In the United States, the fund industry, especially mutual funds, has become the largest financial institution system. According to the survey data of the American Association of Investment Companies, in 2006, about 48% of American families held * * * mutual funds, with 96 million fund holders, that is to say, on average, 1 person in every three Americans was a * * * mutual fund holder. And in the financial asset structure of American families, mutual funds occupy a dominant position of 47%.
Why are Americans keen on fund investment? This is mainly because Americans have a traditional sense of investment, but also a strong sense of risk and risk tolerance; The aging of baby boomers after World War II and the reform of the national pension system since the 1970s also prompted Americans to invest in funds. According to the survey, 92% of American fund investors buy funds for the financial goal of retirement, and the proportion of pension assets in the same fund has also increased from 20% in the early 1990s to about 40% at present.
The US Treasury is seeking to impose policy restrictions on the rules of conduct of sovereign wealth funds on a global scale.
These restrictions include five aspects. First, investment decisions should be based on pure business objectives, not expected, direct or indirect business objectives; Sovereign wealth funds should formally make this a part of basic investment management policies. Second, it is necessary to disclose information to a greater extent, such as purpose, investment target, institutional arrangement and financial information, especially asset layout, baseline and rate of return in a certain period. It can reduce the uncertainty of financial markets and enhance the trust of recipient countries. Third, there must be a strong corporate governance, internal control, operation and risk management system. Fourth, sovereign wealth funds and the private sector should compete fairly. Fifth, we should respect the invested country and abide by the laws, regulations and information disclosure requirements of the invested country.
At the same time, the US Treasury Department suggested that the recipient countries of sovereign wealth funds should not set up protectionist barriers against investment portfolios and foreign direct investment. A predictable investment structure should be ensured. Internal investment laws and regulations should be published publicly, clearly stated and predictable, and supported by strong and continuous laws. Different investors should not be discriminated against. Domestic investment policies should be equally applicable to investors with the same conditions. We should respect investors' decisions and try not to interfere. The restriction (degree) on investment due to national security reasons should be in direct proportion to the national security risk (possibility) caused by the transaction.