| Monetary Fund has been developing in China for more than ten years,and was in a state of moderate development; but the birth of the Internet Monetary Fund (IMF) has received extensive attention and participation, monetary fund accounts for a substantial increase in the market share. IMF meets the international demand and trend of Inclusive Finance, injectes a fresh air into the domestic financial market, however, how to make the healthy development to continue to serve the financial economy, how to give a full play to their functions of cash management and value-added management in order to protect and safeguard the interests of investors, I think the solution of these problems is putting the IMF to legal supervision which is sound and perfect.This paper is divided into four parts:The first part is to define the IMF. As the saying goes, "know these, know why", this thesis is a study on the legal regulation of the IMF, we must first make clear what is the IMF, the history of it, the nature of it and the characteristics of it. IMF, as the name suggests is the fund which fund company and Internet Co (the majority is the online third party payment platform) jointly launched, the value-added financial services "Yu Eao" which launched by Tianhong fund management company and the third party payment institutions is a typical case. Its essence is a kind of monetary fund, the financial attribute is its natural attributes, but with "Internet", it also has electricity supplier attributes and social attributes. Its features includes special product positioning, low transaction costs, higher expected return and the investment focus on bank deposits. This part answers what was regulated.The second part is about the analysis of necessity and exceptionalism to IMF legal regulation. The necessity is mainly embodied in four aspects,namely:first, monetary fund risks, including market risk, liquidity risk and loss of principal risks, Internet monetary fund can not avoide these risks by itself; two, operational risk, mainly is the authenticity, accuracy and integrity of information disclosure can not be well guaranteed; three, Internet security risk, the Internet security was harassed by network virus and network incidents; four; legal risks, mainly is the lack of laws about regulations. There are two main considerations about the exceptionalism, the first is the difference from the traditional monetary fund regulation, there should be changed in the regulatory ideas, and should transfer the focus of supervision; the second is depending on the sound network technology. This part answers the reason why take legal supervision on IMF.The third part,is to determine the principles of IMF legal regulation. In this paper,in order to establish those principles,I have the legal basis, policy basis and practical basis for support, have the fundamental and universal, authoritative and normative for standards, those principles are the principleof safeguarding the legitimate rights and interests of investors, the principle of encouraging innovation, the principle of market guiding, the principle of prudent supervision and the principle of dynamic regulation. This part answers the question of what is the principle of regulatory.The fourth part, is giving some suggestions of the concrete construction about IMF legal regulation. First of all, analysis the IMF legal supervision system of American, Britain, Japan respectively, these experiences can be used as our reference and reference; secondly, give advices on China’s IMF legal supervision as follow:the first advice is forming a complete chain of IMF legal supervision; the second advice is establishing the mechanism about market-access and market-exit; the third advice is to perfect the construction of the IMF information disclosure system; the forth advice is to strengthen the network supervision mechanism; the fifth advice is to strengthen the cooperation of domestic and international organization supervision mechanism. This part answers the question of how to regulatory. |
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