集合資產管理產品的法律性質

The Legal Nature of Collective Asset Management Products

在部門立法和分別監管的體制下，證券公司、信託公司、商業銀行、保險公司和基金管理公司等金融機構發行和銷售的資產管理產品，存在立法分散、標準不一、監管缺位和性質不明等問題。2018年4月公布的「資管新規」在監管規則方面進行協調，但迴避上位法的依據，未明確集合資產管理的法律屬性。遵循科學立法、依法立法的原則，集合資產管理制度應從如下兩個方面加以完善：一、公布《證券投資基金法》實施條例，調整投資於證券領域的資產管理產品，並進行統一監管；二、修改《證券法》，將「集合投資計畫」納入「證券」範疇，調整不屬於《證券投資基金法》規範的各類資產管理產品。

Under the system of divisional legislation and separate supervision, the asset management products launched and sold by financial institutions, including security, trust, commercial banks, insurance, and fund management firms, involve problems of scattered legislations, inconsistent standards, absent supervision and unclear nature. The new regulation relating to asset management, published in April 2018, made coordination in supervisory rules, however, it avoided the superior law and failed to clarify the legal nature of collective asset management. In accordance with the principles of scientific legislation and legislation by law, improvement in the collective asset management system shall be made as follows: Firstly, adjust the asset management products in security industry and conduct unified supervision by publishing the enforcement rule of “Law of The People’s Republic of China on Securities Investment Fund”. Secondly, amend the Securities Law to incorporate “collective investment plan” into the scope of “security” and adjust those asset management products that shall not be regulated under the “Law of The People’s Republic of China on Securities Investment Fund”.