私募基金合格投资者制度研究

Research on the Qualified Investor System of Private Funds

美国"D条例"所确立的合格投资者客观定义给私募带来了确定性,有助于降低私募成本、提升融资效率。我国私募基金法律制度也采用了客观化的合格投资者定义,但是基于私募市场安全的考虑,收紧了合格投资者的范围,并配套了严格的认证程序、反规避制度、信息披露制度以及投资者适当性义务规定。这些制度和规定给私募基金增加了较高的合规成本,抵消了确定性带来的融资效率。我国证券监管机关和基金业协会需要在融资安全和效率之间进行平衡,对合格投资者制度进行适度的改革。

The objective definition on accredited investor in D regulation of U.S. has brought certainty to private placement, which cuts costs and raises efficiency. The objective definition on qualified investor has also been adopted in private fund regulation in China. But for the sake of maintaining safeness in the private fund market, China has restricted the standard of qualified investor, increasing the harshness of accredit process, imposing requirements in anti-circumvention, information disclosure and investor suitability. These measures enormously raise compliance cost and offset the efficiency brought by certainty. CSRC and AMAC should balance between safeness and efficiency to reform qualified investor norms.