If the registered fund manager is under any of the following circumstances, the China Fund Industry Association will suspend the acceptance of the institution's application for filing private placement products before completing the rectification:

(1) The fund manager fails to fulfill the obligation to submit and update quarterly, annual and major information on time;

(2) The registered fund manager is listed in the list of serious illegal enterprises in the enterprise credit information publicity system for violating the relevant provisions of the Provisional Regulations on Enterprise Information Publicity;

(3) The registered fund manager fails to submit the audited annual financial report as required.