论私募基金的监管框架

On the Regulatory Framework for Private Fund

私募基金是指通过非公开方式向特定机构投资者和富有的个人投资者募集资金设立的基金。按照投资对象划分,可以将私募基金分为私募股权投资基金和私募证券投资基金。私募基金的监管可分为私募基金本身的监管和对私募基金交易对手的监管,根据监管目的和侧重点的不同,对私募基金的监管又可分为事前监管、事中监管及事后监管。对私募基金的监管,一般集中在三个方面:一是对投资者的限定,二是对于信息披露与广告宣传的监管,三是间接监管。三者的重点都是对于投资者的保护,这值得我国在构建私募基金监管制度时借鉴。

Private fund refers to the investment fund that is un - publicly collected from the investors of specific organization and wealthy individual investors. According to the investment object, private fund can be divided into private equity investment fund and private placement investment fund. The supervision of private fund can fall into supervising the private fund itself and supervising the business counterparts of private fund. Based on the different supervision goal and emphasis point, the supervision of private fund can be subdivided into previous supervision, regulation of market and aftermath supervision. Supervising private fund centers on three aspects： the first is limitation of investors; the second is supervising the information disclosure and advertisement propaganda; and the third is indirect supervision. The focus of the three lies in protecting the investors, which is worth being referred to in constructing supervision system of private fund in China.