Behavior Regulation Of Fund Manager Personal Transactions

Securities investment fund as a financial intermediary organization,which candisperse the risk of the financial system,strengthen the stable operation of thefinancial system, so it becomes a investment tool to develop economy, meet theneeds of the residents for many nations. The development of China’s fund industrybegan in the nineties of last century, in the past10years, and has become animportant channel for investors to share the growth of the national economy income,and at the same time,our fund managers in the bull market have brought highreturns for their investors,which has made the fund managers attract publicattention,many investors tend to measure fund managers’ professional skills anddiligence and honesty to ensure their own interests in investment choices, so, fundmanagers fall over each other to establish their own brands to win investors.However, there are still worries behind the prosperity and development of China’sfund industry, dramatic changes in the variety and quantity, the fund size, to someextent, induced by the fund manager greed for wealth. While the fund managershave braught a lot of wealth for investors, they have also easily used their position togain. Since2007, the original fund manager Tang Jian of China International FundManagement Company, became the first person having been investigated due toviolations of individual transactions in the history of China’s fund industry,then thefund managers’ personal trading behavior, especially the “rat behavior”, despite wasrepeatedly prohibited, and there is a worsening trend. Investigating its reasons, thereare the lag of legal provisions, imperfect regulatory mechanism, and also there is thefund manager’s personal factors. But in essence, because there is no good way tosolve the contradiction between the financial innovation and law regulation, and notto well coordinate the conflict between the commercial property and the identityattribute of the fund managers’ personal trading.Frequent fund manager personal trading cases, seriously have damaged theinterests of investors and securities market, even the entire national economy. There- fore, it is of great importance to reasonably regulate fund manager personaltransactions to protect the interests of investors, fund management companies andfund industry. In view of this,this paper will analyze attribute tendency, rationalitiesand defects of the regulation of law and practice on fund manager personaltransactions in our country, from the perspective of the conflicts of double attributesof fund manager personal trading, and compared with the measures of regulation offoreign fund manager personal transactions, based on the local situation of ourcountry, put forward countermeasures such as unifying attribute choice of laws onthe fund manager personal transactions, clarifying the identity attribute, perfectingthe supervision mechanism and improving the legal responsibility mechanism.