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ARTICLE · 10 MAY 2011

NDRC Issues Guidelines For RMB Funds And Fund Management Companies

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China's National Development and Reform Commission (NDRC) has recently taken further steps to regulate and standardise fundraising by private equity funds and the operation of fund management companies in China.

ChinaFinance and Banking
Phill Smith
Phill Smith
Yong Ren
Yong Ren
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Originally published May 9, 2011

Keywords: NDRC, guidelines, RMB funds, fund management companies

China's National Development and Reform Commission (NDRC) has recently taken further steps to regulate and standardise fundraising by private equity funds and the operation of fund management companies in China.

Circular 253

NDRC issued Circular No. 253, dated 31 January 2011 (Circular 253), which requires, among others, that each private equity fund set up in Beijing, Tianjin, Shanghai and several leading provinces with commitments of RMB 500 million or more register with NDRC after such fund has registered with the local Administration of Industry and Commerce (AIC) and successfully completed fundraising, except where (i) the fund has registered with NDRC as a venture capital enterprise under separate regulations, or (ii) all its capital is contributed by one institutional or individual investor, or by two or more investors that are wholly owned subsidiaries

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