On April 19, 2016, Asset Management Association of China (“AMAC”) approved the attorneys’ opinion letter submitted by a Shanghai-based team led by senior partner Chen Gui concerning the registration of Ecapital Asset Management (Shanghai) Company Limited (“Ecapital”) as private equity fund manager. It’s known that this was one of the first cases where AMAC gave its approvals.

On February 5 this year, AMAC issued “Announcement on Matters Concerning Further Regulation of PE Fund Manager Registration” as an effort to protect investors’ legal rights and interests and ensure compliance and sound growth of the PE sector. The announcement prescribed circumstances in which attorneys’ opinion letters issued by Chinese law firms should be submitted via its PE fund registration and filing system. It also provided comprehensive and targeted guidance on what the attorneys should include in their opinion letters.

Ecapital, to complete filing of its first PE fund product, commissioned Chen from Dentons Shanghai office to issue an attorneys’ opinion letter. Chen’s team conducted a comprehensive due diligence over Ecapital according to relevant laws and regulations and advised Ecapital on compliance and internal improvement to ensure the company meet conditions set out by AMAC. On the basis of all these efforts, the team issued the opinion letter.