Following the promulgation of the Notice on Further
Regulating the Administration of Development and Filing of Equity
Investment Enterprises in Pilot Areas (the "Pilot
Rules") by the National Development and Reform
Commission (the "NDRC") on 31 January
2011 and positive feedback from the six pilot areas, the NDRC is
now determined to apply its administration and filing system to
equity investment enterprises ("EIEs")
across the nation.
On November 23, 2011, the NDRC promulgated its first set of
nationwide rules on the administration of equity investment
enterprises, the Notice on Promoting Regular Development of
Equity Investment Enterprises (the
"Notice"). The main objective of the
Notice is to standardize the establishment and operation of private
equity funds. This Notice evolved from the Pilot Rules and has
addressed five major topics. Together with the Notice, the NDRC
also issued a set of forms for filing and guidance for EIEs'
constitutional documents (i.e.
