金融危机后美国私募基金监管的制度更新与观念迭代

The U.S.Private Fund Regulation after 2008 Financial Crisis:Institutional Change and Paradigm Shift

私募基金的监管以保护投资者和防范系统性风险为目标。保护投资者重在规范基金与其投资者的关系,而防范系统性风险着眼于基金在金融市场上产生的外部影响。证券法的传统观念认为私募基金投资者可以保护自己,因而对各类私募基金一向都放松监管。2008年金融危机以来,多德-弗兰克法案建立了对私募基金管理人监管的新框架,进一步强化对行业信息的收集,其具体机制呈现出基于防范系统性风险而实施差异化监管的特征。同时,投资者及市场各方的正当权益也随着对私募基金管理人监管的加强而获得更有效的保护。

The private fund regulation aims at protecting the investors and preventing systemic risks.To protect investors is to regulate the internal relationship between the funds and their investors;while to prevent systemic risks is to address the external influence of funds on the market.Traditionally,the idea reflected by the securities laws was that private fund investors could fend for themselves,and thus the regulation over private funds of almost all types had been loose.However,since the 2008 financial crisis,the Dodd-Frank Act has altered significantly the regulatory paradigm,which strengthens the collection of industry information,and is characterized by differentiated regulation with a goal to prevent systemic risks.Meanwhile,the investors and other parties have gained a higher level of protection through the enhanced regulation on private fund advisers.