Problems And Perfection:Research On The Legislation Of Private Securities Investment Fund In China

The private securities investment fund refers to the non public way to specific objects and raise investment funds to invest in bonds, stocks and other financial product categories The concept of the corresponding private equity investment fund is an open the way to the specific object raising and investment in unlisted equity investment fund. The distinction between the two points lies in the direction of investment, and the private securities investment fund is to be described and discussed in this paper. There are three parts in this paper:The first part through the basic concepts of private securities investment fund is expounded, and then introduces the basic characteristics of the way, the basic characteristics of the private securities investment fund emerged Then, the introduction of private securities investment funds, the typical representative of the main types of more clearly show. By comparing the public fund and private equity funds, private securities investment funds and the distinction between the two concepts summed up. Finally, to elaborate the efficiency value, fair value and order value way to analyze the theoretical basis of the legislation, the evidence of the value of private securities investment fund.The second part reviews the history of private securities investment fund legislation, to sort out the context of the regulation of private securities investment funds. After reviewing the process of regulation, the main legal contents of the private securities investment fund in China are summarized, and the current situation of the legislation is reviewed. But the private securities investment fund in China's current legislation still has many flaws and inadequacies, and thus become the emphases of this paper. Finally, this paper puts forward seven problems, namely, China's private securities investment fund managers, custodians, organization, access threshold, the validity of minimum guarantee clause and previous legal effect, the mechanism and the lack of incentive to protect the interests of investors, these seven problems fully shows that China's private securities investment fund system is still not perfect in this paper, and all the problems will be made to clarify.There is reflected by the second part of the private securities investment fund legislation, the third part from the reality, put forward suggestions, namely through the unified supervision, clear custodian custody and supervision function, improve the relevant legal responsibility system, finds the minimum guarantee clause invalid and do the work of clearing and other methods to solve the previous standard the legislative problems of management. However, if we want to make the relevant legislation of private securities investment fund more perfect and perfect, so that more mature, can not be achieved by blocking the gap. U.S. private securities investment fund system has been developed for nearly a hundred years, it can be compared to the private securities investment fund system for our country to redesign. This paper tries to achieve this goal by improving the private placement system, the system of qualified investors, resale restrictions, and information disclosure system.