On Research Of Legal Regulation Of Private Offered Fund In China

Privately offered fund is a Chinese coinages which has no corresponding word in English. Through the analysis of semantics, the definition of privately offered fund is the fund established by private placement and for some specific goal like investment is a set composed by capital. This capital which has been belonged to the investor is independent. And the investor could share the fund's holders. Compared with the normal funds the privately offered fund has Characteristics of Non-publicly, invested huge and non-tradable. Compared with the public offering funds privately offered fund has the superiority in four aspects: The Established procedures of privately offered fund is simply .The privately offered fund could offer more attractive service for the special investor. The relationships between the privately offered fund's manager and investor are more intimate than other funds'.The Supervision by government are more liberal when the supervision object to privately offered fund.As the development of the economy and continuous accumulation of social wealth, privately offered funds also develop and grow continually. But at present the privately offered fund in our country is still in"the gray belt": Most are secret, chosen and ensured by the market and thus escape the management of the supervision agency and concern of the market. The necessity of legislating the privately offered fund is that:on one hand,the privately offered fund itself has many risks. Lacking the relative law,the privately offered fund,which belongs to "the gray tribe",bas many dangers;on the other hand regulating the privately offered fund by legislation cannot only satisfy various demands of diferent investors. This is mainIy because the Private privately offered fund lacks the specific definition and guarantee in the law. Therefore it is urgent to regulate the privately offered fund from the consideration of legislation design.Compare with the legal regulation of private placement fund we can found some excellent experiences which have been accumulated by the foreign government. Based on the experience of mature foreign legislations and con1bining our own national sustiatlon,it makes a design for our country's legal regulated system of privately offered fund. Our government should give more libel for the privately offered funds. Due to the lack of rules of its legal nature, operation pattern etc, such private offered fund exists in disguised forms of freedom.We should do something in detail immediately. Our council should be adopted a special progressive path. We should make more difficulties to be a eligible manager. Regulate the organizational of private offered fund. Chinese government would strengthen supervision of privately offered fund .Establishing and improving the regulations of privately offered fund.