Study On Information Disclosure System Of Securities Investment Fund

The securities investment fund, though its history is not long, has been playing a more and more important role in the securities market in China. Further more, the development of China's securities investment fund industry promotes the development of China's capital market. A study on issues related to securities investment funds has very important significance on the development of China's capital market, investor's education, and popularization of the knowledge of fund.The rapid development of the securities fund involves the conflict and balance of interests, which means it needs to fund a strict supervision on the whole process of operation. The information disclosure of the fund is an important part of the legal financial supervision. "Sunshine is the best preservative." Public transparency of the securities fund's operation can be an effective protective measure to commission-act of agency (adverse selection and moral hazard) in the operation and management of the fund.The information disclosure system of the securities investment fund has its characteristics to the information disclosure system of the securities market, such as the subject, the object, the laws and regulations. So it is quite necessary to research on the information disclosure system. By analyzing the information disclosure system's components of the securities fund, which includes the subject, the object, principles and standardized forms, it is easy to get a clear definition about the information disclosure of the fund. The information disclosure has its specific content and rules of conducts in the fund's distribution, management, operation and transaction. The details include: false statements, misleading statements, serious omissions and improper disclosure. It is high time we perfected the legal system of the information disclosure of the securities investment funds so as to standardize China's fund market.There are different causes to the information disclosure of China's securities investment funds. In order to standardize regulations on the performance of fund's information disclosure fundamentally, it should be made to perfect laws and regulations of China's securities market and fund, to perfect the civil liability system of the information disclosure's flaw, to improve the quality of the investors, to constrain the fund managers.