The History And Improvement Of China's Qualified Investor System

The qualified investor system originally originated from the exemption of private equity registration.With the enrichment and development of the financial market,the role of the qualified investor system in reducing issuance costs and improving financial efficiency has been valued by various countries.Its extension has long been not limited to the private equity fund market,but is active in trusts and securities markets at all levels.The current system of qualified investors in China is not mature enough.The system of qualified investors has not yet been formed.The system of qualified investors applicable to different markets and products is quite different.It is easy to cause confusion in the identification of qualified investors and the implementation of the system.Attract attention.In terms of content,the Qualified Investor System is both a standard for investor differentiation and a market access system.From the perspective of risk tolerance,the financial status of qualified investors is better,and they are able to bear the consequences of investment failure;from the perspective of professional knowledge and experience,qualified investors have a stronger ability to screen and judge market conditions and financial products.As a result,they are allowed to enter more complex financial markets with higher risk factors.Differentiating the protection of investors with poor asset status and knowledge and experience levels by investor classification helps to achieve substantive equity in the financial market.The first chapter of this article first explains the emergence and necessity of the Qualified Investor System.The Qualified Investor System originated in the private equity market.Its original intention was to open the way for private equity registration exemptions.Therefore,the rationality and When necessary,it is necessary to consider the difference between private equity and public equity regulation,because public equity and private equity are targeted at different groups of investors,so a qualified investor system is set up to protect investors differentially.The second chapter of this paper interprets the origin of the qualified investor system from the perspective of global capital market development,and sorts out the evolution of the criteria for determining whether investors are "qualified" or not.At the same time,the Qualified Investor System is a regulatory measure that reflects the characteristics of a country 's regulatory policies.China's qualified investor system has experienced a long period of development,but due to the complexity of the capital market environment and the lack of relevant experience,China's qualified investor system has also developed many problems while developing and improving.The chapter summarizes China's qualified investor system.The author found that in terms of legislation,China's qualified investor system is scattered in the regulations and regulatory documents of various departments,and there are problems of inconsistency in the formulation of the main body and the level of effectiveness;in law enforcement Our country's qualified investor system has weaker law enforcement and weaker penalties for securities companies' violations of laws and regulations.And lack of related dispute resolution mechanisms and investor tangled measures,the protection of investors whose rights and interests have been violated is weak.Considering that the boundaries between investor suitability and the qualified investor system in China are not clear,therefore,in Chapter4,this article studies the investor suitability legislation in the United States,the European Union,and Japan,and mainly analyzes its investor differentiation criteria The implementation of relevant systems and the provisions of investor relief and dispute resolution mechanisms are intended to provide a reference for the improvement of China 's qualified investor system.In the last chapter,this article introduces the provisions of the new Securities Law on the suitability of investors.The revision of the new Securities Law stipulates the suitability of investors from the level of the law and reiterates the principles of investor protection.And for the first time,investors are divided into ordinary investors and professional investors,and the corresponding dispute resolution mechanism is also provided,which has reference significance for the improvement of the qualified investor system.