另类投资基金单一护照制度:欧盟实践与中国因应

Alternative Investment Fund Single Passport Regime:EU’s Practice and China’s Response

欧盟《另类投资基金管理人指令》单一护照制度是构建欧盟"单一基金市场"的重要工具。囿于规则制定缺漏、解释机制不健全、部分欧盟成员国抵触等原因,《另类投资基金管理人指令》力图通过单一护照制度实现对非欧盟国家或地区开放欧盟另类投资基金市场,统一欧盟全境另类投资基金管理人、另类投资基金监管的立法目标至今仍未实现。随着《另类投资基金管理人指令》修改法令与评审意见的发布,欧盟计划对单一护照制度向非欧盟主体开放进程停滞、欧盟证券与市场管理局监管权限不足、欧盟成员国滥用私募制度等问题进行重点改革。《另类投资基金管理人指令》单一护照制度的改革计划与我国基金市场对外开放进程具有较好衔接性,我国以基金管理人、基金持有欧盟《另类投资基金管理人指令》单一护照的形式加入欧盟另类投资基金市场的议题值得深入研究。

The EU Single Passport Regime under the Alternative Investment Fund Managers Directive(AIFMD)is an important tool to build the EU fund single market,mainly through opening up the EU alternative investment fund(AIF)market to non-EU countries and regions,as well as unifying the regulation of alternative investment fund managers(AIFM)and AIF throughout the EU.However,this legislative objective of AIFMD is yet to be achieved due to problems like loopholes in the rules,unsound interpretation mechanism and the resistance from some EU Member States.According to the revisions and assessment on AIFMD issued by the EU authority,the EU plans to reform the Single Passport Regime of AIFMD in the future,especially solving issues such as the stagnant process of extending the AIF market to non-EU AIFM and non-EU AIF,the lack of regulatory authority of the European Securities and Markets Authority(ESMA),and the abuse of National Private Placement Regimes(NPPRs)in EU Member States.The reform plan on Single Passport Regime of AIFMD connects well with the process of opening up of China’s fund market.The issue of joining the EU AIF market by way of holding an EU single passport of AIFMD by fund managers and fund is worth in-depth study.