论对冲基金监管制度的关键要素——兼论美国对冲基金监管立法

Key Elements of Regulatory Regime for Hedge Funds:Analysis on the US Legislation of Hedge Fund Regulation

作为非银行金融机构的典型代表,对冲基金对金融系统可造成重大系统性风险。各国及国际组织自上世纪末以来,一直都在不懈地探索有效的对冲基金监管制度。美国的对冲基金监管制度对国际监管标准的产生与发展具有重大影响。本文以美国对冲基金监管的立法为视角,研究对冲基金监管制度的监管目标、监管机构、应受监管的参与者及其活动以及相应的具体监管措施等关键要素,对于推动我国对冲基金监管制度的发展与完善以及参与相关国际规则的谈判与制定具有很强的现实意义。

As typical non-bank financial institutions,hedge funds can generate and transmit significant systemic risks in financial markets.Since the end of last century,most countries and the international community have been tirelessly exploring appropriate regulatory regimes for hedge funds.The US regulatory regime for hedge funds can have a significant impact on the generation and development of relevant international regulation standards.It is of practical significance to examine the key elements of a national regulatory regime for hedge funds,such as regulatory objectives,regulated objects,regulatory agencies and measures etc.,through the lens of US legislation on hedge funds,which is supposed to help advance the development of China’s hedge fund regulatory system and further participation in the negotiation and formulation of corresponding international rules and standards.