A Study On The Legalization Of "Penetrating" Financial Supervision Method From The Perspective Of Asset Management Business

This article mainly discusses the legalization of the "penetrating" supervision concept in the asset management business.Firstly,by discussing the development history of asset management business in China,discussing the various problems caused by the current financial supervision model based on institutional supervision in our country,which leads to the necessity of legalization of penetrating concepts.Furthermore,starting from the concept of penetrating supervision,discuss its legal theoretical basis and economic basis,including discussing its functional supervision concept and behavior supervision concept.Then,discuss the legalization of penetrating supervision from the three levels of legislation,supervision and law enforcement,and justice.First of all,from the legislative level,it analyzes around functional supervision and believes that the legislation of asset management business should be based on its common legal nature and trust relationship,and pointed out that the current legislation related to asset management business is still more based on its institution rather than the nature of the product.,And discuss how to coordinate among them.Afterwards,it discusses the penetrating concept in financial supervision,and discusses the supervision method of penetrating supervision with actual administrative punishment cases,and discusses the issues of qualified investors and investor protection.The final chapter focuses on the performance of the "penetrating" concept in justice,and the coordination of financial justice and supervision from this,and discuss how financial adjudication theory should adapt to the innovation of asset management business.There are five chapters in this article.The first chapter first defines the asset management business and determines the boundary of the discussion.Discussing its unique historical evolution process,and pointed out its regulatory path dependence formed in this evolution.Starting from the weaknesses that this system relies on,talk about its many problems and risks that appear in institutional supervision,such as multi-level nesting and regulatory arbitrage.This is to determine the "penetration" concept in the legal system of asset management business governance.The practical necessity of transformation.Chapter 2 defines the concept of "penetrating" supervision and talks about its application in different financial fields in practice.Its application is no longer limited to the governance of the asset management industry.Furthermore,it talks about its theoretical basis,including the value orientation of securities law and financial law on which it is based.Afterwards,a certain comparative law study was carried out,focusing on the extraterritorial rule of law that it borrowed from,and the principles of trust law it borrowed from;in terms of economic theory,it talked about its principles based on functional supervision and behavioral supervision.Chapter 3 actually discusses the embodiment of "penetrating" supervision in legislation.Based on the concept of "functional" supervision,it discussed the drawbacks of existing asset management products in accordance with institutional legislation,and discussed the unified foundation of the trust law on which the asset management industry is based.It mainly includes the relevant provisions of the Investment Company Act of 1940 and Investment Advisers Act,and discusses how to coordinate them in legislation.Chapter 4 discusses the application of the "penetrating" concept from the perspective of specific supervision and law enforcement.In this chapter,relevant specific punishment cases are used to analyze the specific practice of the penetrating concept in specific financial supervision,including its "upward" penetration of final investors and "downward" penetration of the use of underlying assets and its verification methods.Combining with the new regulations on asset management and the method of “upward” penetration to investors in penetrating supervision,the concept of “penetrating” supervision is discussed in order to coordinate relevant issues in institutional supervision,including for different types of asset management products The existing different supervisions of the country and explore its role in supervision coordination.Finally,I talk about the application of investor suitability system in penetrating supervision.Chapter 5 discusses the application of the "penetrating" concept in the judicial system based on the relevant provisions in the "Minutes of the Ninth National Civil and Commercial Trial Work Conference of Courts".First of all,starting from the more abstract role of financial justice and its role,it discusses the relationship between financial supervision and financial justice in practice,including its coordination and conflicts in the field of asset management law;and talks about the current financial trials "Judicial supervision" discussion.Furthermore,it talks about the conflict between the principles of commercial law such as the appearance principle and the penetrating concept,and discusses the application of the "penetrating" concept in the legalization of the financial adjudication concept of "holding the law to change".