On The Legal Supervision Mechanism Of Limited Partnership Equity Fund Managers

In recent years,with the gradual deepening of reform and opening up and the steady progress of economic transformation,the number of financial investment products in China has increased,and private equity funds have obtained considerable opportunities for development.It is not only conducive to solving the financing difficulties of small and medium-sized enterprises in China and promoting the development of the financial industry,but also conducive to promoting the supply-side reform and optimizing the current employment structure in China.But the resulting negative effects also followed,such as some institutions or managers in the name of raising private funds,the implementation of illegal fund-raising,serious damage to the interests of investors.The above problems,in essence,are that the private equity fund regulators have not implemented the supervision measures for the manager,specifically,the limited partnership of the manager of the equity fund binding measures less,the constraint strength is low.Although the development of China's private equity fund is rapid,but its development time is relatively short compared with the west,there are many imperfections.Therefore,the supervision of China's private equity fund managers can participate in the western supervision mode,respectively from the western applicable principles of supervision,supervision objectives,supervision mode and supervision system.This paper takes the limited partnership equity fund as the entry point,deeply analyzes the problems existing in the supervision of fund managers,and actively puts forward the corresponding solutions when analyzing the causes of the problems.In addition,this paper compares the regulatory basis and measures of private equity fund managers in Britain,the United States and Japan,and draws useful experience from them.Based on China's national conditions,this paper applies them to the regulatory system theory of private equity fund managers in China.This paper is divided into five chapters.In the limited partnership private equity fund regulation with the background,on the basis of the paper clearly in this paper,the main research object,in the form of the latest data analysis,introduces the filing system of fund managers in our country,and further comparison of the private fund in China in recent years the growth of the scale and the manager trend,grasp the rule,to interpret the cause of the change.At the same time,on the basis of further clarifying the legal status of investors,vertical comparison is made with the investment status and legal responsibility of fund managers.In addition,the significance of the analysis on the supervision of managers is mainly discussed from the aspects of supervision to promote the change of investment environment,regulate the behavior of managers,protect the interests of investors and clarify the financial status of managers.Finally,the paper studies the supervision status of fund managers in China,and mainly analyzes the supervision subjects and contents of funds in China.This paper probes into the subject and basis of supervision of China's limited equity funds,and clarifies the specific supervision measures for fund managers.When the fund manager to take regulatory measures,should take appropriate standards,grasp the scale of fund supervision,the implementation of efficiency supervision.At the same time,investors shall be strictly defined,the investment standards of investors shall be improved,and qualified investors shall be screened in strict accordance with laws and regulations.In addition,when the fund supervision subject implements the supervision,it should ensure the independence of the management decision of the manager,so that he can give full play to his professional knowledge and realize the investment purpose for the investors.This paper summarizes the situations in which the manager violates the supervision principles of China's private equity fund and damages the supervision and investment environment of China.At the same time,the paper expounds the review mode adopted by the supervision of fund managers in China,and compares the reasons for the decrease in the number of fund managers filing in 2017 and 2018 with the method of data analysis.In addition,it profoundly reveals the problem of power allocation of the private fund supervision department in China.The reason for the problem lies in the unclear definition of the supervision subject and the lack of independence of self-regulatory organizations.At the same time,it also points out the deficiencies of the existing supervision system.This paper analyzes and studies the regulatory modes of private equity fund managers in the United States,Britain and Japan,systematically elaborates the regulatory agencies,regulatory principles,regulatory concepts and regulatory bases of various countries,and analyzes the advantages and disadvantages of different regulatory modes.In addition,it summarizes the advantages and disadvantages of the supervision modes of various countries,and the reference significance for the supervision of China's limited partnership equity fund managers.From the perspective of principle structure,this paper first systematically expounds the principles of private equity investment fund supervision in China,clarifies the connotation of reasonable principle,legal principle and moderate principle,and emphasizes the importance of abiding by the principles.Secondly,based on the problems in the second chapter of this paper,the author proposes ways to improve it,including clarifying the regulatory subject,allocation of regulatory power and improving the information disclosure and punishment measures of fund managers.In addition,this paper further discusses the self-regulation of fund managers,and analyzes the importance of self-regulation from the perspective of theory and practice.