Research On The Legal Regulation Of Fund Raising Management In China

In recent years,with the rapid development of domestic institutions and personal wealth,we need more abundant and diversified asset management channels and China’s asset management industry ushered in the era of rapid development.In this situation,since 2012,China’s collective asset management industry ushered in a round of deregulation and business innovation wave.The new round of deregulation has broken the barriers of competition among securities companies,Futures Company,fund companies,banks,insurance companies and trust companies in expanding the scope of investment,reducing the investment threshold,as well as reducing the relevant restrictions and other aspects which makes the asset management industry into further competition,innovation and the mixed operation of the large information management era.In this situation,the collection of asset management products continue to emerge,and gradually become an important means of investment.However,at present,China’s financial industry is still using separate operation,separate supervision mode.The regulatory agencies have different regulatory standards for the same economic nature of the collective asset management business in the aspects of collect object,qualified investors,persuasion,and investors,etc..The continuous innovation of financial products has highlight the legal lag which has led to repeated flooding,monitoring gaps,monitoring arbitrage,lack of investor protection and other issues.At the same time,the organization and coordination of regulatory policies also increased the cost of supervision,sacrificing the overall social benefits.It can be seen that the pattern of separate supervision can not been able to respond to a variety of new problems and potential risks effectively.We need to explore a new model for the management of collective assets management in China based on the international experience.Taking a look at the international reform of the major developed countries in the world dealing with the trend of mixed operation,we can see that the change of supervision mode and legislative concept are the key to improve the supervision system of collective assets management.The transformation of the regulatory requires us to move towards the road of functional regulation.Learn from foreign experience,no matter what kind of institutional design of regulatory agencies,it is adhere to the financial function of the regulatory function of the regulatory standards.The transformation of the concept of legislation is to provide a guarantee from the legal level to achieve the unified supervision of the collective asset management business.Learn from foreign experience,a fallback,general and flexible concept of financial securities or commodities can aggregate asset management products included in the scope of regulation and achieve integrated management of the collective asset management business.Finally,this paper advocates the introduction of the concept of functional regulation to adjust the financial regulatory model.Through the revision of the relevant legislative concept,the collective asset management business will be incorporated into the protection of the legal system of securities and trust.In the design of the specific path,the paper pay attention to explore the regulatory objectives,regulatory model,the concept of legislation and so on.