The Legal Regulation Research On The Misconducts Of Securities Investment Fund Managers

The capital market in China has been developing for a great deal in recent years, as the same of the security investment fund industry. In the meanwhile, however, the misconduct of the fund managers who use their own professional advantage and information superiority to hurt the rights and interests of the fund share holders has become frequent. Those misconducts have become the salient malpractice which securities investment funds practice exposed. Therefore, it has been a topic of research, which has been faced to not only the academic circle but also the practical people, on how to protect the interests of the fund share holders, how to regulate and supervise on the fund managers. This thesis through exploring the legal relationship between the fund managers and other related subjects, analyze the misconducts’type of the fund managers, draw lessons from foreign experiences, in combination with the practical situation of our country, to improve the legal regulation.This thesis mainly divided into six parts:The first part:the understanding of the securities investment fund managers. This chapter is divided into four sections, the first section clears the content and nature of securities investment funds through research and analysis. The second section expounds the meaning of fund managers from the angle of law, by comparing the domestic and foreign related laws and regulations, to ascertain the main scope qualifications and conditions of fund managers. The third section research the legal relationship of fund managers, fund share holders and fund custodian, it is divided into two small parts, one is the legal relationship in contractual funds, the other is the legal relationship in the company funds. The fourth section, the paper expounds the legal theory and legal basis to regulation fund managers’misconducts, it is divided into two small parts, one part is the fiduciary capacity of the fund managers, including the duty of loyalty and duty of care; the other part is the responsibility of fund managers.The second part:inspection the misconducts’type of the securities investment fund managers. Firstly define the concept of fund managers’misconducts, in order to know the securities investment fund managers’misconducts. Secondly analyze the type of fund managers’misconducts; it is mainly divided into the behavior against the duty of loyalty and behavior against the duty of care, as well as the improper behavior of fund manager group.The third part:the root causes of the securities investment fund managers’ misconducts. Fund managers’misconducts produced mainly from two aspects reasons: subjective and objective reasons, subjective aspect is the direct and indirect conflict of interest between the fund managers and fund share holders, objective aspect is the fund contract incompleteness, and the shortage of the existing fund system in our country.The fourth part:the regulation of the securities investment fund managers’ misconducts in foreign country. For example the United Kingdom and the United States--the common law countries, Japan---the civil law countries.The fifth part:the present situation of securities investment fund managers’ misconducts regulation legislation and the existing problems. Analyze the present situation in our country and discover the existing problems.The sixth part:improve the system of securities investment fund managers’ misconducts regulation. This chapter is divided into four sections, section 1 strengthen the information disclosure system of securities investment fund managers. Sections 2 improve the supervision of the fund share holders and fund trustee. Sections 3 strengthen the external regulation; it is divided into the regulation of the administrative authorities and the regulation of the self-discipline organization. Sections 4 improve the system of fund management companies; it is divided into the independent director system and the supervision of the internal auditing system.