The Study On The Legal System Of Disclosure Of Information On Open-end Securities Investment Fund

With the rapid development of open-end securities investment fund in our country,its shortcomings stands out simultaneously such as exaggerated propaganda, false statements,false promises,insider trading,which impair the legitimate rights and the interests of investors severely.In view of this,our country has promulgated a series of laws and regulations to regulate the disclosure of information on open-end securities investment fund since 2000,which plays an important role Objectively in the establishment of an effective market,the solution of information asymmetry in open-end securities investment fund market and the protection of investors' interests. But it doesn't fundamentally solve the problems of open-end securities investment fund,which exist in the content and form of the disclosure of information.Therefore, it has an important significance in practice to build a new system of disclosure of information on open-end securities investment fund which is sound and consistent with our country's basic condition,and to promulgate a special management measure of the disclosure of information on open-end securities investment fund.This paper illuminates the connotation and significance of the system of the disclosure of information on open-end securities investment fund and discusses the theoretical basis of the disclosure of information on open-end securities investment fund firstly.Secondly,it uses the method of comparative analysis to comb and evaluate the system of the disclosure of information on open-end securities investment fund in our country,foreign countries and regions from the aspect of legal system.At last,the author analyzes the problems in the system of disclosure of information on open-end securities investment fund in our country mainly and brings forward many recommendations to optimize the system of disclosure of information on open-end securities investment fund from specific system.This paper is divided into four parts excluding the introduction and conclusion:As an annotation of open-end securities investment fund and the system of disclosure of information on it,the first part introduces the meaning of the open-end securities investment fund in general and investigates its economic and legal characteristics,so as to explain the basic connotation of the system of disclosure of information on open-end securities investment fund.The purpose of such a general introduction to the concept is to identify and clear the scope of the topic of this paper. The second part expounds the theoretical basis of the system of disclosure of information on open-end securities investment fund.It discusses the reason for the regulation of disclosure of information on open-end securities investment fund,the purpose of the system of disclosure of information on open-end securities investment fund and the methods of controlling the degree of governmental supervision from the views of the theory of asymmetric information,effective market and national intervention.The asymmetry in open-end securities investment fund market leads to market failure such as adverse selection by the party with informational inferiority and the moral hazard of the other party with informational superiority,which can be resolved through external intervention of the government only.And the concept of market efficiency,which takes information as its core,provides the evaluation criteria for deciding whether the supervision measures of the supervision organization on disclosure of information on open-end securities investment fund are effective or not.In the third part,the author inspects the systems of disclosure of information on open-end securities investment fund in china and other countries.The author explores the shortcomings of our country's legislation of disclosure of information on open-end securities investment fund by analyzing the legislation on it in some representative countries and regions such as USA,Hong Kong and Taiwan in China comparatively, combining with the history and the existing system of laws and regulations of the system of disclosure of information on open-end securities investment fund in our country.These shortcomings include the distemperedness in content and form of disclosure of information,the defect of legislative technologies,the intermediary organizations cannot play the role of legal monitoring,etc.The forth part is the emphasis and core of this article.The author frames the legal system of disclosure of information on open-end securities investment fund.The system of disclosure of information on open-end securities investment fund is classified into the system of voluntary information disclosure and the system of mandatory information disclosure which includes the disclosure of information at collection phase,the disclosure of information at operation phase,and temporary disclosure of information.Fund advertising is a typical voluntary disclosure of information to some extent.In this part,the author analyzes the problem of disclosure of information on open-end securities investment fund through the comparison of foreign countries and demonstration analysis,from four aspects like collection stage of open-end securities investment fund,operation stage of open-end securities investment fund,legal system of temporary disclosure of information and legal system of disclosure of advertising information.The author suggests some ways to the legal system of disclosure of information on open-end securities investment fund in our country as well.At the same time,the author analyzes the improvement of specific systems at the aspects of content and form,and provides some advice on legislation,combining Securities Investment Fund Law as well as the corresponding laws and regulationsFirst,in the raising stage,the prospectuses are the important documents from which the investors can understand the information of the fund.Through the comparative of the essential elements of the prospectuses both at home and abroad, the distinction between important information,general information and voluntary disclosure of information,we'd like to reconstruct the prospectuses.Second,In the operational stage,regular bulletins are the main vehicle for the disclosure of information.It requires relatively high in the aspects of the timeliness of disclosure and the integrity of content.So it's very important to increase in the frequency and manner of disclosure.improve the composite structure of investment portfolio,the note of performance disclosure and holders.Third,as for the provisional disclosure of information,the criteria on the affirmation of the provisional information is the core of the information disclosure system.Through the analysis of the case,the criteria on the affirmation of the provisional information should be reconstructed f from the major and timeliness;Fourth,as for the fund advertising,after introduce the relevant provisions of Indian and the United States,we propose to lay down operating rules just like "the Content and Format of Fund Advertising".