论文部分内容阅读
金融综合化转型和分业监管体制的冲突导致了我国私募基金规制的监管竞争、监管纵容和监管套利。同质性的私募基金产品适用差异较大的监管规则,直接影响金融市场的公平竞争和投资者利益保护。要尽快打破基于有限理性的分业监管者和金融企业达成的无效率默契僵局,规则层面上的统合立法就成为在规避分业监管体制改革难题的同时还能推进制度供给的必然选择。以基金法修订为契机,建议重点从明确法律属性、市场竞争和投资者利益保护三个方面进行私募基金横贯规制。
Conflicts in the transition of financial integration and separation of regulatory regime led to regulatory competition, regulatory connivance and regulatory arbitrage regulated by private equity funds in China. The homogeneity of private equity products for different regulatory rules, directly affect the fair competition in the financial markets and investor protection. As soon as possible, we must break the impasse of inefficient agreement between the bailout regulators and financial enterprises based on bounded rationality. The integrated legislation at the level of rules has become the inevitable choice to evade the problems of the reform of the separation regulatory system while promoting institutional supply. With the revision of the fund law as an opportunity, the proposal focuses on the cross regulation of private equity funds from three aspects: clarifying legal attributes, market competition and investor protection.