Scholars have been arguing about whether sponsors are the main body of fund relationship. One view is that fund sponsors, as the parties to the fund contract, are illegal. Because the promoters are the planners and organizers of the establishment of securities investment funds, their actions, rights and obligations all occur before the establishment of the funds; After the establishment of the fund, the promoters withdraw from the fund operation, and it is impossible to enjoy the rights of the parties to the fund contract and assume corresponding obligations. Another view is that fund sponsors are the main body of fund legal relationship, but only in the establishment stage. The legislative purpose of protecting the interests of investors should consider the legal status of sponsors. Fund establishment is also an indispensable link in fund investment, which plays a key role in the healthy development of funds and investor protection. In the fund establishment stage, the sponsors are responsible for organizing the fund, drafting the fund contract, and deciding the fund manager and custodian. The fund contract is the "fundamental law" of the parties involved in the fund relationship at all stages of the fund, and it is the basis of their rights and obligations. The manager and custodian are important parties to the fund relationship and are closely related to the interests of investors. Therefore, it can be said that the fund sponsors play an important role in the establishment of the fund. In order to protect the interests of investors and ensure the healthy operation of funds, the law must stipulate the rights and obligations of sponsors, so at least in the establishment stage, sponsors are the parties to the fund relationship.

However, after the establishment of the fund, the identity of fund promoters has changed, or (1) they just bought the fund and became simple fund holders and beneficiaries; (2) they have transformed into fund managers, holding fund shares at the same time, and are also principals, trustees and beneficiaries. (3) Since the Fund Law of 2003 does not stipulate that sponsors must hold a certain proportion of fund shares, they may only be transformed into fund companies that do not hold fund shares. (4) These four destinations of sponsors will directly affect the relationship between investment fund subjects and investor protection. According to the Interim Measures for the Administration of Securities Investment Funds and the relevant provisions of the China Securities Regulatory Commission, the main responsibilities of fund promoters include.

(1) Formulate relevant legal documents and apply to the competent authority for the establishment of the fund to prepare for the establishment of the fund.

Fund sponsors must study and analyze the country's economic and financial policies, market conditions and the public's investment psychology, and plan the proposed fund on this basis, such as determining the investment subject, fund type, fund duration and fund raising scale.

(2) The fund promoters sign fund contracts with fund managers and fund custodians on behalf of the fund holders, stipulating the rights and obligations of all parties to the fund. At the same time, fund sponsors also need to produce other relevant documents required by the management authorities, such as prospectus.

③ Determine the distribution scheme and select the sales organization.

(4) Apply to the competent authority for establishment and submit the relevant documents required by the competent authority.

(5) After the application for establishment is approved, it shall be announced. (3) When the fund cannot be established, the fund sponsors shall bear the fund raising expenses, and return the raised funds plus bank demand deposit interest to the fund subscribers within the specified time. Because fund sponsors have a great influence on the establishment of funds, some countries and regions have strict requirements on the conditions that sponsors should have.

China's "Interim Measures for the Management of Securities Investment Funds" stipulates that fund sponsors must meet the following conditions: the main sponsors are securities companies, trust and investment companies and fund management companies established in accordance with relevant state regulations; Fund sponsors must have strong capital strength, and the paid-in capital of each sponsor is not less than 300 million yuan; The main sponsors of the fund have more than 3 years of securities investment experience and continuous profit records; The fund sponsors have sound organizational structure and management system, good financial status and standardized business behavior.