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Title: How to protect fund investors in mainland China : a legal perspective
Other Titles: Bao hu ji jin tou zi zhe de fa lü yan jiu : Zhongguo zhi lu
保護基金投資者的法律研究 : 中國之路
Authors: Li, Weidong (李偉東)
Department: School of Law
Degree: Doctor of Philosophy
Issue Date: 2004
Publisher: City University of Hong Kong
Subjects: Investments -- Law and legislation -- China
Mutual funds -- Law and legislation -- China
Notes: CityU Call Number: KNQ3203.L5 2004
Includes bibliographical references (leaves 326-342)
Thesis (Ph.D.)--City University of Hong Kong, 2004
x, 342 leaves : ill. ; 30 cm.
Type: Thesis
Abstract: The investment fund as a kind of financial vehicle emerged in Mainland China in 1990s and has made rapid progress since. It is reported that the total value of investment funds reached RMB 150 billion yuan by the end of May 2003. Nonetheless, despite of remarkable achievements, serious problems exist in the industry, particularly, behaviors damaging fund investors in the fund industry. In view of the controversial attitudes toward the protection of investors, this study argues that regulatory regime of the fund industry in China should focus on the protection of investors. The main focuses of this research, therefore, are (1) to examine critically the investment fund regulations in Mainland China, and (2) to explore an effective legal framework for investment funds in Mainland China to protect fund investors on the basis of the United States and Hong Kong’s experience. According to the library resources and first-hand information from the in-depth interviews of fund managers and fund related persons and supplementary questionnaire survey on fund investors, this study summarizes three types of activities which may damage fund investors in practice, that is, (1) the problem of ineffective fund governance, (2) misleading information disclosure and (3) related transactions. In the process of developing a legal framework for the investment fund industry so as to protect the fund investors, this study firstly analyzes the inherent conflict of interests existing in the investment fund industry. In this regard, this study suggests that an effective legal framework to protect fund investors in Mainland China would consist of three elements, that is, (1) effective fund governance; (2) a system for ensuring adequate disclosure of information; and (3) control of transactions by related parties. Effective regulations on investor protection can help to preserve the reputation of fund industry for integrity. It is sincerely hoped that this research will contribute to both the theories and the practice of the investment fund law and the development of the industry in Mainland China.
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