Hong Kong’s Securities and Futures Commission (SFC) issued September 3 guidelines requiring authorized funds with direct or indirect private-market exposure of at least 50% of net asset value to meet complex-product requirements, including suitability assessments and enhanced risk disclosures. Separately, China’s Securities Regulatory Commission (CSRC) released a September 4 consultation draft governing private investment fund fundraising, with tiered qualified-investor standards, a 1 million yuan minimum investment, tighter distribution controls and dedicated settlement-account requirements. The measures reflect broader regulatory concern about transparency, suitability and fundraising risks in private credit, private equity and other private-fund products.