The U.S. Regulation Of Private Fund-from The Perspective Of Protecting Financial Consumer

The private fund refers to a way to managing money with the form of contract, partnership or corporation to invest equity. The one who buy private equity must have a certain degree ability to accept risk.The private fund must be raised through a no n-public way,.The essence of private fund is a collection of financial management. The ones who buy private equity for their life is called private fund financial consumer.Fi nancial consumers have the right to know the financial product information, security o f financial assets, financial autonomy consumption, consumer finance and consumer fin ance secret rights claims. Financial consumers buy private fund products will face risk s inherent in the capital markets, the risk of asymmetric information, market risk and other operational risk, therefore, it is necessary to regulate private funds to maintain fi nancial consumer rights. US private fund development of nearly a century of history, f ormed a complete private fund regulatory system.The Securities Exchange Commission is the US private fund the first stage of the regulatory agencies, and the Investment Company Institute and national level Associat ion of Securities Dealers and the stock exchange is the US private fund is the second stage of the regulatory agency.The main US private fund legislation in the field of the "Securities Law of 1933", "Investment Advisers Law of 1940", "Investment Company Law of 1940" and the n ewly enacted "Dodd- Frank Act."US private fund regulation for financial consumer protection system in the followi ng regulation:The registration exemption regulation,the qualified consumer regulation,the investm ent adviser registration exemption regulation and the anti-fraud rules.In China, Interim Measures for the Supervision and Administration of PrivatelyRaised Investment is the only rule about private fund,which can not give comprehensi ve protection of the rights of private equity investment fund financial consumers. Thus,we can learn so much from the US private fund supervision.First, establish the concept of financial consumer protection in the field of private equity regulation.Second, build financial consumer protection in the field of private funds regulatory regime.