摘要
美国的对冲基金市场在世界上最具活力、最富创新精神,在很大程度上得益于其发达而灵活的监管制度。其主要由《证券法》、《证券交易法》、《投资顾问法》和《投资公司法》构成,立法内容主要集中于合格投资者的规定、美国人的界定、私募发行的界定、豁免登记和信息披露的条件、税收标准、反欺诈条款的适用等方面的规定。美国的对冲基金监管制度具有发展性、严密性、针对性和全面性等特点,其不足主要在于立法目的有失偏颇,侧重于提高金融体系的效率,而忽略了对冲基金造成系统性金融风险的问题。但是随着实践的深入,其必将进一步丰富与完善。
US hedge fund market is of great vitality and spirit of innovation, which to a large extent benefits from its eomparatively advanced and flexible regulatory system. US sets up its system mainly by Securities Act, Securities Exchange Act, Investment Company Act and Investment Advisors Act, which eoncentrate on definitions of accredited investor, qualified purchaser, US citizen, private placement, conditions for exemption from registration and disclosure, and provisions of tax standard and antifraud. The regulatory system of hedge funds in US is characteristic of expansibility, strictness, pertinence and eompleteness. Its deficiency lies in the purpose of lawmaking is rather one-sided, aiming to improve the whole efficiency of the financial system, however, neglecting the systematic financial risks possibly posed by hedge funds. However, as time goes on, it is sure to become abundant and perfect.
出处
《广西政法管理干部学院学报》
2008年第4期100-108,共9页
Journal of Guangxi Administrative Cadre Institute of Politics and Law
基金
教育部人文社会科学重点研究基地2005年度重大研究项目"二十一世纪国际金融法律制度创新与发展研究"(项目批准号05JJD820005)的研究成果
关键词
对冲基金
立法体系
评析
启示
hedge fund
legislation
review
inspiration
作者简介
李勋，女，湖南人，法学博士，深圳大学法学院讲师，主要研究国际经济法、国际金融法。
