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2012年12月28日修订通过的《中华人民共和国证券投资基金法》最大的特色在于将非公开募集基金(私募基金)纳入该法的规制和调整的范围。尽管我国的私募基金法律规制已经随着此次立法的修订向前迈了重要的一步,但仍然存在一些悬而未决的问题和待完善的空间需要理论界和实务界进一步探讨。由于“证券”的概念存在广义上的和狭义上的理解,应通过法律概念重构或法律名称修改来避免法律适用上存在空白地带。同时,为使立法原意和实务中的概念外延保持一致,应将私募股权基金和私募风险投资基金纳入调整范畴。此外,考虑到金融机构投资产品的特殊性,应对其进行特别监管,推动建立多层次的投资者合法利益保护体系。
The most prominent feature of the Securities Investment Funds Law of the People’s Republic of China as amended on December 28, 2012 is that non-public raised funds (private equity funds) should be included in the regulation and adjustment of the law. Although the legal regulation of private equity funds in our country has taken an important step forward with the revision of this legislation, there are still some outstanding issues to be solved and the space needs to be further improved by theoretical and practical circles. Due to the broad and narrow understanding of the concept of “securities ”, we should avoid the blank of legal application through legal concept reconstruction or legal name modification. At the same time, private equity funds and private equity funds should be included in the scope of adjustment in order to keep the concept of legislation original and practice in line with the concept of extension. In addition, taking into account the special nature of financial products, investment products should be supervised, and promote the establishment of a multi-level protection of legitimate interests of investors.