Rat Fund Concept - In Violation Of The Principle Of Good Faith

Updated date:2011/12/13 下午 01:55:55

Rat Fund
First, the concept
Rat is the first fund of fund managers to buy a stock, and then use a large number of investors' money to buy the stock, and the like when the stock rose to high prices, they buy stocks sell their own profit. Build "Rat" contrary to the general principle of good faith professional managers, it is a serious ethics problems, and suspected of crimes.
Second, laws and regulations
1, February 28, 2009, the seventh meeting of the Eleventh National People's Congress vote "Criminal Law Amendment (g)", which stipulates that the state will severely punish financial employees "Rat" behavior to a maximum ten years in prison.
"Criminal Law Amendment (g)" provision, Article 180 of the Criminal Code added as fourth paragraph: stock exchanges, futures exchanges, securities companies, futures brokerage companies, fund management companies, commercial banks, insurance companies and other financial institutions practitioners and relevant regulatory department or industry association staff, the use of insider information because outside of his office to obtain the additional information is not disclosed in violation of regulations, engaged in the information related to securities and futures activities, or express, implied others to engage in related to trading activities, the circumstances are serious, be punished in accordance with the provisions of the first paragraph.
Punishment first paragraph of this behavior are: imprisonment or criminal detention and concurrently or more than five times the illegal gains fine; circumstances are especially serious, more than five to 10 years in prison, more than five times the illegal income and impose a fine.
2, "Securities Investment Fund Law" Article XVIII: fund managers directors, supervisors, managers and other employees, may not serve in any capacity and fund custodian or other fund managers, fund property damage and shall not engage in fund shares interests of the holders of securities trading and other activities. Article 97 provides: fund managers, fund custodians specialized fund trust department employees in violation of the provisions of Article 18 of the fund property or fund share holders of damage, liability according to law; plot serious, canceled fund qualifications; constitutes a crime, be held criminally responsible.
3, the "Securities Law" Article 199 stipulates: laws, administrative regulations prohibit staff involved in stock trading, directly or with a pseudonym, nominal holding by others, the sale of stock, ordered to dispose of illegally held stocks in accordance with law , confiscate the illegal income, impose a fine of the sale value of the shares of; they are state workers should also be given administrative sanctions according to law.
Third, the case
1, Han Gang Case
Han Gang, male, born in October 1974, was the Great Wall Fund Management Co. Jiufu Securities Investment Fund (hereinafter referred to as Jiufu Fund) fund managers.
January 6, 2009 Japan and South Korea just as Jiufu fund until the fund managers found violations of August 21, 2009, Hangang Li used his position to facilitate and fund investment decisions on the acquired information, and his wife, who through the network Shimou single way, interoperable relatives Han Gang Wang opened a securities account with the same name in the stock exchange, prior to or Jiufu fund and manage Han Gang synchronization and prior to buying or selling Jiufu fund synchronization related stocks; or Jiufu related stocks traded funds Jiancang stage, involving "Golden Horse Group", "Ningbo Huaxiang", "Australian foreign science and technology", "Jiangnan high fiber" and other 15 stocks, which, February 28, 2009, "Criminal Law amendment (g ) "after the announcement of the implementation to date between August 21, the aforementioned transactions involving" Golden Horse Group "stock 14.
Han Gang said violation of the "Fund Law" Article XVIII and the "Securities Act" provisions of Article 43, constitute the "Fund Law" and Article 97 of the "Securities Law" Article 199 the violations. Meanwhile, Han Gang behavior between February 28, 2009 to August 21, the date also constitutes the use of "People's Republic of China Criminal Law" Article 180 Paragraph Four of information dealing offense not disclosed. Shenzhen City, Guangdong Province, Futian District People's Court held a public hearing, Han Gang guilty of the use of undisclosed information trading crime, was sentenced to a year in prison and fined 310,000 yuan; 303,274.46 yuan illicit money confiscated. Article 97 of the China Securities Regulatory Commission based on "Fund Law" canceled fund qualifications Han Gang.
Han Gang is the first case of alleged violation of the "People's Republic of China Criminal Law" provisions of "the use of undisclosed information trading crime", was transferred to public security organs investigated for criminal cases.
2, Tu strong case
James Strong, male, born in December 1969, former Invesco Great Wall Fund Management Co., Ltd. (hereinafter referred to as Invesco Great Wall) King Series open-end securities investment funds (including preferred equity funds, balanced funds power, money market funds), Invesco Great Wall Ding Yi equity Securities investment Fund (hereinafter referred to Ding Yi Fund) fund managers.
Found September 18, 2006 Tam Ren Jingshun fund manager James Strong King of the Great Wall series of open-ended funds (11 March 2009 Fund Manager Ding Yi Ren Jingshun Great Wall Securities Investment Fund) until 2009 James Strong time violations on August 20, James strong, who by way of a single network, interoperable James strong relatives Zhao, Wang opened two accounts in the stock trading in the securities of the same name, prior to or painted with strong management power balanced Fund synchronization and other funds to buy related stocks, prior to or with synchronous dynamic balance fund and other funds related stocks to sell, to Shanghai Pudong Development Bank and other 23 stocks for Zhao, Wang account of illegal profits 379,464.40 yuan.
July 29, 2010, China Securities Regulatory Commission, according to "Securities Investment Fund Law" and Article 97 of the "Securities Law" Article 199 stipulates that made the decision: to cancel Tu strong fund qualifications; James strong confiscate the illegal income 379,464.40 yuan, and impose a fine of 2 million yuan.
3, bangs case
Liu, male, born in July 1978, the original Great Wall Fund Management Co., Ltd. (hereinafter referred to as the Great Wall Fund) Great Wall of sound and increased profits bond securities investment fund managers.
August 27, 2008 as the Great Wall bangs strong and increased profits Bond Securities Investment Fund (hereinafter referred to as Bond Fund) fund manager Liu violations found time until August 21, 2009, fringe orders by telephone, etc., operations Hwang wife at Guotai Junan Securities in Shenzhen business department Caiwuwei Jinhua Street opened securities account with the same name in the stock exchange, the first to buy the bangs managed bond funds and sell related stocks, Angang Steel and other involved three stocks, as Hwang account of illegal profits 134,683.57 yuan.
July 29, 2010, China Securities Regulatory Commission, according to "Securities Investment Fund Law" and Article 97 of the "Securities Law" Article 199 stipulates that made the decision: to cancel Tu strong fund qualifications; Liu confiscate the illegal income 134,683.57 yuan, and impose a fine of $ 500,000.
4, Zhang Ye case
Zhang Ye, male, born in November 1962, to finance the Fund Management Co., Ltd. (hereinafter referred to as factoring companies) former fund manager.
From 2007 to February 2009, Zhang Ye, taking advantage of serving factoring companies fund manager duties on participating factoring companies Investment Committee meeting, the Fund Morning, investment research regular meeting, study the monthly meeting, the external broker launches and with factoring companies fund managers, researchers the process of communication, access to non-public information factoring companies fund investment and recommend related stocks, through the network of single way for Zhu Xiaomin operating Hongta Securities Beijing Itai Road sales Department Zhu Xiaomin actual control, "Zhou Qiang" account engaged in stock trading, ahead of Zhang Ye management facility CNINFO 100 index funds and other factoring companies to buy and sell funds or to sell the underlying stocks in the fund factoring companies to achieve profit "Zhou Qiang" account 9,398,362 yuan, charged Zhu Xiaomin thank fee of 200 yuan.
December 2006 to July 2007, Zhang Ye network through a single mode, the operator of the same name as his wife Sohn stock account to trade for account profit 2,294,791.90 yuan.
June 18, 2009, China Securities Regulatory Commission, according to "Securities Investment Fund Law" and Article 97 of the "Securities Law" Article 199 stipulates that made the decision: to cancel the fund qualifications Zhang Ye; Zhang Ye confiscate the illegal income 2,294,791.90 yuan and impose a fine of 4 million yuan.

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