Fund: "Rat Barn" is not just "personal problem"

Synopsis: A fund manager who manages two index funds, can know the heavy stock information of other funds of the company, and discloses the information to others, then, at least, it explains that the governance structure of the company and the internal control mechanism are not sound and perfect.　　This newspaper reporter Zhang Xueqing the "rat storehouse" the mystery finally because the financing fund company's a paper announcement and temporary end. Financing Fund company May 15 announced that, since the relevant media reports "Zhou Yi incident", the company immediately carried out a serious self-examination. In line with the principle of accountability to the fund holders, the company decided on April 14 to suspend the Zhang Ye fund manager position, to take the position of the relevant personnel with investment management qualifications, and to report to the regulatory authorities.　　In view of the "Zhou Yi incident" in Zhang Ye serious breaches of the company regulations, the company decided to terminate the labor contract with Zhang Ye, be removed.　　"Rat Barn" exposure Bulletin called "Zhou Yi incident" refers to the financing fund is closely related to a mysterious retail investment myth called Zhou Yi. 2006 two quarter and three quarter, Zhou Yi took the lead in the new Middle base (000972) in the positions, as of the end of the three quarter shareholding reached 520,000 shares, the shareholding ratio of 0.42%. 2006 year of Four Seasons, Zhou Yi shareholding increased to 1.55 million shares, accounting for 0.87%. And the financing of the Fund's 4 funds, intermediation power pioneer, financing new blue-chip, financing tide 100 and fund dry also entered the stock massively. At the same time, the new China base shares surged, from the end of September 2006 to 11.17 Yuan/share, rose to the end of 2006 17.08 yuan/share.　　Whether financing funds or retail Zhou Yi are very fruitful. 2008 The two quarter, the same tricks. Retail Zhou Yi and financing new blue-chip once again ranked Guangzhou Cooler (000893) The top ten circulating shareholders.　　At the end of the three quarter of 2008, Zhou Yi from the top ten circulating stock shareholders, the fund dried up to the third largest circulation of Guangzhou cold machine shareholders, Guangzhou Cold machine was eventually restructured in November, the share price soared. In the second half of 2008, Zhou Yi and financing of new blue-chip, fund, and at the same time become Hainan Sea Medicine (000566) of the major shareholders. While。　　The Fund's dry, new blue-chip and Zhou Yi are again appearing in the list of the top ten circulating shares in the 2008 annual report of the Sichuan shares (000155). Zhou Yi and Financing fund "coincidence" appeared, causing media attention.　　April 7, media disclosure of the Fund's "Rat Barn" rumors.　　Just "personal issues"?　　According to the financing company bulletin, after hearsay report, financing company carried out self-examination, and on April 14, made a suspension of Zhang Ye fund manager position decision. Zhang Ye is the fund manager of the 100 Index fund and the financing Tide 100 Index fund, and has more than 14 years of securities experience.　　In 2000, Zhang Ye was chairman and general manager of Hangzhou New Hope Securities Investment Consulting Co., Ltd. April 13, the SFC formally opened the case investigation. May 12, the relevant departments of the China Securities Regulatory Commission negativeThe responsible person made it clear that the investigation of the case had been concluded and that the initial view was "personal issues". The survey shows that there are indeed fund company practitioners may violate the relevant laws and regulations, engaged in improper conduct.　　Mainly the fund practitioners do not follow the provisions of the transaction, in violation of the relevant provisions, in the case of the transaction should not be traded, contrary to the fund company practitioners should comply with some of the provisions, engaged in a number of "misconduct." Market participants believe that "mouse storehouse" is not only "personal behavior", and the company's management is closely related. A fund manager who manages two index funds can learn about the heavy stock information of other funds of the company and disclose it to others, then, at least, it explains that the governance structure of the company and the internal control mechanism are imperfect and perfect. And it is because of the imperfect mechanism, so that "mouse" opportunity. If the mere belief that "rat storehouse" is a personal act, and does not make the necessary punishment to the relevant company, it will make the company relax the regulation of the employee's behavior, because even if the occurrence of the rat is also personal behavior, it has nothing to do with the company.　　Therefore, the proposal to the relevant companies should also have certain penalties. In this process, the financing company did not disclose the Zhang Ye in time, but also to the interests of investors hurt. Factoring Fund company on April 14 suspended the Zhang Ye fund manager position, that is, from the internal inventory to determine suspicion, spent 6 working days.　　However, in the suspension of the Zhang Ye fund manager title to the date of the announcement for a full one months, the fund company's information disclosure lag is also irregular, so that investors on the financing fund company this important decision can not be informed in time.　　Many people think that, because the Zhou Yi appeared in the top ten shareholder list to enable the rat storehouse to expose, that is not the top ten shareholder "rat Storehouse" whether still have? The legal profession pointed out that "mouse storehouse" not only damages the interest of CDI, but also exploits the advantage of capital and information to infringe the interests of the weak and small shareholders, which violates the open, fair and just order of our securities market.　　"Rat Storehouse" is not a case in the fund industry, and the size of "rat barn" is not decimal. Prior to the Zhang Ye, there had been a vote on Morgan has highlighted and the South fund Wang Limin for "rat Barn" was punished by the SFC.　　Therefore, the continuous emergence of "mouse storehouse" needs to arouse the reflection of the fund industry. Whether to investigate criminal responsibility Zhang Ye "mouse storehouse" behavior will investigate criminal responsibility? The amendment to the Penal Code adopted and implemented on February 28 this year stipulates that, under the Penal Code, the staff of a fund management company, a securities firm, a commercial bank or other financial institution,　　To make use of any undisclosed business information other than insider information obtained by reason of the functions, to engage in transactions related to the information, or to advise others to engage in related transaction activities, if the circumstances are serious, and shall be punished according to the relevant provisions of the criminal law. According to this clause, the "rat storehouse" can be sentenced to 5 years imprisonment or criminal detention, and a single place or more than 1 time times the illegal income of more than 5 times times the following fine; In particular serious circumstances, will be more than 5 years and less than 10 years imprisonment, and the illegal income of 1 time timesThe above 5 times times the following fine.　　Analysts believe that the new penal amendment may not apply to Zhang Ye, as the Zhang Ye "Rat Barn" is in accordance with the principle of not retroactive to the law before March 1 this year. Judging from the administrative penalty, the SFC may also impose penalties on Zhang Ye.　　Last year's "Rat Case" was a major event in the area of securities, and the SFC promptly imposed administrative penalties, abolishing the qualifications of 2 fund managers, confiscating illegal income and imposing fines. Now it seems that, in addition to administrative penalties, the "rat storehouse" of criminal responsibility is difficult to investigate, may even civil liability can not be prosecuted.　　Last year, after the first "rat barn" was administratively punished, CDI launched a "rat storehouse" of civil rights also failed to end.　　Therefore, in order to really restrain the occurrence of "rat storehouse", we need the cooperation of law, Administration and fund company, and only severe penalties can make the fund industry take up the fiduciary responsibility. For more wonderful financial articles, please login to the first financial network (www.Amoney.com.cn) statement: This copyright for the first exclusive financial management, if necessary reprint, please contact us. Email to editor@amoney.com.cn or call 021-64830133