Upgraded requirements on management of private funds

By Thomas Wang and Carol Li, Boss & Young
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On 31 March 2017, the Asset Management Association of China (AMAC) issued the Answers to Questions on the Registration and Recordal of Private Funds (13), upgrading the requirements of professional management and marking the end of the private fund “hybrid operation” era. This column analyzes the road to this upgrading, and clarifies the ways in which private fund managers can respond.

Thomas WangPartnerBoss & Young
Thomas Wang
Partner
Boss & Young

Article 22 of the Interim Measures for the Regulation of Private Investment Funds, issued by the China Securities Regulatory Commission (CSRC) on 21 August 2014, specifies that if a private fund manager manages different types of private funds, it is required to adhere to the principle of professional management. A manager that manages different private funds that could give rise to a funneling of benefits or a conflict of interests is required to establish a mechanism to prevent the same.

Following the reversion of the oversight of private securities investment funds and private equity investment funds to the CSRC, the measures served as the overarching document for the regulation of private funds, and the principle of professional management that the measures specified was mainly addressed at private fund managers that manage different types of private funds.

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Author: Thomas Wang is a partner and Carol Li is an associate at Boss & Young

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