中国证券投资基金监管法及国际借鉴刍议

As public investment instrument popular around the globe, investment funds boast a huge scale with earnings coexisting with risk. In major international financial scandals and crises, investment funds are always involved due to the imperfection of the “fiduciary” regime. Having witnessed rapid development in recent years, Chinese investment fund market also faces various problems and challenges. Starting from scratch, Chinese regulatory legislation of securities investment funds and private placement funds is also a discretional process for discovery and tackling of problems, and to learn from the legislative experiences of advanced investment fund markets including the US and the UK and offshore fund markets including the Cayman Islands is a must choice for the regulations of Chinese investment funds, the key to which is to have the legislation of investment funds supported by the fiduciary system based on risk management. Furthermore, to strengthen international regulatory cooperation is an integral part of securities investment fund regulation of nations including China.