私募基金整合法制之建構

在我國，符合私募基金概念者，計有投信投顧法之私募基金（又稱私募型證券投資信託基金）、私募股權基金、創業投資基金以及坊間常見之一般投資公司。無論是何種私募基金，其活動本質上均係從事於金融中介活動，一方面涉及金融監理議題，另方面亦涉及投資人保護議題。惟以我國現行制度而論，係以私募基金之法律架構、投資標的與策略為管制特徵，故僅私募型證券投資信託基金受投信投顧法之金融管制；其餘三種類型則未有專法管制，至多受到組織法（如有限合夥法、公司法）、證券交易法與銀行法之實質拘束，而存有監管套利空間；並因監管套利結果，產生投資人保護不足與金融監理不足等議題，值得深入研究並嘗試提出解決之道。在觀察各國規範趨勢後，得出各國於規範上並未區分私募基金之投資標的與投資策略，亦未區分私募基金之法律架構而為不同規範，而係以投資顧問及全權委託投資契約關係兩大特徵對私募基金進行管制。因此，本文參酌各國規範趨勢後，將嘗試提出於我國現行法制之下，最具可行性之私募基金整合法制，以達迅速整合之效果。以下，本文共分為六章，第一章為緒論；第二章為私募基金之意義，嘗試以化繁為簡之方式，探究私募基金本質上之意義及各類型私募基金之意涵；第三章則介紹我國各種私募基金及其管制現況，並提出現行制度缺失；第四章透過比較法研究，探尋我國制度疑慮之解決之道；第五章則嘗試建立我國私募基金整合法制之芻議；第六章則為結語與未來展望。期望透過本文之研究，對於我國私募基金法制有更深刻之認識。

關鍵字

私募基金；避險基金；私募股權基金；創業投資基金；證券投資投資顧問事業；全權委託投資契約

並列摘要

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.