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Construction of Regulatory Integration Across Private Funds
Private Fund,Hedge Fund,Private Equity Fund,Venture Capital Fund,Investment Adviser,Discretionary Investment Contract,
|Publication Year :||2019|
In Taiwan, funds conforming with the concept of the private fund includes “Private Fund” as codified in Securities Investment Trust and Consulting Act, private equity funds, venture capital funds, and investment companies. Notwithstanding the different types of private funds, they exhibit similar characteristics and regulatory issues, which includes financial regulation and investor protection. However, since the current regulatory framework of private funds focuses on the specific fund structure, investment targets, and strategies, only Private Funds could fall within the scope of Securities Investment Trust and Consulting Act and be regulated. Conversely, other private funds which do not fall within the ambit of the Securities Investment Trust and Consulting Act, and thus could only be regulated through, for example, the Company Act, the Limited Partnership Act, the Securities and Exchange Act or The Banking Act of The Republic of China. The difference in the status quo of private funds leads to regulatory arbitrage, which increases the difficulty and insufficiency of financial regulation and investor protection. Therefore, this topic warrants further research in order to solve the problems identified.
After conducting comparative research on the trend of worldwide regulation on private funds, this thesis found that most authorities concerned do not regulate private funds through the specification of fund structure, restrictions on the subject of investment and strategies but instead regulate them via the activities of investment advisors and discretionary investment contracts. With this observation, this thesis will provide some feasible resolutions to fill in the gaps in financial regulation and the lack of investor protection elements for private funds in Taiwan.
The thesis is divided into six chapters, starting with the Introduction. Chapter 2 addresses the concept of private funds. Chapter 3 comprises an overview of the status quo of regulation of private funds in Taiwan. Chapter 4 comprises the comparative research conducted regarding worldwide trends on the regulation of private funds. In Chapter 5, the initiative recommendations on the construction of regulatory integration across different private funds would be provided. Chapter 6 serves as the conclusion of the thesis.
|Appears in Collections:||法律學系|
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