美国对基金关联交易的法律监管及其对我国的启示

The Legislative Supervision on Affiliate Trade of the Fund in America and Its Enlightenments to China

美国解决基金关联交易问题的一个办法是在法律上确立一般性的禁止原则和赋予美国证券交易委员会以相应的批准和豁免权力。实践证明这种监管方式是颇有成效的。对我国而言,我们有必要结合基金业的发展现状,对之加以批判地借鉴和吸收,以更好地改进和完善对基金关联交易的法律监管。

The affiliate trade of a fund is a complicated phenomenon that it is inevitable during the developing procedure of the fund industry. So, it is a difficult task for us to supervise it effectively. Especially, how to ensure the fair connected transaction of a fund can be carried out legally, while we prevent the undue connected transaction of a fund from beginning. To solve the question, America enacted the law to establish the general prohibited principle and empower SEC the relevant approval and exemption rights. The practices also prove the legislative assignment was rather successful. As the situation of the fund industry in China now is rendered, we should learn and draw from it in order to make in our use in perfecting the funds legislative supervision assignments on the connected transaction of the fund.