Fund information disclosure refers to the information disclosure made to the public by the relevant parties in the fund market in a series of links such as fund raising, listing and trading, investment operation, etc. Its functions are as follows:

The role of fund information disclosure editor

Relying on mandatory information disclosure, cultivating and improving the market operation mechanism and enhancing the understanding and confidence of market participants is a common practice in securities market supervision all over the world, and the fund market as an integral part of the securities market is no exception. The function of fund information disclosure is mainly manifested in the following aspects:

(1) is beneficial to investors' value judgment.

In the process of fund share raising, fund prospectus and other fundraising information disclosure documents explain the risk-return characteristics of fund products and related fundraising arrangements to public investors, so that investors can choose fund products suitable for their risk preferences and income expectations. In the process of fund operation, by fully disclosing information such as fund investment portfolio, historical performance and risk status, existing fund share holders can evaluate the management level of fund managers, understand whether the fund investment conforms to the commitments in the fund contract, and thus judge whether the fund products are worth holding. At the same time, potential investors can also rationally analyze the value of the fund according to their risk preferences and income expectations, and then make investment choices.

(2) It is beneficial to prevent conflicts of interest and transfer of interests.

The basis of capital market is information disclosure, and one of the main contents of supervision is the supervision of information disclosure. Compared with the substantive review system, the basic inference of compulsory information disclosure is that investors are "cautious" on the basis of public information. It can change the information weak position of investors, increase the transparency of the capital market, prevent the conflict and transmission of interests, increase the public's supervision over the operation of funds, and limit and prevent improper fund management and fraud.

(3) It is beneficial to improve the efficiency of the securities market.

Due to the information asymmetry in the securities market in reality, investors can't effectively identify funds and can't effectively overcome the moral hazard of fund managers. Efficient funds can't attract enough funds for investment and form a reasonable fund distribution mechanism. Through mandatory information disclosure, hidden information can be made public in time and fully, thus eliminating the inefficiency and disorder caused by adverse selection and moral hazard and improving the effectiveness of the securities market.

(4) Effectively prevent information abuse.

If laws and regulations do not regulate the disclosure of fund information and allow insufficient, untimely and untrue information dissemination, then the market will be full of speculation, and investors may make wrong investment decisions under the influence of this market noise, and even bring fatal blows to the fund operation, which is not conducive to the long-term development of the whole industry.