Research On The Supervising System Of The POF In China

Privately offered fund is one kind of non-publicized investment that collects fund from the particular investor, and it's a new investment which has appeared in the recent 20 years. In spite of its short history, it is favored by many investors because of its strong specialization and high profit, now it is the fastest-developing part in the securities industry.Private offered fund is different from public offered fund and the"fincial manage service", furthermore, there is an essential difference between private offered fund and illegal capital-gathering. Private offered fund is a typical investment way that has high risk and high profit. Our country's privately offered fund is the product of market, which reflects one kind of potential market demand. After more than 10 years'development, our country's privately offered fund has reached a certain scale, and it has its own characteristic because of our nation conditions.The supervising system of the privately offered fund of our country has the validity. Firstly, the market flaw theory is the theory basis of supervising of privately offered fund. Secondly, in order to solve the problem which produces in the development of the industry of privately offered fund in our country, we need to supervise it. Thirdly, supervising the privately offered fund is useful to protecting the investors'and the supervisors'benefits, enhancing the operation level of the entire industry of funds, stabilifing the stock market, inhibiting the excessive speculation and improving our country's privately offered fund's international competitiveness. But there hasn't been supervising system for the privately offered fund in our country, so it is urgent to modify the relevant legislation and establish suitable supervising system for China.Now, the supervising system of America, UK, Japan, Hong Kong and Taiwan is the example of the developed country and area. What we can learn from it is that the emphasis of the supervision is the guarantee of investors'self-protection, quality-identification and the limitation of transmission mode; formulating rules according to the national or the local realities.The construction of supervision system of Chinese Privately Offered Fund must be conceived from the national conditions of China and in light of the experience of developed countries and regions, choosing the model made of its self-regulation combined with external regulatory model, focusing on the improvement of the Privately Offered Fund's internal control mechanism. At the same time, on the basis of following the principles of normative,fair and moderate, we should constitute and consummate the relevant legislation, establish a market access system, limit the distribution and placement, establish a filing system; strengthen the information disclosure of Privately Offered Fund and risk tips and make cognizance and commitment of legal responsibility clear.In short, the supervision system of Privately Offered Fund must be urgently conceived in our country, which is to accelerate the stability and development of the capital market.