From July, 20 16 to June, 20 15, only two institutions can engage in private fund raising activities: institutions registered as private fund managers in China Fund Industry Association can raise their own private funds; An institution registered with the China Securities Regulatory Commission and qualified for fund sales business, and becoming a member of China Fund Industry Association, may accept the entrustment of private fund managers to raise private funds. Other institutions and individuals may not engage in fundraising activities of private equity funds.

Clarify two types of sales subjects of private equity funds:

1. There are only two kinds of fundraising/sales activities of private equity funds: direct sales by private equity fund managers; An institution that has the qualification of fund sales business and is a member of the fund industry association sells on a commission basis.

2. Private fund managers can only sell institutions, not individuals.

3. Private placement managers can only sell their own fund products, and fund sales agencies can have the right to sell them on a commission basis.

4. The above-mentioned fund sales qualifications are actually Public Offering of Fund sales qualifications, and the private equity fund sales qualification certification channel has not yet been established.

5. If the sales organization sells the fund on a commission basis, it is necessary to sign a written fund sales agreement, in which the division of rights and obligations between the private fund manager and the fund sales organization and other parts involving the interests of investors are the annexes of the fund contract.