Research On Information Disclosure In The Transfer Of Private Equity Fund Shares

In recent years,the private equity fund industry has developed rapidly and has become an indispensable force to promote the development of China's financial industry.As the requirements for the withdrawal of IPOs are becoming stricter,it is more difficult for private equity funds to achieve exit through IPOs.In this context,the transfer of private equity funds has mushroomed and has gradually formed a huge market.Transferring the share of private equity funds can not only satisfy investors' demand for asset liquidity,but also provide more investment opportunities for other investors,which is very popular among investors.The “Measures for the Management of Information Disclosure of Private Equity Investment Funds” promulgated in February 2016 formally clarified the necessity of information disclosure in the form of normative documents and specified the specific requirements for information disclosure.This method provides detailed regulations on the information disclosure obligations of private equity funds during the recruitment period and during the operation period,but does not mention the information disclosure during the transfer of private equity funds.The imperfect information disclosure system during the transfer of private equity funds tends to lead to higher transaction risks,which is not conducive to protecting the legitimate rights and interests of the parties to the transaction.It is necessary to improve the information disclosure system during the transfer of private equity funds through legislation,regulate the order of market transactions,and protect the legitimate rights and interests of the parties.The first chapter of this paper studies the basic theory of information disclosure of private equity fund transfer,analyzes the organizational forms of private equity funds and the advantages and disadvantages of various organizational forms,and introduces some disputes about the necessity of private equity fund transfer and the author's views.It also discusses the necessity of information disclosure in the process of private fund share transfer.The second chapter analyzes the information disclosure problem of private equity fund share in the process of transfer.As the law does not specify the information disclosure during the transfer period,the main body of the information disclosure,the specific content and specific methods are not clear,and the violation information There are also imperfections in the legal liability for disclosure..The third chapter of this paper introduces relevant experience from abroad in the United States and the United Kingdom.Firstly,it introduces the relevant legal provisions on information disclosure during the transfer of US private equity funds.It focuses on the US safe harbor rules and legal liability for breach of information disclosure obligations,and then summarizes whether US empirical analysis has reference significance for China.The second section introduces the UK's private fund supervision system and relevant legislation on information disclos ure,summarizing the implications of the British experience for China.The fourth chapter of this paper proposes corresponding legislative improvements for the problems mentioned in the second chapter.First,clarify the subject of information disclosure obligations in the process of private equity fund share transfer.Second,establish differentiated information disclosure content to protect the interests of investors.Then,strengthen the legal responsibility for the disclosure of false information,and finally,establish an industry code of conduct with integrity as the core.