Legal Trends in the Private Equity Fund Industry (March 2026/97th Issue)
【Editor's Note】
In order to assist private equity practitioners in accurately grasping legal policy trends, interpreting judicial practice trends, and effectively preventing compliance risks, the legal team led by Yang Chunbao, the professional leader of Dacheng Private Equity Fund, has been continuously compiling and publishing the "Legal Trends of the Private Equity Fund Industry" every month since the end of 2017. The content of this issue remains the same as before, comprehensively reviewing the latest laws and regulations, regulatory trends, self disciplinary cases, and typical judicial precedents, committed to providing timely, practical, and in-depth legal practice references for the industry.
Yang Chunbao's legal team has been deeply involved in the field of private equity funds for over 20 years, accompanying and witnessing the evolution and standardized development of the domestic private equity industry. The team has solid legal service experience in all aspects of "fundraising, investment, management, and withdrawal", especially specializing in the litigation and non litigation resolution of complex gambling repurchase disputes, financial institution equity investment, and other professional fields. With profound theoretical accumulation and rich practical experience, the team has published multiple legal monographs such as "Practical Operation of Risk Prevention and Control of Private Equity Investment Funds", and compiled the "Compliance Guide for Equity Investment Business of Financial Institutions", which has been recommended by domestic and foreign legal rating agencies. We always pay attention to industry pain points and hot topics, and accompany customers and the industry to grow together with professional interpretation.
We look forward to this update bringing you inspiration and practical value. Welcome to continue following and subscribing. If you have any legal practice questions or cooperation intentions, please feel free to contact us at any time.
Legal Service Trends of State owned Assets and Funds Research Center
The legal team led by Yang Chunbao provided comprehensive legal services, including legal due diligence, fund contract review, and negotiation, for Pudong Venture Capital to establish the Shanghai Ronghe Continuing Fund with Bank of Communications Guoxin through a dual GP cooperation model. The Shanghai Ronghe Continuing Fund has successfully completed its filing and will further complement Pudong Venture Capital's key layout in the S fund field.
Lawyer Yang Chunbao was appointed as one of the first mediators at the Shanghai Pudong New Area Harmonious Commercial Mediation Center at the "First Conference on Commercial Mediation and High Quality Economic Development" on March 20, 2026, and exchanged speeches on the topic of "promoting the resolution of gambling repurchase disputes through commercial mediation". For details of Lawyer Yang's speech, please refer to "Promoting the Resolution of Gambling Repurchase Disputes through Commercial Mediation"
Yang Chunbao's legal team has updated and released the "Legal Bridge PE Encyclopedia: Compilation of Private Equity Fund Regulations and Regulatory Documents (2026 Yima Dangxian Edition)". This compilation includes hundreds of laws, regulations, and regulatory documents related to the private equity fund industry as of the end of February 2026. For details, please click on: Legal Bridge PE Encyclopedia (2026 Yima Dangxian Edition) Update and Release
The legal team led by Yang Chunbao has released the fourth compliance guideline for equity investment business of financial institutions: "Compliance Guidelines for Equity Investment Business of Trust Companies", to assist in the compliance development of the industry. For details, please click: "Compliance Guidelines for Equity Investment of Trust Companies" Released to Support Industry Compliance Development
Various announcements and notices of the association
On March 10, 2026, the China Securities Investment Fund Industry Association (hereinafter referred to as the "Association") issued a notice on soliciting public opinions on the "Implementation Rules for Information Disclosure of Private Investment Funds (Draft for Comments)" and the "Template for Important Content of Information Disclosure of Private Investment Funds (Draft for Comments)". The "Implementation Rules for Information Disclosure of Private Equity Investment Funds (Draft for Soliciting Opinions)" includes seven chapters with a total of 51 articles, which intends to further regulate the regular reports, interim reports, and liquidation reports of private securities investment funds and private equity investment funds, and clarify the self regulatory management measures of the association in the case of private equity fund information disclosure entities failing to disclose information in accordance with regulations, violating disclosure matters, and failing to backup and disclose information on the information disclosure backup platform. In addition, the association has drafted six important content templates for private equity investment funds, including quarterly reports, annual reports, liquidation reports, and semi annual reports, annual reports, and liquidation reports. After the official release and implementation of the "Implementation Rules for Information Disclosure of Private Investment Funds (Draft for Comments)" and the "Important Content Template for Information Disclosure of Private Investment Funds (Draft for Comments)", the "Management Measures for Information Disclosure of Private Investment Funds" issued by the Association on February 4, 2016 will be abolished.
Legal, regulatory, and judicial developments
Ministry of Justice, People's Bank of China, State Administration for Financial Regulation
Issued by the China Securities Regulatory Commission and the State Administration of Foreign Exchange
Draft Financial Law of the People's Republic of China
On March 20, 2026, the Ministry of Justice, the People's Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange issued a notice on soliciting public opinions on the draft of the Financial Law of the People's Republic of China (hereinafter referred to as the "Draft Financial Law"). The draft of the Financial Law consists of 11 chapters and 95 articles. In the supplementary provisions, it is explicitly stated that private investment funds shall be subject to the application of this law, while other laws, administrative regulations, or provisions of the State Council shall apply; And in the chapter on financial risk disposal, it is explicitly stated that the risk disposal of private investment fund management institutions shall be organized and implemented by the provincial level locality where they are registered, in conjunction with the financial management department of the State Council.
The China Securities Regulatory Commission has issued several regulations on the supervision of short-term trading
On March 6, 2026, the China Securities Regulatory Commission issued the "Several Provisions on the Supervision of Short term Trading" (hereinafter referred to as the "Short term Trading Regulations"), which will be implemented from April 7, 2026. The Short term Trading Regulations stipulate that collective private equity asset management products managed by securities and futures fund operating institutions that independently open securities accounts and conduct investments in accordance with relevant regulatory requirements, as well as private equity securities investment funds that comply with relevant regulatory regulations, are legally established and have separate securities accounts opened for each product, may have their shareholding calculated separately. Except for products or combinations that are decided by the same manager or are actually controlled by the same investor, which cannot achieve independent and standardized operation, or where there are conflicts of interest, illegal and irregular situations in the trading process.
The General Office of Jiangsu Provincial Government has issued the Implementation Opinions on Promoting the High Quality Development of Jiangsu Provincial Government Investment Funds
Recently, the General Office of the Jiangsu Provincial Government issued the "Implementation Opinions on Promoting the High Quality Development of Jiangsu Provincial Government Investment Funds" (hereinafter referred to as the "Implementation Opinions"). The Implementation Opinions mainly include the following five aspects: firstly, clarify the positioning of the fund, serve the overall development situation, and propose the core areas that industrial investment funds and venture capital funds should focus on; Secondly, establish a graded and classified management mechanism, establish graded management funds, manage various types of funds differentially, and improve fund management performance; Thirdly, strengthen overall management and optimize fund layout; Fourthly, standardize fund operations, improve fund management systems and mechanisms, and establish sound fault tolerance mechanisms to enhance the level of professional and market-oriented operations; Finally, strengthen supervision and assessment, prevent and resolve risks, establish and improve the Jiangsu Provincial Government Investment Fund Management Information System, timely grasp the overall operation of funds in Jiangsu Province, and monitor key indicators in real time.
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