The Research Of Private Fund Law Of China

September 2000 an article in Finance and Economics,which disclosed the inside Story of fund,and pulled most attraction of the public.In 2001,under the direction of Xia Bin,a famous economist,a report named Investigation on China Private Fund was Publicized。After that,the problem of Privately offered fund stood out,and many scholar discussed hotly about it.Because of the size of private fund in our country,we had to think much of it.But so far from now we have not a law which adjusts the privately offered fund,even the conception of it.This paper sets forth on the conception of the private funds,compares the legislation of different countries and discusses about Private fund in our capital market.It also comment on the problems of private fund in our capital market at the present time.At last,this article brings forward some suggestion of our privately offered fund legislation.I hope our country will do this as soon possible,so that we can face the challenge from international capital.The first chapter mainly illustrates the definition and characteristics of private funds.Private funds,which haven't been under control of China's current laws and regulations,are newly emerging things in China's stock market.Borrowed from foreign definitions,a private fund,usually a"closed-end"fund,is set up among a group of people,each contributing a significant amount of money and investing into a particular class of assets.The second chapter mainly illustrates the law of private fund in America and other countries and areas,by which we can learn a lot of experience to legislate our private fund law.The third chapter discusses the current situation of private funds in China and the problems,the law of private funds of China.The private funds have generated spontaneously in China's capital market and been regulated by market rules;therefore, they have met the market demand and have been developing rapidly since they first emerged.Private funds are bound to have a bright future in China.On the other hand, there is no integrated private funds law in China.The fourth chapter mainly discusses the suggestions about regulation and legislation of private funds in China.Because of the universality and complexity of private funds,there are some difficulties in the legislation:quite a few parties are involved in private funds' operations and their interests are hard to compromise;there are no special laws or rules in other countries that can be used as reference;it is necessary for PBC,CSRC and other regulatory departments concerned to cooperate and coordinate well so as to achieve the optimal results.According to foreign regulatory experiences and the actual situation in China's fund market,some issues must be considered in the legislation of private funds:there must be definition of private funds,there must be restrictions on the investors of private funds;the information disclosure of private funds must be strictly disciplined.