The Research On Self-regulatory System Of Privately-raised Funds In China

Privately-raised funds,also called Non-publicly Raising of Funds,is a kind of investment funds which raised by non-public ways only from qualified investors,thenmanagement organizations should do the registration and record-filing according to the law.In recent years,privately-raised funds haveplayed important role on improving domestic capital market.With the increasing size of the market,proper regulatory become more and more necessary.This thesis is divided into five chapters,focusing on the self-regulatory system of privately-raised funds.Main content of the first chapter is the summary of privately-raised funds.From the aspects of filing,fundraising,qualified investors and information disclosure,the author states the self-regulatory system.Chapter two is focus on the framework of the self-regulatory system.First of all,the author presents a remarkable history of privately-raised funds regulatory.According to the relevant statistics,until February,2017,the number of privately-raised funds products recorded for filing has reached 48,626 and the fund under management totals RMB 8.55 trillion.Which means,the whole market has become increasingly central.The Asset Management Association of China(hereinafter referred to as the “AMAC”)is the self-regulatory corporation of our country.The AMAC administrates the fundraising,fund operation process of privately-raised funds.China Securities Regulatory Commission(the “CSRC”)has authorized AMAC the power to institute rules of the industry.Chapter three is mainly about qualified investors system and information disclosure system.Qualified investors system is at the core of the whole fundraising value system.Which means,the investors satisfy the following conditions.The first is risk identification capability and the second is risk tolerance of the investments.And then,the entities and individuals shall subscribe for fund units at least the prescribed minimum amount.The main function of information disclosure is making sufficient disclosure of investment risks,and make sure the investors bear risks on their own judgment.Chapter four is mainly about the insufficient problems of privately-raised funds.Our country is still lack of a fundamental legal system.According to the Law on Securities Investment Funds,the property of the power on self-regulatory of AMAC hasn't been stated.And the quality of management organizations and their employees should also be improved rapidly.Chapter five is the suggestions of protecting investors' lawful rights and interests,and facilitating the healthy development of the whole market.