从基金暂停申购看投资者权益保护

The Subscription Suspension of Funds and Protection of Investors

开放式基金制度设计的初衷是赋予投资者自由申购赎回的权利,只有在特定情况下才能暂停申购以维护持有人权益。本文深入研究了我国开放式基金暂停申购的各种情况、背后的原因以及对投资者权益的影响,认为基金管理人在暂停申购决策过程中具有较大的自主空间,可能利用暂停申购,实现自身利益最大化而损害持有人利益。为规范基金暂停申购,维护投资者权益,本文建议应加强对基金管理人的监管和约束,细化基金暂停申购的具体规则,完善暂停申购信息披露制度,改进对长期暂停申购基金的评价方法等。

Open-ended fund is designed to protect the investors＇ rights of free subscription or redemption. Every fund cannot suspend investors from subscribing except under certain circumstances. This paper sums up all possible cases about open- ended funds to suspend subscribing in China, researches deeply into the reasons and the impacts on investors＇ interests. In fact, investment managers have more freedom on deciding whether or not suspend the subscription, so it is possible that some of them may harm the investors＇ interests by using this freedom illegally. In order to regulate the suspension and protect the interests of investors, we have to strengthen the supervision and restriction policies on investment managers, elaborate the procedures about suspending subscription into details, refine the information disclosure, and reform the appraisal mechanism for those funds which have suspended subscribing for a long time.