Research On Self Regulatory Management Of Private Investment Fund Industry In China

Private equity investment fund industry,as a new industry in China,develops so fast in the capital market along with illegal fund-raising risk on the other hand.However it is under bull regulation for a long time.Although the revised Law on Securities Investment Fund and the papers from the central office have given the regulatory power to CSRC,it is not suitable for government regulation for private investment funds due to the fund investors are qualified investors who have certain risk identification and affordability.Therefore,the regulators should leave enough space for private equity fund managers and investors in the market.With the delegation form the Securities Investment Funds Law and CSRC,the The Asset Management Association of China(AMAC)(hereinafter referred to as the fund industry Association)gradually establish self-discipline management of the private investment fund industry.AMAC released a lot of self-discipline rules like the rules of information disclosure of private equity investment fund,of the private investment fund raising behavior etc.It has been established a self-discipline system with pre registration,the information disclosure and the punishment of the violators.It has been standardized the development of the market and protected the interests of investors.This paper will discuss the management of AMAC,and put forward some suggestions.The author thinks no matter of the nature of AMAC,it should be affirmed that with the the establishment of good system of self-regulation,the introduction of intermediary agencies,and efficient management of low cost of investment fund market under the guidance of CSRC,as a trade association.This paper mainly studies the self-discipline management of private investment funds from the following aspects: the first part is the introduction,mainly divided into the background and significance of the topic,literature review and research methods innovation;The second part studies the basic theory of self-regulation and the history of the evolution of private investment fund regulatory power,also probes into the boundary between government regulation and self-regulation,and compares with the self-discipline management of the Securities Industry Association,and probes into the characteristics of private investment fund self management;The third part is the comparative study of the regulation of private investment fund in the United States,to explore the differences between the two so as to provide the relevant foreign experience for the development of China's private investment industry;The fourth part is about the specific study of private equity funds in China,including the pre registration system,information,disclosure and public opinion detection in the event;the punishment mechanism after the violation of rules;The fifth part is about the current self-discipline management of the private investment funds,explore the difficulties and give some suggestions,finally make the overall evaluation of the self-discipline management system of AMAC.