State Council: Promote the issuance of judicial documents for handling cases of crimes involving private equity funds, and introduce regulations to standardize the arrangements for "earnest agreement" in private equity funds.

The General Office of the State Council has issued guidance on strengthening supervision, preventing risks, and promoting the high-quality development of private equity investment funds. The guidance points out the need to promote the revision of the Securities Investment Fund Law, to push for the release of judicial documents handling criminal cases involving private equity funds, and to establish rules for the supervision of private equity fund managers, information disclosure, fund raising, and mandatory custody. It also introduces arrangements for regulating the "gambling agreement" system for private equity funds. A comprehensive regulatory system for private equity funds will be established, with administrative supervision as the main focus and self-regulation as a supplement.