The China Securities Regulatory Commission issued the "Supervision and Administration Measures for Information Disclosure of Private Investment Funds" on February 27, which will come into effect on September 1, 2026. The method specifies that private fund managers should disclose private fund information to investors in accordance with the information disclosure content, channels, methods, and frequency stipulated in the fund contract. Clarify the voluntary disclosure requirements for private fund managers. Clarify the disclosure responsibilities of private fund custodians related to custody business, as well as the requirements for reviewing and examining financial information of private securities investment funds. Explicitly prohibit disclosure of information such as predicting investment performance, promising investors that the investment principal will not be lost or promising minimum returns and maximum losses, public disclosure or disguised public disclosure. At the same time, the measures also specify the types and specific contents of regular reports for private securities investment funds and private equity investment funds. When a major event occurs in a private fund, the private fund manager shall promptly prepare an interim report and disclose it to investors. Require private fund managers to promptly disclose liquidation notices, liquidation reports, and other significant information related to liquidation to investors. Require private fund managers and custodians to establish and improve information disclosure management systems. Clarify the information disclosure and cooperation obligations of shareholders, partners, and actual controllers of private fund managers. Clarify the requirements for strengthening the management of undisclosed information and data preservation. In addition, the measures specify that the China Securities Regulatory Commission and its dispatched agencies shall supervise and manage private fund managers, private fund custodians, private fund sales agencies, and other private fund service agencies, as well as their employees engaged in private fund information disclosure activities and related services. Administrative regulatory measures such as ordering correction, regulatory talks, and issuing warning letters may be taken in accordance with the law, and administrative penalties shall be imposed on relevant illegal activities in accordance with relevant laws and regulations. (New Society)