Legislative Affairs Office of the State Council, Tentative Regulations for the Administration of Private Investment Funds (Draft for Comments)
国务院法制办公室私募投资基金管理暂行条例（征求意见稿）
March 30, 2018 | BY
Susan Mok & Issued: August 3 2017 Main contents: The Draft sets forth regulatory requirements in respect of the private fund industry from many…
Issued: August 3 2017
Main contents: The Draft sets forth regulatory requirements in respect of the private fund industry from many aspects, such as regulatory scope, private fund manager, private fund custodian, offering activities, investment operations, provision of information, industry self-regulation, oversight and special regulations for venture capital funds.
A venture capital fund may divest by means such as listing and transfer, negotiated transfer, buyback of equity by the investee enterprise as well as acquisition and restructuring (Article 41).
If investment activities are engaged in using words such as “fund” or “fund management”, or a similar name without having carried out registration, a fine of up to five times the illegal income may be assessed (Article 45).
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