The newly revised Securities Investment Fund Law (hereinafter referred to as the "new fund law") has included non-public offering funds (hereinafter referred to as private placement funds) in the scope of adjustment. Chapter 10 of this Law stipulates the principles of registration of qualified investors and managers, fund custody, selling methods, fund contracts, fund filing and information provision, as well as the conditions for private fund managers to be transformed into Public Offering of Fund managers. Article 32 of the law also stipulates: "The specific measures for regulating fund managers of non-public offering funds shall be formulated by the financial supervision and regulation institution of the State Council in accordance with the principles of this chapter." According to the authorization of the law and the current pattern of asset management industry, supervise the business activities of private equity funds, formulate corresponding management measures, refine relevant institutional arrangements, and specifically implement legal provisions. To this end, the Ministry has drafted the Interim Measures for the Management of Private Equity Funds (Draft for Comment) (hereinafter referred to as the Interim Measures) to regulate the business activities of private equity funds, protect the legitimate rights and interests of investors and promote the healthy development of the private equity fund industry.

Second, the guiding ideology

Considering that private equity funds are flexible in operation, investors have certain risk identification and risk tolerance, and they are not publicly issued, and the external risks are relatively small, the supervision of private equity funds should be obviously different from that of Public Offering of Fund. Therefore, the Interim Measures always runs through the guiding ideology of giving full play to the role of industry self-discipline management and implementing moderate administrative supervision, and mainly stipulates and refines the matters clearly required by laws such as the registration conditions of private fund managers, the standards of qualified investors, fund publicity and promotion, fund filing and employee management. In addition, it also stipulates the bottom line that fund managers and their employees should abide by, such as giving priority to protecting the interests of fund share holders, preventing insider trading and interest transfer, prohibiting embezzlement and misappropriation of fund property, defrauding customers and "rat warehouses". There are no restrictive requirements for the daily management of private equity fund managers and the investment operation of private equity funds, and there is no entry threshold. Fund managers will make their own arrangements according to their own conditions and fund contracts. At present, the purpose of legislation is to bring most existing private fund managers into supervision, clarify their legal status and grasp their basic situation. At the same time, based on the principle of not changing the operating status of the existing private equity fund industry and not increasing its supervision cost, supervision is mainly carried out through industry self-discipline, after-the-fact inspection and punishment.