Research On The Law Relations Of Investment Fund

Since the 1990s, the investment fund is developed rapidly. Analyzed from its institutional framework and legal personality, the investment fund is a kind of financial investment institution, and financial trust. It is a special contract between the currency property of investor and the manpower capital of fund caretaker. The owner of currency capital will be unfairly treated because of the character of unbroken combination between manpower capital and the holder. So it means the interest should get more protection from the law on investment fund.It sets up a kind of trust between the subjects of fund because of the fund contract. In this legal relation, the fund holder is a client, fund superviser and fund mandator are trustees. The trustee undertakes to trust the obligation to the client, including faithful obligation and attention obligation. The basic goal of the faithful obligation is to dispel all realistic or potential interests conflicts between the two, the latter pays more attention to making the investment and application of the fund property. The civil liability of the fund includes the responsibility of the contract and liability for tort, the two are bearing the protection fund holder's duty together. At present, the fund of our country legislates to have very great disparity with holder's legislative aim of the protection fund. The fund holder's legal status was not got clearly and reflected in legislating, the holder's conference has obvious system defects to convene right, sue right etc. The fund caretaker has too big right, the ones that exist obviously are incongruous instead of the obligation that is undertaken. Fund mandator lags behind and receives the caretaker's soft restraint to supervision, authority to supervise is unable to implement in fact. So it should be perfect in legislating. Private to raise way of setting up, industry investment funds and Company type fund, etc. include in the legal adjusting range, define client status and trustee of holder trust what the client undertakes the obligation, implement the fund trustee authority to supervise .The regulation of the fund contract should be extensive, stressing the party's free meaning. We should change the current situation of legislation relying mainly on administration, criminal responsibility over a long period, increase the punishment compensation mechanism to the trustee, and increase the civil liability of the intermediary.