China regulator sets reporting deadline

Due to a regulatory lag GPs will need to have reported fund information to the Asset Management Association of China a month before the deadline.

Fund advisors based in China must register with the Asset Management Association of China (AMAC), a self-regulatory organization authorized by China’s securities regulator, by April 30.

PE Manager previously reported that China-based GPs will need to register, and enter into a reporting relationship, with the AMAC in 2014 but the registration date was at the time unknown.

But last week the China Securities Regulatory Commission (CSRC), which authorized AMAC to regulate investment funds and managers, set the April deadline.

However, legal sources say it will take up to 20 business days for any registration to become effective, which practically means that GPs need to submit their registration with AMAC by March 31, 2014 in order to meet the deadline.

Making matters worse for China-based GPs is that the rules’ details have yet to be fully clarified. But, it is clear GPs must make a filing with the AMAC when closing a fund and report the fund’s investment focus, legal name, size, investors, fund agreement and similar information.

GPs must also make quarterly and annual filings providing the AMAC with updated fund information. The AMAC will then disclose basic fund information to the public on its website.