Legal Research On Look-through Supervision

Look-through Supervision is in the securities market supervision and regulation department for the innovation in asset management industry regulatory supervision mode and regulatory practice,from the function of supervision and regulation of behavior two kinds of regulatory principles,belongs to the category of the regulatory method or way.From the substantial elements of the tax law and securities law enhance market transparency two dimensions to understand look-through supervision,its core function lies in the fact finding and determine the rules,can achieve regulatory oversight.Look-through is characterized by the phenomenon of trading or regulation,to see through the essence of trading,emphasized through the surface of the financial product transaction form,the essence of the financial products and trading behavior,capital source,the intermediate links,and finally to penetrate,and in accordance with the principle of "substance-over-form" identify the nature of the financial products and business behavior,according to the product function,the nature of the business and legal attribute clear subject and applicable regulations,business and behavior of financial institutions to implement the whole process supervision.Through the penetrating supervision to the capital end through identifying the last actual investor,the final investment direction of the product can be found through the asset end,and the penetration identification of qualified investors is emphasized.Taking the investment management product as an example,this paper analyzes 3 the special problems in the innovation and development of the industry: some typical cross-market and cross-industry investment management products have complex transaction structure and opaque information.Although the divisions in stages and no obvious violation,but in the end from the source of capital and investment analysis,broke the market access standard,investment restrictions,leverage requirements,qualified investors standard regulatory requirements,such as easy in the financial system lead to risk transfer across industry sectors and geographic markets.,however,the existing institutions under the supervision of the supervision of the such information and product existence predicament,and look-through supervision regulation can achieve financial security,regulatory efficiency and fair financial goals,in this sense can be targeted to solve the regulation problem of pipe products to highlight the necessity of implementing regulation of Look-through.Comb the preliminary practice of the regulation of look-through in our country,the information technology industry,for example analysis of the existing look-through supervision insufficient regulation rules of unity and coordination between regulators and lack of regulation of look-through operation system platform.Based on this,from the perfect look-through supervision rules,strengthen the look-through supervision coordination mechanism and establish asset management products information registration system and so on three aspects to improve look-through supervision legal countermeasures.Thesis first part analysis what is the regulation of look-through,from two dimensions to understand look-through supervision and define what is a look-through supervision,analyze its and functional regulation,conduct regulation,the relationship between the regulation as well as the way for implementation of look-through.The second part analysis the present situation of China's information industry development of the special problems and difficulties facing the current regulation,and help to achieve the goal of regulation of look-through can effectively solve these special problems,raises the necessity of implementing regulation of look-through.The third part analyzes the preliminary practice of the current penetrating supervision and analyzes the existing problems in the current supervision through the penetrating supervision of the asset management products to provide the direction for the improvement of the later text.In the fourth part,the author puts forward some suggestions to improve the penetrating supervision through the problems of penetrating supervision in the asset management industry.