私募基金稳健发展需监管先行

Core Viewpoint - The private equity fund industry has experienced rapid growth, contributing significantly to direct financing, innovation capital formation, and supporting technological innovation and industrial restructuring. However, this growth has been accompanied by various irregularities that threaten the industry's reputation and investor rights [1][2]. Group 1: Industry Growth and Current Status - As of December 30, 2021, there were 24,577 registered private equity fund managers with a management scale of 19.78 trillion yuan, representing a year-on-year growth of 23.81% [1]. - The private equity market has faced issues such as fund managers going "missing," investor complaints against large funds, and incidents involving fund controllers, which have negatively impacted the industry's reputation and investor rights [1]. Group 2: Regulatory Challenges - The fundamental reason for the frequent irregularities in the private equity fund industry is insufficient regulatory oversight. The rapid growth in the number and scale of private equity funds has outpaced the current regulatory framework, which is inadequate to ensure the industry's stable and compliant development [2]. - Unlike other financial sectors that require licensing, private equity funds only need to register with the Asset Management Association of China, making it easier for some funds to engage in illegal financing and profit-seeking activities [2]. Group 3: Recommendations for Improvement - To achieve high-quality development in the private equity industry, effective regulation is essential. Regulatory authorities should enhance the legal framework governing private equity funds, focusing on the establishment of a management interim regulation to strengthen legal accountability for violations [2]. - There is a need for increased administrative oversight, particularly in the high-risk "fundraising" phase, to address major violations such as fraudulent issuance and market manipulation. Stricter penalties should be imposed to effectively regulate the behavior of private equity fund managers [3].