私募基金管理初探－從美國法觀察台灣制度之發展

A Preliminary Examination of Private Fund Regulation-Observing Taiwan's System through American Lens

易明秋(Ming-Chiu Yie)

《東吳法律學報》 20卷1期 (2008/07) Pp. 237-281

https://doi.org/10.6416/SLR.200807.0237

摘要

由於外國私募基金在台灣的證券市場已有一定之參與，甚至已有取得上市公司經營權的案例，而使得政府對私募基金的管理相當重視。其實，各國對私募基金均極關切。理由在於，第一是1988年長期資本管理(LTCM)私募基金的垮台，引起全球金融界的緊張，主要是其投資全球金融工具的資產規模龐大，以及其與銀行界錯綜複雜的交易與投資關係；其二是私募基金近來在國際股市從事大規模購併行動，而使得各國政府對此產生警覺，擔心影響國內經濟結構；其三是私募基金本身欠缺透明性，使得它在神秘面紗的覆蓋下，讓市場參與者懷疑其行為是否有逾越法律的規範；其四是越來越多的投資人購買私募基金，因此使得管理機關思考強化對私募基金的管理以保護投資人。本上所述，本文首在介紹私募基金的發源地與最活躍的國家－美國，其近年來對私募基金的管理與實務之發展。其次介紹台灣的現行制度的利弊得失，參酌美國制度，提供未來修訂法規時應省思的議題與方向。

關鍵字

私募基金 ； 避險基金 ； 私募股權基金 ； 美國1940年投資公司法 ； 美國1940年投資顧問法 ； 證券投資信託與顧問法

並列摘要

Foreign private funds have invested in Taiwan's stock markets for a quite time, some of which have had control over listed companies. Thus, Taiwan's government is concerned about the impact that private funds have brought. In fact, authorities around the globe are focusing on private funds. The reasons are clear. First, the collapse of LTCM in 1988 had almost created an international financial crisis. LTCM had enormous assets and invested globally, and it had complex investment and trading relationships and networks with financial institutions. Second, some nations are nervous about recent cross-border acquisition activities by international private funds. They fear these activities might change domestic economic structures. Third, private funds themselves lack of transparency and they act mysteriously, which let outsiders suspicious of overstepping the legal boundary. Fourth, there are more and more investors putting money in private funds, so that the authorities have to design a workable regulatory scheme to protect those investors.
Hence, this paper will introduce the recent development of U.S. legal environment for private funds. After all, the U.S. is the most active private fund playground in the world. Then the paper would pay attention to Taiwan's private fund regulation. Pros and cons of private funds will be highly emphasized with actual cases, and comparative law approach is used to identify legal issues. I expect the issues this paper raised can help Taiwan's authorities to facilitate their regulatory agenda on private funds.

並列關鍵字

private fund ； hedge fund ； private equity fund ； Investment Company Act of 1940 ； Investment Advisers Act of 1940 ； Securities Trust and Consulting Law

參考文獻

易明秋(2006)。論證券市場再次發行之管理。東吳法律學報。18，91-127。

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