On June 30, 2016, the Asset Management Association of China (“AMAC”) released the Q&A Regarding Registration and Filing of Private Funds (No. 10) (“Q&A No. 10”), which confirmed that both wholly foreign-owned and Sino-foreign-invested joint venture (“JV”) private securities investment fund management companies (“PSFMC”) are now permitted to register as private securities investment fund managers (“PSFMs”) with AMAC. Q&A No. 10 was endorsed by the China Securities Regulatory Commission (“CSRC”) on the same day.

CURRENT REGULATORY LANDSCAPE FOR PRIVATE SECURITIES INVESTMENT FUND MANAGEMENT -

Under the Measures for Registrations of Private Investment Fund Managers and Record Filings of Funds (Trial Implementation), in order to carry out fund raising and investment activities, all PSFMCs and PEFMCs (as defined below) have been required to register with AMAC since early 2014. Prior to the release of Q&A No. 10, certain Sino-foreign-invested JV PSFMCs were permitted to register with AMAC as PSFMs. Q&A No. 10 will allow all PSFMCs, regardless of their ownership structures, to register with AMAC as PSFMs once established.