Brief Analysis Of The New Information Disclosure Measures’ Impact On Private Securities Investment Funds

On 27 February 2026, the China Securities Regulatory Commission (“CSRC”) promulgated the Measures for the Supervision and Administration of Information Disclosure of Private Investment Funds (“Information Disclosure Measures”), which will come into force on 1 September 2026. Formulated by the CSRC to implement the Regulation on the Supervision and Administration of Private Investment Funds, the Information Disclosure Measures serve as a supporting departmental rule aimed at further standardizing the information disclosure activities of private investment funds, enhancing the transparency of fund operations, and protecting the legitimate rights and interests of investors.

Previously, private fund information disclosure was mainly governed by self-disciplinary rules of the Asset Management Association of China (“AMAC”). As a departmental rule at the CSRC level, the Information Disclosure Measures significantly elevate the legal hierarchy of information disclosure regulations. The CSRC may impose administrative penalties or administrative regulatory measures against private fund managers (“PFMs”) for illegal or non-compliant information disclosure practices in accordance with the law, in addition to the AMAC’s self-disciplinary actions.

Meanwhile, according to the legislative drafting notes, the CSRC will guide and facilitate the implementation of the Information Disclosure Measures. The Measures for the Administration of Information Disclosure of Private Investment Funds issued by the AMAC in 2016, along with its supporting rules such as the guidelines on the content and format of information disclosure, are also likely to be revised to align with the latest requirements of the Information Disclosure Measures.

From the perspective of private securities investment funds, this article summarizes and analyzes the key highlights of the Information Disclosure Measures for reference.

I. Transitional Arrangements

According to the legislative drafting notes released by the CSRC alongside the Information Disclosure Measures, the new rules will take effect on 1 September 2026. As from the effective date, private investment funds newly submitted for filing shall comply with the relevant provisions of the Information Disclosure Measures regarding fund contracts and other relevant clauses. For existing private investment funds filed prior to the implementation date, amendments to their fund contracts shall conform to the provisions of the Information Disclosure Measures.

Accordingly, fund contracts of funds established after 1 September 2026 shall be formulated in accordance with the new rules. For existing funds filed before 1 September 2026, we tend to view that: in the event of an amendment to the fund contract, an assessment shall be made as to whether the amended items implicate the provisions of the Information Disclosure Measures. If the amendment falls within the scope regulated by the Information Disclosure Measures, the contract shall be revised in accordance with the new requirements; if not, generally no adjustment is required on such basis.

From a practical perspective, however, considering that the Information Disclosure Measures have introduced several optimizations to information disclosure arrangements, if a PFM intends to adopt such optimized arrangements, they shall be implemented through revision of fund contracts. In such cases, it is recommended that relevant clauses be revised in accordance with the Information Disclosure Measures. In addition, the Information Disclosure Measures have set forth several new provisions on the content of periodic and ad hoc reports. To facilitate PFMs in standardizing their internal operational workflows and disclosure practices, it is also recommended that the information disclosure clauses in fund contracts be updated and refined accordingly in light of the Information Disclosure Measures.

To read this article in full, please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.