The exchange-traded fund(ETF)in the United States develops on the basis of index mutual funds.Regulators utilize the exemption mechanism to build a regulatory framework and gain institutional space to accommodate innovation.ETFs have the unique internal structure of a two-tier market,with a core feature of the arbitrage mechanism that tightly links the net asset value and trading price between the two tiers of the market.With the expansion of underlying assets of ETF products and the adjustment to operational mechanisms,the regulatory framework built upon the exemption mechanism exposes deficiencies in the aspects of product organization,liquidity assurance,and information disclosure,triggering legal disputes related to investor protection and risk prevention.In recent years,the United States has continuously improved the regulatory framework of ETFs and actively responded to the differentiated financial innovation needs of various market participators by taking information disclosure rules as an entry point while reforming the exemption mechanism.Currently,China's ETF market is in a rapid development stage,which is also necessary to consolidate the institutional safeguard for product innovation and establish a sound regulatory system that fits the unique characteristics of ETFs.
万方数据
维普
