The System Research Of Third-party Financial Institution Information Disclosure Regulation

In recent years, the rapid accumulation of national wealth has led to the explosion growth in the asset management business. But in this market, the problem behind the prosperity its self-evident, such as risk control, asset valuation, investor rights protection and countless other problems, and all of them, the problem of information disclosure is particularly important, the article will discuss the disclosure of information between the third-part financial institutions and investors.The government has not issued regulatory rules specially, its usual reference to the general regulatory rules. Third-party financial institution belongs to the mixed management, products can refer to the regulatory approach also mixed, in the regulatory system of separate operation, the Banking, Insurance Regulatory Commission, China Securities Regulatory Commission has its own regulatory measures, the information disclosure rules of trust, private equity, funds, insurance and asset management plans etc. apply different regulatory body, under this supervision system, third-party financial institution disclosure of information is difficult to obtain effective regulation, therefore, improve the legal system of information disclosure regulation for third-party financial institutions, and guide the healthy and orderly development of the industry without delay. Through the existing laws and regulations on information disclosure regulatory, this article analysis of the plight of third-party financial institution disclosure of information, combined with foreign information disclosure of regulatory experience, advice to improve our regulatory system. Specifically, the article is divided into four parts:The first part is the overview of third-party financial institution disclosure of information, the introduced of the theory of asymmetric information is to lead the importance of third-party financial business information disclosure, and then analyze the composition of information disclosure obligations, and introduce the status quo of third-party financial industry and information disclosure, and put forward the main issues: the third-party financial business is already distorted growth, information disclosure system needs improvement.The second part is the plight of third-party financial institution regulatory information disclosure, according to three aspects, likes the regulatory body, the content of regulation and accountability mechanism to elaborated analysis the third-party financial information disclosure. The plight of regulatory body is mainly due to the regulatory regime, it is also the conflict of separate supervision system and financial mixed trends reflected in the third-party financial industry; the defect of content of regulation is analyze the integrating degree of regulatory rules between the third-party financial industry needs and the general rules, and pointed out the problem of the application of existing regulatory rules; accountable mechanisms are inadequate mainly because of the current regulatory system, the lack of mechanisms accountable civil liability.The third part is an offshore third-party financial institutions of information disclosure system, mainly to learn the successful experience of regulatory disclosure from other countries. The article made reference to the United States, Australia and Japan three different regulatory approach, third-party financial regulatory supervision are more successful country experiences.The fourth part is some advices of consummate the regulatory system of third-party financial institution information disclosure, combined with the analysis of the second part to put forward my proposals. Clear regulatory body include the development central bank as a regulator of third-party financial information disclosed, integration of existing regulatory resources, and establishment the self-regulatory organizations, to assist government agencies to improve supervision; improve the regulatory content focused on the existing legal norms rarely involved in third-party financial problem of information disclosure, through clear as the main responsibility of information disclosure and other measures to expand the content, improve the regulatory system; on the basis of existing regulatory mechanisms, the aspects of responsibility mechanism is mainly to establish civil liability compensation system, establish the principle of presumption of fault liability in order to protect the interests of investors.