There is a certain difference between industry self-discipline and supervision, and their nature is fundamentally different. Industry self-discipline is to constrain its own requirements, and supervision is to constrain the overall behavior. There are not only laws and policies stipulated by the state, but also certain articles of association and business rules. I don't have so many rules for myself, I just need to restrain my behavior. If the regulatory authorities commit crimes, they will definitely be publicly condemned and punished.
What kind of government supervision is adopted depends entirely on how the efficiency of supervision changes. Everyone will not be transparent when investing, and the information will definitely be placed in a relatively secret place. If all are exposed, that individual's market can't work at all. No matter how you want to supervise, you must form a self-regulatory organization. We should not only demand individuals from a unified aspect, but also restrain their behavior.
Generally speaking, equity investment funds must make a series of changes, such as the following points. First of all, we should provide better services for enterprises and promote exchanges between industries. Second, we should give full play to the role of government supervision departments and rectify the market order. Third, let the industry develop steadily and healthily and understand what its obligations are.