Study On Legal Issues Of Private Equity Fund Information Disclosure

Private funds are one of the most active forms of investment in the world.Under the circumstance that the potential of traditional investment methods has been exhausted and continued to weaken,it is sure that private funds will play an increasingly important role in the world financial market in the foreseeable future.Private equity funds are the most active of private funds.For a long time,private equity funds have attracted more investors with their non-publicity and high profitability.They are also the most chaotic part of the private equity industry.The regulation and compliance of private equity funds has always been the core of private equity fund supervision.Among the many problems faced by private equity funds,the issue of information disclosure of private equity funds is in an important position,not only has its own rich meaning and content,but also links with other systems of private equity fund investment and management,which is of great importance.In order to deal with the information disclosure of private equity funds,China has established a systematic and strict system of regulation.In theory,it has established a complete information disclosure supervision and established a world-leading private equity fund information disclosure platform.However,in practice,the actual effect of various parts of the system is limited.The information disclosure system of private equity funds is ineffective.The illegal disclosure ofinformation disclosure is high,which jeopardizes the specific rights and interests of private fund investors and threatens the health of the private equity industry.This thesis takes this opportunity to start from the status quo of China's private equity fund supervision and private equity fund information disclosure,combined with the existing punishment cases and foreign advanced experience,to explore the various reasons for the formation of private equity fund information disclosure in China.And then comb the construction the theoretical framework and foundation of an ideal information disclosure system,and provide theoretical guidance on possible problems.Finally,without changing the current framework of private equity fund supervision in China,we try to put forward some feasible optimization suggestions to promote the good operation of private equity funds and even private fund information disclosure systems,make contribution to the healthy development of private equity industry and further researches on related issues.This thesis consists of three parts: introduction,text and conclusion.The introduction includes six parts: problem presentation,research value and significance,literature review,main research methods,paper structure,main innovations and shortcomings.It mainly proposes the problems studied in this question,clarifies the significance of the research,the structure of the thesis,innovation and deficiencies,and provides a literature review supporting the paper.The first chapter of the text is the theoretical basis of private equity fund information disclosure.Combined with the characteristics of private equity funds,the special requirements of private equity funds for information disclosure are discussed.The main content is divided into three sections.The main content of the first section is the requirements for information disclosure for system optimization,the second section is the requirement of non-public equity investment for information disclosure system,and the third section discusses the requirements of professional investors for information disclosure.The second chapter is the practice of private equity fund information disclosure at home and abroad.From the view of the United States,the European Union andChina the chapter analyzes and discusses the current practice of private equity fund information disclosure.The first section introduces the current status of private equity fund disclosure in the United States.The second section introduces the status quo of private equity fund disclosure in the EU.The third section briefly introduces the status quo of China's private equity funds,private equity fund supervision,and private equity fund information disclosure system.The third chapter of the main text focuses on the problems exposed by the current private equity fund information disclosure system,which is also divided into three sections.The first section describes the performance of the current problem.The second section analyzes the impact of current issues from the views of macroeconomic regulation,coordination with other systems,and regulatory order.The third section analyzes the reasons for the current problems from the perspectives of regulators,managers and investors.The forth chapter is the optimization concept of the information disclosure system.It can be divided into three levels,so it is three sections.The first section mainly explains the optimization of the responsibility related to the supervision of the information disclosure system.The second section mainly explains the content optimization of the information disclosure system,aiming at refining the information disclosure regulatory standards and releasing the regulatory burden to achieve the adjustment of regulatory capabilities and regulatory content.Specifically,it can develop a uniform information disclosure regulation,exempt the mandatory information of small micro private fund managers' disclosure obligations,exempt the investor's related information from the investor's mandatory information disclosure obligations,and apply special lighter disclosure standards to venture capital fund managers.The last section discusses the participation of investors in the information disclosure system,proposes a suggestion system that can introduce investors to strengthen investor participation,encourage investors to care about and exercise power,and promote the linkage of information disclosure of private equity funds.The conclusion part summarizes and summarizes the full text,and proposes a directional vision for possible future research based on the research status and development trend.