Legal Analysis: The regulatory agency of China's funds is the State Council Securities Regulatory Agency. In order to better regulate and supervise fund management companies, regulators have issued many laws and regulations. At the same time, with the promulgation and implementation of the new Securities Law and Fund Law, the legitimate rights and interests of ordinary investors are fully guaranteed. At the same time, the regulatory authorities also have strict requirements for employees in the fund industry. Relevant personnel must hold relevant certificates, and the appointment of senior executives also needs to be reviewed and approved by the regulatory authorities. Therefore, the management of fund, a new financial industry, is very strict.

Legal basis: Interim Measures for the Supervision and Administration of Private Equity Funds in People's Republic of China (PRC) Article 5 The China Securities Regulatory Commission and its dispatched offices shall supervise and administer the business activities of private equity funds in accordance with the Securities Investment Fund Law, these Measures and other relevant provisions of the China Securities Regulatory Commission.