Failure to register will be punished. In fact, the formal implementation of the Interim Measures for the Supervision and Administration of Private Equity Funds not only laid a regulatory system for the operation of private equity funds, but also laid a legal foundation for the next development of private equity funds, which is convenient for the next fiscal, taxation and industrial and commercial departments to speed up the improvement of fiscal and industrial registration policies for private equity funds and promote the development of private equity funds. According to the Measures for the Registration of Private Equity Fund Managers and the Filing of Funds, private equity funds to be listed must be filed, otherwise they cannot be withdrawn through listing. If the circumstances of non-registration and non-filing are serious, the fund industry association will make relevant penalties or hand them over to the CSRC for handling.

Legal basis:

People's Republic of China (PRC) Securities Investment Fund Law

Article 11 The manager of a private equity fund shall, within 20 working days after the private equity fund is raised, put on record through the private equity fund registration and filing system, indicate the fund category according to the main investment direction of the private equity fund, and truthfully fill in the basic information such as the fund name, fund scale, investor, fund contract (the articles of association of the fund company or partnership agreement, hereinafter referred to as the fund contract).

Where a corporate fund employs a management team to manage the assets of the fund, the corporate fund shall go through the procedures of fund filing and fund manager registration.

Article 12 Where the filing materials of private equity funds are incomplete or do not meet the requirements, the private equity fund manager shall make timely corrections according to the requirements of the fund industry association. Article 13 If the filing materials of private equity funds are complete and meet the requirements, the fund industry association shall, within 20 working days from the date of receiving all the filing materials, complete the filing procedures of private equity funds by publicizing the basic information of private equity funds through the website. The basic information of private equity fund published on the website includes the name of private equity fund, time of establishment, filing time, main investment fields, fund manager and fund custodian.

Article 14 A registered private equity fund may apply for opening a securities-related account.

According to the Securities Investment Fund Law and the Interim Measures for the Supervision and Administration of Private Investment Funds, all kinds of private fund managers should complete the registration procedures of private fund managers in fund industry associations before conducting private investment fund business; After all kinds of private equity funds are raised, they shall go through the filing procedures with the fund industry association. Failure to fulfill the obligation of registration and filing shall be handled in accordance with Article 38 of the Interim Measures for the Supervision and Administration of Private Investment Funds.