| On June 3, 2013, the monetary fund market of china appeared “yu’ebao”, which is an innovative financial product assembling the characteristics of the traditional monetary fund of high security, high fluidity, low risk, and convenience of internet, the appearance of it evoked great social repercussions. By June 30, 2014, the user of “yu’ebao” have surmounted 100,000,000, and the amount of money up to 575,000,000,000 RMB. Under its influence, the domestic e-commerce launched a series of products named “bao”. As a concerned innovative financial product, it is called internet monetary fund in commercial practice while the academic circle lacks of awareness of its connotation and denotation, legal character and the participates, besides, there is no specific provision in the law, which make the relationships between the parties be ambiguous in practice and harm to the development of internet monetary fund and the interests of the fund investors. Therefore, the starting point of this paper is to promote the healthy development of internet monetary fund and protect the legal interests of the investors. By empirically analyzing the difference between the “bao” products and the traditional monetary market fund, simply defining the internet monetary fund, and studying the feature and character of internet monetary fund and the statuses of participants, thus the author summarizes the main legal relationships among the internet monetary fund. On this basis, by concretely analyzing these legal relationships, exploring the rights and duties of the parties, studying the present laws, and referencing the rules of other countries, the author will come up with some perfecting suggestions.This paper consists of two main parts, preface and body of the text, approximately 40,000 words. The preface is the study background of this thesis, and the body of the text is the elaboration of the thesis. The body of text is divided into four parts:For the first part, it is the definition and basic concepts of internet monetary funds. On the one side, the author will give a category analysis of “bao” products by charts, and define internet monetary funds as a covenant-lite fund with the functions of investment and paying ability, whose portfolio object is short-time financial tools of the monetary market, which make use of the modern internet to sale and can realize redeem and funds to the account in real time. On this basis, the author will introduce some characteristics of internet monetary fund, that is networked market channel, functional diversification, covenant-lite subscription, “T+0” redemption mechanism, and carrying over earnings by day and so on. On the other side, by analyzing the relationship between internet monetary fund and securities investment funds, the author classifies it into open-ended fund and monetary market fund. According to the different legal forms, it can be divided into corporate funds and contract funds; meanwhile, for contract funds is based on the nature of trust, the author concludes that internet monetary funds is belong to trust, which provides precondition and foundation for the later study.For the second parts, it is the main theories of internet monetary funds’ legal relationship. In this part, the author will divide the five participants of internet monetary funds into two parts, the parties of basic legal relationships including fund sponsors, fund managers, fund trustees, and fund investors and other parties, such as the third-party payment platforms. On this basis, the author will analyze the multiple legal roles the five participants playing respectively, and discuss the legal relationship behind these roles, including the trust legal relations among fund holders, fund managers and fund trustees; the special co-fiduciary relations between fund managers and fund trustees; the principal-agent relation between the third-party payment platforms and fund managers; deposit contract relations and principal-agent relations between the third-party payment platforms and fund investors.For the third part, it is the rights and obligations of the parties of the internet monetary fund. Basing on the legal relationship between the parties, referencing foreign legislation practices, and deeply analyzing the rights and obligations of the parties, starting with protecting the right to know of investors, integrating Chinese legislative status, the author selectively analyzes the obligation of information disclosure of fund managers and the third-party payment platforms, which provides a theoretical foundation for later system design.For the fourth part, it is the legislative outlook of Chinese internet monetary fund’s legal relationships. Integrating the theories of the former three parts, inspecting Chinese legislative status, the author concludes the emerging issues including entry conditions of fund sale institution is relatively general and strict, the regulation of obligation of information disclosure and the supervision for fund managers, and the third-party payment platforms are incomplete. In terms of these issues, the author will give some suggestions: first, setting up multiple admittance standards for fund sale institutions, and giving a relatively loosing standard for innovative financial products; second, requesting that the forms of information disclosure for fund manager should integrate with the third-party payment platform, and giving prominence to information disclosure, so that it can convenient for the fund investor to acquire information quickly and accurately; third, increasing the third party payment platforms’ responsibility to disclosure the significant information and to provide the inquiry mode, what’s more, strengthening the information disclosure obligation for its own behavior; fourth, increasing fund trustee’s inquiry right and the right of claim for stop; fifth, referencing the scoring mechanism of Taobao buyer, and innovating the supervision forms for fund investors; sixth, improving the separated supervision, and main confirming supervisory organization and subordinate supervisory organization, and stipulating that the main supervisory organizations have the responsibility to refining the range of supervision, and auxiliary supervisory organizations should cooperate in supervision.The innovation of this paper mainly reflects in the definition of internet monetary fund, and the analysis of the status of the third-party payment platforms as well as its right and obligation, and some perfecting suggestions for legislation defects. Besides, this paper adopted comparative research method, empirical analysis method, and value analysis method. For comparative research method, it mainly reflects in the stipulation of the right and obligation of the internet monetary fund’s participants at home and abroad; for empirical analysis method, it mainly reflects in the detailing analysis of the internet monetary fund’ s actual situation at home and abroad as well as the conclusion and refining of domestic legislative defects; for value analysis method, it mainly reflects in protecting the interests of the fund investor, and promoting the health development of internet monetary fund as the research targets. |
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