The Management Of Securities Investor Protection Fund Shall Be Amended.

　　 SFC Issue the management method of Securities Investor Protection Fund (Draft for Soliciting Opinions), and solicit opinions from the public on the modification of the method. This is the first time that 10 years after the issuance of the securities investor protection fund management method, the method has been modified. After the rapid development of China's stock market in the past 10 years, especially in recent years, the top executives have paid more attention to the protection of investors. It is necessary to improve the management measures of the Securities Investor Protection Fund released 10 years ago.

In order to protect investors effectively, it is necessary to broaden the source of investor protection fund. For example, all the fines imposed by the SFC on illegal activities should be taken as the source of investor protection fund. This will bring a large amount of capital to the Securities Investor Protection Fund. In addition, the payment of funds by listed companies should also become an important source of investor protection fund.

Judging from the content of the draft, the SFC is right. Securities Investors The protection fund management method is revised and improved from six aspects: improving the corporate governance structure of the insurance fund and optimizing the raising procedures of the Securities Investor Protection Fund. It is proposed to increase the central bank's refinancing as a financing channel, and appropriately expand the investment scope of the insurance fund, and propose new investment bonds such as government bonds and central corporate bonds. Generally speaking, these changes reflect the spirit of keeping pace with the times.

But there is a more prominent problem in revising the six aspects of the draft, that is, there is no further protection for investors. This is actually a short board of the securities investor protection fund management method. It is necessary to change this short board situation to amend the management measures of Securities Investor Protection Fund.

An obvious fact is that the securities investor protection fund has been established for more than 10 years. In the protection of investors' legitimate interests, there has been no substantive action of the Securities Investor Protection Fund. In fact, in the past 10 years, investors' interests have been harmed.

And one of the most important reasons is that there is a deviation in the positioning of the Securities Investor Protection Fund. The so-called investor protection fund is actually a risk disposal fund for a securities company. Its original intention is to establish the risk of preventing and disposing securities companies. long-term mechanism "The purpose of the securities companies is to revoke the creditors in accordance with the relevant state policies and regulations when the securities companies are withdrawn, closed or bankrupt or under the mandatory regulatory measures such as administrative takeover and trusteeship by the SFC. From the perspective of protecting investors' interests, this kind of risk disposal fund plays a very limited role in protecting investors' interests.

Therefore, it is necessary for the securities investor protection fund to undertake the important task of protecting investors by amending the management measures of the Securities Investor Protection Fund. On the basis of the current risk disposal fund, the purpose of the fund is further broadened. For example, in view of the problem of "difficult claims", investors may be compensated by the securities investor protection fund, or if the defendant is unable to compensate the investors, the investor protection fund will compensate the investors for some losses.