□ Our reporter Yi Fei reports from Shenzhen
At the 6th China Securities Investment Fund International Forum held recently, the reporter learned that from regulators to professionals in all fields, some contents of the Fund Law have restricted the development of funds. For the sustainable development of the fund industry, it is necessary to focus on the new situation and problems of the securities market and the fund industry, and learn from foreign experience, We should strengthen institutional innovation and appropriately revise, supplement and improve the Fund Law.
The lag effect of the fund law is beginning to show
As the fundamental system for the existence and development of the domestic fund industry, the Securities Investment Fund Law, which was implemented on June 1, 2004, established the legal framework for the operation of the fund industry and effectively promoted the standardization and development of the fund industry. However, with the rapid development of the securities market and the fund industry, the rapid expansion of fund asset management scale, and the continuous emergence of new fund products and businesses, especially in recent years, the state has put forward a series of major decisions on the reform, opening up and stable development of the securities market and the fund industry, such as the pilot establishment of fund management companies by commercial banks, and the restructuring and listing of state-owned banks, The living environment of the fund industry has developed some changes, and the lag effect of the fund law has begun to appear.
China CSRC Vice Chairman Gui Minjie analyzed at this forum that some of the contents of the Fund Law no longer fully meet the needs of the current fund industry development and market supervision, such as the high market access threshold, which is not conducive to the formation of fuller market-oriented competition, and the excessively strict investment restrictions have limited the operation space of fund managers, The over principled provisions are not conducive to the investigation and punishment of violations of laws, regulations and breach of trust. Taking all factors into consideration, the time and conditions for amending the Fund Law are ripe. The legislature should actively promote the amendment and improvement of the Fund Law, and adjust, supplement and modify the supporting laws, regulations and rules accordingly.
Ba Shusong, deputy director of the Financial Research Institute of the Development Research Center of the State Council, suggested that, in the current macroeconomic context, the Fund Law should be amended without previous concerns about affecting the stability of the financial system. The starting point of legislation should be to promote the sustainable development of fund management companies in the broad asset management industry. It mainly involves three directions: the original fund law is too strict, limiting the development of the industry; The problems in the development of the industry can be regulated and constrained through the system; It is in line with the development direction of the long-term interests of the fund industry, which was not stipulated in the original fund law.
The modification shall include at least five items
"The Fund Law should be revised because of the single ownership structure," suggested Lin Yixiang, chairman of Tianxiang Investment Advisory, "we must revise the Fund Law as soon as possible."
According to the current Fund Law, the major shareholders of fund management companies are limited to institutions engaged in financial asset management business. In practice, the main shareholders of fund management companies are securities companies and trust companies. At present, the larger securities companies and trust companies have participated in or controlled a fund company; Commercial banks have also set up fund management companies on a pilot basis with the approval of the State Council; Insurance companies, finance companies and large enterprise groups cannot yet become major shareholders of fund management companies. Ba Shusong believes that it is recommended to expand the scope of major shareholders of fund management companies from current securities companies and trust companies to commercial banks, insurance companies, finance companies and large enterprise groups.
Equity incentive has become a concern of many participants. It is understood that the Fund Law reserves space for equity incentive, and only stipulates the qualifications of major shareholders, and does not require other shareholders. The participants proposed that the fund management company could be allowed to adopt the limited partnership system and employee stock ownership plan by amending and supplementing the relevant provisions in the Fund Law to fundamentally eliminate this problem. The recent speech of regulators also revealed that in the future, fund companies will be promoted to establish incentive and restraint mechanisms suitable for the characteristics of the fund industry, including employee stock ownership.
In addition to the issue of equity structure, professionals also proposed that the amendment of the Fund Law should at least include allowing the establishment of corporate funds, relaxing the business scope of fund companies, expanding the scope of fund investment, and further strengthening the protection of investors' interests. Among them, in the past fund law, the business scope of fund management companies was limited to the field of securities investment, but banks, insurance companies, securities companies, trusts and other institutions have set foot in finance conduct financial transactions In today's product market, fund management companies only invest in the field of securities investment, and cannot give full play to the advantages of specialized asset management institutions. Ba Shusong suggested that in the amendment of the Fund Law, the restrictions on the business scope of fund companies should be relaxed, allowing fund companies to carry out PE (private equity investment) and other businesses whose investment scope is unlisted securities. In addition, the investment scope of fund products should also be broadened, and real estate investment funds and open-ended funds should also be available for investment.
It has become a common voice in the industry to strengthen institutional innovation and make appropriate amendments, supplements and improvements to the Fund Law.
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Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
