The Integrative Supervision Theory Of Collective Asset Management Business In The Expanding Asset Management Commercial Times

With the rapid and innovative development of global financial products and services, the globally similar evolution of financial industry from separated operation to mixed operation has to become inevitable, thus many country’s financial legal system has evolved from vertical industry to horizontal commodity regulation and from institution to function supervision.In recent years, China’s financial institutions of commercial banks, trust, securities, futures, funds, insurance are actively launching a wide variety of collective asset management products in this international environment, folk financial field like private fund also emerging a large number of financing forms with collective investment nature. The needs that national wealth more inclined to value-added investment management, stimulating the subsidiary financial industries make concerted efforts to form the expanding asset management situation.However under the background that various countries’ financial supervision pattern has evolving, and with the realistic demand of China’s financial innovative products’ rapid expansion and indirect financing market demands’ surge, China lack of a unified, perfect, international standard system for financial products in the current legal aspect.In view of this, in order to effectively regulate the complex collective asset management products and develop the normative asset management business of subsidiary financial industries, China should learn from the legislative mode of countries such as Japan and South Korea, to explore the suitable model namely "The Integrative Supervision of Collective Asset Management Business", including three levels of integration that products, financial institutions and regulators. Specifically,we could import the abstract concept named "collective investment scheme", and build up a set of perfect auxiliary regulating mechanism including market access, business operations and market exit link. So that we could pull all kinds of new collective asset management products in the scope of regulation which used to be out of legal jurisdiction and traditional formal financial system, and the ultimate realization of the complete protection of the financial interests of investors will reach.