Research On The Path Of Functional Supervision Of Asset Management Products Under The Implementation Of The New Securities Law

Since 2012,the asset management business of banking,trust,securities,insurance and other financial institutions has ushered in a golden period of explosive growth in the domestic financial market,which is dominated by investment,as well as the promulgation and implementation of relevant laws and regulations.Although China implements the financial policy of "separate operation and supervision",all kinds of financial institutions have developed various mutually nested asset management products based on the actual situation of the development of the asset management market and the needs of mixed operation.Still in use at the same time,because our country institution regulation mode of financial regulation,leading to different categories of information products by different rules of regulation,regulatory standards and do not have a unified regulatory policy,make the financial institutions in the information market can often look for regulatory vacuum,so as to realize regulatory arbitrage,which have serious negative consequences for information technology market,result in the accumulation of systemic risk.Therefore,this paper chooses to focus on the research of asset management product supervision.The amendments to the Securities Law of the People’s Republic of China(hereinafter referred to as the "Securities Law")were adopted at the end of 2019 and will come into force on March 1,2020.New "securities law" will information products included in the scope of the securities not only affirms the attributes of securities information technology products,has been clear about the issuing and trading of information technology products,as well as the relevant provisions of the regulation need to follow the new "securities law",also means that in the current "separate operation and supervised respectively" financial policies,regulation strategies of information products is moving toward agency regulation and function of the combination of direction.On this basis,for the consideration of regulatory objectives and principles,this paper argues that functional supervision should be carried out on asset management products.However,under the current situation of institutional supervision,how to carry out functional supervision of asset management products needs to be discussed and studied.In order to explore the path of functional supervision of asset management products,this paper first takes the development status of China’s asset management products and the financial supervision model of institutional supervision as the entry point to find the problems existing in the asset management market under the institutional supervision model and the reasons for adopting functional supervision of asset management products.Then through analyzing the supervision mode of asset management products in foreign countries,the author thinks about the reference significance of implementing functional supervision of asset management products in China.Finally,in the specific path exploration,we choose to realize the functional supervision of asset management products from different perspectives.First,in the new "securities law" has been enacted,the scope of securities on the basis of the expansion,the amendment of the trust law of the People’s Republic of China(hereinafter referred to as the "trust law),perfecting the financial institutions of normative financial assets management business guidelines"(hereinafter referred to as the "information technology new rules"),and formulate measures for the management of "information products" relevant Suggestions.Secondly,it discusses the change of regulatory institutions’ regulatory concepts.Through thinking about the supervision of foreign countries,it puts forward that investors’ protection should be emphasized and the obligation of information disclosure should be refined.Thirdly,based on the revision of the Securities Law,this paper discusses the application of fiduciary duty in the regulation rules of asset management products.Fourthly,in view of the risk,which is the key issue of financial industry,several risk prevention and control suggestions under functional supervision are put forward.