金融法（双语）第六章证券投资基金法律制度

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1、第六章证券投资基金法律制度一、证券投资基金概述二、证券投资基金主体第六章证券投资基金法律制度（1）一、证券投资基金概述1.中国证券投资基金中国证券投资基金的定义发展历程：《证券投资基金管理暂行办法》→各相关部门发布规范性文件→《证券投资基金法》《证券投资基金法》:确定基金业法律地位加强投资者权益保护初步建立起完善的证券投资基金法律体系-——确定了以中国证监会为核心的监管体系第六章证券投资基金法律制度（1）一、证券投资基金概述2.美国的证券投资基金TypesLegalbasis:SecuritiesAc

2、tof1933SecuritiesExchangeActof1934InvestmentCompanyActof1940TheInvestmentAdvisersActof1940RegulationSystem:UnitedStatesSecuritiesandExchangeCommission第六章证券投资基金法律制度（1）一、证券投资基金概述3.案例Jonesv.HarrisAssociatesL.P.Fact-〔1〕Petitionersareshareholdersinthreediffe

3、rentmutualfundsmanagedbyrespondentHarrisAssociatesL.P.,aninvestmentadviser.〔2〕PetitionersfiledthisactionintheNorthernDistrictofIllinoispursuantto§36(b)seekingdamages,aninjunction,andrescissionofadvisoryagreementsbetweenHarrisAssociatesandthemutualfunds.

4、第六章证券投资基金法律制度（1）一、证券投资基金概述3.案例Jonesv.HarrisAssociatesL.P.Parties’contentions-Petitioner:〔1〕HarrisAssociateshadviolated§36(b)bychargingfeesthatwere“disproportionatetotheservicesrendered”and“notwithintherangeofwhatwouldhavebeennegotiatedatarm'slengthinlig

5、htofallthesurroundingcircumstances.”〔2〕maintainthatthepanelidentifiedthewrongtrust-lawstandard.Respondent:〔1〕contendsthattheterm“fiduciary”isnotexclusivetothelawoftrusts,thatthephrasemeansdifferentthingsindifferentcontexts,andthatthereisnoreasontobeliev

6、ethat§36(b)incorporatesthespecificmeaningoftheterminthelawoftrusts.第六章证券投资基金法律制度（1）一、证券投资基金概述3.案例Jonesv.HarrisAssociatesL.P.Court’sreasoning-TheDistrictCourt〔1〕ApplyingthestandardadoptedinGartenbergv.MerrillLynchAssetManagement,Inc.,thecourtconcludedtha

7、tpetitionershadfailedtoraiseatriableissueoffactasto“whetherthefeescharged...weresodisproportionatelylargethattheycouldnothavebeentheresultofarm's-lengthbargaining.”〔2〕inlightofthosecomparisonsaswellascomparisonswithfeeschargedbyotherinvestmentadvisersto

8、similarmutualfunds,theCourtheldthatitcouldnotreasonablybefoundthatthechallengedfeeswereoutsidetherangethatcouldhavebeentheproductofarm's-lengthbargaining.第六章证券投资基金法律制度（1）一、证券投资基金概述3.案例Jonesv.HarrisAssociatesL.PCourt’sreasoning-Th