Research On The Self-regulation System Of Securities Investment Funds

Self-regulation system of securities investment funds is varieties of formal and informal institutional arrangements and related implementation mechanisms, which are for the realization of the self-regulatory subject's self-restraint and self-management. Analyzing the need, strengths, weaknesses, status and roles of self-regulation system from the starting point of self-regulation and supervision, self-regulation and legal aspects, provides a theoretical basis for the research of self-regulation system of securities investment funds. Foreign securities investment funds have three typical self-regulation systems:Britain insists on self-regulation based and supplemented by its law; self-regulation in the USA is under the legal regulation; Japan's is under the strict government supervision. The three countries supply worthy of reflection and reference in dealing with the relationship of self-regulation and government supervision and legal binding, the composition of organization system of self-regulation, and the conditions of the formation of self-regulation system. Securities investment funds in China have varying degrees of defects and deficiencies in there aspects:the self-regulatory organizations, self-regulatory functions, and rules of self-regulation. Self-regulatory organizations don't include the parties of securities investments funds and the related intermediaries; the main existing self-regulatory subject--Securities Investment Funds Committee and the Stock Exchange have weak self-regulatory function; rules of self-regulation system such as law, regulations, and self-regulatory rules are uncompleted.For building and improving the self-regulation of Chinese securities investment funds, we should have comprehensive consideration of various factors:self-organization system, self-regulatory mechanism, juristic environment and self-regulatory culture. Because the government is in the dominant position in our economic development and ordinary investors are irrational and immature, we should correctly handle the relationship between self-regulation and government supervision, and enhance the protection of investors'interests. They are the two key points to the building and constructing of Chinese securities investment funds. From the current realities, perfecting the self-regulatory function of the securities investment funds' trade association and the Stock Exchange is imminent. At the same time it will greatly benefits the other subjects'self-regulation and the entire environment boost of self-regulation. Main measures are establishing securities investment funds'trade association, giving it full self-regulatory functions and its self-regulatory acts appropriate legal oversight. Stock Exchange's self-regulation should clear the character and legal status of self-regulation, based on which, reform and improve the organizational form and the internal organizational structure, and broaden the scope of self-regulation.