Securities Investment Fund Managers Trust Obligations

In security investment fund operations, the fund interests are involved with three Parties, including the fund investor, the fund manager and the fund depository. As a matter of fact, the fund manager is at the core of a fund operation. He has a comprehensive right to manage and dispose the fund. The gain of the fund beneficiary's interests depends on the fund manager's behaviors. Therefore, regulations stipulating the legal status and obligations of the fund manager should be intended as a protection for the interests of the fund beneficiary. Reference to the fund laws of foreign countries, the fund manager should be endued with the fiduciary duties, which were the necessities of effectively restricting the behaviors of the fund manager and protecting the investment equities.This dissertation puts its emphases on the theory and comparison research of fiduciary duties. The paper is arranged as followed:Part 1 The introduction to the securities investment fund. The definitions of different counties, the basic classification, the character and the history of the securities investment fund are introduced in this part. And then, the author discuss the security investment fund is one kind of special commercial trust forms, which is already different with the traditional trust. Based on the theory, the visual angles are formed for the ensuing paragraphs.Part 2 The security investment fund manager's fiduciary duty. Firstly, the author defines the range and legal status of fund manager. Secondly, focusing on the protection of the security investment fund investor which is the basic principle of legal system of the security investment fund and from the altitude of developing the security investment fund, the author further elaborates the importance of stablishment and perfection of the fiduciary duty of the security investment fund manager in the legislation. Finally, introduce that the fiduciary duty including two requests—the duty of care and the duty of loyalty.Part 3 The securities investment fund manager's duty of care. In this part, after a general outline of the care duty, the author carries on a specific analysis of care duty concerning diversified requirement, liquidity requirement and risk requirement.Part 4 The securities investment fund manager's duty of loyalty. In this part, the author also begins a general summary of loyalty duty and the article analyses the framework of the regulation of the investment manager's loyalty duty, elaborates loyalty duty of the specific patterns of the transactions conflict of interest, including loyalty duty of principal transaction, joint transaction, agent agency transaction, fund management fees.Part 5 The safeguard system to the securities investment fund manager's fiduciary duty. The author analyzes the safeguard system of our country at present. And then the author suggests to set up the safeguard system from exterior supervise to interior supervise.So the comprehensive and many-sided supervision system can be founded to safeguard the fund investors'interests. interior supervise.