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金融业从分业经营向混业经营转变过程中,最早打破分业经营限制的往往是集合投资产品领域。从全球范围来看,金融业发达国家集合投资产品主要实行功能监管。功能监管有两种形式:一种形式是美国式的“温和”的功能监管,即性质相同的产品一定程度上统一监管规则,但仍保留多头监管体制;另一种形式是英国式的“彻底”的功能监管体制,即统一监管体制。本文通过研究国外集合投资产品监管体制的现状、发展趋势及美国集合投资产品监管体制转变的历史经验,以期能为我国集合投资产品市场的发展和监管提供有益的借鉴。
In the course of changing the financial industry from a separate operation to a mixed operation, the earliest break-down of the restrictions on the division of operations is often the field of collective investment products. Globally, the aggregate investment products of the developed countries in the financial sector mainly implement functional regulation. There are two forms of functional regulation: one is US-style “mild” functional regulation, in which products of the same nature, to some extent, unify the regulatory rules but still retain the multiple regulatory regime; the other is British “Thorough ” functional regulatory system, that is, a unified regulatory system. This paper studies the status quo and development trend of the supervision system of collective investment products in foreign countries and the historical experience of the transformation of the supervision system of collective investment products in the United States in order to provide useful reference for the development and regulation of the collective investment products market in our country.