Legal Research, Investment Fund Governance Structure

Investment fund is the most active investor in the finance market. Its healthy development can promote the industry, steady the market and improve the efficiency of the resource distribution. The investment fund's history in our country is only about 10 years. The theories and practices about the fund fell behind the other countries'. Therefore how to develop investment and insure it healthy and steady is an important topic. This article studies the investment fund governance structure. It bases on the research of the other countries stipulation about the investment fund and it studies the institution of our country's. based on all these investigations, the author raise some suggestions.In the internal governance of the investment fund, the article discusses the manger's duty, the custodian's supervision, the unit holder meeting and the unit holder's litigation. in the manager's duty aspect, the author analysis the fund manager's fiduciary duty in the Anglo-American law. And the author suggests that specific establish the regulation about the related transactions, and the author advise use the good and honest manager's duty to stipulate the manager's skill and care duty in the Anglo-American law. In the custodian's supervision aspect, the writer suggests that the securities investment fund law should stipulate the result when the custodian cannot fulfill his supervision duty. In the unit holder's right aspect, the author proposes that the legislation should perfect the unit holder's meeting and unit holder's litigation.The investment fund external governance discusses the supervision of the investment fund. The writer suggests that establish the three-leveled supervision system. It should contain the government supervision, the guild supervision and the investment fund self-superintend.