There are many regulators of private equity funds, mainly including the National People's Congress and the State Council (policy makers), the China Securities Regulatory Commission, the China Foundation, the Central Bank, the National Development and Reform Commission, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the China Securities Association, the share transfer system and the China Securities Association. Of course, now the CBRC and the CIRC have merged into one. There are also some differences among the regulators involved in different private equity funds. For example, the regulatory organization system of private equity investment funds is mainly the local securities regulatory bureaus, China Foundation, exchanges and securities registration institutions under the supervision of the CSRC. The specific regulatory measures are mainly related laws, regulations, policies, management measures, notices and announcements. For details, please refer to the Securities Investment Fund Law, Measures for the Supervision and Administration of Private Fund Raising, Measures for the Administration of Private Fund Raising and other relevant laws and regulations. Or the subject matter of fund qualification certificate, fund laws and regulations, professional ethics and business norms.