Private Equity Tax Express - Issue 1, April 2014
Effective from 1 June 2013, the Securities Investment Fund Law of the People’s Republic of China has taken non-public funds into the scope of supervision. The State Commission Office of Public Sectors Reform issued the “Notice on the Division of Responsibilities of Supervision in respect of Private Funds”, which clarified that the CSRC should be responsible for the policy making and the supervision of private funds. Later, CSRC authorized AMAC to take the responsibility of the supervision of private funds, fund managers and practitioners, as well as to carry out self-discipline management. Accordingly, AMAC promulgated the Measures to clarify the procedures and requirements for the registration of private fund managers, the filing of Funds, the management of practitioners and information disclosure, as well as the industry self-discipline supervision.