私募股权投资基金管理人准入机制研究

The Admission System for Fund Managers of Private Equity Fund

私募股权投资基金的隐秘性不应成为弱化其监管的理由,宽松监管必然诱发非法集资,将私募股权投资基金纳入法律规制势在必行。但其"入法"的切入点何在?鉴于基金管理人在私募股权投资基金主体四元结构中居于主导地位,规制基金管理人是监管基金的要害所在,其中基金管理人准入机制又是整个监管体系的前置门槛与成败关键。私募股权投资基金的二元化监管模式符合我国监管机构权力配置格局,基金管理人自愿监管应向强制注册转变,作为受托人角色的基金管理人准入标准必须趋严,披露监管主导之下应辅以实质核查,上述策略四管齐下,或许是整顿当下"PE乱象",实现私募股权投资基金全面"入法"的可行路径。

As to the confidentiality of fund of private equity （PE） investment, the judicial authorities, regulators and the academic circles have almost reached a consensus that it should not be the cause of weakening its regulation . As to the loosening of its regulation, it may lead to illegal fund raising, therefore it is essential for the fund of private equity invest- ment to be incorporated into legal regulation. Where is the key to induce it into the legal regulation？ Generally, fund man- ager is the leader in the quaternary structure of private equity funds. And the key to regulate fund is to regulate its manag- ers, which is crucial to construct the entry mechanism for fund managers in the whole regulation system. Undoubtedly, the feasible approach, which clean up the appearance of universal PE and incorporate Fund of Private Equity Investment into the legal regulation, need four regulatory policy. The first policy is to normalize the regulatory model of private equity invest- ment fund conforming to the configuration pattern of supervision agencies＇authorities in our country . The second is to trans- form the fund managers voluntary regulation into mandatory registration. The access limit to the fund managers as the trustee role should be more strict, which the third side. The fourth is that while introducing the disclosure regulation, material veri- fication is also needed.