Study On Information Disclosure Of Private Fund In China From The Perspective Of Regulation

In recent years, private fund developed rapidly. It has become an important force in the capital markets and the real economy. It is expanding the influence in the world. But with the outbreak of the financial crisis, the maximum amount of fraud in American history “Madoff scam”, strengthening the legal supervision and risk control of private fund gradually in international has been generally recognized and valued. In this trend, China has established its legal status in the high speed development of private fund in recent years. It also stressed that the effective information disclosure was an important means to protect investors and to guarantee the orderly market. Information disclosure supervision was conducive to the long-term healthy development.Currently China’s private fund for the separate supervision lacked of a clear unified standard in information disclosure. And it lacked of unified guidance and supervision management in the specific operation of information disclosure. In order to regulate the activities of private investment and protect investors effectively, it requires the establishment of private funds’ information disclosure system in China to reveal the risks and prevent risks.This study makes a comprehensive and comparative analysis of the existing scattered provisions of various types of private funds in information disclosure. And through the case study of the actual implementation of the information disclosure of China’s private fund, it pointed out that the supervision of information disclosure in China existed some problems. The system is not perfect, the regulatory body is not clear, industry regulatory mechanism is not perfect, it lacks of clear and unified information disclosure and so on. In order to solve these problems, based on the experience of domestic, foreign private fund information disclosure and the relevant legislation in China, the study researched the general ideas and direction of private fund’s information disclosure in our country. It should treated the risk management as the core, the investor protection as the center, to be different from the public offering funds, to establish a prudential information disclosure practices or guidelines in the current situation. The final aim of research is to provide the relevant policy recommendations. It finally tried to guide the design of information disclosure of China’s private fund through the comparative laws. It has certain theory significance and the practice significance.