基金股票质押融资的法律规制

The Legal Rules on the Financing of Pawned Fund Stock

基金股票质押融资可分为长期融资和短期融资,两者应适用不同的法律规则。各国对基金长期融资的规制,采取了兴利除弊的方式。一方面允许基金在合理范围内的长期融资,另一方面又限制基金获得过度的长期融资。对开放式基金的短期融资有必要进行特别的法律规制。长期融资的决定权其行使权利的机构是基金份额持有人大会,短期融资的决定权是基金管理人。

Financing which the pawned fund stock get can be divided into long-term financing and short-term financing.Two financing should be suitable the different legal rules.The long-term found financing rules and regulations in other countries have adopted the way which promotes the beneficial and abolishes the harmful.On the one hand,the rules permit fund to obtain financing in reasonable scope long-term,on the other hand,they limit the fund to obtain excessively long-term financing.It is necessary to carry speci...