On February 5, 20 16, in order to further standardize the registration of private fund managers, China Fund Industry Association issued Document No.4-Announcement on Further Regulating the Registration of Private Fund Managers (hereinafter referred to as "Announcement"), which mainly includes canceling the registration certificate of private fund managers, strengthening information submission, submitting legal opinions and senior managers. Among them, the announcement requires that: since the date of this announcement, some major matters of the newly registered private equity fund managers who apply for registration have changed, and legal opinions issued by China Law Firm must be submitted through the private equity fund registration and filing system.

Specific application of legal opinions (1) As of the date of this announcement, a new application for registration of private fund managers shall be submitted as necessary application materials through the private fund registration and filing system. For an applicant institution of private fund manager who has submitted an application before the date of this announcement but has not completed the registration, it shall submit a legal opinion on the registration of private fund manager in accordance with the above requirements. (2) A registered private fund manager who has not filed a private fund product shall, before applying for filing a private fund product for the first time, issue a supplementary legal opinion on the registration of private fund managers in accordance with the above requirements. (3) Private fund managers who have registered and filed private fund products, China Fund Industry Association will require them to supplement the legal opinions on the registration of private fund managers according to specific circumstances. (4) Where a registered private equity fund manager applies to change major matters such as controlling shareholder, actual controller, legal representative and executive partner, or other major matters prudently identified by China Fund Industry Association, it shall submit a special legal opinion on major matters change of private equity fund manager.

Matters involved in the legal opinions The legal opinions give conclusive opinions on the application materials for registration, industrial and commercial registration, specialized operation, shareholding structure, actual controllers, related parties and branches, operating infrastructure and conditions, risk management system and internal control system, outsourcing, legality and compliance, and the qualifications of senior management personnel.