Port communicationWhat are the registration requirements for private equity funds? Fund manager registration and filing
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In order to promote the standardized and healthy development of my country’s private equity fund industry，Effectively protect the legitimate rights and interests of investors，Supervise private equity fund managers to fulfill their obligations of good faith、Fiduciary Duties of Care and Diligence，The Asset Management Association of China (hereinafter referred to as the "Association") issued the "Announcement on Further Regulating Certain Matters Regarding the Registration of Private Equity Fund Managers" on February 5, 2025 (hereinafter referred to as the "Announcement")。
"Announcement" cancels the registration certificate of private equity fund managers，Continuous information reporting to private equity fund managers、legal opinion、Proposed regulations on executive fund qualifications and other aspects
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。Since the announcement，Registration、Continuous information reporting、Compliance practice has become the consensus and compliance of the private equity fund industry，Most institutions actively support and cooperate with the implementation of the Announcement，The "Announcement" has achieved the expected goal of regulating the development of the industry。
The registration status of private equity funds in 2025 is summarized as follows:： one、Overall status of registration and filing of private equity funds as of the end of December 2025，The Asset Management Association of China has registered 17,433 private equity fund managers.，A decrease of 7572 compared to the same period last year；46,505 registered private equity funds，An increase of 22,451 year-on-year；The actual paid-in scale of the fund is 7.89 trillion yuan，A year-on-year increase of 95%；272,000 private equity fund employees，A year-on-year decrease of 107,400 people。
Registration of private equity fund managers，Since the announcement，3,308 newly registered private equity fund managers，The association handled a total of 9,468 legal opinions on the registration of managers.，Handle the execution of affairs through the legal representative (appointed representative)、10,717 special legal opinions on changes in three major matters of controlling shareholders and actual controllers。Up to now，The association canceled a total of 12,834 private equity fund managers。
in，Due to failure to complete the rectification of the "Announcement" on time
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10,957 institutions were deregistered；86 institutions were deregistered because they did not complete the registration of their first private equity fund product within six months from the date of completion of registration procedures.；1791Organizations voluntarily deregistered。A large number of empty shell institutions with no ability to develop business have been cancelled.，Improved industry composition，Reshaped the image of the industry。
Qualifications of senior executives，The professional abilities and professional ethics of employees are the lifeline of the industry，Fund practitioner qualification examination and registration are the starting point for establishing integrity records of industry personnel。After the announcement，Senior executives of private equity fund managers actively participate in the fund professional qualification examination，Implement the rectification work on professional qualifications。
2025Year，The association organized three national unified examinations for fund professional qualifications，Completed scheduled exams five times and expanded scheduled exam locations to 18 cities，also，Organize eight weekly exams for senior managers，2025A total of 353,000 people passed the exam throughout the year。
Up to now，There are 51,122 senior executives of registered private equity fund managers.，Among them, 44,262 people have obtained fund practitioner qualifications,Including 36,218 people who obtained qualifications by "passing examinations"，8044 people obtained qualifications through "passing subject one + qualification certification" and "double certification"。
2025September，The association has added the third exam subject of "Basic Knowledge of Private Equity Investment Funds" for private equity and venture capital fund practitioners.，And organized the compilation and publication of "Equity Investment Fund Basic Knowledge Essentials and Compilation of Laws and Regulations"。despite this，There are still 3,972 senior executives of 2,955 private equity fund managers who have not yet obtained fund qualifications as required.，Failure to complete rectification on time。
Disclosure of abnormal organizations， 2025Year，Because not pressed
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Submit the audited annual financial report for 2025 or fail to fulfill the quarterly update obligation twice in total, etc.，A total of 1,219 private equity fund managers met the abnormal institution disclosure standards in accordance with the "Announcement"，The association made public announcements through the private equity fund manager publicity platform.。By the end of 2025，404Abnormal institutions have completed rectification，The rectification rate reached 33%。
Establishment of abnormal publicity system，It is a useful attempt for private equity fund managers to establish a credit accumulation mechanism.，It plays a very good external constraint role on institutions to effectively fulfill their obligations of continuous information reporting.。
two、Regarding the recent situation of deregistered institutions and follow-up arrangements (1) After the grace period for the implementation of the Announcement, it has not been
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Completion of the first private equity fund product registration institution and follow-up arrangements December 31, 2025，A new batch of 553 private equity fund managers have been deregistered。
Such institutions have all registered as private equity fund managers before February 5, 2025，In accordance with the "Announcement" and the "Announcement on Matters Related to the Cancellation of Private Equity Fund Managers" issued by the association on August 1, 2025
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The application has been extended for five months，However, as of December 31, 2025, the registration of the first private equity fund product has not been completed.。
The association reiterates，Deregistration is not a self-regulatory sanction，If the deregistered institution has real business needs or has raised and established private equity fund products,，According to the "Private Investment Fund Manager Registration and Fund Filing Measures (Trial)" and the "Announcement"
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，Re-apply for registration as a private equity fund manager through the asset management business comprehensive reporting platform of the Asset Management Association of China as soon as possible。
The association will handle relevant private fund manager registration and private fund product registration applications in accordance with laws and regulations.，consistent with
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The applicant organization，The association will publicize its basic information on the private equity fund manager publicity platform.，Complete the registration and filing procedures for him again。
(2) The situation and follow-up arrangements of institutions that have registered private equity fund products but have not completed the "Legal Opinion on Registration of Private Equity Fund Managers" and follow-up arrangements. In order to safeguard the interests of existing investors of registered private equity fund products，For those registered before February 5, 2025、As of December 31, 2025, the registration of the first private equity fund product has been completed、but failed to comply with the Announcement
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An institution that handles supplementary matters in the "Legal Opinion on Registration of Private Equity Fund Managers"，It will be classified as an abnormal institution and disclosed to the public.，The association will suspend accepting new private equity product registration applications from such institutions.，Until the relevant agencies complete the rectification。
at the same time，Relevant private equity fund managers are requested to promptly disclose relevant risk information to investors.，Develop appropriate disposal plans for relevant private equity fund products，Effectively protect the interests of investors。
(3) Optimize the reminder function for institutions that have newly registered after the "Announcement" but have not yet completed the registration of their first private equity fund product. According to the "Private Investment Fund Manager Registration and Fund Registration Measures (Trial)"
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，Within 20 working days after the association has completed the filing materials，Disclose the basic information of private equity funds on the private equity fund manager publicity platform，Complete registration procedures for private equity funds。
According to the "Announcement"
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，If a private equity fund manager newly registered after the "Announcement" fails to complete the registration of the first private equity fund product within six months from the date of completing the registration procedures，The institution's registration as a private equity fund manager will be cancelled.。
The association solemnly reminds，Relevant private equity fund managers should make reasonable overall plans for private equity fund manager registration、Timetable for the establishment and filing of private equity fund products，Avoid hastily submitting filing applications when the deadline is approaching，Furthermore, due to incomplete filing materials and other reasons, the fund filing could not be completed in time.，Resulting in cancellation of administrator registration。
To better remind newly registered private equity fund managers to complete the registration of their first private equity fund product as soon as possible，The association has added a "countdown to cancellation" prompt function to the user terminal of new registration institutions that are approaching the time limit after the first fund is filed on the "Comprehensive Submission Platform for Asset Management Business"。
three、Rectification and follow-up arrangements for executive fund business qualifications in accordance with the "Announcement"
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，Various private equity fund managers engaged in private equity investment fund business，its senior management，Including legal representative, executive partner and appointed representative、General manager、deputy general manager、Compliance and risk control manager, etc.，All must obtain fund practitioner qualifications。
Various private equity fund managers engaged in non-private securities investment fund business，At least two senior executives should obtain fund practice qualifications，Its legal representative, executive partner (appointed representative)、The person in charge of compliance and risk control should obtain fund practitioner qualifications。 Up to now， There are still 2,955 private equity fund managers whose fund professional qualifications have not yet been rectified.。
According to the "Announcement"，The association will suspend accepting registration applications for private equity fund products from such institutions.，Until the qualification rectification of senior management personnel of relevant institutions is completed。at the same time，The association will specifically remind the relevant executives of such institutions on the private equity fund manager publicity platform that they have not obtained fund qualifications.。
Association reminds private equity investors、Custodians and related service institutions when making investments or selecting business partners，Pay attention to the qualifications of relevant senior executives of private equity fund managers，Prudently identify relevant risks。 The association once again urges relevant private equity fund managers to，Implement the rectification of the qualifications of senior executives of the organization as soon as possible
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，Obtain fund practitioner qualifications by taking exams and other methods。
After the senior executives of the private equity fund manager obtain the fund practitioner qualification and complete rectifications as required，The association will immediately resume normal public announcements by senior executives of relevant institutions.，And re-accept registration applications for private equity fund products。
In order to facilitate the majority of private equity fund industry practitioners to take the fund practitioner qualification examination，2025The association plans to organize three unified examinations in 43 cities across the country.，17Five appointment-based exams in cities，Weekly examinations for senior managers 8-12 times。The association has organized and completed this year’s first weekly examination for executive qualifications today.。
The next phase will be on January 20、217th of the month、3Organize weekly exams on March 3，Subsequent weekly examination arrangements will be announced gradually based on industry needs.。 2025Annual Fund Practitioner Qualification Examination National Unified Examination Plan、Specific registration methods and exams for the Fund Practitioner Qualification Examination
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See the "Practitioner Management Column - Examination Platform" on the Fund Industry Association website。
The textbook used for the subject one and subject two examinations is "Securities Investment Funds" compiled by the Securities Investment Fund Association of China.，Published by Higher Education Press；The textbook used for the subject three examination is "Equity Investment Fund Basic Knowledge Examination Key Points and Compilation of Laws and Regulations" compiled by the Asset Management Association of China.，Published by China Financial Press on September 1, 2025。For specific purchasing methods, please see the “Practitioner Management” column on the website of the Asset Management Association of China。
Private equity fund registration and self-regulatory management are important institutional arrangements to ensure the compliance and healthy development of my country's private equity fund industry.，It is an important responsibility assigned by the Fund Law to the Securities Investment Fund Association of China.。
The association will continue to uphold the principle of "self-discipline、Serve、"Innovation" purpose，Don't be trapped in your heart，Do not hesitate to act，Stick to the essence of asset management，Adhere to the policy of "supporting the good and limiting the bad"，Continue to build industry consensus，Aiming at investor protection and building industry integrity，Pay close attention to credit accumulation and breach of trust restraint mechanisms in the construction industry，Promote the sustainable and healthy development of the private equity fund industry。
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