上书一月之后，25家PE/VC行业协会终于迎来了回应。

Submits after January,25 home PE/VC industry association finally ushered in the response.

　　9月6日，全国人大常委会法工委等召开《证券投资基金法》修订座谈会。发改委、银监会、证监会等多个部委相关部门负责人及部分PE人士与会。

On September 6,,The standing committee of the National People's Congress held FaGongWei, etc[Securities investment funds]Revised symposium.Development and reform commission (NDRC)/The CBRC/Securities regulatory commission and other ministries and commissions related departments in charge and part of the PE people.

　　本报记者从参会人士处了解到，会上达成的共识是，投资上市公司和股票的PE机构纳入《证券投资基金法》没有异议，但投资于非上市公司的PE机构是否纳入监管却引起较大争议。

Our reporter from the personage place to know,The meeting is reached an agreement,Investment listed companies and stock into PE institutions[Securities investment funds]No objection,But investment in private companies PE whether institutions into regulatory but it caused great controversy.

　　25家股权和创业投资协会曾于8月12日向全国人大上书，反对将股权投资基金（即PE基金）纳入《证券投资基金法》监管。

25 home equity and venture capital association had on August 12, to wrote to the National People's Congress,Against the equity investment funds(Namely PE funds)into[Securities investment funds]supervision.

　　人大法工委相关负责人表示，会后将到上海等PE发达地区进一步调研。部分PE人士希望调研者能多听专业人士意见。

National People's Congress FaGongWei officials say,After the meeting will come to Shanghai and other PE developed region further research.Part of the PE people hope that the research can listen more professional opinion.

　　与部分PE人士希望将PE单独立法不同，曾参与过《证券投资基金法》制订的中国人民大学刘俊海认为，PE纳入修订的基金法比较现实，单独立法难度太大。

And part of the PE people want to separate different PE legislation,Had participated in[Securities investment funds]For the Chinese people's university LiuJunHai think,PE into the revision of the funds more realistic,Separate legislation difficulty is too big.

　　座谈会现场还原 Symposium scene reduction

　　据本报记者了解，这次座谈会最初曾计划邀请8月初“上书”的25家行业协会负责人讨论相关议题，但最终的结果是，只有中国投资协会股权和创业投资专业委员会（以下简称“创投委”）常务副会长沈志群、中关村创投协会副会长刘纲等数人代表各个PE/VC协会参会。

According to our newspaper reporter understanding,The symposium initially plans to invite early August"Submits a"25 home guild controller to discuss related issues,But the end result is,Only Chinese investment society equity and venture investment professional committee(Hereinafter referred to as"Vc committee")Executive vice President ShenZhiQun/Zhongguancun venture vice chairman of the association LiuGang and several people represents the PE/VC association.

　　9月6日上午，沈志群表示，创投委本次参加座谈会仍会继续表达将PE“单独立法，分开立法”的诉求。

On September 6th morning,ShenZhiQun said,Vc committee to participate in this forum will continue to express will PE"Separate legislation,Separate legislation"appeal.

　　经记者多方求证，会议主要讨论基金法的调整范围，即PE基金是否要纳入监管，如何监管。其中，证监会、银监会和证券投资基金业协会的代表更倾向于将PE纳入基金法管理。

The reporter polytropic verification,The meeting mainly discuss the regulation range of funds,Namely PE fund whether to into the supervision,How to regulate.the,CSRC/The CBRC and securities investment funds on behalf of the association of more tend to PE into the funds management.

　　受中华全国律师协会指派的高通律师事务所主任、首席合伙人敬云川会后接受记者采访时介绍：“大家有共识的一点是，如果把投资于上市公司和股票的（PE机构）纳入监管没有问题。争议较大的是投资于非上市公司的PE机构，是否也应纳入基金法管理。”

By the all-china lawyers association assigned qualcomm law office director/Chief partner JingYunChuan after the meeting when accepting a reporter to interview is introduced:"You have consensus point is,If the investment in the listed company and stock(PE institutions)Into the supervision is no problem.Dispute is bigger is the investment in the private company PE mechanism,Whether should also be included in funds management."

　　敬云川表示：“我们只能在现有系统之上来寻求一个平衡点，或者说各方面结合的一个法案。”

JingYunChuan said:"We can only in the existing system to seek a balance point above,Or the combination of a bill."

　　在会上，法工委相关负责人表示，座谈会后将到上海等PE/VC较发达地区进行调研。一PE基金合伙人听此消息后表示：“非常欢迎调研。能够出台一部真正反映对私募股权基金监管、符合国际经验和惯例的私募股权基金法，对中国的股权投资发展是非常有帮助的。但这个立法应该充分吸取专业机构的意见。”

At the meeting,FaGongWei officials say,After the symposium will come to Shanghai and so on PE/VC more developed regions research.A PE fund partner to listen to the news said:"Very welcome research.To work out a really reflect on private equity fund supervision/In line with international experience and practice of private equity funds,To China's equity investment development is very helpful.But the legislation should be fully absorb the opinions of the professional institutions."

　　中关村创投协会副会长、深创投集团京津及华北大区总经理刘纲是参会的唯一一线PE投资人。对于本次座谈会，刘纲表示：“应该通过市场机制，通过相应的监管，规避那些非法集资的现象发生，加重处罚。但关键还是要通过市场机制去让这些私募股权投资基金管理人进行自由竞争，最终通过优胜劣汰，让优秀的基金发展起来，做强做大。当然这个原则我认为也同样可以适用到证券投资基金管理里面去。”

Zhongguancun venture vice chairman of the association/Deep venture group the beijing-tianjin and north China region is the general manager LiuGang only a line PE investors.For this forum,LiuGang said:"Should be through the market mechanism,Through the corresponding supervision,Avoid those who illegally funding of the phenomenon,Severe penalty.But the key or through the market mechanism to make these private equity investment fund manager to free competition,Finally through the survival of the fittest,Let the good fund development up,bigger.Of course this principle I think can also apply to securities investment fund management inside."

　　对于国际上PE/VC行业的监管和立法，清科研究中心高级分析师林婉婷介绍，立法层面上，美国并没有对PE基金进行单独和直接界定，而是将其纳入“私募基金”的范畴，通过《证券法》、《投资公司法》和《投资顾问法》这三部法律对私募基金的豁免条件，从而间接界定了PE基金的范围及其监管模式。

For international PE/VC industry supervision and legislation,Clear division research center senior analysts LinWanTing is introduced,Legislation level,The United States has not to PE fund separate and direct definition,But be included in the"Private equity fund"category,Through the[Securities law]/[Investment company]and[Investment consulting method]The three department laws on private equity fund exemption conditions,Thus indirectly defines the scope of PE fund and its supervision mode.

　　“中国的PE监管跟美国的监管出发点不同，它不是杠杆的问题，而是非法集资的问题。中国要保护绝大多数的投资人利益，所以要保证进入这个市场是能够接受这个市场的风险投资的。”林婉婷表示。

"China's PE supervision with the United States regulatory different starting point,It is not the problem of leverage,But illegal financing problems.China to protect the interests of the vast majority of investors,So to ensure that enter the market is able to accept the market risk of the investment."LinWanTing said.

　　PE人士企望单独立法 PE people yearn for separate legislation

　　这次人大座谈会表示，要对PE行业进一步调研。部分PE人士仍寄望能对PE单独立法。

The National People's Congress forum said,PE industry to further research.Part of the PE people still hope to PE separate legislation.

　　创投委是PE单独立法的推动者。座谈会的参会者之一，创投委副秘书长胡芳8月初接受记者采访时即表示：“即使为私募基金立法，也应该单独立法。”她认为，私募股权投资与公募基金的投资行为不同、盈利模式不同、投资人享有的权利也不同，不应放入同一部法律。

Vc committee is PE separate legislation of the agents.One of the forum participants,Vc committee deputy secretary general HuFang early August when accepting a reporter to interview said that:"Even for private equity fund legislation,Should also be separate legislation."She thinks,Private equity investment and public offering fund investment behavior is different/Profit model different/Investors enjoy the rights are different,Should not be put in the same department law.

　　但业内人士介绍，《证券投资基金法》修订的一读完成后，标志着立法工作脱离了财经委的立法程序，进入到人大常委会的工作范围，即将由法制工作委员会代表人大常委会进一步修改。如将PE单独立法，基金法修订的完成时间将大大延后。

But the personage inside course of study introduces,[Securities investment funds]The revised a read after completion,Marks the legislation from the CaiJingWei's legislative procedure,Into the National People's Congress standing committee's scope of work,Will the commission of legislative affairs on behalf of the National People's Congress standing committee further modification.If PE separate legislation,Funds revision of the finish time will greatly delayed.

　　从加快立法、让私募股权投资基金有法可依的角度，将PE在基金法中单列一章是容易执行的一个选择，前提是对基金法进行较大调整。

To accelerate the legislation from/Let private equity investment fund work point of view,PE in the funds will be separately presented in chapter is easy to implement a choice,Premise is to funds for greater adjustment.

　　PE业界的投资人似乎更愿意静观其变，对于他们来说，PE立法的关键是如何规定保护投资人的权利。近期接受采访的一位本土基金合伙人表示，将基金法纳入PE监管出发点是好的，但不能够按过去发牌照管理证券基金的这种方法。如果是把私募股权基金全部纳入到行政许可的范围之内，对整个行业的影响将是非常大的。

PE industry investors seems to be more willing to their noses,For them,PE legislation is the key to protect the rights of investors how to provisions.Recently interviewed a domestic fund partner said,Will fund supervision into PE starting point is good,But can't in the past hair licence management securities fund of this method.If it is the private equity fund, all included in the scope of the administrative license,The influence of the industry will be very large.

　　法律人士：纳入基金法更可行 Legal person:Into the fund more feasible

　　在参与过《证券投资基金法》制订的刘俊海看来，将PE纳入修订后的基金法更现实。刘现在的身份是中国人民大学商法研究所所长。

In the[Securities investment funds]For LiuJunHai looks,Will PE into the revised funds more realistic.Liu now is the identity of renmin university of China commercial law institute director.

　　9月6日，刘俊海向记者回忆起早期制订《证券投资基金法》往事。

On September 6,,LiuJunHai recall to the reporter for early[Securities investment funds]past.

　　他告诉记者，早在1999年的投资基金法建议稿里，起草小组就曾试图将证券投资基金、产业投资基金和风险投资基金同时纳入法律，制定一部全面的《投资基金法》。但由于起草工作小组后来意见发生分歧，在监管分工上争执不下，“投资基金法”最终被加上了“证券”二字，私募基金的相关内容也被去掉，变成了一部“公募型的、信托型的证券投资基金法”，并于2004年开始实行。

He told reporters,As early as 1999 years of investment funds in the proposal draft,Drafting team tried to securities investment fund/Industrial investment funds and venture capital fund at the same time into law,Make a comprehensive[Investment funds].But as a result of drafting group later divergent opinions,In the supervision on the division of labor dispute not,"Investment funds"Finally be added"securities"Two words,Private equity fund relevant content were also removed,Became a"Public offering type/Trust type of securities investment funds",And in 2004 began to implement.

　　而《证券投资基金法》修订草案7月份公开征求意见后，引发激烈争论。争论的焦点在于PE是否应该纳入基金法管理。

and[Securities investment funds]Amendments to the public to solicit their opinions in July after,Caused controversy.The focus of the debate is whether the PE should include funds management.

　　事件的发展无外三种结果：一、立法机关认为立法条件不成熟，暂缓PE入法；二、PE作为单独的一章出现在基金法，基金法从“证券投资基金法”更名为“投资基金法”；三、适时将PE单独立法。

The development of events without external three kinds of result:a/The legislature think legislation condition not mature,Respite PE penetration method;two/PE as a separate chapter appeared in funds,Funds from"Securities investment funds"renamed"Investment funds";three/At the right moment the PE separate legislation.

　　刘俊海是将PE基金纳入基金法的推崇者之一。在他看来，本次基金法修订的初衷之一就是将PE纳入监管，因此PE单独立法并非不可能，但难度相当之大。

LiuJunHai is PE funds into one of the advocates of funds.In his view,The funds revision of the original intention is to one of PE in supervision,Therefore PE separate legislation is not impossible,But the difficulty is large.

　　刘俊海表示，将PE写入基金法最主要的意义在于“为PE确权”，确认其法律地位、组织形式，以及投资各方的权利义务。“单独立法在十一届人大期间没有这个立法规划项目，而且这次启动证券投资基金法修改的一个主要想法，也是想把这个产业基金的私募股权给纳入进去，再说直白一点，修改一个重头戏就是把PE纳入进来。”

LiuJunHai said,Will PE write funds the main significance lies in"For PE counterpoising truly",Confirm its legal status/Organization form,The rights and obligations of the parties and investment."Separate legislation of the 11th National People's Congress period was not the legislation planning project,But this time start securities investment fund modified a main idea,Also want to put the industry funds into private equity to go in,Say a little direct,Modify a grand opera is PE inclusion."

　　刘俊海曾就PE基金是否应纳入基金法的问题致信人大法工委等负责人。他建议，第一，将此前的“证券投资基金法”更名为“投资基金法”，以免去对“证券投资是否包含PE投资”的争论；第二，保持法律的包容性和开放性，在基金法中为PE单设一章，以有别于公募类基金；第三，在撰写PE监管章节时，有效把握PE的特殊性和各类投资人的共性，推行“立法调整+工商登记+PE自律+行业自律+司法救济”的监管模式。

LiuJunHai had PE fund whether they should be incorporated into the problem of funds written National People's Congress in FaGongWei, etc.He suggested that,The first,Will previous"Securities investment funds"renamed"Investment funds",To remove to"Securities investment, whether they contain PE investment"debate;The second,Keep the law inclusiveness and open,In the funds for PE single set chapter,As distinguished from public offering funds;The third,In writing PE supervision chapters,Effective grasp the particularity of PE and all kinds of investors commonness,implementation"Legislation adjustment + industry and commerce registration + PE self-discipline + self-discipline + judicial relief"Regulatory mode.