Legal basis: Interim Measures for the Supervision and Administration of Private Investment Funds Article 2 These Measures are applicable to private fund managers who privately raise funds from investors, institutions registered with China Securities Regulatory Commission and qualified for fund sales, and members of China Asset Management Association (hereinafter referred to as fundraising institutions) and their employees.
Institutions registered as private fund managers in China Asset Management Association (hereinafter referred to as China Fund Association) can raise their own private funds, and institutions registered in China Securities Regulatory Commission and becoming members of China Fund Association (hereinafter referred to as fund sales organizations) can accept the entrustment of private fund managers to raise private funds. No other institution or individual may engage in fundraising activities of private equity funds.
The term "offering" as mentioned in these Measures includes the promotion of private equity funds, the sale of fund shares (rights and interests), the subscription/subscription of fund shares (rights and interests), redemption (withdrawal) and other activities.