AMAC solicits opinions on regulating the disclosure of private fund information, further refining disclosure requirements such as periodic reporting.

On March 13th, in order to standardize the information disclosure behavior of private equity funds, protect the legitimate rights and interests of investors, and promote the standardized and healthy development of the private equity fund industry, the China Securities Investment Fund Industry Association drafted the "Implementation Rules for Information Disclosure of Private Equity Investment Funds (Consultation Draft)" and the "Important Content Template for Information Disclosure of Private Equity Investment Funds (Consultation Draft)", and now publicly solicits opinions on the relevant documents. Next, the association will further improve the above rules based on the public opinions and announce the specific launch time after making changes to the fund information disclosure backup system. The "Information Disclosure Rules" consists of seven chapters and fifty-one articles, mainly including the following contents: 1. Elaborating the disclosure requirements of regular reports for private securities investment funds. This includes detailed requirements for the disclosure of net asset value, financial situation, leverage level, related transactions, cross-border investments, illiquid assets, annual financial accounting reports, management reports, custodian reports, etc., in the private securities fund net asset value disclosure and regular reports as outlined in the "Disclosure Measures". 2. Elaborating the disclosure requirements for private equity fund regular reports. This includes detailed requirements for the disclosure of net assets, leverage levels, related transactions, management reports, custodian reports, investment targets, and so on, as outlined in the "Disclosure Measures" for private equity funds. It also provides specific standards for funds with a management scale exceeding one billion yuan and with more than twenty individual investors. 3. Clarifying the disclosure requirements for private equity fund interim reports and liquidation reports. This includes specific disclosure requirements for "significant related transactions" in interim reports, as well as detailed guidelines for liquidation reports. 4. Establishing information disclosure content templates and specifying backup requirements. This includes requirements for fund managers to disclose information to investors, adhere to the requirements outlined in the "Important Content Template", and backup the disclosed content on a designated platform for information backup. The platform should not be used as an information disclosure channel, and the information on the platform should be kept strictly confidential. 5. Strengthening self-discipline management. The association will carry out self-discipline management for private equity fund managers, custodians, sales institutions, service institutions, and their practitioners in information disclosure activities, setting out measures for self-discipline and disciplinary actions. The "Information Disclosure Rules" will come into effect on September 1, 2026, while the "Regulations on the Management of Information Disclosure for Private Equity Investment Funds" announced by the association on February 4, 2016, will be repealed. This text is excerpted from the official website of the China Securities Investment Fund Industry Association. Translation provided by GMTEight Editor: Jiang Yuanhua.