摘要
CTA是期货投资基金行业重要的参与者。全球CTA主要聚集在美国,这与美国非常完善、严格的CTA立法有非常紧密的关系。美国CTA立法的主要内容包括严格的市场准入规则、严苛的职业诚信义务和严厉的违法行为责任后果等方面。当前,我国正在大力发展期货市场机构投资者,也亟需加强与之相关的制度建设。本文对美国CTA立法进行认真分析后认为,我国未来的CTA立法应该借鉴美国的制度,以保护投资者利益和公共利益为宗旨,在从资格审查、职业诚信义务课以到违法行为处罚的每一个环节上对CTA进行严格监管。
CTA is an important participant of managed futures. Most of the CTAs are located in the US, which is the result from perfect and strict laws in the US. The laws mainly include strict market access rules, rigorous professional good faith obligation and stringent punishment measures for illegal behaviors. Currently, China is forcefully developing institutional investors for futures market, and it is necessary to enact related laws and regulations. After analyzing the laws about CTA in the US, the author concludes that we should take US laws as a reference and aim to protect investors＇ interests and public welfare. In the future, the legislation of CTA in China should strictly supervise every link of qualification, professional good faith obligation implementation and lawbreaking punishment of CTAs.
出处
《证券市场导报》
CSSCI
北大核心
2009年第2期4-11,共8页
Securities Market Herald
关键词
商品交易顾问
商品基金经理
期货投资基金
美国证券法
Commodity Trading Advisor （CTA）, Commodity Pool Operator （CPO）, Managed Futures, US Securities Laws
