论对私募基金的法律规制

私募基金最主要的特征在于以私募方式设立，其投资者必须为具有自我保护能力的合格投资者且不得超过一定数量。私募基金不得以广告、公开或变相公开方式发行，应根据发行人与劝诱对象之间是否存在“既存的实质联系”来判断发行方式是否构成公开。为了防止私募基金公开化，对私募基金份额的转售行为必须加以一定限制。信息披露是私募发行制度中的一项重要内容，贯穿于发行与转售两个阶段。

Private Placement Fund: Its Definition and Regulation

The main character of the private placement fund is that it is founded by a private placement.All the inves- tors of the privately offered fund must be the qualified investors who are able to protect themselves and the number of the purchasers must be under certain limitation.In any private placement,the means of advertising,publie inducement or pub- lic issuance in any disguised form shall not be adopted.Whether the manner of offering is public depends on the pre-exist- ing substantive relationship between the issuer and offeree.To avoid a private placement being public,the restrictions on the resale of the privately placed securities is necessary.Information is an important requirement in beth issuance and resale stage.