중국 사모펀드에 대한 법적 고찰 － 요건과 감독 관리를 중심으로 －

Abstract

Private Equity Fund has significantly grown in its numbers and volume in China. Moreover some Private Equity Funds are expanding their marketing activities to attract investors who may not previously have participated in the riskier investments, and the development of fund of Private Equity funds has made Private Equity Funds more broadly available to investors. As a result of the participation by these entities in Private Equity Funds, losses resulting from Private Equity Fund investing and Private Equity Fund frauds may affect the entities's ability to satisfy their obligations to their beneficiaries or pursue other intended purposes. CBRC revised the investment advisers's requirement of registration under the Measures for the Administration of Trust Companies and the Measures for the Administration of Trust Companies' Trust Plans of Assembled Funds and seeked to make almost all of Private Equity Fund advisers, who have been enjoying the exceptions under the Act, registrate with CBRC in order to provide for the transparency of markets and to protect the Private Equity Fund investors and financial industry more strongly. In that sense, such regulatory restriction on Private Equity investment and management as buy-out investment only is allowed should be modified in a way to respect the autonomy of its investment and management. Furthermore, general investors' participation in Private fund market including Private Equity Fund by way of Fund of Private Equity should be affirmatively taken into account with the heightened disclosure requirement.