With regard to the registration of fund managers, the Measures require that institutions with a scale of securities assets management exceeding 6,543.8 billion yuan should register with fund industry associations. These institutions include not only the current "sunshine private placement" management institutions, but also PE, VC and other institutions. As long as the products under its management are invested in publicly issued stocks, bonds, fund shares and other securities and their derivatives as stipulated by the China Securities Regulatory Commission, they should be registered.

In terms of qualified investors, the Measures point out that natural persons must meet any of the three conditions: the total financial assets of individuals or families are not less than 2 million yuan, the average annual income of individuals in the last three years is not less than 200 thousand yuan, and the average annual income of families in the last three years is not less than 300 thousand yuan; Companies, enterprises and other institutions must meet the condition that the net assets are not less than 6,543,800 yuan. In addition, the amount of qualified investors investing in a single private equity fund shall not be less than RMB 654,380,000.