基金管理人和基金托管人履行信息披露义务的边界及范围
The Boundaries and Scope of the Information Disclosure Obligations of Fund Management Institutions and Fund Custodians
关键词
Key Words
基金管理人 基金托管人 信息披露主体 信息披露范围
Fund Management Institutions, Fund Custodians, Information Disclosure Subject, Information Disclosure Scope
裁判要旨
Principle of the Trial
基金管理人和基金托管人应当在法律规定和合同约定的范围内向投资人披露基金运行过程中可能影响投资人合法权益的信息；基金托管人应当负有对基金信息的复核和确认义务，但因基金管理人的原因导致的未能及时披露相关信息的，基金托管人不承担由此产生的违约责任。
Fund management institutions and fund custodians should disclose information that may affect the legitimate rights and interests of investors within the scope defined by legal regulations and contractual agreements during the operation of the fund. The fund custodian is obligated to review and confirm the accuracy of fund information. However, if the failure to disclose relevant information in a timely manner is due to the fund management institution, the fund custodian shall not be held liable for the breach of contract responsibility arising from this.
典型意义
Significance
基金管理人未履行基金信息披露义务或信息披露不实是基金管理人承担违约责任的常见情形之一，但对于信息披露的范围和主体应当如何界定，在实务中仍存在争议。进一步厘清信息披露的责任边界和范围界定标准，有利于提高市场对信息披露的正确认识，规范证券市场中信息披露不实的乱象，从而保护投资人的合法权益。
本案中，投资人请求披露基金投资情况、财务情况等七项内容，并对其中的内容进行了详细的列举，仲裁庭在考虑披露内容对投资人的权利造成的影响情况后，结合法律规定和当事人的约定，认为相关内容超出了应当披露的范围，仅支持了部分披露请求。仲裁庭的裁判路径对市场主体依法守约履行信息披露义务具有借鉴意义。
One common scenario for a fund management institution to be held liable for the breach of contract liability is the failure to fulfill the obligation of fund information disclosure or providing false information disclosure. However, the definition of the scope and subject of information disclosure still remains a matter of dispute in practice. Further clarifying the responsibility boundaries and defining standards for information disclosure is beneficial for enhancing the market's accurate understanding of information disclosure. It helps to regulate the disorder of false information disclosure in the securities market, thereby protecting the legitimate rights and interests of investors.
In this case, the investors requested the disclosure of seven items, including the fund's investment and financial situation, and detailed the contents therein. After considering the impact of the disclosure on the investors' rights, and in conjunction with legal provisions and the agreement of the parties concerned, the arbitration tribunal deemed that the requested content exceeded the scope of necessary disclosure. Consequently, it only supported a portion of the disclosure requests. The arbitration tribunal's decision-making process serves as a reference for market entities to fulfill their information disclosure obligations in accordance with the law and their contractual agreements.
基本案情
Basic Facts
20xx年9月，投资人T某（本案申请人）与A基金管理公司（本案第一被申请人）、B银行（本案第二被申请人）签署《基金合同》，T某出资500万元认购A基金管理公司管理的一号私募基金份额。经查明，一号基金于20XX年5月成立，20XX年8月备案，基金托管人为B银行。
系争《基金合同》的相关约定如下：
第十八条“信息披露与报告”约定：“（一）本基金的信息披露应符合法律法规的相关规定及本基金合同的约定，相关法律法规及监管机构、中国证券投资基金业协会关于信息披露的规定发生变更时，本基金从其最新规定。……（三）对投资者披露的基金信息应包括：1.基金合同；2.招募说明书等宣传中介文件；3.基金销售协议中的主要权利义务条款（如有）；4.基金的投资情况；5.基金的资产负债情况；6.基金的投资收益分配情况；7.基金承担的费用和业绩报酬安排；8.可能存在的利益冲突；9.涉及私募基金管理业务、基金财产、基金托管业务的重大诉讼、仲裁；10.中国证监会以及中国证券投资基金业协会规定的影响投资者合法权益的其他重大信息。……（五）基金运作期间的信息披露。1.私募基金运行期间，基金管理人应当在每季度结束之日起10个工作日内向投资者披露基金净值、主要财务指标以及投资组合情况等信息。2.私募基金运行期间，基金管理人应当在每年结束之日起 4 个月以内向投资者披露以下信息：（1）报告期末基金净值和基金份额总额；（2）基金的财务情况；（3） 基金投资运作情况；（4）投资者账户信息，包括实缴出资额、未缴出资额以及报告期末所持有基金份额总额等；（5）投资收益分配和损失承担情况；（6）基金管理人取得的管理费和业绩报酬，包括计提基准、计提方式和支付方式；（7）基金合同约定的其他信息。3.发生以下重大事项的，基金管理人应当按照约定及时向投资者披露：（1）基金名称、注册地址、组织形式发生变更的；（2）投资范围和投资策略发生重大变化的；（3）变更基金管理人或托管人的；（4）管理人的法定代表人、执行事务合伙人（委派代表）、实际控制人发生变更的；（5）触及基金止损线或预警线的；（6）管理费率、托管费率发生变化的；（7）基金收益分配事项发生变更的；（8）基金触发巨额赎回的；（9）基金存续期变更或展期的；（10）基金发生清盘或清算的；（11）发生重大关联交易事项的；（12）基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的；（13）涉及私募基金管理业务、基金财产、基金托管业务的重大诉讼、仲裁；（14）基金合同约定的影响投资者利益的其他重大事项。
T某认为，根据《私募投资基金监督管理暂行办法》（以下简称《暂行办法》）第二十四条和《私募投资基金信息披露管理办法》（以下简称《披露办法》）第二条以及《基金合同》的相关约定，私募基金管理人、托管人负有信息披露义务。同时，《暂行办法》及《披露办法》明确规定了信息披露义务人应当披露的项目、内容、频率、渠道等，《基金合同》在信息披露方面的约定亦与《暂行办法》、《披露办法》规定一致。但截至申请仲裁之日，基金管理人、托管人未根据规定和约定向投资人履行披露义务，损害了投资人的知情权。
In September 20xx, investor T (the claimant in this case) signed a Fund Contract with Fund management company A (the first respondent in this case) and Bank B (the second respondent in this case). T invested 5 million yuan to subscribe to shares of the No. 1 private equity fund managed by A. It turned out that the No. 1 Fund was founded in May 20XX and registered in August 20XX, with Bank B serving as the fund custodian.
The relevant provisions of the disputed Fund Contract are as follows:
Article 18 Information Disclosure and Reporting stipulates: (1) The information disclosure of this fund shall comply with the relevant provisions of laws and regulations as well as the agreement of this fund contract. When related laws, regulations, supervisory authorities, and the Asset Management Association of China's provisions regarding information disclosure change, this fund shall follow the latest regulations. … (3) The information to be disclosed to investors about the fund shall include: 1. The Fund Contract; 2. Promotional intermediary documents such as recruitment brochures; 3. Key terms of rights and obligations in the fund sales agreement (if any); 4. The investment situation of the fund; 5. The asset and liability situation of the fund; 6. The distribution of investment income of the fund; 7. Expenses borne by the fund and arrangements for performance compensation; 8. Potential conflicts of interest; 9. Significant litigation or arbitration involving private fund management business, fund property, or fund custodian business; 10. Other significant information affecting the legal rights and interests of investors as stipulated by the China Securities Regulatory Commission and the Asset Management Association of China. … (5) Information disclosure during fund operation. 1. During the operation of the private fund, the fund management institution shall disclose to investors information such as the net value of the fund, key financial indicators, and the investment portfolio situation within 10 working days after the end of each quarter. 2. During the operation of the private fund, the fund management institution shall disclose the following information to investors within four months after the end of each year: (1) The net value of the fund and the total amount of fund shares at the end of the reporting period; (2) The financial situation of the fund; (3) The operation of fund investments; (4) Investor account information, including the amount of paid-in capital, unpaid capital, and the total amount of fund shares held at the end of the reporting period; (5) The distribution of investment income and the assumption of losses; (6) The management fees and performance compensation obtained by the fund management institution, including the provision basis, calculation method, and payment method; (7) Other information stipulated in the fund contract. 3. In the event of the following significant matters, the fund management institution shall disclose the following matters to investors in a timely manner as agreed: (1) Changes in the fund's name, registered address, or organizational form; (2) Significant changes in investment scope and strategy; (3) Changes in the fund management institution or custodian; (4) Changes in the legal representative, executive partner (appointed representative), or actual controller of the management institution; (5) The fund reaching the stop-loss line or warning line; (6) Changes in management fee rate or custodian fee rate; (7) Changes in fund income distribution matters; (8) The fund triggering substantial redemption; (9) Changes or extensions in the fund's duration; (10) Liquidation or dissolution of the fund; (11) Significant related transaction matters; (12) Suspected major illegal or regulatory violations by the fund management institution, actual controller, or senior management personnel, or being under investigation by regulatory or self-regulatory bodies; (13) Significant litigation or arbitration involving private fund management business, fund property, or fund custodian business; (14) Other significant matters stipulated in the fund contract that affect the interests of investors.
T believed that, according to Article 24 of the Interim Measures for the Supervision and Administration of Privately-Raised Investment Funds (hereinafter referred to as the Interim Measures) and Article 2 of the Measures for the Administration of the Disclosure of Information on Privately-Raised Investment Funds (hereinafter referred to as the Disclosure Measures), as well as relevant provisions of the Fund Contract, private fund management institutions and custodians bear the obligation of information disclosure. Furthermore, the Interim Measures and the Disclosure Measures explicitly specify the items, content, frequency, and channels that the obligated party should disclose for information. The provisions of the Fund Contract regarding information disclosure are consistent with the Interim Measures and the Disclosure Measures. However, as of the date of applying for arbitration, the fund management institution and custodian had not fulfilled their disclosure obligations as stipulated and agreed upon, thereby infringing upon the investor's right to know.
仲裁请求
Arbitration Claim
T某向上海金融仲裁院提出仲裁申请，请求仲裁庭裁决：A基金管理公司、B银行向T某提供自20XX年9月至20XX年10月期间的如下材料，供投资人及其代理人调取、查阅和复制：（1）基金的投资情况：基金管理人的实际控制人变更情况、投资运作情况、投资组合（投资方向、投资目标、交易对手信息、交易价格及结构、关联交易的情况）、杠杆运用情况、投资决策记录、交易和投资人适当性管理记录、基金定期报告、定期更新的招募说明书；（2）财务情况:经审计的财务报告、资产负债表、现金流量表、损益表、明细账、会计账薄、财务凭证、财务总账、基金净值信息、基金份额总额；（3）投资收益分配情况；（4）基金承担的费用：基金管理人取得的管理费及费率、业绩报酬（含计提基准、计提方式、支付方式）、托管人取得的托管费及费率；（5）利益冲突的相关信息；（6）涉及基金管理业务、基金财产、基金托管的诉讼、仲裁，包括基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的情况；（7）可能影响投资人合法权益的重大信息等。
T submitted an arbitration application to the Shanghai Court of Financial Arbitration, requesting the arbitral tribunal to rule that A and Bank B provide the following materials from September 20XX to October 20XX to the investor and their agent for retrieval, review, and copying: (1) Information on the fund's investment situation: changes in the actual controller of the fund management institution, investment operation, investment portfolio (including investment direction, objectives, counterparty information, transaction prices and structures, related transactions), use of leverage, investment decision records, transaction and investor suitability management records, regular fund reports, regularly updated recruitment brochures; (2) Financial situation: audited financial reports, balance sheets, cash flow statements, profit and loss statements, detailed accounts, accounting ledgers, financial vouchers, general ledgers, net value information of the fund, total amount of fund shares; (3) The distribution of investment income; (4) Expenses borne by the fund: management fees and rates obtained by the fund management institution, performance compensation (including provision basis, calculation method, payment method), custodian fees and rates obtained by the custodian; (5) Information related to conflicts of interest; (6) Litigation and arbitration involving fund management business, fund property, fund custodianship, including situations where the fund management institution, actual controller, and senior management are suspected of major illegal or regulatory violations or are under investigation by regulatory or self-regulatory bodies; (7) Other significant information that may affect the legal rights and interests of investors.
被申请人的答辩意见
Respondent’s Reply
A基金管理公司未到庭，亦未提供答辩意见。
B银行答辩称，《基金合同》约定的披露信息义务应由A基金管理人承担，B银行不是信息披露主体。B银行作为基金托管人，仅对基金管理人提供的特定信息承担复核义务，A基金管理公司已被刑事立案，其未将应披露的信息提交给B银行复核，相关责任应由A基金管理公司承担，B银行并无过错。
Fund management company A did not appear in court and did not provide a reply.
Bank B argued in its defense that the obligation of information disclosure stipulated in the Fund Contract should be borne by A, and B is not the subject of information disclosure. As the fund custodian, B only assumes the obligation to review the specific information provided by the fund management institution. A has been criminally investigated and failed to submit the information that should be disclosed to B for review. The relevant responsibilities should be borne by A, while B was not at fault.
仲裁庭意见及裁决结果
Opinions and Award from Arbitral Tribunal
第一，对于基金信息披露义务的范围问题。
首先，仲裁庭认为，依据《暂行办法》第二十四条规定的私募基金管理人、私募基金托管人信息披露范围，结合本案《基金合同》第十八条“关于信息披露和报告”的约定，以及《披露办法》第九条、第十条、第十五条、第十六条、第十七条、第十八条的约定，T某要求作为基金管理人的A基金管理公司披露基金的投资情况（包括基金管理人的实际控制人变更情况、投资方向、投资目标等投资组合情况、杠杆运用情况、基金定期报告）、基金的财务情况、投资收益分配情况、基金管理人取得的管理费及费率和业绩报酬（含计提基准、计提方式、支付方式）、利益冲突的相关信息、可能影响投资人合法权益的重大信息，以及涉及基金管理业务、基金财产、基金托管业务的诉讼、仲裁，包括基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的情况，符合合同约定和监管机构的相关规定，仲裁庭依法予以支持。
其次，关于T某请求披露的关联交易情况和定期更新的招募说明书，仲裁庭认为，该披露内容与《基金合同》及《披露办法》规定的披露事项内容不尽一致。按照合同约定及《披露办法》的规定，A基金管理公司向T某披露的信息应为重大关联交易事项和招募说明书。法律及合同并没有明文禁止关联交易，但仅就“重大”关联交易，双方约定了披露义务。T某的该项请求，超出了合同约定的范围。就招募说明书而言，从合同文义理解，A基金管理公司的披露义务应限于招募说明书本身。尽管管理人可能因业务的需要会对招募说明书有所更新，但本案中T某并未举证证明系争基金存在多个版本的招募说明书。据此，针对T某的前述仲裁申请，仲裁庭认为A基金管理公司应承担的是对重大关联交易事项以及招募说明书这两项信息的披露义务。
此外，关于T某要求A基金管理公司、B银行披露托管人B银行的托管费及费率，仲裁庭认为，该等信息在《基金合同》中已有明确约定，T某对此应已知晓，故对T某的该项请求不予准许。T某请求披露的其他基金信息，既无合同依据，也不符合《披露办法》的规定，仲裁庭不予认可。
第二，对于基金信息披露义务的主体问题，仲裁庭认为，根据上述监管机构的规定以及《基金合同》的约定，A基金管理公司作为基金管理人、B银行作为基金托管人，都是信息披露义务人，但管理人、托管人承担的信息披露义务的具体内容，则应根据中国证券投资基金业协会的相关规定以及本案各方订立的《基金合同》的约定而确定。根据《基金合同》的约定，基金托管人承担对基金管理人编制的基金资产净值、基金份额净值、基金份额申购赎回价格、基金定期报告等信息的复核和确认义务，因基金管理人未按合同约定时间将相关披露信息交由基金托管人复核而导致未能及时披露基金信息的，基金管理人应承担相应的责任，基金托管人则无需承担责任。因此，本案所涉的披露义务应当由A基金管理公司承担，对于T某请求裁决B银行对上述基金信息承担披露义务的请求，仲裁庭不予支持。
I. The issues regarding the scope of the obligation to disclose fund information.
First of all, the arbitral tribunal believed that based on the scope of information disclosure for private fund management institutions and custodians as stipulated in Article 24 of the Interim Measures, combined with Article 18 "About Information Disclosure and Reporting" of the Fund Contract in this case, and the provisions of Articles 9, 10, 15, 16, 17, and 18 of the Disclosure Measures, T's request for Fund management company A, as the fund management institution, to disclose information about the fund's investment situation (including changes in the actual controller of the fund management institution, investment direction, objectives, and other portfolio details, use of leverage, regular fund reports), the fund's financial situation, the distribution of investment income, management fees and rates, and performance compensation (including provision basis, calculation method, payment method), information related to conflicts of interest, significant information that may affect the legal rights and interests of investors, and litigation and arbitration involving fund management business, fund property, fund custodianship, including situations involving suspected major illegal or regulatory violations or ongoing investigations by regulatory or self-regulatory bodies concerning the fund management institution, actual controller, and senior management, are in accordance with the contractual agreement and relevant regulations of regulatory bodies, and the tribunal supports this request in accordance with the law.
Furthermore, regarding the related-party transactions requested by T and the regularly updated prospectuses, arbitral tribunal held that these disclosed documents was inconsistent with the matters to be disclosed that were stipulated in the Fund Contract and the Disclosure Measures. In accordance with the provisions of the contract and the Disclosure Measures, the information disclosed by A to T should be significant related-party transactions and prospectuses. Laws and contracts do not expressly prohibit related-party transactions, but only for "significant" related-party transactions, both parties had agreed on their corresponding disclosure obligations. T’s request was beyond the scope of the contract. As far as the prospectuses are concerned, based on the contractual meaning, A's disclosure obligations should be limited to the prospectuses themselves. Although the management institution may update the prospectuses due to business needs, in this case, T did not provide evidence to prove that there were multiple versions of the prospectus for the fund in dispute. Accordingly, in response to T’s aforementioned application for arbitration, the arbitral tribunal held that A should bear the obligation to disclose information on major related-party transactions and prospectuses.
In addition, as for T’s request for A and B to disclose the custody fees and rates of B, the arbitral tribunal held that such information was clearly stipulated in the Fund Contract and T should have known about such information, and T’s request was thereby declined. The other information about the fund requested by T to be disclosed had no contractual basis and did not comply with the provisions of the Disclosure Measures, so that the arbitral tribunal did not approve it.
II. Regarding the subject of disclosure obligations on fund information, the arbitral tribunal held that according to the regulations of the above-mentioned regulatory agencies and the provisions of the Fund Contract, A, as the fund management institution, and Bank B, as the fund custodian, were both responsible for information disclosure. However, the specific content of such disclosure obligations assumed by the management institution and custodian shall be determined in accordance with the relevant regulations of Asset Management Association of China and the provisions of the Fund Contract entered into by all parties in this case. According to the provisions of the Fund Contract, the fund custodian assumes the obligation to review and confirm the net value of the fund asset and fund share, share subscription and redemption prices of the fund, periodic reports of the fund and other information prepared by the fund management institution. If the relevant disclosure information is submitted to the fund custodian for review within the time specified in the contract and the fund information is not disclosed in a timely manner, the fund management institution shall bear corresponding responsibilities, while the fund custodian shall not be held liable. Therefore, the disclosure obligation involved in this case should be borne by A. The arbitral tribunal did not support T’s request that B should be obliged to disclose the above-mentioned fund information.
案件评析
Case Analysis
信息披露是私募基金中的信息披露义务人尤其是基金管理人的基本义务之一。一方面，要求信息披露义务人按照相关合同的约定和相关规定做好私募基金的信息披露，以规范的方式按质按量地向信息披露的权利人尤其是投资者提供信息，从微观角度有利于保障私募基金投资者的知情权，从而保护私募基金投资者的合法权益，从宏观角度则有助于助成市场资源的合理配置。另一方面，私募基金毕竟不同于公募基金，私募基金的投资者不是普通的公众投资者，而是合格投资者，即具备相应风险识别能力和风险承担能力，投资于单只私募基金的金额较大且净资产、持有的金融资产均数额较大的单位和个人。私募基金的投资者具有上述特征，使得私募基金较公募基金而言可以从事相对较为激进、风格多样、风险较高、期限较长的投资，同时采取较为灵活而非刻板的治理结构，使投资者可能获取较为丰厚的投资回报，而基金管理人可以在私募基金的募集、投资、管理、退出方面获得更为自由的行为空间。在双方之间维系利益平衡的机制，首先是当事人在基金合同中约定的条款，再者则是法律法规和其他规范性文件包括自律性规则所做的底线规定。
本案争议所适用的中国证监会《私募投资基金监督管理暂行办法》在第二十四条就私募基金中的信息披露进行了基础性规定，并赋权中国证券投资基金业协会另行制定具体的信息披露规则。中国证券投资基金业协会《私募投资基金信息披露披露办法》则在第九条规定了私募基金管理人应当向投资者披露的具体信息种类，同时在制订“说明”中特别提示，私募投资基金信息披露行为的合理约束和规范，可以帮助信息披露义务人和投资者实现有效的互联互通，最大程度减少信息不对称，为投资者提供良好的法律保障，有助于促进市场的长期稳定。强调“合理约束和规范”，是因为该自律性规则在为私募基金设计信息披露事项时，既要保护投资者的知情权，又要避免给信息披露义务人增加不必要的信息披露负担；既要立足当前，使市场规则具备可操作性，又要着眼长远，适应私募基金行业未来的发展，兼顾保护私募基金管理人和投资者的商业秘密。
为框定相关信息披露的边界和范围，本案系争《基金合同》约定基金的信息披露符合相关法律法规及监管机构、中国证券投资基金业协会关于信息披露的最新规定，约定对投资者披露的基金信息、年度报告、季度报告和临时报告也和上述规定中的具体表述大致相同。依据当事人之间生效的基金合同和相关规定，本案仲裁庭针对申请人对于信息披露的请求采取了不同的态度：基金的投资情况、财务情况、投资收益分配情况、基金承担的管理人费用和报酬、利益冲突相关信息、涉及基金管理的诉讼仲裁和违法违规及接受调查的情况等，是与投资者利益密切相关的重大信息，且已经有所约定并在规定涵盖的范围内，裁决中给予支持；基金的交易对手信息、交易价格及结构、一般性关联交易的情况、投资决策记录、交易和投资人适当性管理记录等，在基金合同中并未约定，也不在监管规范要求的披露范围内，因此裁决不予支持。裁决中并指出在基金合同中并未明确约定的“定期更新”的招募说明书，其更新版本存在与否应由申请人举证。上述裁决尊重当事人在系争基金合同中的约定，符合私募基金信息披露中的平衡原则，无疑具有合理性。尤其裁决中隐含的一条思路，即对于基金合同中未予具体列明的事项，如申请人诉称其因可能影响投资者合法权益从而应当进行披露，则一般应按照“谁主张谁举证”的原则主要由申请人承担举证责任，对于未来争议中的法庭或仲裁庭厘清当事人信息披露义务的边界具有借鉴价值。
在信息披露人方面，虽然基金管理人和托管人同为规定中的义务主体，但基于私募基金的运作方式、法律结构、职责分工和取酬情况等情形，主要的披露义务人应当界定为基金管理人，按照《披露办法》第十条的规定，私募基金进行托管的，托管人应当对私募基金管理人向投资者披露的基金相关信息进行复核确认，仲裁庭据此认为，因基金管理人未按合同约定时间将相关披露信息交由基金托管人复核而导致未能及时披露基金信息的，基金管理人应承担相应的责任，基金托管人则无需承担责任，亦是有理有据的裁决。
Information disclosure is one of the basic obligations of information disclosure obligators, especially fund management institutions, in private equity funds. On one hand, information disclosure obligators are required to disclose information of private equity fund in accordance with relevant contracts and relevant regulations, and provide information in a standardized manner to the information disclosure obliges, especially investors, and they shall lay equal emphasis on the quantity and quality of such disclosure. From a micro perspective, it is conducive to protecting the right to know of investors of private equity fund, thereby protecting the legitimate rights and interests of these investors, and from a macro perspective, it helps to achieve a reasonable allocation of market resources. On the other hand, private equity funds are different from public equity funds after all. Investors of private equity funds are not ordinary public investors, but qualified investors, that is, they have corresponding capabilities to identify and take the related risks. These investors are those entities and individuals with large net assets and large financial assets, and has invested a large amount of money in a single private equity fund. Investors of private equity funds have the above characteristics, which enable private equity funds to engage in relatively more aggressive, diversified, risky, and longer-term investments than public equity funds. At the same time, in a more flexible rather than rigid governance structure, investors of private equity funds are possible to obtain relatively more generous returns, and fund management institution can gain more freedom in the raising, investment, management, and exit of these funds. The mechanism to maintain the balance of interests between the two parties is, firstly, the terms agreed by the parties in the fund contract, and secondly, the provisions of laws, regulations and other normative documents, including self-regulatory rules, which serve as the bottom line.
Article 24 of Interim Measures for the Supervision and Administration of Private Equity Funds issued by the China Securities Regulatory Commission applicable to the dispute in this case provides basic provisions on information disclosure in private equity funds, and empowers Asset Management Association of China to formulate specific regulations for information disclosure separately. Article 9 of the Measures for the Administration of the Disclosure of Information on Privately Offered Investment Funds issued by the Asset Management Association of China stipulates the specific types of information that private equity fund management institutions should disclose to investors. At the same time, it is specifically reminded in the formulation of the "Instructions" that the reasonable restrictions and regulations on information disclosure in the private equity investment fund can help information disclosure obligators and investors achieve effective interconnection, minimize information asymmetry, provide investors with good legal protection, and help promote long-term market stability. The reason for the emphasis on "reasonable restrictions and regulations" is that when designing information disclosure matters for private equity funds, the self-regulatory rules should not only protect investors' right to know, but also avoid adding unnecessary information disclosure burdens to information disclosure obligators. Therefore, it is necessary to be based on the current situation and make market rules operable, but also, to take a long-term view, adapt to the future development of the private equity fund industry, and take into account the protection of the business secrets of management institutions and investors of private equity funds.
In order to frame the boundary and scope of relevant information disclosure, the Fund Contract in this case stipulates that the fund’s information disclosure complies with relevant laws and regulations and the latest regulations on information disclosure by regulatory agencies and Asset Management Association of China, and stipulates that the information disclosed to investors, including fund information, annual reports, quarterly reports and interim reports are also roughly the same as the specific expressions in the above regulations. Based on the fund contract and relevant regulations in effect between the parties concerned, the arbitral tribunal in this case adopted different attitudes towards the claimant’s request for information disclosure. The fund’s investment situation, financial situation, investment income distribution, manager fees and remuneration borne by the fund, information related to conflicts of interest, litigation and arbitration involving fund management, violations of laws and regulations, and situations under investigation, etc., are major information closely related to the interests of investors, and have been agreed upon and are within the scope covered by regulations, and will be supported in the ruling. The fund’s counterparty information, transaction price and structure, general related-party transactions, investment decision-making records, transaction and investor suitability management records, etc. are not stipulated in the fund contract, and are not within the scope of disclosure required by regulatory regulations, and thereby not supported in the ruling. The ruling also pointed out that the "regularly updated" prospectus is not explicitly stipulated in the fund contract. Whether the updated version exists or not should be proved by the claimant. The above-mentioned ruling respects the parties' agreement in the disputed fund contract, complies with the principle of balance in private equity fund information disclosure, and is therefore undoubtedly reasonable. In particular, one idea implicit in the ruling is that for matters that are not specifically listed in the fund contract, if the claimant claims that they should be disclosed because they may affect the legitimate rights and interests of the investors, the rule should generally be based on the principle of "burden of proof borne by claimant." The principle mainly places the burden of proof on the claimant, which has reference value for courts or arbitral tribunals in future disputes to clarify the boundaries of the obligations of the parties concerned in information disclosure.
In terms of information disclosers, although fund management institutions and custodians are both obligated subjects in the regulations, based on the operation methods, legal structure, division of responsibilities and remuneration of private equity funds, the main disclosure obligator should be defined as the fund management institution. In accordance with the provisions of Article 10 of the Disclosure Measures, if a private equity fund is under custody, the custodian shall review and confirm the fund-related information disclosed by the private equity fund management institution to investors. Based on this, arbitral tribunal held that since the fund management institution failed to disclose the relevant disclosure information to the fund custodian for review within the time stipulated in the contract, resulting in the failure to disclose fund information in a timely manner, the fund management institution shall bear corresponding responsibilities, while the fund custodian shall not bear any responsibility. This is also a reasonable and well-founded ruling.
免责重申：本案例系上海仲裁委员会对相关案件进行的整理与编辑，不代表机构观点，不构成法律咨询意见。
Disclaimer: This case is the compilation and editing of relevant cases by the Shanghai Arbitration Commission. It does not represent the views of the institution nor constitute legal advice.
英文版本仅为示例翻译，如中英文版本有任何差异，以中文版本为准。
The English version is a courtesy translation only. If there is any discrepancy between the Chinese and English version, the Chinese version prevails.
往期案例回顾：
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The Boundaries and Scope of the Information Disclosure Obligations of Fund Management Institutions and Fund Custodians
关键词
Key Words
基金管理人 基金托管人 信息披露主体 信息披露范围
Fund Management Institutions, Fund Custodians, Information Disclosure Subject, Information Disclosure Scope
裁判要旨
Principle of the Trial
基金管理人和基金托管人应当在法律规定和合同约定的范围内向投资人披露基金运行过程中可能影响投资人合法权益的信息；基金托管人应当负有对基金信息的复核和确认义务，但因基金管理人的原因导致的未能及时披露相关信息的，基金托管人不承担由此产生的违约责任。
Fund management institutions and fund custodians should disclose information that may affect the legitimate rights and interests of investors within the scope defined by legal regulations and contractual agreements during the operation of the fund. The fund custodian is obligated to review and confirm the accuracy of fund information. However, if the failure to disclose relevant information in a timely manner is due to the fund management institution, the fund custodian shall not be held liable for the breach of contract responsibility arising from this.
典型意义
Significance
基金管理人未履行基金信息披露义务或信息披露不实是基金管理人承担违约责任的常见情形之一，但对于信息披露的范围和主体应当如何界定，在实务中仍存在争议。进一步厘清信息披露的责任边界和范围界定标准，有利于提高市场对信息披露的正确认识，规范证券市场中信息披露不实的乱象，从而保护投资人的合法权益。
本案中，投资人请求披露基金投资情况、财务情况等七项内容，并对其中的内容进行了详细的列举，仲裁庭在考虑披露内容对投资人的权利造成的影响情况后，结合法律规定和当事人的约定，认为相关内容超出了应当披露的范围，仅支持了部分披露请求。仲裁庭的裁判路径对市场主体依法守约履行信息披露义务具有借鉴意义。
One common scenario for a fund management institution to be held liable for the breach of contract liability is the failure to fulfill the obligation of fund information disclosure or providing false information disclosure. However, the definition of the scope and subject of information disclosure still remains a matter of dispute in practice. Further clarifying the responsibility boundaries and defining standards for information disclosure is beneficial for enhancing the market's accurate understanding of information disclosure. It helps to regulate the disorder of false information disclosure in the securities market, thereby protecting the legitimate rights and interests of investors.
In this case, the investors requested the disclosure of seven items, including the fund's investment and financial situation, and detailed the contents therein. After considering the impact of the disclosure on the investors' rights, and in conjunction with legal provisions and the agreement of the parties concerned, the arbitration tribunal deemed that the requested content exceeded the scope of necessary disclosure. Consequently, it only supported a portion of the disclosure requests. The arbitration tribunal's decision-making process serves as a reference for market entities to fulfill their information disclosure obligations in accordance with the law and their contractual agreements.
基本案情
Basic Facts
20xx年9月，投资人T某（本案申请人）与A基金管理公司（本案第一被申请人）、B银行（本案第二被申请人）签署《基金合同》，T某出资500万元认购A基金管理公司管理的一号私募基金份额。经查明，一号基金于20XX年5月成立，20XX年8月备案，基金托管人为B银行。
系争《基金合同》的相关约定如下：
第十八条“信息披露与报告”约定：“（一）本基金的信息披露应符合法律法规的相关规定及本基金合同的约定，相关法律法规及监管机构、中国证券投资基金业协会关于信息披露的规定发生变更时，本基金从其最新规定。……（三）对投资者披露的基金信息应包括：1.基金合同；2.招募说明书等宣传中介文件；3.基金销售协议中的主要权利义务条款（如有）；4.基金的投资情况；5.基金的资产负债情况；6.基金的投资收益分配情况；7.基金承担的费用和业绩报酬安排；8.可能存在的利益冲突；9.涉及私募基金管理业务、基金财产、基金托管业务的重大诉讼、仲裁；10.中国证监会以及中国证券投资基金业协会规定的影响投资者合法权益的其他重大信息。……（五）基金运作期间的信息披露。1.私募基金运行期间，基金管理人应当在每季度结束之日起10个工作日内向投资者披露基金净值、主要财务指标以及投资组合情况等信息。2.私募基金运行期间，基金管理人应当在每年结束之日起 4 个月以内向投资者披露以下信息：（1）报告期末基金净值和基金份额总额；（2）基金的财务情况；（3） 基金投资运作情况；（4）投资者账户信息，包括实缴出资额、未缴出资额以及报告期末所持有基金份额总额等；（5）投资收益分配和损失承担情况；（6）基金管理人取得的管理费和业绩报酬，包括计提基准、计提方式和支付方式；（7）基金合同约定的其他信息。3.发生以下重大事项的，基金管理人应当按照约定及时向投资者披露：（1）基金名称、注册地址、组织形式发生变更的；（2）投资范围和投资策略发生重大变化的；（3）变更基金管理人或托管人的；（4）管理人的法定代表人、执行事务合伙人（委派代表）、实际控制人发生变更的；（5）触及基金止损线或预警线的；（6）管理费率、托管费率发生变化的；（7）基金收益分配事项发生变更的；（8）基金触发巨额赎回的；（9）基金存续期变更或展期的；（10）基金发生清盘或清算的；（11）发生重大关联交易事项的；（12）基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的；（13）涉及私募基金管理业务、基金财产、基金托管业务的重大诉讼、仲裁；（14）基金合同约定的影响投资者利益的其他重大事项。
T某认为，根据《私募投资基金监督管理暂行办法》（以下简称《暂行办法》）第二十四条和《私募投资基金信息披露管理办法》（以下简称《披露办法》）第二条以及《基金合同》的相关约定，私募基金管理人、托管人负有信息披露义务。同时，《暂行办法》及《披露办法》明确规定了信息披露义务人应当披露的项目、内容、频率、渠道等，《基金合同》在信息披露方面的约定亦与《暂行办法》、《披露办法》规定一致。但截至申请仲裁之日，基金管理人、托管人未根据规定和约定向投资人履行披露义务，损害了投资人的知情权。
In September 20xx, investor T (the claimant in this case) signed a Fund Contract with Fund management company A (the first respondent in this case) and Bank B (the second respondent in this case). T invested 5 million yuan to subscribe to shares of the No. 1 private equity fund managed by A. It turned out that the No. 1 Fund was founded in May 20XX and registered in August 20XX, with Bank B serving as the fund custodian.
The relevant provisions of the disputed Fund Contract are as follows:
Article 18 Information Disclosure and Reporting stipulates: (1) The information disclosure of this fund shall comply with the relevant provisions of laws and regulations as well as the agreement of this fund contract. When related laws, regulations, supervisory authorities, and the Asset Management Association of China's provisions regarding information disclosure change, this fund shall follow the latest regulations. … (3) The information to be disclosed to investors about the fund shall include: 1. The Fund Contract; 2. Promotional intermediary documents such as recruitment brochures; 3. Key terms of rights and obligations in the fund sales agreement (if any); 4. The investment situation of the fund; 5. The asset and liability situation of the fund; 6. The distribution of investment income of the fund; 7. Expenses borne by the fund and arrangements for performance compensation; 8. Potential conflicts of interest; 9. Significant litigation or arbitration involving private fund management business, fund property, or fund custodian business; 10. Other significant information affecting the legal rights and interests of investors as stipulated by the China Securities Regulatory Commission and the Asset Management Association of China. … (5) Information disclosure during fund operation. 1. During the operation of the private fund, the fund management institution shall disclose to investors information such as the net value of the fund, key financial indicators, and the investment portfolio situation within 10 working days after the end of each quarter. 2. During the operation of the private fund, the fund management institution shall disclose the following information to investors within four months after the end of each year: (1) The net value of the fund and the total amount of fund shares at the end of the reporting period; (2) The financial situation of the fund; (3) The operation of fund investments; (4) Investor account information, including the amount of paid-in capital, unpaid capital, and the total amount of fund shares held at the end of the reporting period; (5) The distribution of investment income and the assumption of losses; (6) The management fees and performance compensation obtained by the fund management institution, including the provision basis, calculation method, and payment method; (7) Other information stipulated in the fund contract. 3. In the event of the following significant matters, the fund management institution shall disclose the following matters to investors in a timely manner as agreed: (1) Changes in the fund's name, registered address, or organizational form; (2) Significant changes in investment scope and strategy; (3) Changes in the fund management institution or custodian; (4) Changes in the legal representative, executive partner (appointed representative), or actual controller of the management institution; (5) The fund reaching the stop-loss line or warning line; (6) Changes in management fee rate or custodian fee rate; (7) Changes in fund income distribution matters; (8) The fund triggering substantial redemption; (9) Changes or extensions in the fund's duration; (10) Liquidation or dissolution of the fund; (11) Significant related transaction matters; (12) Suspected major illegal or regulatory violations by the fund management institution, actual controller, or senior management personnel, or being under investigation by regulatory or self-regulatory bodies; (13) Significant litigation or arbitration involving private fund management business, fund property, or fund custodian business; (14) Other significant matters stipulated in the fund contract that affect the interests of investors.
T believed that, according to Article 24 of the Interim Measures for the Supervision and Administration of Privately-Raised Investment Funds (hereinafter referred to as the Interim Measures) and Article 2 of the Measures for the Administration of the Disclosure of Information on Privately-Raised Investment Funds (hereinafter referred to as the Disclosure Measures), as well as relevant provisions of the Fund Contract, private fund management institutions and custodians bear the obligation of information disclosure. Furthermore, the Interim Measures and the Disclosure Measures explicitly specify the items, content, frequency, and channels that the obligated party should disclose for information. The provisions of the Fund Contract regarding information disclosure are consistent with the Interim Measures and the Disclosure Measures. However, as of the date of applying for arbitration, the fund management institution and custodian had not fulfilled their disclosure obligations as stipulated and agreed upon, thereby infringing upon the investor's right to know.
仲裁请求
Arbitration Claim
T某向上海金融仲裁院提出仲裁申请，请求仲裁庭裁决：A基金管理公司、B银行向T某提供自20XX年9月至20XX年10月期间的如下材料，供投资人及其代理人调取、查阅和复制：（1）基金的投资情况：基金管理人的实际控制人变更情况、投资运作情况、投资组合（投资方向、投资目标、交易对手信息、交易价格及结构、关联交易的情况）、杠杆运用情况、投资决策记录、交易和投资人适当性管理记录、基金定期报告、定期更新的招募说明书；（2）财务情况:经审计的财务报告、资产负债表、现金流量表、损益表、明细账、会计账薄、财务凭证、财务总账、基金净值信息、基金份额总额；（3）投资收益分配情况；（4）基金承担的费用：基金管理人取得的管理费及费率、业绩报酬（含计提基准、计提方式、支付方式）、托管人取得的托管费及费率；（5）利益冲突的相关信息；（6）涉及基金管理业务、基金财产、基金托管的诉讼、仲裁，包括基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的情况；（7）可能影响投资人合法权益的重大信息等。
T submitted an arbitration application to the Shanghai Court of Financial Arbitration, requesting the arbitral tribunal to rule that A and Bank B provide the following materials from September 20XX to October 20XX to the investor and their agent for retrieval, review, and copying: (1) Information on the fund's investment situation: changes in the actual controller of the fund management institution, investment operation, investment portfolio (including investment direction, objectives, counterparty information, transaction prices and structures, related transactions), use of leverage, investment decision records, transaction and investor suitability management records, regular fund reports, regularly updated recruitment brochures; (2) Financial situation: audited financial reports, balance sheets, cash flow statements, profit and loss statements, detailed accounts, accounting ledgers, financial vouchers, general ledgers, net value information of the fund, total amount of fund shares; (3) The distribution of investment income; (4) Expenses borne by the fund: management fees and rates obtained by the fund management institution, performance compensation (including provision basis, calculation method, payment method), custodian fees and rates obtained by the custodian; (5) Information related to conflicts of interest; (6) Litigation and arbitration involving fund management business, fund property, fund custodianship, including situations where the fund management institution, actual controller, and senior management are suspected of major illegal or regulatory violations or are under investigation by regulatory or self-regulatory bodies; (7) Other significant information that may affect the legal rights and interests of investors.
被申请人的答辩意见
Respondent’s Reply
A基金管理公司未到庭，亦未提供答辩意见。
B银行答辩称，《基金合同》约定的披露信息义务应由A基金管理人承担，B银行不是信息披露主体。B银行作为基金托管人，仅对基金管理人提供的特定信息承担复核义务，A基金管理公司已被刑事立案，其未将应披露的信息提交给B银行复核，相关责任应由A基金管理公司承担，B银行并无过错。
Fund management company A did not appear in court and did not provide a reply.
Bank B argued in its defense that the obligation of information disclosure stipulated in the Fund Contract should be borne by A, and B is not the subject of information disclosure. As the fund custodian, B only assumes the obligation to review the specific information provided by the fund management institution. A has been criminally investigated and failed to submit the information that should be disclosed to B for review. The relevant responsibilities should be borne by A, while B was not at fault.
仲裁庭意见及裁决结果
Opinions and Award from Arbitral Tribunal
第一，对于基金信息披露义务的范围问题。
首先，仲裁庭认为，依据《暂行办法》第二十四条规定的私募基金管理人、私募基金托管人信息披露范围，结合本案《基金合同》第十八条“关于信息披露和报告”的约定，以及《披露办法》第九条、第十条、第十五条、第十六条、第十七条、第十八条的约定，T某要求作为基金管理人的A基金管理公司披露基金的投资情况（包括基金管理人的实际控制人变更情况、投资方向、投资目标等投资组合情况、杠杆运用情况、基金定期报告）、基金的财务情况、投资收益分配情况、基金管理人取得的管理费及费率和业绩报酬（含计提基准、计提方式、支付方式）、利益冲突的相关信息、可能影响投资人合法权益的重大信息，以及涉及基金管理业务、基金财产、基金托管业务的诉讼、仲裁，包括基金管理人、实际控制人、高管人员涉嫌重大违法违规行为或正在接受监管部门或自律管理部门调查的情况，符合合同约定和监管机构的相关规定，仲裁庭依法予以支持。
其次，关于T某请求披露的关联交易情况和定期更新的招募说明书，仲裁庭认为，该披露内容与《基金合同》及《披露办法》规定的披露事项内容不尽一致。按照合同约定及《披露办法》的规定，A基金管理公司向T某披露的信息应为重大关联交易事项和招募说明书。法律及合同并没有明文禁止关联交易，但仅就“重大”关联交易，双方约定了披露义务。T某的该项请求，超出了合同约定的范围。就招募说明书而言，从合同文义理解，A基金管理公司的披露义务应限于招募说明书本身。尽管管理人可能因业务的需要会对招募说明书有所更新，但本案中T某并未举证证明系争基金存在多个版本的招募说明书。据此，针对T某的前述仲裁申请，仲裁庭认为A基金管理公司应承担的是对重大关联交易事项以及招募说明书这两项信息的披露义务。
此外，关于T某要求A基金管理公司、B银行披露托管人B银行的托管费及费率，仲裁庭认为，该等信息在《基金合同》中已有明确约定，T某对此应已知晓，故对T某的该项请求不予准许。T某请求披露的其他基金信息，既无合同依据，也不符合《披露办法》的规定，仲裁庭不予认可。
第二，对于基金信息披露义务的主体问题，仲裁庭认为，根据上述监管机构的规定以及《基金合同》的约定，A基金管理公司作为基金管理人、B银行作为基金托管人，都是信息披露义务人，但管理人、托管人承担的信息披露义务的具体内容，则应根据中国证券投资基金业协会的相关规定以及本案各方订立的《基金合同》的约定而确定。根据《基金合同》的约定，基金托管人承担对基金管理人编制的基金资产净值、基金份额净值、基金份额申购赎回价格、基金定期报告等信息的复核和确认义务，因基金管理人未按合同约定时间将相关披露信息交由基金托管人复核而导致未能及时披露基金信息的，基金管理人应承担相应的责任，基金托管人则无需承担责任。因此，本案所涉的披露义务应当由A基金管理公司承担，对于T某请求裁决B银行对上述基金信息承担披露义务的请求，仲裁庭不予支持。
I. The issues regarding the scope of the obligation to disclose fund information.
First of all, the arbitral tribunal believed that based on the scope of information disclosure for private fund management institutions and custodians as stipulated in Article 24 of the Interim Measures, combined with Article 18 "About Information Disclosure and Reporting" of the Fund Contract in this case, and the provisions of Articles 9, 10, 15, 16, 17, and 18 of the Disclosure Measures, T's request for Fund management company A, as the fund management institution, to disclose information about the fund's investment situation (including changes in the actual controller of the fund management institution, investment direction, objectives, and other portfolio details, use of leverage, regular fund reports), the fund's financial situation, the distribution of investment income, management fees and rates, and performance compensation (including provision basis, calculation method, payment method), information related to conflicts of interest, significant information that may affect the legal rights and interests of investors, and litigation and arbitration involving fund management business, fund property, fund custodianship, including situations involving suspected major illegal or regulatory violations or ongoing investigations by regulatory or self-regulatory bodies concerning the fund management institution, actual controller, and senior management, are in accordance with the contractual agreement and relevant regulations of regulatory bodies, and the tribunal supports this request in accordance with the law.
Furthermore, regarding the related-party transactions requested by T and the regularly updated prospectuses, arbitral tribunal held that these disclosed documents was inconsistent with the matters to be disclosed that were stipulated in the Fund Contract and the Disclosure Measures. In accordance with the provisions of the contract and the Disclosure Measures, the information disclosed by A to T should be significant related-party transactions and prospectuses. Laws and contracts do not expressly prohibit related-party transactions, but only for "significant" related-party transactions, both parties had agreed on their corresponding disclosure obligations. T’s request was beyond the scope of the contract. As far as the prospectuses are concerned, based on the contractual meaning, A's disclosure obligations should be limited to the prospectuses themselves. Although the management institution may update the prospectuses due to business needs, in this case, T did not provide evidence to prove that there were multiple versions of the prospectus for the fund in dispute. Accordingly, in response to T’s aforementioned application for arbitration, the arbitral tribunal held that A should bear the obligation to disclose information on major related-party transactions and prospectuses.
In addition, as for T’s request for A and B to disclose the custody fees and rates of B, the arbitral tribunal held that such information was clearly stipulated in the Fund Contract and T should have known about such information, and T’s request was thereby declined. The other information about the fund requested by T to be disclosed had no contractual basis and did not comply with the provisions of the Disclosure Measures, so that the arbitral tribunal did not approve it.
II. Regarding the subject of disclosure obligations on fund information, the arbitral tribunal held that according to the regulations of the above-mentioned regulatory agencies and the provisions of the Fund Contract, A, as the fund management institution, and Bank B, as the fund custodian, were both responsible for information disclosure. However, the specific content of such disclosure obligations assumed by the management institution and custodian shall be determined in accordance with the relevant regulations of Asset Management Association of China and the provisions of the Fund Contract entered into by all parties in this case. According to the provisions of the Fund Contract, the fund custodian assumes the obligation to review and confirm the net value of the fund asset and fund share, share subscription and redemption prices of the fund, periodic reports of the fund and other information prepared by the fund management institution. If the relevant disclosure information is submitted to the fund custodian for review within the time specified in the contract and the fund information is not disclosed in a timely manner, the fund management institution shall bear corresponding responsibilities, while the fund custodian shall not be held liable. Therefore, the disclosure obligation involved in this case should be borne by A. The arbitral tribunal did not support T’s request that B should be obliged to disclose the above-mentioned fund information.
案件评析
Case Analysis
信息披露是私募基金中的信息披露义务人尤其是基金管理人的基本义务之一。一方面，要求信息披露义务人按照相关合同的约定和相关规定做好私募基金的信息披露，以规范的方式按质按量地向信息披露的权利人尤其是投资者提供信息，从微观角度有利于保障私募基金投资者的知情权，从而保护私募基金投资者的合法权益，从宏观角度则有助于助成市场资源的合理配置。另一方面，私募基金毕竟不同于公募基金，私募基金的投资者不是普通的公众投资者，而是合格投资者，即具备相应风险识别能力和风险承担能力，投资于单只私募基金的金额较大且净资产、持有的金融资产均数额较大的单位和个人。私募基金的投资者具有上述特征，使得私募基金较公募基金而言可以从事相对较为激进、风格多样、风险较高、期限较长的投资，同时采取较为灵活而非刻板的治理结构，使投资者可能获取较为丰厚的投资回报，而基金管理人可以在私募基金的募集、投资、管理、退出方面获得更为自由的行为空间。在双方之间维系利益平衡的机制，首先是当事人在基金合同中约定的条款，再者则是法律法规和其他规范性文件包括自律性规则所做的底线规定。
本案争议所适用的中国证监会《私募投资基金监督管理暂行办法》在第二十四条就私募基金中的信息披露进行了基础性规定，并赋权中国证券投资基金业协会另行制定具体的信息披露规则。中国证券投资基金业协会《私募投资基金信息披露披露办法》则在第九条规定了私募基金管理人应当向投资者披露的具体信息种类，同时在制订“说明”中特别提示，私募投资基金信息披露行为的合理约束和规范，可以帮助信息披露义务人和投资者实现有效的互联互通，最大程度减少信息不对称，为投资者提供良好的法律保障，有助于促进市场的长期稳定。强调“合理约束和规范”，是因为该自律性规则在为私募基金设计信息披露事项时，既要保护投资者的知情权，又要避免给信息披露义务人增加不必要的信息披露负担；既要立足当前，使市场规则具备可操作性，又要着眼长远，适应私募基金行业未来的发展，兼顾保护私募基金管理人和投资者的商业秘密。
为框定相关信息披露的边界和范围，本案系争《基金合同》约定基金的信息披露符合相关法律法规及监管机构、中国证券投资基金业协会关于信息披露的最新规定，约定对投资者披露的基金信息、年度报告、季度报告和临时报告也和上述规定中的具体表述大致相同。依据当事人之间生效的基金合同和相关规定，本案仲裁庭针对申请人对于信息披露的请求采取了不同的态度：基金的投资情况、财务情况、投资收益分配情况、基金承担的管理人费用和报酬、利益冲突相关信息、涉及基金管理的诉讼仲裁和违法违规及接受调查的情况等，是与投资者利益密切相关的重大信息，且已经有所约定并在规定涵盖的范围内，裁决中给予支持；基金的交易对手信息、交易价格及结构、一般性关联交易的情况、投资决策记录、交易和投资人适当性管理记录等，在基金合同中并未约定，也不在监管规范要求的披露范围内，因此裁决不予支持。裁决中并指出在基金合同中并未明确约定的“定期更新”的招募说明书，其更新版本存在与否应由申请人举证。上述裁决尊重当事人在系争基金合同中的约定，符合私募基金信息披露中的平衡原则，无疑具有合理性。尤其裁决中隐含的一条思路，即对于基金合同中未予具体列明的事项，如申请人诉称其因可能影响投资者合法权益从而应当进行披露，则一般应按照“谁主张谁举证”的原则主要由申请人承担举证责任，对于未来争议中的法庭或仲裁庭厘清当事人信息披露义务的边界具有借鉴价值。
在信息披露人方面，虽然基金管理人和托管人同为规定中的义务主体，但基于私募基金的运作方式、法律结构、职责分工和取酬情况等情形，主要的披露义务人应当界定为基金管理人，按照《披露办法》第十条的规定，私募基金进行托管的，托管人应当对私募基金管理人向投资者披露的基金相关信息进行复核确认，仲裁庭据此认为，因基金管理人未按合同约定时间将相关披露信息交由基金托管人复核而导致未能及时披露基金信息的，基金管理人应承担相应的责任，基金托管人则无需承担责任，亦是有理有据的裁决。
Information disclosure is one of the basic obligations of information disclosure obligators, especially fund management institutions, in private equity funds. On one hand, information disclosure obligators are required to disclose information of private equity fund in accordance with relevant contracts and relevant regulations, and provide information in a standardized manner to the information disclosure obliges, especially investors, and they shall lay equal emphasis on the quantity and quality of such disclosure. From a micro perspective, it is conducive to protecting the right to know of investors of private equity fund, thereby protecting the legitimate rights and interests of these investors, and from a macro perspective, it helps to achieve a reasonable allocation of market resources. On the other hand, private equity funds are different from public equity funds after all. Investors of private equity funds are not ordinary public investors, but qualified investors, that is, they have corresponding capabilities to identify and take the related risks. These investors are those entities and individuals with large net assets and large financial assets, and has invested a large amount of money in a single private equity fund. Investors of private equity funds have the above characteristics, which enable private equity funds to engage in relatively more aggressive, diversified, risky, and longer-term investments than public equity funds. At the same time, in a more flexible rather than rigid governance structure, investors of private equity funds are possible to obtain relatively more generous returns, and fund management institution can gain more freedom in the raising, investment, management, and exit of these funds. The mechanism to maintain the balance of interests between the two parties is, firstly, the terms agreed by the parties in the fund contract, and secondly, the provisions of laws, regulations and other normative documents, including self-regulatory rules, which serve as the bottom line.
Article 24 of Interim Measures for the Supervision and Administration of Private Equity Funds issued by the China Securities Regulatory Commission applicable to the dispute in this case provides basic provisions on information disclosure in private equity funds, and empowers Asset Management Association of China to formulate specific regulations for information disclosure separately. Article 9 of the Measures for the Administration of the Disclosure of Information on Privately Offered Investment Funds issued by the Asset Management Association of China stipulates the specific types of information that private equity fund management institutions should disclose to investors. At the same time, it is specifically reminded in the formulation of the "Instructions" that the reasonable restrictions and regulations on information disclosure in the private equity investment fund can help information disclosure obligators and investors achieve effective interconnection, minimize information asymmetry, provide investors with good legal protection, and help promote long-term market stability. The reason for the emphasis on "reasonable restrictions and regulations" is that when designing information disclosure matters for private equity funds, the self-regulatory rules should not only protect investors' right to know, but also avoid adding unnecessary information disclosure burdens to information disclosure obligators. Therefore, it is necessary to be based on the current situation and make market rules operable, but also, to take a long-term view, adapt to the future development of the private equity fund industry, and take into account the protection of the business secrets of management institutions and investors of private equity funds.
In order to frame the boundary and scope of relevant information disclosure, the Fund Contract in this case stipulates that the fund’s information disclosure complies with relevant laws and regulations and the latest regulations on information disclosure by regulatory agencies and Asset Management Association of China, and stipulates that the information disclosed to investors, including fund information, annual reports, quarterly reports and interim reports are also roughly the same as the specific expressions in the above regulations. Based on the fund contract and relevant regulations in effect between the parties concerned, the arbitral tribunal in this case adopted different attitudes towards the claimant’s request for information disclosure. The fund’s investment situation, financial situation, investment income distribution, manager fees and remuneration borne by the fund, information related to conflicts of interest, litigation and arbitration involving fund management, violations of laws and regulations, and situations under investigation, etc., are major information closely related to the interests of investors, and have been agreed upon and are within the scope covered by regulations, and will be supported in the ruling. The fund’s counterparty information, transaction price and structure, general related-party transactions, investment decision-making records, transaction and investor suitability management records, etc. are not stipulated in the fund contract, and are not within the scope of disclosure required by regulatory regulations, and thereby not supported in the ruling. The ruling also pointed out that the "regularly updated" prospectus is not explicitly stipulated in the fund contract. Whether the updated version exists or not should be proved by the claimant. The above-mentioned ruling respects the parties' agreement in the disputed fund contract, complies with the principle of balance in private equity fund information disclosure, and is therefore undoubtedly reasonable. In particular, one idea implicit in the ruling is that for matters that are not specifically listed in the fund contract, if the claimant claims that they should be disclosed because they may affect the legitimate rights and interests of the investors, the rule should generally be based on the principle of "burden of proof borne by claimant." The principle mainly places the burden of proof on the claimant, which has reference value for courts or arbitral tribunals in future disputes to clarify the boundaries of the obligations of the parties concerned in information disclosure.
In terms of information disclosers, although fund management institutions and custodians are both obligated subjects in the regulations, based on the operation methods, legal structure, division of responsibilities and remuneration of private equity funds, the main disclosure obligator should be defined as the fund management institution. In accordance with the provisions of Article 10 of the Disclosure Measures, if a private equity fund is under custody, the custodian shall review and confirm the fund-related information disclosed by the private equity fund management institution to investors. Based on this, arbitral tribunal held that since the fund management institution failed to disclose the relevant disclosure information to the fund custodian for review within the time stipulated in the contract, resulting in the failure to disclose fund information in a timely manner, the fund management institution shall bear corresponding responsibilities, while the fund custodian shall not bear any responsibility. This is also a reasonable and well-founded ruling.
（案例提供人：上海仲裁委员会副法律顾问冯晨露）
(Provided by:Ms Feng Chenlu, Deputy Legal Counsel of Shanghai Arbitration Commission)
免责重申：本案例系上海仲裁委员会对相关案件进行的整理与编辑，不代表机构观点，不构成法律咨询意见。
Disclaimer: This case is the compilation and editing of relevant cases by the Shanghai Arbitration Commission. It does not represent the views of the institution nor constitute legal advice.
英文版本仅为示例翻译，如中英文版本有任何差异，以中文版本为准。
The English version is a courtesy translation only. If there is any discrepancy between the Chinese and English version, the Chinese version prevails.
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