打造以基金托管人为核心的独立监督实体

Constructing Independent Oversight Entities Centering on Mutual Fund Custodians

我国将资产托管制度引入基金治理的10年来取得了良好效果,但由于发展历史较短及资本市场正处在新兴阶段,托管人的独立监督作用仍然面临质疑。根据托管业的10年实践检验和基金治理的国际经验,本文认为打造以托管人为核心的独立监督实体非常必要。现阶段应采取以托管人为核心,监管机构、交易所等为有效组成部分的模式打造我国的独立监督实体。同时托管人与其他独立监督实体组成部分之间应该建立密切的联系、沟通机制,以形成合力监督。另外,托管人应该以提高独立性为核心,与管理人及相关方建立严格的利益隔离机制;也需要进一步提高独立监督能力,满足独立监督标准。

Since China introduced the asset custody mechanism into the mutual fund governance 10 years ago, this mechanism has achieved good performance. However, the independent oversight function of custodians is still questioned due to the short history and the emerging stage of Chinese capital market. Both the 10-year's practice test of custody industry and the international experience of fund governance prove that it is highly necessary to build independent oversight entities centering on fund custodians. At this stage, it would be a feasible pattern to build Chinese independent oversight entities that regulation institutions and stock exchanges serve as the effective compositions with the core of custodians. At the same time, the custodians should establish close contact and communication mechanism with other independent oversight entities to form combining force of supervision. In addition, focusing on improving the independence, the custodians should establish the stringent interest-isolated mechanism and further enhance the independent oversight capabilities to meet independent oversight criteria.