Research On The Issues Of Chinese Regulation On Private Equity Fund

In recent years, China's surging stock market, private equity funds active in its distinctive characteristics in the securities market, its large size causes more and more attention. This is the object of study in China's securities market private equity funds, private equity as an investment tool in foreign countries has gone through a long development stage, has a relatively broad space for development, has gradually formed a set of social development to adapt to the mature mode of operation. However, private equity funds appear in our short history, so whether in law or in the management of all there are many immature and non-standard place. So this article that the financial industry based on our current development, should first be given to private equity funds from a clear legal status, legitimize, and the establishment of appropriate regulatory system, reduce their risk, and promote the development of China's economy play a role in fueling the development.This addition to the introduction is divided into four chapters:The first chapter is an overview of private equity funds regulatory regime, China's first private equity fund feasibility of developing a strong argument, then explained the meaning of private equity funds, that is, through non-public way, a few specific qualifications for investors to raise funds, usually exempt investment fund established to review and analyze the characteristics of private equity funds, the legal nature and Related Concepts; through the three modes of regulation of private fund that is self-regulatory model, government regulation, regulatory models and compromise-based model system discussed, these three regulatory models a detailed analysis of the advantages and disadvantages.ChapterⅡprivate equity fund for the developed countries Comparison regulatory regime. Foreign developed markets private equity funds have raised funds in the regulatory system different from this chapter by introducing a self-regulatory model, respectively, government regulation, regulatory models and compromise-based model of a typical representative of the United Kingdom, Japan and the U.S. regulatory system for private equity funds specific content, Based on the points system of legislative and regulatory aspects of private equity funds in developed countries Enlightenment regulatory system proposed regulatory system should be developed private equity funds learn from China. The third chapter is the regulatory status of our private equity funds. Regulation of private equity funds in this chapter the status of the system in-depth analysis, the existence of regulatory supervision of private equity fund idea is not clear, regulatory philosophy is not clear, regulatory objectives, principles and content is not clear, the four regulatory agencies do not clear the problem. Finally, four aspects, namely, the lack of legal status, divorced from regulation, the market is not conducive to the stability of the Fund; the lack of legitimate and rational investors, fund managers, operations are not standardized, endanger the foundation of social credit; insider trading and price manipulation serious; hosted party supervision is not enough, we discussed the establishment of the regulatory regime of the need for private equity funds.Chapter regulatory system for our private equity fund specific construction. This chapter of the Building suitable for China private equity fund regulatory system made specific recommendations:First, to establish the legal status of private equity funds, private equity funds in China which is building an important aspect of the regulatory regime, and secondly, the regulation of private equity funds to protect investors should follow, systematic monitoring and regulating the market regulatory principles; Third, China should adopt self-regulation first, appropriate regulatory approach, supplemented by government regulation, the Commission should also be clear regulation as the major private equity fund regulator; Finally, regulation specific measures, including the definition of qualified investors in private equity, private equity fund established for the organization of our country, standardized source of private equity funds and investment direction, the establishment of market access and convenient distribution system and filing system, and improve the information disclosure of private equity funds and Risk Warning system, improve the legal liability system, in order to establish the characteristics of private equity funds for China's regulatory system.