美国私募基金监管法律制度研究及对我国的启示

Study and Reference of Supervising Legal System of Private Fund in U.S.A

美国是私募基金最为发达的国家之一。在私募基金发展初期,其对私募基金监管较为宽松。然而,私募基金自身的发展逐渐带来了诸多新问题,如私募股权基金公募化、财务杠杆的大量使用、私募基金私有化上市公司等。2010年,美国通过了《金融监管改革法案》,加强了对私募股权基金的监管。反观我国,私募股权基金在我国已经具有了一定的规模,虽尚不足以产生系统性风险,但有必要从投资者保护角度入手建立健全私募股权基金监管法律制度。

Private fund industry in U.S.A is developed worldwide. In the early period, U.S.A government created relatively tolerant supervising environment. However, a lot of new phenomena appeared in private fund industry. Dodd-Frank Act is promulgated in 2010, and the act enhances the supervising system of PE. As for our country, although PE develops very fast these years, PE would not create systematic risks. We should constitute PE supervising system from the viewpoint of PE investor protection.