China has promulgated the Securities Investment Fund Law to regulate securities investment funds. The investment targets of securities investment funds and equity investment funds are different due to the characteristics of the industry, which determines that they are completely different in terms of fund raising methods, investment concepts, operation methods, governance structure, incentive mechanism and risk control. In particular, due to the different social risks generated by these two types of funds, the government's regulatory concepts and means should also be different. Therefore, securities investment funds and equity investment funds should be regulated by legislation respectively.

The supervision process of private equity investment funds;

The first stage: multi-head management. In 2003, the Ministry of Commerce and other five ministries and commissions jointly issued the Regulations on the Administration of Foreign-invested Venture Capital Enterprises. For domestic private equity funds, it is mainly the Interim Measures for the Administration of Venture Capital Enterprises jointly issued by the National Development and Reform Commission and other ten ministries and commissions in 2005, including the People's Bank of China, the China Securities Regulatory Commission, the State Administration for Industry and Commerce, the Tax Bureau and the Ministry of Finance. In 2003, the Securities Investment Fund Law was promulgated, which made it clear that the securities supervision and management institutions should supervise and manage securities investment funds. In fact, at that point in time, China Securities Regulatory Commission's supervision over Public Offering of Fund exceeded that of private equity investment funds.

The second stage: unified supervision. In 20 12, the central government issued the Notice on the Division of Management Responsibilities of Private Equity Funds, which changed the supervision system of private equity funds and changed the supervision department of private equity funds from NDRC to CSRC. In 20 13, the State Council 107 "Notice of General Office of the State Council on Strengthening the Supervision of Shadow Banking" was issued, and 107 brought all kinds of private investment funds into the centralized management of CSRC. The release of the two documents changed the situation of multi-head supervision, and centralized the supervision department of private investment funds to the China Securities Regulatory Commission.

The third stage, the normalization supervision combining administrative supervision with self-discipline norms. 20 14, 1 In June, according to the Securities Investment Fund Law and the authorization of the CSRC, the Association promulgated the Measures for the Registration of Private Investment Fund Managers and Fund Filing (Trial). 2065438+In August 2004, the CSRC issued the Interim Measures for the Supervision and Administration of Private Investment Funds. Since the second half of 20 15, the association has issued a large number of self-discipline norms, including the Information Disclosure Measures, the Internal Control Guidelines, the Announcement on the Registration of Private Investment Funds, and the specific legal opinions. Through administrative supervision and association self-regulation, the CSRC formally brought private equity funds into the regular supervision state.