KYB CHINA(2023年6月16日国务院第8次常务会议通过 2023年7月3日中华人民共和国国务院令第762号公布 自2023年9月1日起施行)
(Adopted at the 8th Executive Meeting of the State Council on June 16, 2023, promulgated by Order No. 762 of the State Council of the People's Republic of China on July 3, 2023, and effective as of September 1, 2023)
总 则
General Provisions
为了规范私募投资基金(以下简称私募基金)业务活动，保护投资者以及相关当事人的合法权益，促进私募基金行业规范健康发展，根据《中华人民共和国证券投资基金法》(以下简称《证券投资基金法》)、《中华人民共和国信托法》、《中华人民共和国公司法》、《中华人民共和国合伙企业法》等法律，制定本条例。
This Regulation is formulated in accordance with the Securities Investment Fund Law of the People's Republic of China (hereinafter referred to as the Securities Investment Fund Law), the Trust Law of the People's Republic of China, the Company Law of the People's Republic of China, the Partnership Enterprise Law of the People's Republic of China, and other laws, for the purposes of regulating the business activities of privately offered investment funds (hereinafter referred to as private funds), protecting the legitimate rights and interests of investors and relevant parties, and promoting the standardized and healthy development of the private fund industry.
在中华人民共和国境内，以非公开方式募集资金，设立投资基金或者以进行投资活动为目的依法设立公司、合伙企业，由私募基金管理人或者普通合伙人管理，为投资者的利益进行投资活动，适用本条例。
This Regulation applies to the raising of funds by non-public means within the territory of the People's Republic of China, the establishment of investment funds or the establishment of companies or partnerships lawfully for the purpose of conducting investment activities, which are managed by private fund managers or general partners and carry out investment activities for the benefit of investors.
国家鼓励私募基金行业规范健康发展，发挥服务实体经济、促进科技创新等功能作用。
The State encourages the standardized and healthy development of the private fund industry, and the performance of functions such as serving the real economy and promoting technological innovation.
从事私募基金业务活动，应当遵循自愿、公平、诚信原则，保护投资者合法权益，不得违反法律、行政法规和国家政策，不得违背公序良俗，不得损害国家利益、社会公共利益和他人合法权益。
Engaging in private fund business activities shall follow the principles of voluntariness, fairness, and good faith, protect the legitimate rights and interests of investors, and shall not violate laws, administrative regulations, or national policies, nor contravene public order and good customs, nor harm national interests, public interests, or the legitimate rights and interests of others.
私募基金管理人管理、运用私募基金财产，私募基金托管人托管私募基金财产，私募基金服务机构从事私募基金服务业务，应当遵守法律、行政法规规定，恪尽职守，履行诚实守信、谨慎勤勉的义务。
Private fund managers managing and using private fund property, private fund custodians custodizing private fund property, and private fund service institutions providing private fund services shall comply with laws and administrative regulations, perform their duties with due diligence, and fulfill the obligations of honesty, trustworthiness, prudence, and diligence.
私募基金从业人员应当遵守法律、行政法规规定，恪守职业道德和行为规范，按照规定接受合规和专业能力培训。
Private fund practitioners shall comply with laws and administrative regulations, adhere to professional ethics and codes of conduct, and undergo compliance and professional competence training as required.
私募基金财产独立于私募基金管理人、私募基金托管人的固有财产。私募基金财产的债务由私募基金财产本身承担，但法律另有规定的除外。
Private fund property is independent from the inherent property of the private fund manager and the private fund custodian. Debts of the private fund property shall be borne by the private fund property itself, unless otherwise provided by law.
投资者按照基金合同、公司章程、合伙协议(以下统称基金合同)约定分配收益和承担风险。
Investors shall distribute profits and bear risks in accordance with the provisions of the fund contract, articles of association, or partnership agreement (hereinafter collectively referred to as the fund contract).
私募基金业务活动的监督管理，应当贯彻党和国家路线方针政策、决策部署。国务院证券监督管理机构依照法律和本条例规定对私募基金业务活动实施监督管理，其派出机构依照授权履行职责。
The supervision and administration of private fund business activities shall implement the Party and state's line, principles, policies, and decisions. The securities regulatory authority of the State Council shall, in accordance with the law and these Regulations, supervise and administer private fund business activities, and its dispatched offices shall perform their duties as authorized.
国家对运用一定比例政府资金发起设立或者参股的私募基金的监督管理另有规定的，从其规定。
Where the state has other provisions on the supervision and administration of private funds established or participated in with a certain proportion of government funds, those provisions shall prevail.
国务院证券监督管理机构根据私募基金管理人业务类型、管理资产规模、持续合规情况、风险控制情况和服务投资者能力等，对私募基金管理人实施差异化监督管理，并对创业投资等股权投资、证券投资等不同类型的私募基金实施分类监督管理。
The securities regulatory authority of the State Council shall implement differentiated supervision and administration over private fund managers based on their business types, scale of assets under management, continuous compliance status, risk control status, and ability to serve investors, and shall implement classified supervision and administration over different types of private funds such as venture capital and other equity investments, and securities investments.
私募基金管理人和私募基金托管人
Private Fund Managers and Private Fund Custodians
私募基金管理人由依法设立的公司或者合伙企业担任。
A private fund manager shall be a company or partnership established in accordance with the law.
以合伙企业形式设立的私募基金，资产由普通合伙人管理的，普通合伙人适用本条例关于私募基金管理人的规定。
Where a private fund established in the form of a partnership has its assets managed by the general partner, the general partner shall apply the provisions of these Regulations concerning private fund managers.
私募基金管理人的股东、合伙人以及股东、合伙人的控股股东、实际控制人，控股或者实际控制其他私募基金管理人的，应当符合国务院证券监督管理机构的规定。
The shareholders, partners, and controlling shareholders or actual controllers of shareholders or partners of a private fund manager that control or actually control other private fund managers shall comply with the provisions of the securities regulatory authority of the State Council.
有下列情形之一的，不得担任私募基金管理人，不得成为私募基金管理人的控股股东、实际控制人或者普通合伙人：
No person under any of the following circumstances may serve as a private fund manager, or become a controlling shareholder, actual controller, or general partner of a private fund manager:
(一)本条例第九条规定的情形；
(1) The circumstances specified in Article 9 of these Regulations;
(二)因本条例第十四条第一款第三项所列情形被注销登记，自被注销登记之日起未逾3年的私募基金管理人，或者为该私募基金管理人的控股股东、实际控制人、普通合伙人；
(2) A private fund manager that has been deregistered due to the circumstances specified in Article 14, paragraph 1, item (3) of these Regulations, and less than three years have elapsed since the date of deregistration, or a controlling shareholder, actual controller, or general partner of such private fund manager;
(三)从事的业务与私募基金管理存在利益冲突；
(3) The business engaged in has a conflict of interest with private fund management;
(四)有严重不良信用记录尚未修复。
(4) There is a serious adverse credit record that has not been remedied.
有下列情形之一的，不得担任私募基金管理人的董事、监事、高级管理人员、执行事务合伙人或者委派代表：
A person under any of the following circumstances shall not serve as a director, supervisor, senior manager, managing partner, or appointed representative of a private fund manager:
(一)因犯有贪污贿赂、渎职、侵犯财产罪或者破坏社会主义市场经济秩序罪，被判处刑罚；
(1) Has been sentenced to criminal punishment for crimes of corruption, bribery, dereliction of duty, property infringement, or undermining the order of the socialist market economy;
(二)最近3年因重大违法违规行为被金融管理部门处以行政处罚；
(2) Has been subject to administrative penalties by financial regulatory authorities for major illegal or non-compliant acts within the last 3 years;
(三)对所任职的公司、企业因经营不善破产清算或者因违法被吊销营业执照负有个人责任的董事、监事、厂长、高级管理人员、执行事务合伙人或者委派代表，自该公司、企业破产清算终结或者被吊销营业执照之日起未逾5年；
(3) Has been a director, supervisor, factory manager, senior manager, managing partner, or appointed representative who bears personal responsibility for the bankruptcy liquidation due to poor management or the revocation of business license due to illegal acts of the company or enterprise where they served, and less than 5 years have elapsed since the conclusion of the bankruptcy liquidation or the revocation of the business license;
(四)所负债务数额较大，到期未清偿或者被纳入失信被执行人名单；
(4) Has a relatively large amount of debt that is overdue and unpaid, or has been included in the list of dishonest persons subject to enforcement;
(五)因违法行为被开除的基金管理人、基金托管人、证券期货交易场所、证券公司、证券登记结算机构、期货公司以及其他机构的从业人员和国家机关工作人员；
(5) Has been dismissed due to illegal acts as an employee of a fund manager, fund custodian, securities and futures exchange, securities company, securities depository and clearing institution, futures company, or other institution, or as a state organ staff member;
(六)因违法行为被吊销执业证书或者被取消资格的律师、注册会计师和资产评估机构、验证机构的从业人员、投资咨询从业人员，自被吊销执业证书或者被取消资格之日起未逾5年；
(6) Has had their practice certificate revoked or qualification cancelled due to illegal acts as a lawyer, certified public accountant, or employee of an asset appraisal institution, verification institution, or investment consulting institution, and less than 5 years have elapsed since the revocation or cancellation;
(七)担任因本条例第十四条第一款第三项所列情形被注销登记的私募基金管理人的法定代表人、执行事务合伙人或者委派代表，或者负有责任的高级管理人员，自该私募基金管理人被注销登记之日起未逾3年。
(7) Has served as the legal representative, managing partner, or appointed representative, or a senior manager with responsibility, of a private fund manager that has been deregistered due to the circumstances listed in Article 14, Paragraph 1, Item 3 of these Regulations, and less than 3 years have elapsed since the deregistration of that private fund manager.
私募基金管理人应当依法向国务院证券监督管理机构委托的机构(以下称登记备案机构)报送下列材料，履行登记手续：
A private fund manager shall, in accordance with the law, submit the following materials to the institution entrusted by the securities regulatory authority of the State Council (hereinafter referred to as the registration and filing institution) to fulfill the registration procedures:
(一)统一社会信用代码；
(1) Unified social credit code;
(二)公司章程或者合伙协议；
(2) Articles of association or partnership agreement;
(三)股东、实际控制人、董事、监事、高级管理人员，普通合伙人、执行事务合伙人或者委派代表的基本信息，股东、实际控制人、合伙人相关受益所有人信息；
(3) Basic information of shareholders, actual controllers, directors, supervisors, senior management personnel, general partners, executive partners or appointed representatives, and beneficial owner information of relevant shareholders, actual controllers, and partners;
(四)保证报送材料真实、准确、完整和遵守监督管理规定的信用承诺书；
(4) A letter of commitment guaranteeing the truthfulness, accuracy, and completeness of the submitted materials and compliance with regulatory provisions;
(五)国务院证券监督管理机构规定的其他材料。
(5) Other materials as prescribed by the securities regulatory authority of the State Council.
私募基金管理人的控股股东、实际控制人、普通合伙人、执行事务合伙人或者委派代表等重大事项发生变更的，应当按照规定向登记备案机构履行变更登记手续。
If there is a change in major matters such as the controlling shareholder, actual controller, general partner, executive partner or appointed representative of the private fund manager, the change registration procedures shall be fulfilled with the registration and filing institution in accordance with the provisions.
登记备案机构应当公示已办理登记的私募基金管理人相关信息。
The registration and filing institution shall publish relevant information of private fund managers that have completed registration.
未经登记，任何单位或者个人不得使用“基金”或者“基金管理”字样或者近似名称进行投资活动，但法律、行政法规和国家另有规定的除外。
Without registration, no unit or individual may use the words 'fund' or 'fund management' or similar names to conduct investment activities, except as otherwise provided by laws, administrative regulations, and the state.
私募基金管理人应当履行下列职责：
A private fund manager shall perform the following duties:
(一)依法募集资金，办理私募基金备案；
(1) Raise funds in accordance with the law and handle the filing of private funds;
(二)对所管理的不同私募基金财产分别管理、分别记账，进行投资；
(2) Separately manage and account for the property of different private funds under management, and make investments;
(三)按照基金合同约定管理私募基金并进行投资，建立有效的风险控制制度；
(3) Manage private funds and make investments in accordance with the fund contract, and establish an effective risk control system;
(四)按照基金合同约定确定私募基金收益分配方案，向投资者分配收益；
(4) Determine the income distribution plan of the private fund in accordance with the fund contract and distribute income to investors;
(五)按照基金合同约定向投资者提供与私募基金管理业务活动相关的信息；
(5) Provide investors with information related to the management business activities of the private fund in accordance with the fund contract;
(六)保存私募基金财产管理业务活动的记录、账册、报表和其他有关资料；
(6) Preserve records, account books, statements, and other relevant materials of the management business activities of the private fund property;
(七)国务院证券监督管理机构规定和基金合同约定的其他职责。
(7) Other duties as stipulated by the securities regulatory authority of the State Council and as agreed in the fund contract.
以非公开方式募集资金设立投资基金的，私募基金管理人还应当以自己的名义，为私募基金财产利益行使诉讼权利或者实施其他法律行为。
Where an investment fund is established by raising funds in a non-public manner, the private fund manager shall also exercise litigation rights or perform other legal acts in its own name for the benefit of the private fund property.
私募基金管理人的股东、实际控制人、合伙人不得有下列行为：
The shareholders, actual controllers, and partners of a private fund manager shall not engage in the following acts:
(一)虚假出资、抽逃出资、委托他人或者接受他人委托出资；
(1) Making false capital contributions, withdrawing capital contributions, entrusting others to make capital contributions, or accepting entrustment from others to make capital contributions;
(二)未经股东会或者董事会决议等法定程序擅自干预私募基金管理人的业务活动；
(2) Interfering with the business activities of a private fund manager without legal procedures such as a resolution of the shareholders' meeting or board of directors;
(三)要求私募基金管理人利用私募基金财产为自己或者他人牟取利益，损害投资者利益；
(3) Requiring a private fund manager to use the property of a private investment fund to seek benefits for oneself or others, harming the interests of investors;
(四)法律、行政法规和国务院证券监督管理机构规定禁止的其他行为。
(4) Other acts prohibited by laws, administrative regulations, and the provisions of the securities regulatory authority of the State Council.
私募基金管理人应当持续符合下列要求：
A private fund manager shall continuously meet the following requirements:
(一)财务状况良好，具有与业务类型和管理资产规模相适应的运营资金；
(1) Having sound financial conditions and operating funds commensurate with the type of business and the scale of assets under management;
(二)法定代表人、执行事务合伙人或者委派代表、负责投资管理的高级管理人员按照国务院证券监督管理机构规定持有一定比例的私募基金管理人的股权或者财产份额，但国家另有规定的除外；
(2) The legal representative, managing partner or appointed representative, and senior management personnel responsible for investment management shall hold a certain proportion of equity or property shares in the private fund manager as prescribed by the securities regulatory authority of the State Council, unless otherwise provided by the state;
(三)国务院证券监督管理机构规定的其他要求。
(3) Other requirements prescribed by the securities regulatory authority of the State Council.
私募基金管理人有下列情形之一的，登记备案机构应当及时注销私募基金管理人登记并予以公示：
A private fund manager shall have its registration cancelled by the registration and filing authority and be publicly announced in any of the following circumstances:
(一)自行申请注销登记；
(1) Voluntarily applying for cancellation of registration;
(二)依法解散、被依法撤销或者被依法宣告破产；
(2) Being legally dissolved, revoked, or declared bankrupt;
(三)因非法集资、非法经营等重大违法行为被追究法律责任；
(3) Being held legally liable for major illegal acts such as illegal fundraising or illegal business operations;
(四)登记之日起12个月内未备案首只私募基金；
(4) Failing to file the first private fund within 12 months from the date of registration;
(五)所管理的私募基金全部清算后，自清算完毕之日起12个月内未备案新的私募基金；
(5) After all managed private funds have been liquidated, failing to file a new private fund within 12 months from the date of completion of liquidation;
(六)国务院证券监督管理机构规定的其他情形。
(6) Other circumstances stipulated by the securities regulatory authority of the State Council.
登记备案机构注销私募基金管理人登记前，应当通知私募基金管理人清算私募基金财产或者依法将私募基金管理职责转移给其他经登记的私募基金管理人。
Before deregistering a private fund manager, the registration and filing institution shall notify the private fund manager to liquidate the private fund property or legally transfer the private fund management duties to another registered private fund manager.
除基金合同另有约定外，私募基金财产应当由私募基金托管人托管。私募基金财产不进行托管的，应当明确保障私募基金财产安全的制度措施和纠纷解决机制。
Unless otherwise agreed in the fund contract, the property of a private fund shall be held in custody by a private fund custodian. If the private fund property is not held in custody, institutional measures to ensure the safety of the private fund property and a dispute resolution mechanism shall be clearly defined.
私募基金财产进行托管的，私募基金托管人应当依法履行职责。
If the property of a private fund is held in custody, the private fund custodian shall perform its duties in accordance with the law.
私募基金托管人应当依法建立托管业务和其他业务的隔离机制，保证私募基金财产的独立和安全。
A private fund custodian shall establish an isolation mechanism between custody business and other businesses in accordance with the law to ensure the independence and safety of private fund property.
资金募集和投资运作
Fund Raising and Investment Operations
私募基金管理人应当自行募集资金，不得委托他人募集资金，但国务院证券监督管理机构另有规定的除外。
A private fund manager shall raise funds on its own and shall not entrust others to raise funds, unless otherwise provided by the securities regulatory authority of the State Council.
私募基金应当向合格投资者募集或者转让，单只私募基金的投资者累计不得超过法律规定的人数。私募基金管理人不得采取为单一融资项目设立多只私募基金等方式，突破法律规定的人数限制；不得采取将私募基金份额或者收益权进行拆分转让等方式，降低合格投资者标准。
A privately offered fund shall be raised from or transferred to qualified investors, and the cumulative number of investors in a single privately offered fund shall not exceed the number prescribed by law. A private fund manager shall not circumvent the prescribed number limit by establishing multiple privately offered funds for a single financing project, or by splitting and transferring fund shares or beneficial rights to lower the qualified investor standard.
前款所称合格投资者，是指达到规定的资产规模或者收入水平，并且具备相应的风险识别能力和风险承担能力，其认购金额不低于规定限额的单位和个人。
For the purposes of the preceding paragraph, 'qualified investors' means entities and individuals that meet the prescribed asset size or income level, possess the corresponding risk identification and risk-bearing capabilities, and whose subscription amount is not less than the prescribed minimum.
合格投资者的具体标准由国务院证券监督管理机构规定。
The specific standards for qualified investors shall be prescribed by the securities regulatory authority of the State Council.
私募基金管理人应当向投资者充分揭示投资风险，根据投资者的风险识别能力和风险承担能力匹配不同风险等级的私募基金产品。
A private fund manager shall fully disclose investment risks to investors and match private fund products of different risk levels according to the investors' risk identification and risk-bearing capabilities.
私募基金不得向合格投资者以外的单位和个人募集或者转让；不得向为他人代持的投资者募集或者转让；不得通过报刊、电台、电视台、互联网等大众传播媒介，电话、短信、即时通讯工具、电子邮件、传单，或者讲座、报告会、分析会等方式向不特定对象宣传推介；不得以虚假、片面、夸大等方式宣传推介；不得以私募基金托管人名义宣传推介；不得向投资者承诺投资本金不受损失或者承诺最低收益。
A privately offered fund shall not be raised from or transferred to entities or individuals other than qualified investors; shall not be raised from or transferred to investors who hold on behalf of others; shall not be promoted or marketed to unspecified persons through mass media such as newspapers, radio, television, the internet, telephone, SMS, instant messaging tools, email, leaflets, or through lectures, reports, seminars, etc.; shall not be promoted or marketed in a false, one-sided, or exaggerated manner; shall not be promoted or marketed in the name of the custodian; and shall not promise investors that the principal will not be lost or promise a minimum return.
私募基金管理人运用私募基金财产进行投资的，在以私募基金管理人名义开立账户、列入所投资企业股东名册或者持有其他私募基金财产时，应当注明私募基金名称。
When a private fund manager uses the property of a privately offered fund for investment, it shall indicate the name of the privately offered fund when opening accounts in the name of the private fund manager, listing the fund in the register of shareholders of the invested enterprise, or holding other privately offered fund property.
私募基金管理人应当自私募基金募集完毕之日起20个工作日内，向登记备案机构报送下列材料，办理备案：
A private fund manager shall, within 20 working days from the date of completion of fundraising, submit the following materials to the registration and filing institution for filing:
(一)基金合同；
(1) The fund contract;
(二)托管协议或者保障私募基金财产安全的制度措施；
(2) The custody agreement or institutional measures to ensure the safety of the privately offered fund property;
(三)私募基金财产证明文件；
(3) The property certification documents of the privately offered fund;
(四)投资者的基本信息、认购金额、持有基金份额的数量及其受益所有人相关信息；
(4) Basic information of investors, subscription amount, number of fund shares held, and related information of their beneficial owners;
(五)国务院证券监督管理机构规定的其他材料。
(5) Other materials as prescribed by the securities regulatory authority of the State Council.
私募基金应当具有保障基本投资能力和抗风险能力的实缴募集资金规模。登记备案机构根据私募基金的募集资金规模等情况实施分类公示，对募集的资金总额或者投资者人数达到规定标准的，应当向国务院证券监督管理机构报告。
Private funds shall have a paid-in capital scale that ensures basic investment capability and risk resistance. The registration and filing authority shall implement classified public disclosure based on the fund's capital scale, and shall report to the securities regulatory authority of the State Council when the total amount of funds raised or the number of investors reaches the prescribed standard.
国务院证券监督管理机构应当建立健全私募基金监测机制，对私募基金及其投资者份额持有情况等进行集中监测，具体办法由国务院证券监督管理机构规定。
The securities regulatory authority of the State Council shall establish and improve a private fund monitoring mechanism to centrally monitor private funds and their investors' shareholdings. Specific measures shall be prescribed by the securities regulatory authority of the State Council.
私募基金财产的投资包括买卖股份有限公司股份、有限责任公司股权、债券、基金份额、其他证券及其衍生品种以及符合国务院证券监督管理机构规定的其他投资标的。
Investment of private fund property includes buying and selling shares of joint-stock companies, equity of limited liability companies, bonds, fund shares, other securities and their derivatives, and other investment targets as prescribed by the securities regulatory authority of the State Council.
私募基金财产不得用于经营或者变相经营资金拆借、贷款等业务。私募基金管理人不得以要求地方人民政府承诺回购本金等方式变相增加政府隐性债务。
Private fund property shall not be used for operating or disguised operating fund lending, loans, or other businesses. Private fund managers shall not increase implicit government debt by requiring local people's governments to promise to repurchase principal or other means.
私募基金的投资层级应当遵守国务院金融管理部门的规定。但符合国务院证券监督管理机构规定条件，将主要基金财产投资于其他私募基金的私募基金不计入投资层级。
The investment layers of private funds shall comply with the regulations of the financial regulatory authorities of the State Council. However, private funds that meet the conditions prescribed by the securities regulatory authority of the State Council and invest the majority of their fund property in other private funds are not counted in the investment layers.
创业投资基金、本条例第五条第二款规定私募基金的投资层级，由国务院有关部门规定。
The investment layers of venture capital funds and private funds specified in Article 5, paragraph 2 of these Regulations shall be prescribed by the relevant departments of the State Council.
私募基金管理人应当遵循专业化管理原则，聘用具有相应从业经历的高级管理人员负责投资管理、风险控制、合规等工作。
Private fund managers shall adhere to the principle of professional management and employ senior management personnel with relevant experience to be responsible for investment management, risk control, compliance, and other matters.
私募基金管理人应当遵循投资者利益优先原则，建立从业人员投资申报、登记、审查、处置等管理制度，防范利益输送和利益冲突。
Private fund managers shall adhere to the principle of prioritizing investor interests, establish management systems for employee investment declaration, registration, review, and disposal, and prevent interest transfer and conflicts of interest.
私募基金管理人不得将投资管理职责委托他人行使。
A private fund manager shall not delegate investment management duties to others.
私募基金管理人委托其他机构为私募基金提供证券投资建议服务的，接受委托的机构应当为《证券投资基金法》规定的基金投资顾问机构。
Where a private fund manager entrusts another institution to provide securities investment advisory services for a private fund, the entrusted institution shall be a fund investment advisory institution as stipulated in the Securities Investment Fund Law.
私募基金管理人应当建立健全关联交易管理制度，不得以私募基金财产与关联方进行不正当交易或者利益输送，不得通过多层嵌套或者其他方式进行隐瞒。
A private fund manager shall establish a sound related-party transaction management system, and shall not engage in improper transactions or transfer benefits with related parties using private fund property, nor conceal such activities through multi-layer nesting or other means.
私募基金管理人运用私募基金财产与自己、投资者、所管理的其他私募基金、其实际控制人控制的其他私募基金管理人管理的私募基金，或者与其有重大利害关系的其他主体进行交易的，应当履行基金合同约定的决策程序，并及时向投资者和私募基金托管人提供相关信息。
Where a private fund manager uses private fund property to conduct transactions with itself, investors, other private funds it manages, private funds managed by other private fund managers under its actual controller, or other entities with which it has a material interest, it shall comply with the decision-making procedures stipulated in the fund contract and promptly provide relevant information to investors and the private fund custodian.
私募基金管理人应当按照规定聘请会计师事务所对私募基金财产进行审计，向投资者提供审计结果，并报送登记备案机构。
A private fund manager shall, in accordance with regulations, engage an accounting firm to audit the private fund property, provide the audit results to investors, and submit them to the registration and filing authority.
私募基金管理人、私募基金托管人及其从业人员不得有下列行为：
A private fund manager, private fund custodian, and their employees shall not engage in the following acts:
(一)将其固有财产或者他人财产混同于私募基金财产；
(1) Commingling their own property or others' property with private fund property;
(二)利用私募基金财产或者职务便利，为投资者以外的人牟取利益；
(2) Using private fund property or their positions to seek benefits for persons other than investors;
(三)侵占、挪用私募基金财产；
(3) Embezzling or misappropriating private fund property;
(四)泄露因职务便利获取的未公开信息，利用该信息从事或者明示、暗示他人从事相关的证券、期货交易活动；
(4) Disclosing non-public information obtained through their positions, and using such information to engage in or explicitly or implicitly instruct others to engage in related securities or futures trading activities;
(五)法律、行政法规和国务院证券监督管理机构规定禁止的其他行为。
(5) Other acts prohibited by laws, administrative regulations, and the securities regulatory authority of the State Council.
私募基金管理人在资金募集、投资运作过程中，应当按照国务院证券监督管理机构的规定和基金合同约定，向投资者提供信息。
During the process of fund raising and investment operation, a private fund manager shall provide information to investors in accordance with the provisions of the securities regulatory authority of the State Council and the fund contract.
私募基金财产进行托管的，私募基金管理人应当按照国务院证券监督管理机构的规定和托管协议约定，及时向私募基金托管人提供投资者基本信息、投资标的权属变更证明材料等信息。
If the property of a private fund is held in custody, the private fund manager shall, in accordance with the provisions of the securities regulatory authority of the State Council and the custody agreement, promptly provide the private fund custodian with information such as basic information of investors and proof of ownership change of the investment targets.
私募基金管理人、私募基金托管人及其从业人员提供、报送的信息应当真实、准确、完整，不得有下列行为：
A private fund manager, private fund custodian, and their employees shall provide and submit information that is true, accurate, and complete, and shall not engage in the following acts:
(一)虚假记载、误导性陈述或者重大遗漏；
(1) False records, misleading statements, or material omissions;
(二)对投资业绩进行预测；
(2) Predicting investment performance;
(三)向投资者承诺投资本金不受损失或者承诺最低收益；
(3) Promising investors that the principal will not be lost or promising a minimum return;
(四)法律、行政法规和国务院证券监督管理机构规定禁止的其他行为。
(4) Other acts prohibited by laws, administrative regulations, and the securities regulatory authority of the State Council.
私募基金管理人、私募基金托管人、私募基金服务机构应当按照国务院证券监督管理机构的规定，向登记备案机构报送私募基金投资运作等信息。登记备案机构应当根据不同私募基金类型，对报送信息的内容、频次等作出规定，并汇总分析私募基金行业情况，向国务院证券监督管理机构报送私募基金行业相关信息。
A private fund manager, private fund custodian, and private fund service institution shall, in accordance with the provisions of the securities regulatory authority of the State Council, submit information such as the investment operation of the private fund to the registration and filing institution. The registration and filing institution shall, based on different types of private funds, stipulate the content and frequency of the submitted information, and shall summarize and analyze the situation of the private fund industry, and submit relevant information on the private fund industry to the securities regulatory authority of the State Council.
登记备案机构应当加强风险预警，发现可能存在重大风险的，及时采取措施并向国务院证券监督管理机构报告。
The registration and filing institution shall strengthen risk warnings. If it discovers that there may be significant risks, it shall promptly take measures and report to the securities regulatory authority of the State Council.
登记备案机构应当对本条第一款规定的信息保密，除法律、行政法规另有规定外，不得对外提供。
The registration and filing institution shall keep confidential the information specified in the first paragraph of this Article, and shall not provide it to external parties unless otherwise provided by laws or administrative regulations.
因私募基金管理人无法正常履行职责或者出现重大风险等情形，导致私募基金无法正常运作、终止的，由基金合同约定或者有关规定确定的其他专业机构，行使更换私募基金管理人、修改或者提前终止基金合同、组织私募基金清算等职权。
Where a privately offered fund cannot operate normally or is terminated due to the inability of the private fund manager to perform its duties normally or the occurrence of significant risks, other professional institutions determined by the fund contract or relevant provisions shall exercise the functions of replacing the private fund manager, amending or terminating the fund contract in advance, and organizing the liquidation of the private fund.
关于创业投资基金的特别规定
Special Provisions on Venture Capital Funds
本条例所称创业投资基金，是指符合下列条件的私募基金：
For the purposes of this Regulation, a venture capital fund refers to a privately offered fund that meets the following conditions:
(一)投资范围限于未上市企业，但所投资企业上市后基金所持股份的未转让部分及其配售部分除外；
(1) The investment scope is limited to unlisted enterprises, except for the unsold portion of shares held by the fund after the invested enterprise goes public and its allotment portion;
(二)基金名称包含“创业投资基金”字样，或者在公司、合伙企业经营范围中包含“从事创业投资活动”字样；
(2) The fund name includes the words 'venture capital fund', or the company's or partnership's business scope includes the words 'engaging in venture capital activities';
(三)基金合同体现创业投资策略；
(3) The fund contract reflects a venture capital strategy;
(四)不使用杠杆融资，但国家另有规定的除外；
(4) No leveraged financing is used, unless otherwise provided by the state;
(五)基金最低存续期限符合国家有关规定；
(5) The minimum duration of the fund complies with relevant state provisions;
(六)国家规定的其他条件。
(6) Other conditions prescribed by the state.
国家对创业投资基金给予政策支持，鼓励和引导其投资成长性、创新性创业企业，鼓励长期资金投资于创业投资基金。
The state provides policy support for venture capital funds, encourages and guides them to invest in growth-oriented and innovative startup enterprises, and encourages long-term capital to invest in venture capital funds.
国务院发展改革部门负责组织拟定促进创业投资基金发展的政策措施。国务院证券监督管理机构和国务院发展改革部门建立健全信息和支持政策共享机制，加强创业投资基金监督管理政策和发展政策的协同配合。登记备案机构应当及时向国务院证券监督管理机构和国务院发展改革部门报送与创业投资基金相关的信息。
The development and reform department of the State Council is responsible for organizing the formulation of policies and measures to promote the development of venture capital funds. The securities regulatory authority of the State Council and the development and reform department of the State Council shall establish and improve a mechanism for sharing information and support policies, and strengthen the coordination and cooperation between supervision policies and development policies for venture capital funds. The registration and filing institution shall promptly submit information related to venture capital funds to the securities regulatory authority of the State Council and the development and reform department of the State Council.
享受国家政策支持的创业投资基金，其投资应当符合国家有关规定。
Venture capital funds that enjoy national policy support shall make investments in accordance with relevant state regulations.
国务院证券监督管理机构对创业投资基金实施区别于其他私募基金的差异化监督管理：
The securities regulatory authority of the State Council shall implement differentiated supervision and management for venture capital funds that is different from other private funds:
(一)优化创业投资基金营商环境，简化登记备案手续；
(1) Optimize the business environment for venture capital funds and simplify registration and filing procedures;
(二)对合法募资、合规投资、诚信经营的创业投资基金在资金募集、投资运作、风险监测、现场检查等方面实施差异化监督管理，减少检查频次；
(2) Implement differentiated supervision and management for venture capital funds that legally raise funds, comply with investment regulations, and operate in good faith, in terms of fund raising, investment operations, risk monitoring, on-site inspections, etc., and reduce the frequency of inspections;
(三)对主要从事长期投资、价值投资、重大科技成果转化的创业投资基金在投资退出等方面提供便利。
(3) Provide convenience for venture capital funds that primarily engage in long-term investment, value investment, and major scientific and technological achievements transformation in terms of investment exit, etc.
登记备案机构在登记备案、事项变更等方面对创业投资基金实施区别于其他私募基金的差异化自律管理。
The registration and filing institution shall implement differentiated self-discipline management for venture capital funds that is different from other private funds in terms of registration, filing, and change of matters.
监 督 管 理
Supervision and Administration
国务院证券监督管理机构对私募基金业务活动实施监督管理，依法履行下列职责：
The securities regulatory authority of the State Council shall exercise supervision and administration over the business activities of private funds and perform the following duties in accordance with the law:
(一)制定有关私募基金业务活动监督管理的规章、规则；
(1) Formulate rules and regulations for the supervision and administration of private fund business activities;
(二)对私募基金管理人、私募基金托管人以及其他机构从事私募基金业务活动进行监督管理，对违法行为进行查处；
(2) Supervise and administer the private fund business activities of private fund managers, private fund custodians, and other institutions, and investigate and punish illegal acts;
(三)对登记备案和自律管理活动进行指导、检查和监督；
(3) Provide guidance, inspection, and supervision over registration, filing, and self-regulatory activities;
(四)法律、行政法规规定的其他职责。
(4) Other duties as prescribed by laws and administrative regulations.
国务院证券监督管理机构依法履行职责，有权采取下列措施：
The securities regulatory authority of the State Council, when performing its duties according to law, has the authority to take the following measures:
(一)对私募基金管理人、私募基金托管人、私募基金服务机构进行现场检查，并要求其报送有关业务资料；
(1) Conduct on-site inspections of private fund managers, private fund custodians, and private fund service institutions, and require them to submit relevant business materials;
(二)进入涉嫌违法行为发生场所调查取证；
(2) Enter the premises where suspected illegal acts occur to investigate and collect evidence;
(三)询问当事人和与被调查事件有关的单位和个人，要求其对与被调查事件有关的事项作出说明；
(3) Question the parties and the units and individuals related to the incident under investigation, and require them to provide explanations on matters related to the incident under investigation;
(四)查阅、复制与被调查事件有关的财产权登记、通讯记录等资料；
(4) Consult and copy materials such as property rights registration and communication records related to the incident under investigation;
(五)查阅、复制当事人和与被调查事件有关的单位和个人的证券交易记录、登记过户记录、财务会计资料以及其他有关文件和资料；对可能被转移、隐匿或者毁损的文件和资料，可以予以封存；
(5) Consult and copy securities transaction records, registration and transfer records, financial accounting materials, and other relevant documents and materials of the parties and the units and individuals related to the incident under investigation; and seal up documents and materials that may be transferred, concealed, or destroyed.
(六)依法查询当事人和与被调查事件有关的账户信息；
(6) Lawfully inquire about account information of the parties and persons related to the investigated event;
(七)法律、行政法规规定的其他措施。
(7) Other measures prescribed by laws and administrative regulations.
为防范私募基金风险，维护市场秩序，国务院证券监督管理机构可以采取责令改正、监管谈话、出具警示函等措施。
To prevent risks in privately offered funds and maintain market order, the securities regulatory authority of the State Council may take measures such as ordering corrections, supervisory interviews, and issuing warning letters.
国务院证券监督管理机构依法进行监督检查或者调查时，监督检查或者调查人员不得少于2人，并应当出示执法证件和监督检查、调查通知书或者其他执法文书。对监督检查或者调查中知悉的商业秘密、个人隐私，依法负有保密义务。
When conducting supervision and inspection or investigation according to law, the securities regulatory authority of the State Council shall have no fewer than two inspectors or investigators, and shall present their law enforcement credentials and the inspection, investigation notice or other enforcement documents. They have a legal duty to keep confidential any trade secrets and personal privacy learned during the inspection or investigation.
被检查、调查的单位和个人应当配合国务院证券监督管理机构依法进行的监督检查或者调查，如实提供有关文件和资料，不得拒绝、阻碍和隐瞒。
The entities and individuals under inspection or investigation shall cooperate with the lawful supervision, inspection or investigation conducted by the securities regulatory authority of the State Council, truthfully provide relevant documents and materials, and shall not refuse, obstruct, or conceal.
国务院证券监督管理机构发现私募基金管理人违法违规，或者其内部治理结构和风险控制管理不符合规定的，应当责令限期改正；逾期未改正，或者行为严重危及该私募基金管理人的稳健运行、损害投资者合法权益的，国务院证券监督管理机构可以区别情形，对其采取下列措施：
If the securities regulatory authority of the State Council discovers that a privately offered fund manager has violated laws or regulations, or that its internal governance structure and risk control management do not comply with regulations, it shall order rectification within a specified period; if the rectification is not completed within the period, or if the conduct seriously endangers the stable operation of the privately offered fund manager or harms the legitimate rights and interests of investors, the securities regulatory authority of the State Council may, depending on the circumstances, take the following measures against it:
(一)责令暂停部分或者全部业务；
(1) Order the suspension of part or all of its business;
(二)责令更换董事、监事、高级管理人员、执行事务合伙人或者委派代表，或者限制其权利；
(2) Order the replacement of directors, supervisors, senior management personnel, managing partners or designated representatives, or restrict their rights;
(三)责令负有责任的股东转让股权、负有责任的合伙人转让财产份额，限制负有责任的股东或者合伙人行使权利；
(3) Order the responsible shareholders to transfer their equity, the responsible partners to transfer their property shares, and restrict the exercise of rights by the responsible shareholders or partners;
(四)责令私募基金管理人聘请或者指定第三方机构对私募基金财产进行审计，相关费用由私募基金管理人承担。
(4) Order the privately offered fund manager to engage or designate a third-party institution to audit the property of the privately offered fund, with the relevant costs borne by the privately offered fund manager.
私募基金管理人违法经营或者出现重大风险，严重危害市场秩序、损害投资者利益的，国务院证券监督管理机构除采取前款规定的措施外，还可以对该私募基金管理人采取指定其他机构接管、通知登记备案机构注销登记等措施。
If a private fund manager operates illegally or has major risks, seriously harming market order or investor interests, the securities regulatory authority of the State Council may, in addition to the measures prescribed in the preceding paragraph, take measures such as appointing another institution to take over the private fund manager, or notifying the registration authority to cancel its registration.
国务院证券监督管理机构应当将私募基金管理人、私募基金托管人、私募基金服务机构及其从业人员的诚信信息记入资本市场诚信数据库和全国信用信息共享平台。国务院证券监督管理机构会同国务院有关部门依法建立健全私募基金管理人以及有关责任主体失信联合惩戒制度。
The securities regulatory authority of the State Council shall record the credit information of private fund managers, private fund custodians, private fund service institutions and their practitioners into the capital market credit database and the national credit information sharing platform. The securities regulatory authority of the State Council, together with the relevant departments of the State Council, shall establish a joint punishment system for dishonesty for private fund managers and relevant responsible entities.
国务院证券监督管理机构会同其他金融管理部门等国务院有关部门和省、自治区、直辖市人民政府建立私募基金监督管理信息共享、统计数据报送和风险处置协作机制。处置风险过程中，有关地方人民政府应当采取有效措施维护社会稳定。
The securities regulatory authority of the State Council, together with other financial regulatory authorities and relevant departments of the State Council, and the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government, shall establish a coordination mechanism for the sharing of supervision information, statistical data reporting, and risk disposal of private funds. In the process of risk disposal, the relevant local people's government shall take effective measures to maintain social stability.
法 律 责 任
Legal Responsibilities
未依照本条例第十条规定履行登记手续，使用“基金”或者“基金管理”字样或者近似名称进行投资活动的，责令改正，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上30万元以下的罚款。
If a person fails to go through the registration procedures as required by Article 10 of these Regulations and uses the words 'fund' or 'fund management' or similar names to conduct investment activities, the person shall be ordered to make corrections, the illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed. The directly responsible person in charge and other directly responsible persons shall be given a warning and a fine of not less than 30,000 yuan but not more than 300,000 yuan.
私募基金管理人的股东、实际控制人、合伙人违反本条例第十二条规定的，责令改正，给予警告或者通报批评，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
If a shareholder, actual controller, or partner of a private fund manager violates the provisions of Article 12 of these Regulations, the person shall be ordered to make corrections, given a warning or circulated a notice of criticism, the illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed. The directly responsible person in charge and other directly responsible persons shall be given a warning or circulated a notice of criticism, and a fine of not less than 30,000 yuan but not more than 300,000 yuan.
私募基金管理人违反本条例第十三条规定的，责令改正；拒不改正的，给予警告或者通报批评，并处10万元以上100万元以下的罚款，责令其停止私募基金业务活动并予以公告。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
If a private fund manager violates the provisions of Article 13 of these Regulations, the manager shall be ordered to make corrections; if the manager refuses to make corrections, the manager shall be given a warning or circulated a notice of criticism, and a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed, and the manager shall be ordered to stop its private fund business activities and the matter shall be announced. The directly responsible person in charge and other directly responsible persons shall be given a warning or circulated a notice of criticism, and a fine of not less than 30,000 yuan but not more than 300,000 yuan.
违反本条例第十六条第二款规定，私募基金托管人未建立业务隔离机制的，责令改正，给予警告或者通报批评，并处5万元以上50万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
If a private fund custodian violates the provisions of the second paragraph of Article 16 of these Regulations by failing to establish a business isolation mechanism, the custodian shall be ordered to make corrections, given a warning or circulated a notice of criticism, and a fine of not less than 50,000 yuan but not more than 500,000 yuan shall be imposed. The directly responsible person in charge and other directly responsible persons shall be given a warning or circulated a notice of criticism, and a fine of not less than 30,000 yuan but not more than 300,000 yuan.
违反本条例第十七条、第十八条、第二十条关于私募基金合格投资者管理和募集方式等规定的，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上30万元以下的罚款。
If a person violates the provisions of Articles 17, 18, and 20 of these Regulations regarding the management of qualified investors and fundraising methods for private funds, the illegal gains shall be confiscated, and a fine of not less than one time but not more than five times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 1 million yuan, a fine of not less than 100,000 yuan but not more than 1 million yuan shall be imposed. The directly responsible person in charge and other directly responsible persons shall be given a warning and a fine of not less than 30,000 yuan but not more than 300,000 yuan.
违反本条例第十九条规定，未向投资者充分揭示投资风险，并误导其投资与其风险识别能力和风险承担能力不匹配的私募基金产品的，给予警告或者通报批评，并处10万元以上30万元以下的罚款；情节严重的，责令其停止私募基金业务活动并予以公告。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上10万元以下的罚款。
If a person violates the provisions of Article 19 of these Regulations by failing to fully disclose investment risks to investors and misleading them into investing in private fund products that do not match their risk identification ability and risk tolerance, the person shall be given a warning or circulated a notice of criticism, and a fine of not less than 100,000 yuan but not more than 300,000 yuan shall be imposed; if the circumstances are serious, the person shall be ordered to stop its private fund business activities and the matter shall be announced. The directly responsible person in charge and other directly responsible persons shall be given a warning or circulated a notice of criticism, and a fine of not less than 30,000 yuan but not more than 100,000 yuan.
违反本条例第二十二条第一款规定，私募基金管理人未对募集完毕的私募基金办理备案的，处10万元以上30万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告，并处3万元以上10万元以下的罚款。
Violating Article 22, Paragraph 1 of these Regulations, if a private fund manager fails to register a private fund that has completed fundraising, a fine of not less than RMB 100,000 but not more than RMB 300,000 shall be imposed. The directly responsible supervisor and other directly responsible personnel shall be given a warning and fined not less than RMB 30,000 but not more than RMB 100,000.
违反本条例第二十四条第二款规定，将私募基金财产用于经营或者变相经营资金拆借、贷款等业务，或者要求地方人民政府承诺回购本金的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
Violating Article 24, Paragraph 2 of these Regulations, if private fund property is used for or in disguised form for interbank lending, loans, or other businesses, or if a local government is required to promise to repurchase principal, the violator shall be ordered to correct, given a warning or circulated notice of criticism, have illegal gains confiscated, and be fined not less than RMB 100,000 but not more than RMB 1,000,000. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
违反本条例第二十六条规定，私募基金管理人未聘用具有相应从业经历的高级管理人员负责投资管理、风险控制、合规等工作，或者未建立从业人员投资申报、登记、审查、处置等管理制度的，责令改正，给予警告或者通报批评，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
Violating Article 26 of these Regulations, if a private fund manager fails to employ senior management personnel with relevant experience to be responsible for investment management, risk control, compliance, etc., or fails to establish management systems for employee investment declaration, registration, review, and disposal, the violator shall be ordered to correct, given a warning or circulated notice of criticism, and fined not less than RMB 100,000 but not more than RMB 1,000,000. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
违反本条例第二十七条规定，私募基金管理人委托他人行使投资管理职责，或者委托不符合《证券投资基金法》规定的机构提供证券投资建议服务的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
Violating Article 27 of these Regulations, if a private fund manager entrusts others to exercise investment management duties, or entrusts an institution that does not meet the requirements of the Securities Investment Fund Law to provide securities investment advisory services, the violator shall be ordered to correct, given a warning or circulated notice of criticism, have illegal gains confiscated, and be fined not less than RMB 100,000 but not more than RMB 1,000,000. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
违反本条例第二十八条规定，私募基金管理人从事关联交易的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
Violating Article 28 of these Regulations, if a private fund manager engages in related party transactions, the violator shall be ordered to correct, given a warning or circulated notice of criticism, have illegal gains confiscated, and be fined not less than RMB 100,000 but not more than RMB 1,000,000. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
私募基金管理人、私募基金托管人及其从业人员有本条例第三十条所列行为之一的，责令改正，给予警告或者通报批评，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不足100万元的，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
If a private fund manager, private fund custodian, or their personnel engage in any of the acts listed in Article 30 of these Regulations, the violator shall be ordered to correct, given a warning or circulated notice of criticism, have illegal gains confiscated, and be fined not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than RMB 1,000,000, a fine of not less than RMB 100,000 but not more than RMB 1,000,000 shall be imposed. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
私募基金管理人、私募基金托管人及其从业人员未依照本条例规定提供、报送相关信息，或者有本条例第三十二条所列行为之一的，责令改正，给予警告或者通报批评，没收违法所得，并处10万元以上100万元以下的罚款。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上30万元以下的罚款。
If a private fund manager, private fund custodian, or their personnel fail to provide or report relevant information in accordance with these Regulations, or engage in any of the acts listed in Article 32 of these Regulations, the violator shall be ordered to correct, given a warning or circulated notice of criticism, have illegal gains confiscated, and be fined not less than RMB 100,000 but not more than RMB 1,000,000. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 300,000.
私募基金服务机构及其从业人员违反法律、行政法规规定，未恪尽职守、勤勉尽责的，责令改正，给予警告或者通报批评，并处10万元以上30万元以下的罚款；情节严重的，责令其停止私募基金服务业务。对直接负责的主管人员和其他直接责任人员给予警告或者通报批评，并处3万元以上10万元以下的罚款。
If a private fund service institution or its personnel violate laws or administrative regulations by failing to perform their duties with due diligence and diligence, the violator shall be ordered to correct, given a warning or circulated notice of criticism, and fined not less than RMB 100,000 but not more than RMB 300,000; if the circumstances are serious, the violator shall be ordered to cease private fund service business. The directly responsible supervisor and other directly responsible personnel shall be given a warning or circulated notice of criticism and fined not less than RMB 30,000 but not more than RMB 100,000.
私募基金管理人、私募基金托管人、私募基金服务机构及其从业人员违反本条例或者国务院证券监督管理机构的有关规定，情节严重的，国务院证券监督管理机构可以对有关责任人员采取证券期货市场禁入措施。
If a private fund manager, private fund custodian, private fund service institution, or their personnel violate these Regulations or relevant provisions of the securities regulatory authority of the State Council, and the circumstances are serious, the securities regulatory authority of the State Council may impose a securities and futures market ban on the responsible personnel.
拒绝、阻碍国务院证券监督管理机构及其工作人员依法行使监督检查、调查职权，由国务院证券监督管理机构责令改正，处10万元以上100万元以下的罚款；构成违反治安管理行为的，由公安机关依法给予治安管理处罚；构成犯罪的，依法追究刑事责任。
If a person refuses or obstructs the securities regulatory authority of the State Council or its staff from lawfully exercising supervision, inspection, or investigation powers, the securities regulatory authority of the State Council shall order correction and impose a fine of not less than RMB 100,000 but not more than RMB 1,000,000; if the act constitutes a violation of public security administration, the public security authority shall impose public security penalties according to law; if a crime is constituted, criminal liability shall be pursued according to law.
国务院证券监督管理机构、登记备案机构的工作人员玩忽职守、滥用职权、徇私舞弊或者利用职务便利索取或者收受他人财物的，依法给予处分；构成犯罪的，依法追究刑事责任。
Staff members of the securities regulatory authority of the State Council and the registration and record-filing institution who neglect their duties, abuse their power, engage in malpractice for personal gain, or use their position to solicit or accept property from others shall be given sanctions according to law; if a crime is constituted, criminal liability shall be pursued according to law.
违反本条例规定和基金合同约定，依法应当承担民事赔偿责任和缴纳罚款、被没收违法所得，其财产不足以同时支付时，先承担民事赔偿责任。
Where a person violates the provisions of these Regulations and the fund contract, and should bear civil compensation liability and pay fines, and have illegal gains confiscated, if their property is insufficient to pay all at the same time, civil compensation liability shall be borne first.
附 则
Supplementary Provisions
外商投资私募基金管理人的管理办法，由国务院证券监督管理机构会同国务院有关部门依照外商投资法律、行政法规和本条例制定。
The administrative measures for foreign-invested private fund managers shall be formulated by the securities regulatory authority of the State Council together with the relevant departments of the State Council in accordance with foreign investment laws, administrative regulations, and these Regulations.
境外机构不得直接向境内投资者募集资金设立私募基金，但国家另有规定的除外。
Overseas institutions shall not directly raise funds from domestic investors to establish private funds, unless otherwise provided by the state.
私募基金管理人在境外开展私募基金业务活动，应当符合国家有关规定。
Private fund managers conducting private fund business activities overseas shall comply with the relevant state provisions.
本条例自2023年9月1日起施行。
These Regulations shall come into force on September 1, 2023.