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Regulation, Development and Innovation: Theme of Fund Industry
The first training seminar of independent directors from fund managers had been held from April 28 to June 1 by the China Securities Regulatory Commission (CSRC) in Bejing. Chen Dongzheng, deputy chairman of the CSRC pointed out on the opening ceremony that regulation, development and innovation to be adopted in fund industry. And independent directors should play more important role in supervising the operation of fund companies, improving companies' effieciency and protecting holders' interests.
Chen said it had been testified with 3-year long experiments that securities investment funds play a positive role in optimizing investor structure, attracting capital, stabilizing market and protecting interests of small and medium investors. Now the main problems are the small amounted and scaled fund management companies could not satisfy the demand of securities market.
The existing problems should be solved to regulate the fund management companies. As Chen, to perfect the corporate governance structure should be first done through establishing independent director system and guaranteeing it exert its function. Second, fund management companies must strengthen the regularity of trading actions and internal controlling mechanism. Fund managers shall be responsible for their trading actions. Third, the communication with outside shall be underpinned.
Development will not only be embodied in number increase and enlarged scales of fund management companies, but also a kind of environment of fair and proper market competition through which operational level and managerial level will be improved greatly to welcome the imminent WTO accession.
The work for fund trial bases will be completed to realize the innovation. Meanwhile new categories for insurance funds and pension funds will be found out. In addition, B share fund will be considered.
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