Fund Governance Arrangements from the Regulatory Penalties of China's Mutual Fund Industry
Violations of laws and regulations in the mutual fund industry provide a new perspective on fund gov-ernance.Taking 2015 to 2022 as the sample interval,this paper compiles penalty cases of criminal penalties,adminis-trative penalties,administrative regulatory measures and self-regulatory disciplinary actions in the public fund indus-try,conducts statistical analysis,and analyzes the causes of violations in the context of fund governance.Fund govern-ance is divided into internal governance and external governance to study the institutional improvement arrangements un-der the current internal fund governance framework in China and the marketization and rule of law path of external gov-ernance.The results show that fund managers and fund administrators,as the core of the fund governance structure,should theoretically be subjected to pressure from all sides until they withdraw from the industry due to illegal and un-ethical behaviors,but due to the absolute power and control they hold,they are actually unable to be effectively re-strained by either the internal fund shareholders and custodian constraints,as well as existing external regulatory and market forces,need to be improved or strengthened,and therefore fund governance needs to be further improved in terms of both internal and external governance.
万方数据
维普
