On July 31, 2020, the China Securities Regulatory Commission (“CSRC”) issued consultation drafts of the Administrative Measures for Publicly-Offered Securities Investment Fund Managers (《公开募集证券投资基金管理人监督管理办法(征求意见稿)》) and the Provisions on Issues Concerning the Implementation of the Administrative Measures for Publicly-Offered Securities Investment Fund Managers (《关于实施有关问题的规定(征求意见稿)》) (collectively the “Draft Rules”). The Draft Rules are revised versions of earlier consultation drafts issued by CSRC on May 17, 2013.