On September 4, 2026 China's securities regulator (CSRC) published draft Administrative Measures for Fundraising by Private Investment Funds for public comment through October 4, 2026. It raises qualified-investor bars (RMB 5M household financial assets or RMB 500k average annual income over 3 years, plus a RMB 1M per-fund minimum; RMB 10M and double thresholds for higher-risk funds), bans return guarantees, nominee and third-party fundraising, and mandates look-through of ultimate investors, audio/video recording, cooling-off periods, and 20-year record retention. It follows a June 2026 State Council directive (Document No. 54) after which zero PE/VC managers registered with AMAC that month, the first such freeze in the system's 12-year history.
CSRC drafts stricter private fund fundraising rules, comments close Oct 4 2026
Founders raising RMB from onshore private funds should expect slower manager registration, a shrinking pool of small VCs, and heavier investor onboarding (source-of-funds look-through, recorded meetings), so budget extra runway and lean toward established, already-registered funds when closing a round.
Source: Sidley Austin LLP
More that helps you.
Biggest AIM rules overhaul since 1995 takes effect, allowing founder dual-class shares
On 5 August 2026 the London Stock Exchange's most comprehensive AIM rule changes since 1995 took effect. AIM now permits special (dual-class) voting shares at admission so founders…
SEBI's GARUDA framework fast-tracks AIF/VC fund launches to 10 working days
On 30 July 2026 SEBI operationalised the 'Green-Channel: AIF Rollout Upon Document Acknowledgement' (GARUDA) mechanism, following the AIF (Second Amendment) Regulations notified 14…
SEC issues five new Reg CF interpretations clarifying crowdfunding limits
On Feb 17, 2026 the SEC published five new Compliance and Disclosure Interpretations for Regulation Crowdfunding. They clarify that the $5M rolling 12-month raise cap is measured f…
SEC advisory committee reconvenes Aug 6 to push IPOs and small-company capital access
The SEC announced on July 30, 2026 that its Small Business Capital Formation Advisory Committee will reconvene August 6, 2026 at 1 p.m. ET (virtual) to continue work on modernizing…
Get briefs like this tuned to you.
In the app, Founder Briefs are personalized to your country, industry and stage, and you can save the ones that matter.
See plans →
