| The securities investment fund of China has been developed rapidly in last two decades, despite achieved huge success, the securities investment fund market is still an imperfect emerging market yet. There are still lots of actions which the fund manager violates the fund holders'interest, the problem to protect the interests of fund holders through legal stand out increasingly, the protection of the fund holders' interest is the inevitable product of the contradictory development of securities investment fund industry.Investors is the basis of the stock market, if the interests of investors of holders are not protected by law, it will affect the healthy development of the securities investment fund industry, so the purpose of this article is to find an effective way to protect the fund holders' interest.The first part introduces the basic concepts of securities investment funds and securities investment funds, this part analyzes the legal nature of Securities Investment Funds and the legal relationship of Securities Investment Funds and the legal status of the fund holder, the analysis of the legal nature of the securities investment fund is the premise to sort out the legal relationships of the securities investment fund and confirm the legal status of the holder. As the modern investment instruments, although compared with traditional trust system, Securities Investment Funds has been developed in the field of commercial innovation, but its essence still come from the trust system's content, the legal relationship of Securities Investment Funds is trust legal relationship.The second part is the theoretical analysis about the protection of holder of securities investment funds, which has discussed the necessity and the legal basis about the protection of the securities investment fund holders' interest, and has analyzed the rights and obligations of the securities investment fund holders.The third part is the empirical analysis about the protection of the securities investment holders' interest. Because china's securities investment funds are contractual investment fund securities, so this part has analyzed the defect of the contract securities investment funds' management structure, and this part has analyzed that the fund managers can not faithfully discharge their management responsibilities, and the lack about control mechanism of the Fund's Custodian, and there is not enough guarantee of the fund holders' investment interest and other issues. This part has also analyzed the external environment of securities investment funds, Sound external monitoring system is conducive to securities investment funds into the mature and standardized track, and is very important to the development of securities investment fund industry, But China's current regulatory system can not meet the requirements of the fund securities investment fund highly specialized and technical. October 28,2003, the pass of the "Securities Investment Fund Law " is the marking of the Legal System's initial formation of the securities investment fund System. However, the construction of the present legal system exists deficiencies and omissions, it can not very well protected the interests of holders of securities investment funds.The fourth part of the issues put forward sound measures against the third part's comprehensive problems discussed. This part put forward suggestions for improvement from three aspects including the regulation of conflicts of interest of fund managers trading, and strengthen the fund custodian's checks and balances ability, and improve the represents system of the holders' interests. To deal fund exterior supervision's weak strength, the author suggested that we should strengthen the government supervision. And on the other hand, we should strengthen self-discipline, and enable it as the role of the supplementary regulation, at the same time, it is necessary to make advantage of functions of intermediary institution-centralized of organizations to play any effective complementary regulation. To deal the lack of funds'legal system, it is necessary to improve its "Securities Investment Fund Law " legislation, and at the same time, it is necessary to establish Securities Investment Fund Company's legal system actively to improve the Legal System of Securities Investment Funds. |
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