The Asset Management Association of China ("AMAC") has recently issued the Circular on Relevant Matters Concerning Steadily Advancing the Census of the Private Equity Sector Related to the Fourth National Economic Census (the "Circular").
The Circular states that, according to the Statistics Law of the People's Republic of China, the Regulations on National Economic Census and other relevant legislation, the private equity sector is covered by the national economic census for the first time. The AMAC will, according to arrangements made for the census of the capital market service sector, take charge of specific work on the census in the private equity sector. Meanwhile, the Circular clarifies that, in this census, relevant data from the Asset Management Business Electronic Registration System, known as the AMBERS System, and from the AMAC's Practitioner Management Platform, will be cited as the basic census data for the private equity sector. All private equity fund managers shall attach high importance to this work, diligently fulfill their information reporting obligations, such as reporting and updating information regarding quarterly, annual and significant events for private equity fund managers themselves and for private equity funds managed by them, and, by the end of April 2019, timely prepare and submit their annual financial reports for the year 2018 that have been audited by accounting firms.