Study On Protecting The Interests Of Investors In The Trust-based Private Equity Funds

With the rapid development of private equity fund in our country, the way of private financing with the trust platform has attracted more and more attention. At the same time, along with "Measures for the Administration of Trust Companies’ Trust Plans of Assembled Funds ", "Notice of China Banking Regulatory Commission on Issuing the Guidelines for Trust Companies to Operate the Trust Private Equity Investment Business" and other documents, the trust-based private equity funds also entered the fast lane. As a special type of private equity fund organization form, the trust-based private equity funds have good development prospects in our country. However, there are many problems in the trust-based private equity funds in practice, in which the rights and interests of investors are not protected well, and it proposed the new topic for the current related law system. To this end, this paper tries to analyzes the systematical of the protection on the interests of investors in the trust-based private equity funds and study the related legal system of other countries, draw lessons from foreign mature legislative experiences, propose solutions to improve the legal environment of our country’s trust-based private equity funds.This paper is divided into four parts. The first part is the legal definition of the investors in the trust-based private equity funds, including the legal definition of the trust-based private equity funds and their investors, laying the foundation of discussing the investors’ rights and interests below.The second part reveals the system defects of the protection of the trust-based private equity funds’ investors, including the unsound information disclosure system, the incomplete fund managers cautious investment obligation system, the IPO exit barrier, the halting supervision laws and so on.The third part is mainly a comparative study on protecting the interests of investors in the trust-based private equity funds for the above problems.The fourth part aims to protect the interests of the trust-based private equity funds’ on the basis of above, combined with China’s specific nati onal conditions, and takes other countries’ reasonable composition, proposes the advices of perfecting the information disclosure of fund managers, the cautious investment obligation of fund manager, the IPO exit rules,the external regulation of private equity funds, and finally tries to establish a protection system of protecting the interests of investors in trust-based private equity funds comprehensively.