8月5日，经过全国人大常委会初审的《证券投资基金法》修改草案结束第一轮公开征求意见。

August 5,，After the National People's Congress standing committee of the preliminary examination《Securities investment funds》The first round of the draft modified over public for advice。

　　尽管在新版本中，PE监管未被明确列入新基金法修改草案，但值得注意的是，修订草案最后新增第171条：“公开或者非公开募集资金，设立公司或者合伙企业，其资产由第三人管理，进行证券投资活动，其资金募集、注册管理、登记备案、信息披露、监督管理等，参照适用本法。”这些表述似乎又为PE纳入基金法留了口子。

Although in the new version，PE supervision is not clear in a new law draft modification，But it is worth noting that，Article 171 of the new amendments to the last：“Public or the public to raise funds，The establishment of a company or the partnership，Its assets to the third person, management，For securities investment activities，The fund raising、Registration management、registration、Information disclosure、Supervision and management, etc，Shall be governed by this law。”The statement appears and for PE into law a cut。

　　⊙记者 赵晓琳 ○编辑 全泽源

Reporter ZhaoXiaoLin ○ edit all ⊙ zeyuan

　　关于PE监管将纳入新基金法的说法，有了新变化。

About PE regulation would incorporated in the new funds said，Had the new change。

　　8月5日，经过全国人大常委会初审（俗称“一读”）的《证券投资基金法》修改草案（下称“草案”）结束第一轮公开征求意见。业内知情人士透露，私募股权投资基金（简称PE）未被明确列入最新的基金法修改草案。据悉，草案二审将于8月下旬进行。

August 5,，After the National People's Congress standing committee preliminary examination（Commonly known as“read”）of《Securities investment funds》Modify the draft（Said the“draft”）Over the first round public for advice。Industry insiders said，Private equity funds（Referred to PE）Is not clear on the latest draft law change。It is reported，In the course of the draft in late August。

　　据了解，一读版本与2011年2月份面世的老版本相比，在私募股权投资基金监管方面发生了重大变化——把股权投资纳入“证券投资”的定义被删去，即意味着PE基金并没有被明确纳入监管，但草案最后新增第171条，又对私募基金的监管留有空间。

According to understand，A read version and in February 2011 the old version available，In private equity funds regulatory significant changes have occurred to the equity investment-into“Securities investment”The definition is cut，That means that the fund is not clear and PE in unregulated，But the draft final new article 171，And to the supervision of the private equity funds with space。

　　8月3日，第二届中国创业投资行业峰会在北京召开，与会相关官员及数百家PE机构负责人聚首热议讨论《证券投资基金法（修订草案）》与创业投资行业适度监管体系建设的议题。

August 3,，The second China venture capital industry summit was held in Beijing，The officials and hundreds of PE orgnaization controller together discuss hot debate《Securities investment funds（draft）》And venture capital industry and moderate supervision system construction issues。

　　6月30日，十一届全国人大常委会第二十七次会议中一个重要议题就是首次审议《证券投资基金法(修订草案)》，即“一读”。彼时，其中最引人关注的是将包括PE在内的各类私募基金纳入监管范围。

June 30,，11 th National People's Congress standing committee meeting has an important issue is the first time《Securities investment funds(draft)》，namely“read”。Back then，One of the most intriguing is will include PE, private equity fund supervision into the scope of of all kinds。

　　但在最新公布的征求意见稿中，上述重新解释“证券投资”的文字全部被删除。有观点认为，这意味着修法小组将私募股权基金等纳入监管的意图已落空。而该意图落空的背后是各部委间关于PE监管权的博弈。

But in the latest draft version，The above to explain“Securities investment”Words be removed。With a view，This means that the law group will private equity funds in the intention of the regulation have fail。And the intention behind is frustrated various ministries of PE supervision right between the game。

　　整体来看，目前在PE监管上发改委正积极推进。记者在论坛获知，发改委主管的中国创投委及地方相关股权投资协会正在拟定对上述修订草案的意见，并将直接上书全国人大，私募股权基金与二级市场的公募基金是完全不同的金融工具，不应该放进同一个法里，应该删掉涉及PE入法的第171条，为PE单独立法。

The whole，Currently in PE supervision to the national development and reform commission is actively promote。Reporters in the BBS process，The national development and reform commission of China venture commission and charge related local equity investment association is making the draft of the opinion，And will direct the National People's Congress wrote，Private equity funds and the secondary market of public enlisting fund is completely different financial instruments，Should not be put in the same method，Should delete involves PE into law of article 171，For PE separate legislation。

　　力主将PE纳入基金法的修法小组成员朱少平则在最新署名文章中提出“新老划断”一说，“基金法修订不改变当前基金业管理体制。”“修法后纳入本法调整的私募基金包括PE基金，但只是"增量"部分，不包括法律修改前设立的存量私募基金。”对此，多位PE业内人士认为，实际操作中并不可行。

Argued that will change the law of PE into the law of the ZhuShaoPing team members is in the latest sign of the article put forward“New and old delimit fault”said，“Funds don't change the current revision fund management system。”“After the law into private equity fund this adjustment including PE fund，But just"incremental"part，Not including amendment of private equity fund established before the stock。”this，Many PE insiders，Practice is not feasible。

　　北京工商大学副校长、投资者保护中心主任谢志华则认为，关于PE监管是否入法的激烈辩论，正是反映了目前我国金融业分业监管制度和基金、券商、银行等机构在资产管理等业务上事实上的混业经营现状之间的矛盾。要解决这个问题，需要更高层次的视野。基金法的修订也应该考虑更多。

Beijing university of industry and commerce vice-president、Investor protection, director of the center XieZhiHua is considered，PE supervision into law on whether the heated debate，It is reflects the current financial industries managed and supervised respectively system and funds、brokers、Banks and other institutions in the asset management business in fact the mixed management the contradiction between the current situation。To solve this problem，Need to higher level of vision。The revision of the law should also consider more。

　　深圳市创业投资同业公会常务副会长王守仁在论坛上明确表示反对将PE监管入法。他认为，目前行业出现非法集资等行为大爆发，行业要自己想办法处理。他强烈建议，应该对2005年十部委联合发布的《创业投资企业管理暂行办法》进行修缮，以此来协同规范行业，而不是制订后就撒手不管。

Shenzhen venture investment board of trade WangShouRen standing vice President in the BBS made clear opposition to PE supervision into law。He thinks，At present in the behavior such as raising funds illegally industry outbreak，The industry should you want to deal with。He strongly suggest，Should 2005 ten departments jointly issued《Venture investment enterprises the provisional measures》repairs，In order to collaborative standard industry，And not make it die after regardless。

　　不过，从目前进展情况看，基金法修订的立法工作已经进入全国人大常委会法制工作委员会，“一读”版本已有不小的变更，“二读”8月下旬进行，“三读”最快10月下旬进行，中间还要召开若干次座谈会，还有充分的时间修改和讨论。我们将继续跟踪报道。

but，From the current progress look，The revised law legislation has already entered the work the NPC's law committee，“read”Have a lot of change version，“The second reading”In late August，“Three read”The fastest late October，But also among several times symposium held，And the full time changes and discussed。We will continue to tracking report。