(a) 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 should be cautious on the basis of public information, which can change investors' information weak position, increase the transparency of capital market, prevent conflicts of interest and interest transmission, increase public supervision over fund operation, and limit and prevent improper fund management and fraud.

(B) conducive to the value judgment of investors

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.

(C) conducive to improving 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 cannot attract enough funds for investment and form a reasonable fund distribution mechanism.

(d) Effective prevention of information abuse

If laws and regulations do not regulate the disclosure of fund information, it is not sufficient and timely.