Similar concerns exist overseas. From 65438 to 0999, the Canadian Securities Regulatory Commission paid more attention to conflicts of interest. They found that if effective measures are not taken to control conflicts of interest, it will inevitably hinder the further development of the investment management industry, and its impact will exceed the efficiency of investment managers.
In the mature overseas securities market, regulators pay more attention to how to ensure fairness on the basis of efficiency and improve efficiency under fair conditions. They allow large-scale transactions and fairly manage the procedures and distribution of transactions; They allow reverse trading and manage the price of reverse trading fairly; Even in cross-trading, which is very easy to produce interest transfer, they do not completely ban it, but leave some room for improving the efficiency of investment management.
The development of domestic securities market and investment management industry is relatively short. Therefore, in order to promote the healthy and stable development of the securities market and fund industry, we need to always pay attention to the standardization and fairness of investment management. The stock market rules in Britain and America only represent a development direction. Due to the differences in history, habits, developed degree and other factors, many of their laws and regulations on fair trade management are not necessarily suitable for China. However, studying and discussing some of their control measures in fair trade management still has positive reference significance and enlightenment for us.
Judging from the current situation in the United States, there are two main management modes of Public Offering of Fund and independent account business of investment management companies: the first is to set up different subsidiaries to manage Public Offering of Fund and independent account business respectively, which is mainly suitable for the situation that both types of business are large enough; The second is that the same investment management department sets up different business groups according to asset types, such as stock investment group and bond investment group, which are responsible for managing the corresponding assets in Public Offering of Fund and independent account business respectively. The advantage of the latter model is that companies can concentrate on using research resources and easily form a unified investment strategy. The investment management company in Taiwan Province Province, China has set up different investment departments (stock management department, fixed income management department and discretionary department) in the company, which are responsible for the investment of public offering business and non-public offering business respectively. The advantage of this model is that there is physical isolation between the investment departments of different businesses, which reduces the possibility of interest transfer.
In the case that different investors obtain public research information at the same time, whether to trade, when to trade and how much to trade still need their subjective judgment, so it is difficult to ensure that they get the same trading price on the same securities. However, when the same investment manager invests in the same securities, he must also issue instructions to the appropriate funds or entrusted accounts he manages to ensure that they get the same or similar transaction prices.
In terms of securities trading, overseas regulators give more freedom to investment companies, but once it is confirmed that investment companies have violated regulations, regulators will also severely crack down. In 2003, the American fund industry suffered an unprecedented shock and impact, exposing many problems such as after-hours trading, timing trading, transaction fee fraud, selective information disclosure and so on. After discovering the above problems, the US Securities and Exchange Commission and the judicial department have taken a series of measures and actions to severely punish companies that violate the rules, thus helping the market regain confidence in the fund industry.