The dispute of private placement fund escrow agreement is equivalent to a contract dispute, which is handled in the way of contract dispute and binding on both parties. Although he may have violated the management regulations of the fund, it is not a prohibitive regulation, but a management regulation. The rational tightness of the management regulation means that this clause is illegal, which does not mean that this clause is invalid, so litigation can also be carried out according to the contents of the escrow agreement.