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对集合投资计划进行统合规制是解决我国目前集合资产管理业诸多问题的良方。而集合投资计划外延广泛,要实现统合规制,需寻求其法律关系之共性与规范之着力点:任何组织形式的集合投资计划都必然存在因组织内部信息不对称而形成的代理风险问题,法律应对该问题的有效做法是规范管理人的信义义务,而非一味地借助以解决市场失灵问题为目的的消费者保护规则;我国现有的关于各类集合投资计划的法律法规均缺乏对管理人信义义务的规范,是市场难以推行“买者自负”规则的根本原因。就内容而言,对管理人信义义务之规范,不仅包括概括的信义要求和具体的行为规范,还应包括有效的履行监督机制。
The unified regulation of collective investment plans is a good way to solve many problems of collective management of assets in our country. However, the collective investment plan has a wide range of extension plans. To achieve unified regulation, the commonality and norms of legal relations need to be sought: the collective investment plan in any organizational form inevitably has the problem of agency risk due to the internal information asymmetry in the organization, and the legal response The effective approach to this issue is to standardize the manager’s fiduciary duty, rather than blindly resort to consumer protection rules to solve the problem of market failure. The existing laws and regulations on all kinds of collective investment plans in our country lack the righteousness to managers The norms of obligations, the market is difficult to implement “buyer ” the root cause of the rules. In terms of content, the norms of managers’ fiduciary duties include not only generalized righteousness requirements and specific codes of conduct, but also effective supervisory mechanisms.