Asset Management Association of China (AMAC) has recently issued a series of regulations to tighten up the administration of privately placed funds (including PE/VC funds), as a response to the increasing questionable or illegal fund raising activities in the market. These new regulations have provoked extensive discussions among the industry on how to improve the current regulatory rules in light of the special characteristics of PE/VC industry. In this context, we have prepared this summary to introduce the regulatory frameworks of the most developed PE/VC markets, in a hope to provide some reference value for the development of a healthy regulatory environment for the PE/VC industry in China. (Full text in Chinese only)