Research On The Legal System Of Information Disclosure A About Open-end Investment Securities

With the continuous promotion of our market level, especially on the investmentportfolio invested in the form of stocks, bonds and other financial products, open-endsecurities investment fund, as an important way that investors invest in the capitalmarket for profit, is more and more favored by the investors. At the same time, theprofessional investment services of the fund management company also reduces theinvestment management risk. However, the investment management mode of open-endsecurities investment fund, namely the investment and operation mode for theseparation of ownership management(Fund operation and entrustment in the process ofmanagement-agent problem), allows the interests of fund managers collide because ofinternal transactions and connected transactions and so on, then makes the disclosureof false information, the disclosure of information that is not comprehensive, complete,timely, etc, which seriously damages to the investment interests of fund holders.This paper consists of three parts. In the first part, I will introduce the meaning ofinformation disclosure legal system of open-end securities investment fund, that is theway to give investors returns of investment gains by portfolio investment throughprofessional organizations. Its function is to protect investors’ right to know andinvestment returns.In the second part, I will mainly introduce the present situation of the legal system ofinformation disclosure of the open-end securities investment fund in our country,including the principle of information disclosure, subject, object, rules, etc. Then I willintroduce a series of problems that the legal system faces, including the fund manager’smanagement problems and their other problems that disclosure is not comprehensive,not full, not timely.In the third part, I will put forward some suggestions to perfect the legal system ofinformation disclosure of the open-end securities investment fund in our country,mainly to resolve fund managers’ internal governance disclosure issuesand insufficient transparency and full disclosure of information. Meanwhile, itincludes external third-party oversight bodies to supervise and recommends the systemof "manager’s Discussion and Analysis" in securities market information disclosuresystem, then discloses to investors more detailed and accurate information about thecapital investment operation. This paper argues that the perfection of the legal system of information disclosure ofthe open-end securities investment fund will helps to avoid losses of investors due toasymmetric information in the stock market. At the same time, the more perfection ofthe legal system of information disclosure, the more protection for the rights andinterests of investors, which is important for building a stable, prosperous, open-endsecurities investment market.