系列基金的法律规范：本土问题与比较法经验  

Legal Considerations in Forming Series Fund:Local Issues and Comparative Experience

作　　者：李宇[1] Li Yu

机构地区：[1]上海财经大学法学院

出　　处：《法治现代化研究》2019年第4期140-157,共18页Law and Modernization

摘　　要：系列基金是系列商业信托运用于证券投资基金领域的一种特殊形态。系列基金因其独特的法律结构,容易产生各别系列的受益人和信托全体受益人的冲突问题。美国法上积累了较为丰富的系列基金规范经验,值得研究。美国《1940年投资组织法》设有专门针对系列基金的规定,证券与交易委员会据此制定以分别表决为原则的监管规则,以平衡系列基金中的利益冲突。《1940年投资组织法》其他并非为系列基金专设的规范,也存在对系列基金如何适用的问题。根据系列基金的特质,以及兴利除弊的政策立场,在适用实体性规定时,原则上将各系列作为独立主体对待,在适用程序性规定时,原则上将整个系列基金作为单一主体对待。Series fund is a special form of series trust which is applied in the field of securities.Due to its unique legal structure,series fund is likely to create a conflict between the beneficiaries of each component fund and those of the series trust as a whole.To address this problem,the rich experience accumulated in the US legal practice is worthy of study.The American Investment Company Act issued in 1940 has specialized provisions governing series fund,according to which the Securities and Exchange Commission has formulated supervisory rules based on the principle of independent decision making in order to cope with the conflicts of interests in the series fund.According to the property of series fund and for the purpose of promoting what is beneficial and eliminate what is harmful,we should generally take each component of the series as an independent entity when applying the substantive regulations and should basically take the whole series as a single entity when applying the procedural regulations.

关 键 词：系列基金 商业信托 信托型基金 信托法 证券投资基金法 

分 类 号：F83[经济管理—金融学]