According to the Securities Investment Fund Law and the Interim Measures for the Supervision and Administration of Private Investment Funds, the legal responsibilities of private investment funds are as follows:

(a) private fund managers and other related institutions and their employees have the following seven kinds of illegal acts, shall be ordered to correct, given a warning, and impose a fine of not more than thirty thousand yuan; Give a warning to the directly responsible person in charge and other directly responsible personnel and impose a fine of not more than 30,000 yuan:

1. Failing to fulfill the obligation of registration and filing;

2. Raise funds from unqualified investors or raise shares in disguised form;

3. Promise not to lose the principal or promise the minimum income;

4. Failing to take measures such as evaluating and confirming investors or rating funds, or recommending private equity funds to investors whose risk identification ability and risk-taking ability do not match;

5. Failing to truthfully disclose information to investors as agreed in the contract, or failing to submit information to China Asset Management Association as required;

6. Failing to save relevant information as required;

7. There are acts that damage the fund property.

(2) Relevant institutions such as private fund managers and their employees who engage in insider trading and manipulate trading prices in violation of regulations shall be punished in accordance with relevant regulations.

(3) Relevant institutions such as private fund managers and their employees violate laws and regulations and the provisions of these Measures, and if the circumstances are serious, the relevant responsible persons are prohibited from entering the market.

(four) private fund managers and their employees who violate the relevant provisions of the Securities Investment Fund Law shall be punished in accordance with the provisions of the Securities Investment Fund Law.

(five) private fund managers and other relevant institutions and their employees in violation of laws and regulations and the provisions of these measures, if the circumstances are serious and constitute a crime, they shall be transferred to judicial organs for criminal responsibility according to law. Mainly refers to disguised public offering, which may constitute the crime of illegal business operation or illegal fund-raising.