Twenty-five equity and venture capital associations "wrote" against the inclusion of PE funds in the new fund, which is the biggest change after the amendment to the Securities Investment Fund Law (hereinafter referred to as the "revised draft") entered the deliberation process of the National People's Congress in June.
Led by the Equity and Venture Capital Professional Committee of China Investment Association (hereinafter referred to as "China Venture Capital Committee"), 25 industry associations, including entrepreneurial associations in Beijing, Shanghai, Shenzhen and Tianjin, sternly pointed out in their proposals that bringing PE funds under the supervision of the new Fund Law "will have a serious adverse impact on entrepreneurial innovation in China".
At present, securities investment funds are mainly supervised by CSRC, Sunshine Private Equity Fund is supervised by CBRC, and the supervision right of PE Fund is mainly exercised by NDRC. Once the amendment is passed, it will be enjoyed by NDRC and CSRC.
Insiders who are not convenient to be named pointed out that they jointly wrote a letter against the CSRC's supervision of PE funds. Under the leadership of the National Development and Reform Commission, China Venture Capital Committee was established.
A number of well-known PE funds refused to make a public statement on this matter: "I don't care who will supervise, the focus will be decided as soon as possible, and unified legislation will allow practitioners to have laws to follow."