly raise funds from domestic investors to set up private funds, unless otherwise stipulated by the state. Private fund managers conducting private fund business activities overseas shall comply with relevant state regulations. |
| 第六十二条 本条例自2023年9月1日起施行。 | Article 62 These Regulations shall come into force as of September 1, 2023. |