Research On Legislation Of China's Private Securities Investment Fund

This paper researches into the private fund, which develops rapidly and has become an irresistible force in securities business with its enormous quantity—about 1,200 billion at present. The private fund in this paper refers to the kind of investment fund that is collected from specific investors by means of non-public method. It can meet personalized investment demand of different investors in capital market and plays a finantial intermediation and stabilizes the securities business. So it is an integral part of our capital market. But in China, the private fund has no clear legal status. Our legal system doesn't admitted it legality, nor sustain its development. Therefore, we can't delay to improve the legislation and establish regulatory principles of the the private fund.In chapter one, the author defines the conception of the the private fund we discussed in this paper , as it refers to the investment fund only in the securities field. Then the author clarifies its characters, and compares it with the public offering fund. In chapter two we review four development phases of the the private fund and status at present. Then the author explains five ways it exists. Finally the author emphasizes the legal problems of the the private fund. In chapter three we learn from the advanced law and regulation of the US and the UK. In chapter four, the last part, the author analyses the legal circumstance to develop the private fund in our country, and discloses the law space of the private fund development in China, and puts forward the legislative suggestion on private fund:No.l, no necessary to set up the private fund law; No.2, analysis carefully from six aspects to expain how to regulate the private fund by the means of law.