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Legal Issues of securities investment fund managers misconduct

Author: SuLaiZuo
Tutor: ZhangJianWei
School: Fudan University
Course: Legal
Keywords: Security investment fund Fiduciary duty The independent director Imformation disclosure
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 44
Quote: 0
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Abstract


As an emerging market, the capital market in China has been developing for a great deal in recent years, and the same of the market of security investment fund. In the meanwhile, however, the problems have come up in the fund market with this trend as well, among which betray of fiduciary duty, misfeasance, violation to the regulations and offence to the rights of the fund holders are the most harmful. Therefore, it has been a topic of research, which has been faced to not only the academic circle but also the practical people, on how to regulate and supervise on the fund managers effectively in order they could comply with the fiduciary duty they hold and the interest of those fund holder could be protected fully.This article is divided into five chapters.The first chapter illuminates some concepts and judicial relations relevant to securities investment funds. And enumerates various illegal acts concerning how fund mangers make a profit by damaging the investors’interests, including insider trading, self-dealing, related party transaction, joint transaction, unlawful agency trade, "weaker dollar" act and unfair treatment. All these acts have their own implementing subjects, behavior modes, social harmfulness, motives and conditions.In the second chapter,Through analyzing how the moral hazards of fund managers yield and it’s forms, combining the theories with experiences of foreign countries, the second article aims to give the suggestions and recommendations on the administration and governess of Moral Hazards of Chinese fund managers. In general, Moral Hazard comes from two respects:(1) Interests and benefits of fund managers are different from that of investors-this the subjective reason, (2) The incompletion of the fund contract and the unmatched between residual domination and residual claimant of the two parties as well as the information asymmetry resulting:from principal-agent system contribute to the objective factor of the yield of the Moral Hazard.The third chapter introduces the legislation of United States, Japan, Hongkong and Taiwan which relate to fund manager’s illeagal acts. The author research the fiduciary duty of fund manager which include principle transaction of fund manager and the supervision system of independent director. In the way of the fund supervision, this paper puts forward the investment fund should be perfected, to strengthen the construction of legal system, strengthen internal fund information disclosure supervision and social supervision by public opinion, vigorously develop the open-end fund, etc.In the forth chapter, compared with other developed countries. our investment fund industry is still young, neither our security market is mature enough nor the law on investment fund is perfect enough. As a result. there are a lot of problems existing in the fund’s operation, such as the low-level morality of fund’s manager, The conflict of interest transaction’s frequent occurrence and so on. The main reason is disadvantages in the governance structure of investment fund.At last, the author bring forward the solutions:to definitize the fund manager’s care duty and loyalty duty; to make sure the independence of the fund custodian, to itermize its supervision and intensify its obligation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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