No, only when private fund managers and their legal representatives, senior managers, actual controllers or major investors meet the following conditions, which may affect private fund managers' continuous compliance with registration requirements, they shall submit special legal opinions to China Asset Management Association (hereinafter referred to as the Association):

1, being investigated by public security, procuratorial and supervisory organs;

2. Being listed as a serious untrustworthy by the administrative organ and being listed as an untrustworthy executor by the people's court;

3. Being subject to administrative punishment by securities regulatory agencies or self-disciplinary punishment by self-regulatory organizations such as exchanges, and the circumstances are serious;

4. Refusing or obstructing the supervisors or self-discipline management personnel from exercising their functions and powers of supervision, inspection, investigation or self-discipline inspection according to law;

5. Due to serious violations of laws and regulations, the securities regulatory authorities suggested that the association take self-discipline management measures;

6. The investor has repeatedly complained that it is suspected of violating laws, regulations and self-discipline rules and infringing on the legitimate rights and interests of investors, and has not made a reasonable explanation to the association and investors on the complaints;

7. In the course of operation, it failed to register in accordance with the provisions of Question and Answer on Registration and Filing of Private Equity Funds 14;

8. Other acts that seriously violate laws and regulations and the relevant provisions of self-discipline rules such as the Guidelines for Internal Control of Private Equity Fund Managers, resulting in out-of-control management, major risks and damage to the interests of investors.