(I) Differences in access conditions The so-called comprehensive fund custody business refers to comprehensive services such as product filing, trading system and valuation accounting provided by securities brokers around securities brokerage business. Although this kind of service is also a kind of "custody" business, it does not belong to the fund custody business stipulated in the Securities Investment Fund Law. Brokers conducting fund custody business must meet the requirements of fund custodian as stipulated in Article 33 of the Securities Investment Fund Law, and can only conduct fund custody business externally after obtaining the fund custody qualification recognized by the CSRC. However, there are no rigid requirements for net assets, whether to set up a special custody department and the number of people who have obtained fund business qualifications. The most obvious entry threshold is the qualification of securities brokerage business. (2) The difference of legal relationship is the trust relationship among the investors, managers and custodians in the fund custody business, and the managers and custodians bear dual fiduciary responsibilities at the same time; In the case of not choosing custody, a private equity fund may entrust an asset custodian to safely keep the fund assets on its behalf. In this case, there is a principal-agent relationship between the manager and the asset custodian. (3) The fund industry association issued new regulations to regulate the development of fund comprehensive custody business, and publicly solicited opinions from the society. In view of the confusion between fund custody business and comprehensive fund custody business in practice, on 2016/6 5438+0015, the fund industry association issued the Notice for Public Solicitation of Opinions (hereinafter referred to as the "Administrative Measures"). Among them, for the first time, the business categories of private equity service industry have been comprehensively sorted out, and fund raising, investment consulting, asset custody and auxiliary services have been added on the basis of share registration, valuation accounting and information technology systems, and the boundaries of various businesses have been clarified. When many investors buy private equity funds, they will have a doubt: can private equity funds be managed? Here, I can definitely answer you: private equity funds may not be managed, but the property security system of private equity funds must be improved in the fund contract. Lawyer 365 warmly reminds investors that when choosing a private equity fund to invest, it is best to choose a private equity fund with trust control for the safety of funds.