Research On The Legal Regulation Of Private Fund In China

Private Fund is an important tool in capital market. It develops mature abroad, but not in China. There is not too much experience about the legal regulation of Private Fund in china. The legal status of private fund is not clear, some relative law doesn't be established, so in China it is still in the primary stage. That is not good for our capital market and investor, even may give hidden trouble to the market. Considering the national conditions and learning other country's rule, this paper roughed out some ideas of legal regulation about the private fund in our country in order to protect the healthy development of capital market and interest of investor. It has three parts and mainly uses comparative analysis and empirical analysis.Part one is the general analysis of private fund. Through the research of the definition of fund and investment fund by domestic and foreign scholars, combined with the constituent elements of private fund in developed countries and regions to get the definition of private fund. Through research the distinction between the concept of private fund and public fund and other fund, finding its own unique advantages of private fund, This part clear the difference between the illegal fund raising which cause many controversies in the community and private fund combined with the reality. The above study makes out a clear demarcation of private fund. This part clears the conception and feature of private fund and illustrate the social effect. Private fund can contribute to the further development of capital markets in china, and also to meet the increasing investment banking needs by the population of China. We should make private fund be an irreplaceable role in society. It also states the conception of public fund, unlawful raise fund etc and distinguish the private fund from them. And this part review the development process of private fund in china. It divides the development history of private fund into four parts.Part two analyses the experience of private fund in developed country. It separately studies the experience of private fund legislation in America, Japan and Taiwan province. This part makes emphasis on illustrate the system of private fund immunity, system of qualified investor, system of privately offered fund information disclosure etc. And describe the experience of these countries and region to improve legal regulation of the private fund in China.Part three gives the suggestion of the legal regulation of private fund in our country and roughs out some ideas. Firstly, clear the definite the legal stators of the private fund, to fill the gap of the private fund in our law. If we can not reflect the private fund in law, then it would not be legal regulation of the private fund. Secondly, establish the system of the"Qualified investor". The"Qualified investor"system can ensure that the private fund investors have enough risk identification and risk tolerance. This is an important market access institution to protect the investor and a necessary to protect the private fund investor. And also to establish the information disclosure institution for private fund which is a necessary to protect the investor interest and market stability. Then this paper states the limit of reselling private fund. At last, it makes study of the supervision institution for private fund. The recommendations which are built on the basis of our country's national conditions are feasible.