| The rat-trading is a special representative among benefits transmission acts, which violates the fiduciary duty and results from the interest conflict between fund practitioners and investors. More and more Rat-Trading has been found and punished in recent years. As for criminal responsibility,7th Amendment of Criminal Law adopted on February 28,2009 is the foundation to restrain the action of Rat Trading. It is a certain progressive significance needed to be appreciated that the restrictions for fund practitioners engaging in securities investment has been loosen in Securities Investment Fund Law of the People’s Republic of China and as the supervision of the aforesaid securities investment, the fund management companies need to establish internal investment management system. It is similar to the regulations of some other developed countries and regions. Notwithstanding the foregoing, we shall pay attention to the defect of laws and regulations in respect of Rat-Trading in our country. The author hereby will analyze the current laws and regulations system and point out the main problems with regard to the regulation of Rat-Trading, and then come up with proper suggestions and recommendations by taking into account the legislation of foreign developed countries.There are altogether five chapters in this thesis.The first chapter defines the act of Rat-Trading firstly, and specifies concrete forms of acts of Rat-Trading. Then in this chapter, the author will analyze the differences between Rat-Trading and insider trading. At last the author will put forward the necessity in regulation of Rat-Trading.The second chapter summarizes all the cases till now in table format and the latest features of Rat-Trading in Chinese fund industry.The third chapter combines the laws and regulations in respect of Rat-Trading and points out the defects in current law system and the difficulty in bringing civil compensation against Rat-Trading.In Chapter four, through the introduction of other developed countries and regions including United States of America, United Kingdom and Hong Kong Special Administrative Region, the author summarizes the points that we may use for reference.On the basis of aforesaid analyzing, the author will give suggestions in perfecting the laws and regulations with regard to Rat-Trading behavior in Chapter five, including revising relevant Laws and regulations, strengthening the internal governance of fund management companies, improving relevant liability ascertainment, and last but not least, developing fund industry self-discipline. |
PDF Full Text Request