论英国向个人投资者推介销售私募基金的限制

Research on the Restrictions on the Retail Distribution of Unregulated Collective Investment Schemes in UK

私募基金的快速发展的同时,部分企业向非合格投资者募集资金,给投资者带来了实际损失或面临重大损害的风险。近年来,英国私募基金领域该问题凸显。为保护投资者权益,英国金融行为监管局施行了新规定,明确限制企业向一般个人投资者推介销售私募基金。限制规定在实践中取得一定效果,也存在诸如引发新问题、规制力度存疑等问题。我国相关规定尚存争议,如何通过合格个人投资者规定的完善来解决私募乱象同样值得探究。

The rapid development of private equity funds attracts people＇s concerns on the illegal behaviors and investment risks in this field. Some firms promote or sale private equity funds to non-qualified investors,which led to thefact that investors are faced with actual damage or significant risk of damage. In recent years, the problem has been highlighted in UK. In order to protect consumers, FCA issued new restrictions on the retail distribution of unregulated collective investment schemes and close substitutes. The new restrictions has some benefits in practice, as well as some problems, such as causing new problems, uncertain regulatory effects, which means that the restrictions need to be further perfected. The regulations of private equity funds in China is controversy now. It is of vital importance to research on the ways to solve the chaos in this field by the regulation of qualified investors or suitable distribution.