私募基金合法化的法律研究

发布时间：2018-02-28 05:27

本文关键词： 私募基金合法化法律制度　出处：《华南理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：私募基金是指基金发起人通过向具有特定资格的特定对象，非公开发行基金份额，募集资金，形成独立的基金财产，由基金管理人管理、以资产组合方式进行证券或其他投资项目的投资而设立的投资基金。目前，在我国私募基金仍获得未能直接取得合法地位，虽然《证券投资基金法》在附则中写入了“向特定对象募集资金或者接受特定对象财产委托从事证券投资活动”的集合投资方式，其意与私募基金基本相同，但仍未给出具体的规定。在证券投资基金立法审议的过程中，私募基金合法化的问题越来越受到学界的普遍关注和研究，成为我国证券市场上最令人关注的问题之一。因此，借鉴域外发达国家或地区的私募制度构建我国私募基金有关法律制度尤为必要。美国是证券私募法律制度的发源地且发展最为完善，越来越多的国家纷纷引为借鉴，其私募法律制度是一个由国会立法、SEC(证券交易委员会)规章以及法院判例等组成的复杂规范体系，尤其是美国2010年颁布了最新的金融法案全称为《2010年华尔街改革和消费者保护法》（简称为《多德-弗兰克法案》）。该法案构成美国最大规模的金融监管改革，其第四部分专门针对私募基金建立了若干监管规则，该部分又称为《2010年私募基金投资顾问注册法案》（简称《注册法案》）。严格了私募基金的注册制度、信息报告制度、客户账户托管制度等，补充完善了前述此前大法律欠缺之处。日本及我国台湾地区在借鉴美国证券私募法律制度方面颇为成功，这为我国相关法律制度的发展提供了有益的经验。本文将着重研究私募基金的法律界定、合法化途径和有效法律监管等问题，借鉴国外法律制度，，探求我国私募基金法律框架。文章正文主要包括以下五个部分: 第一部分，就论文选题背景、文献综述、研究目标、研究方法作分析、介绍；第二部分，私募基金相关概念、发展情况及我国私募基金合法化的意义；第三部分，境外（尤其是美国）私募基金法律制度；第四部分，我国私募基金制度现状及存在的问题分析；第五部分，构建符合我国国情的私募基金制度框架。本部分结合我国的具体国情，对未来我国的私募基金立法的立法路径和法律制度核心问题进行了剖析。
[Abstract]:Private equity fund refers to the fund sponsors who raise funds to form independent fund property by issuing fund shares to specific objects with specific qualifications, which are managed by fund managers. An investment fund established to invest in securities or other investment projects in the form of a portfolio. At present, private equity funds in China are still unable to obtain legal status directly. Although the "Securities Investment Fund Law" contains in the supplementary provisions "collecting funds from specific objects or accepting certain objects' property to engage in securities investment activities," the intent is basically the same as that of private equity funds. However, there are still no specific provisions. During the legislative review of securities investment funds, the legalization of private equity funds has been paid more and more attention and research by scholars, and has become one of the most concerned issues in the securities market of our country. It is particularly necessary to learn from the private placement system of overseas developed countries or regions to construct the relevant legal system of China's private placement fund. The United States is the birthplace of the private equity legal system and its development is the most perfect, and more and more countries have cited it for reference. Its private equity system is a complex regulatory system consisting of congressional legislation, the Securities and Exchange Commission (SEC) regulations and court jurisprudence. In particular, on 2010, the United States enacted the latest financial act, the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act for short), which constitutes the largest financial regulatory reform in the United States. Its 4th part has established several regulations specifically for private equity funds, this part is also called the Private Fund Investment adviser Registration Act of 2010 (referred to as the "Registration Act"). It strictly regulates the registration system and information reporting system of private equity funds. The customer account hosting system complements the deficiencies of the previous major laws. Japan and Taiwan have been quite successful in drawing lessons from the private equity legal system of the United States. This has provided the beneficial experience for the development of the relevant legal system of our country. This paper will focus on the legal definition, legalization approach and effective legal supervision of private equity funds, draw lessons from foreign legal systems, explore the legal framework of private equity funds in China. The text of the article mainly includes the following five parts:. In the first part, the background, literature review, research objectives and research methods of the thesis are analyzed and introduced. The second part, private equity fund related concept, the development situation and our country private placement fund legalization significance; The third part, the legal system of overseas private equity fund, especially the United States; Part 4th, the analysis of the current situation and existing problems of China's private equity fund system; In the 5th part, the author constructs the framework of the private equity fund system in accordance with the national conditions of our country. This part analyzes the legislative path and the core issues of the legal system of the future private equity fund legislation in our country combined with the specific situation of our country.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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