The Research Of Legal Risks And Legal Regulation Of Internet Money Market Funds

Since 2013,the internet money market funds have been developed boomingly,which mainly includes three types: the internet money market funds launched by the third-party payment platforms and fund companies,the internet money market funds launched by the commercial banks and fund companies,and the internet money market funds sold by fund companies through the internet.In the traditional money market funds,the fund managers,fund trustees and fund investors form the trust relationships as a whole.There are new different subjects in the different types of internet money market funds,such as a third-party payment platform,which forms the principal-agent relationship and safekeeping contract relationship with the fund investors and form the principal-agent relationship with the fund manager.The internet money market funds will be confronted with many legal risks in their sales section.The subjects participated in the sales section lack relevant qualifications.And the legal statuses of the internet companies in sales section are ambiguous,which are actually involved in a certain number of the fund sales business although just as the third-party payment platform or common internet platforms.The existing lottery,rebates,subsidies and other sales methods,as well as the propaganda ways to blindly exaggerate the yields,have disturbed the market order and violated the laws and regulations.In respect of the information disclosure requirements in the internet money market funds,the existing regulations and rules have no such requirements for the fund payment and settlement institutions and the third-party e-commerce platforms,which are expected to be included in the information disclosure requirements for the fund sales institutions,fund managers and fund custodians.We have noticed that the authenticity,accuracy and integrity of the internet money market fund information disclosure need to be improved.Thus the following solutions may be helpful to address all these existing problems.The regulatory of internet money market funds should be included in the fund's regulatory framework;the legal status of the Internet platform in the fund sales should be identified;the scope of responsibility of the fund payment and settlement institutions should be expanded;and the industry self-discipline construction and the education of qualified investors should be strengthened.In addition,expanding the scope of information disclosure obligations,and carrying out information mandatory disclosure are also necessary,which can help to ensure that investors are aware of the risks.Prohibiting the change of disclosed information is another effective way to protect investors.