The responsibilities of managers and related parties to private investment funds do not exempt the Association from self-discipline measures such as canceling the registration of managers according to laws, regulations and self-discipline rules. The revoked manager and relevant parties shall properly dispose of the fund property under management according to the Securities Investment Fund Law, the relevant self-discipline rules of the Association and the fund contract, and protect the legitimate rights and interests of investors according to law. The materials and information provided by the manager for filing and continuous information updating of private investment funds shall be true, accurate and complete, and there shall be no false records, misleading statements or major omissions. The manager shall upload a complete signed commitment letter for private investment fund filing, fund contract, risk disclosure, paid-in capital contribution certificate and other relevant written materials.

Interim Measures for the Supervision and Administration of Private Investment Funds

Article 2 The term "private investment fund" as mentioned in these Measures refers to an investment fund established by private offering from investors within the territory of People's Republic of China (PRC).

The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts.

These Measures shall apply to the registration, fund raising and investment operation of companies or partnerships established for the purpose of investing in private equity funds and assets managed by fund managers or general partners.

These Measures shall apply to securities companies, fund management companies, futures companies and their subsidiaries engaged in private equity fund business. Where other laws and regulations and the relevant provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) provide otherwise for the above-mentioned institutions to engage in private equity fund business, such provisions shall apply.

Article 3 Private equity fund business shall follow the principles of voluntariness, fairness, honesty and credibility, safeguard the legitimate rights and interests of investors, and shall not harm the national and social public interests.

Article 4 Private equity fund managers and institutions engaged in private equity fund custody business (hereinafter referred to as private equity fund custodians) manage and use private equity fund property, and institutions engaged in private equity fund sales business (hereinafter referred to as private equity fund sales institutions) and other private equity fund service institutions shall fulfill their duties and fulfill their obligations of honesty, credibility, prudence and diligence.

Private equity fund practitioners shall abide by laws and administrative regulations, and abide by professional ethics and codes of conduct.