监管分立与金融综合化冲突下的私募基金横贯规制

Integrated Legislation for Conflict between Separating Regulation and Financial Integration:Focusing on Privately Placement Funds

金融综合化转型和分业监管体制的冲突导致了我国私募基金规制的监管竞争、监管纵容和监管套利。同质性的私募基金产品适用差异较大的监管规则,直接影响金融市场的公平竞争和投资者利益保护。要尽快打破基于有限理性的分业监管者和金融企业达成的无效率默契僵局,规则层面上的统合立法就成为在规避分业监管体制改革难题的同时还能推进制度供给的必然选择。以基金法修订为契机,建议重点从明确法律属性、市场竞争和投资者利益保护三个方面进行私募基金横贯规制。

Regulatory competition, connivance and arbi^age derive from the conflict between separating reg- ulation and financial integration. It hurts competition order and investor protection in financial market for dif- ference of application of law to homogeneous privately placement funds in china. To break the tacit deadlock between separating regulators and financial institutions, Integrated Legislation is necessary for institution supply and also can overcome separating regulation system reform problem. By means of Securitizes Invest Funds Law, We suggest identifying legal character, market competition and investor interest protect.