Converting Principled Regulations into Executable, Verifiable, and Accountable Concrete Standards: 2.2 Trillion Yuan Private Equity Market Welcomes Information Disclosure "Operating Manual"

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Special Topic: China Securities Regulatory Commission Releases “Measures for Supervision and Administration of Private Fund Information Disclosure”

◎ Reporter Liang Yinyan

The first administrative regulation on private fund information disclosure was issued just two weeks ago. The supporting detailed operational manual—the “Implementation Rules for Private Fund Information Disclosure (Draft for Comments)” (hereinafter referred to as “Implementation Rules”) and the “Template for Key Content of Private Fund Information Disclosure (Draft for Comments)” (hereinafter referred to as “Key Content Template”)—has recently solicited public opinions. This marks that the regulation of information disclosure for the 22.4 trillion yuan private market is accelerating from制度设计 to practical implementation.

Industry insiders believe that the Implementation Rules and Key Content Template further完善 the self-regulatory framework for private investment funds. After正式发布, they will form an information disclosure制度体系 of “departmental regulations + normative documents + self-regulatory rules” for private funds. This “Rules + Templates” combination将将原则性规定转化为具体、可执行、可检查、可追责的标准，为私募管理人提供清晰的“操作手册”和“合规指南”。

“1+N+X”制度体系不断完善

On March 13, the China Securities Investment Fund Industry Association (“CSFIA”) released the Implementation Rules and supporting Key Content Templates for public consultation. This is the first detailed self-regulatory rule released after the China Securities Regulatory Commission (CSRC) issued the “Measures for Supervision and Administration of Private Fund Information Disclosure” (hereinafter referred to as “Disclosure Measures”) on February 27.

Guotai Haitong Securities officials told Shanghai Securities News that the Implementation Rules and Key Content Templates effectively connect with the Disclosure Measures, further细化 private fund information disclosure requirements, helping to压实各行业主体信息披露责任, and effectively提升 private fund information disclosure规范性 and行业透明度, thus laying a制度基础 for high-quality development of the private fund industry.

“Implementation Rules将信披办法的要求转化为更明确的执行口径和操作清单，重点围绕定期报告、临时报告及清算报告等核心环节，对穿透披露、跨境投资、重大关联交易等具体内容进行了明确量化，确保信披办法在行业层面真正落地,” a senior executive from Fresh Capital Investment told Shanghai Securities News.

A主要负责人 from the CSRC previously stated that for private funds,完善“1+N+X”制度体系,健全准入、募集、托管、信披等制度规则,严厉打击违规募集、侵占挪用、自融自用、利益输送等违法违规行为,推动行业在规范中发展、在发展中提升.

Li Shoushuang, managing partner of Dacheng Law Firm, told Shanghai Securities News that 2026 is expected to become a new starting point for the升级 of private fund industry regulations and监管规则. As the “1+N+X”制度体系不断完善, the industry will迎来更加立体、规范、完善的法律环境.

确保信息披露“被看到，有处查”

According to the Implementation Rules and Key Content Templates, the specific内容披露 by managers to investors应当不少于模板要求，格式可自定，以体现私募基金的特点。

“信息披露模板变化较大，且新增内容明显增多,” a senior executive from Fresh Capital Investment told reporters. Through “standardized信披,” it helps实现私募基金运作的“透明化升级.” Managers are allowed to自定格式 based on产品特点, ensuring core信息的标准化和可读性, while保留私募基金策略的灵活性. The templates强制嵌入穿透披露、风险揭示等要求，倒逼管理人提升内控水平和合规意识，有助于推动私募行业向“主动透明”转变。

同时，私募基金管理人将披露内容在证监会指定的信息披露备份平台进行备份。该平台不作为信披渠道，仅备份未通过其他渠道披露给投资者的内容，视为未履行信披义务。

Deep Venture Capital相关负责人认为，统一、清晰的信披标准将推动市场形成更有效的筛选机制，促使资源向运作规范、信息透明的机构集中，从制度层面缓解“劣币驱逐良币”的问题。

Chongyang Investment相关负责人对上海证券报记者表示，实施细则明确“约定渠道主动披露+备份平台被动归档”双轨运行，以主动披露确保信息披露的主动、便捷和实效，以被动归档确保披露信息的可验证、可追溯，信息披露既要“被人看到”，也要“有处可查”，倒逼基金管理人从“应付监管”转向“服务客户”，全面保障投资者的知情权。

推动行业转型升级

The Disclosure Measures and Implementation Rules首次系统性地将信息披露要求覆盖至私募基金运作全流程，并补齐了清算阶段的信息披露短板，保障投资者对全流程的知情权；同时，赋予了CSFIA更明确的自律管理权限，私募管理人违法违规成本显著提高。

Guotou Chuanghe Fund相关人士告诉上海证券报，本次修订不仅使基金管理人更加有章可循，也明确了CSFIA实施自律管理的落地措施，既有利于保护投资者的合法权益，也有助于提升私募投资基金管理机构的专业化运营能力，助力私募基金以规范透明运作赢得投资者信任。

“信披办法、实施细则的实施，将推动私募基金行业向标准化、透明化、规范化转型,” a senior executive from Black Wing Investment told Shanghai Securities News. The细化的披露要求和统一的模板将有效解决信息不对称问题，帮助投资者全面了解基金运作情况、风险水平和投资业绩；同时，倒逼管理人完善内部控制体系，提升信息披露质量，规范投资运作行为，披露不规范、风控薄弱的机构将逐步被市场淘汰，助力实现“良币驱逐劣币”。