多层次资本市场的法律问题——议私募基金的法律监管问题

Legal Problems of Capital Market of Multiple Levels——The Problem of Legal Supervision of Private Raised Funds

近年来,资本市场的多层次发展态势越来越明显,不仅一级二级市场纵向发展迅速,就某一投资种类而言,其也呈现了多层次的发展;就基金而言,近年来,在公募基金迅速发展的同时,私募基金从规模和影响力等多方面也在发生着巨大的变化,随之而来的问题是,如何对这些多层次的发展进行法律上的规制,使其更好的发挥积极作用,最大限度的减小负面效应;从私募基金的定义谈起,试图对该类基金的法律规制进行一定的探讨。

Recently, the trend for developing a capital market of multiple levels has become more and more clear. Not only the primary and secondary markets develop rapidly, as to a single investment tool, for example, the investment funds, still has a noticeable growth. Not only the public offering fund grows rapidly, the private raised fund still has a strong vitality. We cannot neglect its scale and influence in the security market. The current problem is how to use the legal measures to regulate these multi - tier developments to make them serve the market better, and minimize the negative effects. From the definition, this essay will discuss the current situation and legal regulation of the private placement fund in the security market, and try to find a solution to the problem.