Looking back on the development in the past 20 years, the public information disclosure system is one of the important cornerstones for Public Offering of Fund to become the benchmark of asset management industry in China. Constantly standardizing information disclosure in Public Offering of Fund will further promote the development of FOF and pension funds. This development can be understood from two angles: first, the Measures strengthen the information disclosure norms of the underlying funds invested by FOF and pension funds, which is helpful for FOF and pension funds to analyze and study the underlying funds more conveniently; Second, FOF and pension funds are also funds themselves, and they should also follow the normative requirements of the new approach, which will be necessary to promote their sustainable development.
In the large-scale asset management industry, Public Offering of Fund has the most advanced and perfect institutional system, which is the most suitable investment tool for public financial management. Combined with previous experience and understanding, I personally think that the new "Measures" have five new places that deserve special attention:
(1) The "six characteristics" required in Article 2, namely, authenticity, accuracy, completeness, timeliness, conciseness and accessibility, of which the latter three characteristics are relatively new, but they are all practical measures aimed at the present situation. I sincerely hope that this "six natures" can be fully implemented and implemented.
(2) Article 3 gives a clear definition of "designation * *": designation * * includes fund manager * *, fund custodian * *, and electronic disclosure of funds by China Securities Regulatory Commission. In other words, the * * of the fund * * will no longer be the only * * * *, and you will be able to query the information of the fund in at least three places, especially the latter one, which is more centralized and convenient. Some disadvantages of single * * are already obvious. After September 1, individual funds will no longer be allowed to do whatever they want on the * * they manage and delete past information at will.
(3) Paragraph 4 of Article 14 stipulates that the net value of fund shares and the accumulated net value of fund shares on the last day of the semi-annual and annual period shall be disclosed in the designated * * no later than the day after the last day of the semi-annual and annual period. Here, I once again mention "designated * *". I hope everyone can make it public in accordance with the above six requirements in the future, instead of shirking and refusing to provide it. At present, the information disclosure in this area is relatively bad, but fortunately, there will be two quarterly reports and four quarterly reports soon.
(4) Article 27 stipulates that a single fund only needs to choose one newspaper. For this provision, some people are happy and others are worried. The latter includes those of us who do research, but we must support them rationally.
(5) Paragraph 2 of Article 30 stipulates that the disclosure frequency of periodic reports may be increased by monthly reports. In other words, fund managers and fund custodians should not only disclose information according to the requirements of laws and regulations, but also focus on providing useful information for investors' decision-making, and independently improve the quality of information disclosure services on the premise of ensuring fair treatment to investors, not misleading investors and not affecting the normal investment operation of funds. This "monthly report" should be implemented according to the self-discipline rules of China Asset Management Association, or it may need to be carefully studied.