ESG: Regulations Summary

After a two-month public consultation, the Asset Management Association of China ("AMAC"), China's de facto regulator in the private funds and asset management industry, officially issued the updated Private Investment Fund Registration and Filing Measures and corresponding rules (collectively the "New Filing Measures"). Since AMAC's official empowerment to regulate the private fund industry in 2014, the New Filing Measures have reflected a number of more mature thoughts from Chinese regulators on how to regulate the industry, and will have significant regulatory impacts on both private fund managers and their fund products once they become effective in May this year.