香港对冲基金监管法律制度研究

摘要

Hedge fund is a specialized investment group. It is organized as a limited partnership or offshore investment company, and offers the possibility of high returns through risky techniques such as selling short or buying derivatives. Hong Kong remains a leading center for the hedge fund industry for a number of reasons, including: it's rigorous but flexible and accommodating regulatory regime, its proximity to the Chinese markets, its world class financial infrastructure, its reliable com-mon-law legal system, and its flexible fax regime. Hong Kong regimes of hedge funds regulation include the regulation of hedge funds, the regulation of hedge funds managers, and the regulation of activities of hedge funds and hedge funds man-agers. The government of Hong Kong is considering legislative amendments to attract more funds to domicile in Hong Kong. We should learn from Hong Kong about the experience and practice.%对冲基金是一种特殊的投资工具，其组织形式一般是有限合伙企业或者离岸投资公司，通过风险投资来获得较高的回报，例如进行卖空或者衍生品交易等。作为世界重要的对冲基金离岸中心，香港具备严格而又灵活、适时的监管制度，与中国内陆邻近，世界级的金融服务基础环境，可靠的普通法法律体系以及灵活的税收制度等方面的优势。香港对冲基金监管法律制度主要体现在三个方面的监管，即监管对冲基金、监管基金管理人和监管两者的行为。为吸引更多的基金落户香港，当局也在不断地进行法律更新。香港的经验和做法值得我国内陆参考。