Research On Legal Issues Of "penetrating" Supervision Of Asset Management Products

The core theory of "penetrating" supervision is that the substance is more important than the formal principle,which is to penetrate and position its substance through the appearance of financial business.The two components of "penetrating" and "supervision" also emphasize Its meaning refers to the use of penetrating means in the supervision to locate the essence of the pierced appearance of the supervised object,so that effective supervision can be achieved.The emergence of large-scale and complex-structured financial holding companies and financial institutions,while promoting China's economic development,also challenges the existing regulatory system to a certain extent.Based on this situation,"penetrating" supervision Entered our sight.China's asset management products mainly include trust industry products,commercial bank wealth management products,brokerage asset management products,private equity funds,etc.This paper combs through the theoretical sources of "penetrating" supervision and analyzes the entire asset management product field in China.The analysis of the practice of "transparent" supervision shows that there are currently the following problems in the "penetrating" supervision of China's asset management products: financial supervision arbitrage,insufficient supervision mode,insufficient supervision information sharing,asymmetric market information,etc.waiting for solution.The United States,as the first country to embody "penetrating" supervision through the "see-through principle" in practice,has continued to deepen the supervision function through continuous reforms in financial supervision,combined with the differences in the face of risks;"The setting of the supervision model is more representative.Its system construction and supervision philosophy and the establishment of the organization fully combine the national conditions of the Netherlands,and establish a supporting information disclosure system to ensure thegood operation of "penetration";Japan after World War II Through continuous long-term and short-term reforms,the banking industry has combined with effective regulatory information platforms to implement similar "penetrating" supervision and control measures to prevent the inward transfer of financial risks.Through comparative study of the existing "penetrating" supervision experience,combined with my country's actual situation and existing problems,this article makes the following suggestions:For the problem that the supervision mode is not perfect,it is recommended to improve it by refining the rules of "penetrating" supervision and clarifying the supervision body and responsibilities.To make "penetrating" supervision into a normalized supervision practice,and further improve the law to further clarify the basis and basis for the "penetration" of the regulatory authorities,and give them the legitimacy of regulatory actions,at the same time should ensure that each regulatory authority There is a unified regulatory objective among regulatory agencies.In clarifying the subject of “penetrating” supervision,the first is to emphasize the extremely high legal status of the State Council's Financial Stability Development Committee in macro coordination;the second is to attach importance to and actively urge relevant industry associations to exercise their due supervision Function,multiple entities coordinate and promote the supervision of asset management business reasonably and effectively.For the problem of insufficient regulatory information sharing and asymmetric market information,it is recommended to improve by improving the financial infrastructure,establishing a financial data platform,and strengthening the "penetrating" regulatory information disclosure mechanism.The effective implementation of "penetrating" supervision depends on big data and artificial intelligence.A comprehensive financial information platform led by the central bank that can monitor cross-regional,cross-sector financial products and even cross-border capital flows should be established as soon as possible.On this basis,it is also necessary to improve the construction of the supervision system for supervised objects through Internet big data and other means,which can effectively improve the effectiveness of behavior supervision.For the construction of the information disclosure system,first of all,it is necessary to clarify the information disclosure obligor and the disclosure obligations that each subject should assume in the links androles played by the financial transactions.At the same time,you can try to display various information in layers to remind investors in place,so that investors can make more appropriate decisions more quickly.