A resolution beyond authority, also known as an unauthorized resolution, refers to a resolution made by an internal body of a company whose content exceeds the authority of that body itself and invades the authority granted to other company bodies by the Company Law or the articles of association. The legal consequence is that the resolution has flaws in its validity.

On February 27, 2026, the China Securities Regulatory Commission issued the "Supervision and Administration Measures for Information Disclosure of Private Investment Funds" (hereinafter referred to as the "New Regulations"), which will come into effect on September 1, 2026.

This article, based on the latest judicial precedents and arbitration rules from major global jurisdictions, conducts an in-depth analysis of the entity paths, strategies, and enforcement risks for joining Non-Signatories.

Article 48 of the "Regulations on the Registration and Filing of Private Equity Investment Funds" stipulates: If the controlling shareholder, actual controller, or general partner of a private equity fund manager undergoes a change, the private equity fund manager shall complete the change procedures with the Association within 30 working days from the date of the change, submit a special legal opinion, and issue a legal opinion on the change matters.

A life governed by law, wisdom like an ocean, a sincere heart like a bell, and working together with Dehe. Every lawyer at Dehe holds the original aspiration of serving the people, adheres to the service philosophy of "diligence, craftsmanship, and excellence", and marches forward bravely on the broad road of the rule of law with an energetic spirit. They shine and excel in their beloved fields. In the "Personality Interview" of Dehehantong, we invite you to join us in exploring the diverse lives of the Dehe people.

In recent years, the process of legal reform in the capital market has accelerated, and the regulatory signal of zero tolerance for financial fraud has been continuously strengthened. The investigations of landmark cases such as Kangmei Pharmaceutical and Zanzhai Island have clearly delineated the extensive legal net for administrative, criminal and civil accountability. This article will, through the review of typical judicial cases, focus on analyzing the core logic, evidence transformation path and key challenges in current accountability practices for financial fraud from administrative determination to criminal prosecution, aiming to provide guidance for all market participants in understanding and responding to the legal risks of financial fraud.