中国、英国、美国开放式基金的法律制度

List?of?Abbreviation

Preface

Introduction

Chapter?1The?Nature?and?Importance?of?Open-Ended?Funds

1.The?Nature?of?Open-Ended?Funds

1.1The?Nature?of?Open-Ended?Funds?in?the?UK

1.2The?Nature?of?Open-Ended?Funds?in?the?USA

1.3The?Nature?of?Open-Ended?Funds?in?China

2.The?Importance?of?Open-Ended?Fands?in?the?Modem?World

Chapter?2Conflicts?of?Interest

1.The?Nature?of?Conflicts?of?Interest?within?Open-Ended?Funds

1.1Divergence?of?Interest?in?Corporate?Governance

1.2Market?Behaviours?Tainted?by?Conflicts?of"?Interest?in?the?Financial?Markets

2.Possible?Remedies

2.1Enhanced?Corporate?Governance

2.2Enhanced?External?Supervision

Chapter?3Regulation?of?Open-Ended?Funds?in?the?UK

1.Internal?Corporate?Governance?in?the?UK

1.1Fiduciary?Duty?Imposed?by?Case?Law

1.2General?Duties?of?Trustees?Imposed?by?Statutes

1.3Chinese?Wall

1.4Separation?of?Business

1.5General?Meeting?of?Fund?Holders

1.6Disclosure/o76

2.External?Supervision?in?the?UK

2.tThe?Limitation?of?Objects?of?Open-Ended?Funds'?Investment

2.2Market?Abuse

2.3Regulator

Chapter?4Regulation?of?Conflicts?of?Interest?in?the?USA

1.The?Board?of?Directors

1.1Election?of?Directors

1.2Independent?Directors

2.Fiduciary?Duties

2.1Fiduciary?Duties?under?Section?36?of?the?Investment?Company?Act?1940

2.2Lack?of?Guidance

2.3Cases?Corresponding?to?Section?36

3.Restrictions?of?Affiliated?Transactions

3.1Who?Are?Affiliated?Persons?of?A?Registered?Investment?Company?

3.2Affiliate?Transactions?with?Affiliated?Persons?Themselves

3.3Joint?Transactions?with?Affiliated?Persons

3.4Brokerage?or?Agency?Transactions?with?Affiliated?Persons

3.5Underwriting?by?Affiliated?Persons

4.Regulation?of?Insider?Trading?(Personal?Trading)

4.1The?Definition?of?Insider?(Access?Person)

4.2Regulation?of?Personal?Trading

4.3Report?Insiders'?Personal?Securities?Holdings?and?Transactions

4.4Review?of?Reports

4.5Pre-Clearance?of?Investment?in?IPOs?and?Limited?Offerings

4.6Recordkeeping?and?Public?Disclosure

4.7The?SEC's?Action

Chapter?5Internal?Corporate?Governance?of?Open-Ended?Funds?in?China?and?Proposals?for?Reform

1.Ownership?Structure

1.1Drawbacks?of?the?Existing?Ownership?Structure

1.2Should?Banks,?Securities?Companies?or?Trust?Companies?Be?the?Holding?Shareholders?of?the?Fund?Management?Company?

1.3Which?Type?of?Ownership?Structure?Is?Better?for?An?Efficient?and?Reliable?Legal?Form?of?open-Ended?Fund?in?China,?Ownership?Concentration?or?Ownership?Dispersion?

1.4Conclusion

2.Independent?Directors

2.1Ratio?of?Independent?Directors

2.2Reviewing?the?Management?Fees

2.3Reviewing?the?Affiliate?Transactions

3.Chinese?Wall

4.Affiliate?Transactions

4.1The?Definition?of?Affiliated?Persons

4.2Restrictions?on?Affiliate?Transactions

5.Legal?Remedies

5.1Fund?Holder's?Direct?Action

5.2Fund?Holder's?Derivative?Action

5.3The?Function?of?the?General?Meeting?of?the?Fund?Holders

Chapter?6External?Supervision?of?Open-Ended?Funds?in?China?and?Proposals?for?Reform

1.The?Limitation?of?Objects?of?Open-Ended?Funds'?Investment

1.1Limitations?on?the?Types?of?Investment?Objects

1.2Limitations?on?the?Proportion?of?Investment

1.3Proposal?for?Limitation?on?the?Amount?of?Investment?Capital?of?Open-Ended?Funds

2.Market?Abuse

2.1Insider?Dealing

2.2Divulging?Inside?Information

2.3Counseling?Others?to?Purchase?or?Sell?Securities

2.4Market?Manipulation

2.5Liabilities

2.6Other?Market?Abusive?Measures?Such?as?Herding

3.Regulator

3.1Investigation?by?the?CSRC

3.2A?Brief?Image?of?the?Regulator?in?the?Future

Chapter?7Conclusion

Bibliography

Acknowledgements