On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) and the ancillary Guidelines No. 1-3 on private fund manager registration (collectively, the "Draft Rules").

On February 24, 2023, AMAC issued the updated Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法》) (the "Measures") and the ancillary Guidelines No. 1-3 (i.e. Guideline on Basic Operational Requirements ("Guideline No. 1"), Guideline on Shareholders, Partners and Actual Controllers ("Guideline No. 2") and Guideline on Legal Representative, Senior Management Personnel, Executive Partner or Its Authorized Representative ("Guideline No. 3") (together with the Measures, the "New Rules")[1]. The New Rules will take effect as of May 1, 2023.

The New Rules are intended to update and clarify the registration and filing requirements for private fund managers and private funds by amending the Measures for the Registration of Private Investment Fund Managers and Filing of Funds (for Trial Implementation) (《私募投资基金管理人登记和基金备案办法 (试行)》) issued by AMAC in 2014, as well as consolidating relevant requirements provided under other self-regulatory rules. We summarize in this newsletter the key noteworthy aspects of the New Rules, in order to provide readers with a general understanding of the proposed amendments.