[China Securities Regulatory Commission: Clarify that private equity investment funds of funds are exempted from being included in one investment level] On October 23, the China Securities Regulatory Commission publicly solicited opinions on the "Regulations on the Management of Private Equity Investment Funds of Funds (Draft for Comment)". The "Food Fund Regulations" have a total of 23 articles. The main contents include: First, clarify the concept and specific classification of private equity investment fund of funds, refine the identification standards, and classify private equity investment fund of funds according to differences in investment scope. The second is to clarify the requirements for diversified investment of private equity investment funds of funds and set differentiated investment proportion requirements for long-term capital investment private equity investment funds of funds. Third, it is clarified that private equity investment funds of funds are exempted from being included in one investment level. The fourth is to put forward continuous requirements for managers who manage different types of private equity investment funds of funds. The fifth is to clarify the requirements for the operation and management of private equity investment funds of funds, consolidate the active management responsibilities of managers, establish and improve post-investment tracking, penetration management and risk monitoring mechanisms, and put forward corresponding requirements for fund custody, conflict of interest and related transaction management. Sixth, the negative list for private equity investment fund of funds investment is refined and the bottom line of compliance is adhered to.