Fund evaluation agencies believe that the revision increased quantitative monitoring indicators, strengthening the deterrence of the legislation, the equity investor interest has been further protection. Of the revised draft reflecting five characteristics in recent years, the China Securities Regulatory Commission has always stressed to strengthen supervision, leading ideas of deregulation. October 2009 Shang Fulin, Chairman of the fund industry on the 32nd joint meeting made it clear that "no institution or individual, cannot conflict with the " Rat Trading ", the interests of non-fair trade and various forms of conveying this triple bottom line". Amendments to the fair trade system of the company guidance will become another landmark milestone of the implementation of the third base line. Recommended reading
· Fund why also large purchase · long-term holds Shen million enterprising stability earned inventory over Niu Ji and Xiong Ji General Manager batch left public raised lost most debt base losses star Manager stock market lost hoof Fund positions plus reduction of secret a shares months fell 5.77% Fund preparing for June jiancang was forced flat warehouse number only structure of private May robbery Qiming: shocks city in the how mining Daniel unit fund company management is can fair of treat different assets varieties and varieties internal different investment combination, became fund investors and SFC concern of focus. In fact, for the asset management industry in trading on the international aspects of fair treatment of the different portfolios is an industry standards.
For example, the United States Association of securities dealers (NASD) requires the asset management company information fair, fair price allocation on the same day, investing hundreds of millions of dollars building information systems, transaction allocation to daily escalation of asset management companies monitor the results. This times announced amendment draft under compared zhiqian a version, reflected out following features: (1) clear has with to transactions of internal control standard and target clear has different combination with to transactions price difference of control standard and target, 20th section, in a a period within, same company management of all investment combination sale same securities (with to transactions) of overall price difference should tends to zero.
Delete has Shang a version on performance performance income differences over 5% of Fund of special analysis, avoid has on fair trade will makes fund performance convergence of of misunderstanding, clear encourages independent decision Xia of personalized competition, support fund manager in assets configuration, and industry configuration, and a unit select play maximum of initiative for investors created good of performance return; against in information gets and transactions links formation of does not fair competition, promote Fund Manager internal, and company internal of benign competition environment of formation. (2) established the scope of investments is the subject of the fair trade article should at least include the scope of domestic listed market purchase of stocks, bonds, secondary market transactions, and other investment activities.
Article 15th for part of the primary bond market purchase, private equity transactions in the name of a company such as, should be in accordance with the price priority distribution, the principle of proportional allocation transactions results. (3) provisions has on same day reverse transactions of control requirements 21st section provisions, "company should in accordance with the control different investment combination Zhijian of same day reverse transactions, strictly prohibited may led does not fair trade and interests conveying of same day reverse transactions, does due to investment combination of investment policy or liquidity, need and occurs of same day reverse transactions, company should requirements related investment combination Manager provides decision pursuant to, and retained records recorded". 26th section on reverse transactions made has information disclosure requirements: "company should in the investment combination of regularly report in the, at least disclosure following matters: company overall fair trade system implementation situation; exception transactions behavior special description, which, if report period within all investment combination participation of Exchange open bidding same day reverse transactions sold less of unilateral volume over the securities day turnover of 5%, should description the class transactions of number and the causes.
"(4) for the difficulties in monitoring, focus on specific requests of the revised draft is also the Fund Manager, investment Director, Star Fund Manager within the company follow the behavior of the stock, and the same fund managers managing multiple combination problem, has made specific requirements for internal control. (5) new tools to emphasize quantitative supervision and non-scene supervision in the redraft of article 28th the onsite check methods to increase non-scene supervision, for a review and analysis of the implementation of fair trading of the company.
Funds should be in the area of fair trade from the prior control of distribution and control system of internal control, to control information in isolation and trade execution, and ex post facto control analysis specifications and management assessment, conducive to change China's Fund management company from staff training to risk control system on the low side of the situation. Clear, quantitative monitoring of the revised standards, instructions and strong, more conducive to the implementation, particularly wind-controlled sector in the fund company investment, research and trading sector coordination. Strengthening the supervision of transactions, will fund industry importance to attention is shifting from short-term timing, promoted and listed companies and on the road to good interaction between capital market as a whole.
On enhanced disclosure and of the revised draft introduced to accounting firms and representatives to the independent evaluation of the Fund is the content of the external oversight of market-oriented regulatory means of expression. (Author: jianjinxin Fund assessment Center)
