Legal Issues Of Securities Investment Funds And Their Transnational Activities Regulated By The Laws Of Research,

This thesis is composed of eight chapters in four parts. Part I is the 1st chapter, which explicates the legal connotation and classification of the securities investment fund and outlines its origin and development. Part II consists of the 2nd, 3rd and 4th chapters, which discuss the legal characteristics and structure of the securities investment fund, and the regulatory systems of various countries. Part III is mainly focused on legal matters related to the transnational activities of the securities investment fund, including market accession mechanism and international cooperation on regulatory system. Part IV explores the development and legal matters of the securities investment fund in China.The 1st chapter is a general introduction to the securities investment fund. The name and definition of the securities investment fund vary in different legislations. The author gives an in-depth analysis on the legal cultures about the variation. The securities investment fund has a short history in China, but the evolution of its definition reflects the development of its theory and practice in the country. In practice, many investors, even some scholars, fail to figure out the difference between the securities investment fund and the ordinary fund and the difference between the fund management company and the trust company. The author, therefore, explains about the disparities of the legal concept between the securities investment fund and some similar products. In this chapter, the author is mainly devoted to explaining the origin and development of the securities investment fund from the historical perspective, to depicting the status quo of the securities investment fund based on the latest statistics, and to explaining the rapid expansion of the securities investment fund from 4 aspects, namely, the economic function, the improvement of legal regulation, the increase of institutional investors, and the internationalization of the capital market.The 2nd Chapter discusses the legal characteristics of the securities investment fund in six sections. Section 1 tells that the legal characteristics of the securities investment fund feature the trust relationship. By studying the origin, development and legal characteristics of the securities investment fund, the author made the conclusion about the result of the evolution of the securities investment fund in modern business field. Section 2 discusses the legal characteristics of the securities investment fund and explains that the fund has four legal characteristics of money trust, self-interest trust, group trust and operation trust. Somecharacteristics of the modern enterprises mechanism like the separation of ownership and management is also reflected in the section.The 3rd Chapter made an analysis about the legal structure of the securities investment fund in terms of theoretical study and practical operation. Based on the different legal structures, the securities investment fund is in general divided into the trust type and the corporate type. However, there is dispute between separation and non-separation about the trust fund, with the former represented in German legislation and the latter represented in Japan, Taiwan and South Korea legislation. In German, it is regarded that the investors, fund manager and trustee form the dual trust structure, but in Japan, Taiwan and South Korea, it is regarded that the three parties must be subject to the restriction of the same fund contract. The different understanding of the fund structure leads to the different practices in different countries. The corporate fund is represented in the United States. Because the corporate fund has an independent board of directors as a trustee, and the investors, as the shareholders, have much right to vote and even veto against the fund manager, it has some advantages in terms of mechanism and has developed rapidly in the world. It has also become a focus point in the legislation of the securities investment fund in China. As to this question, the author made an i...