美国共同基金制度、实践及启示系列研究之四

Mutual funds system、Practice and revelation of the four series of research

　　防范套利需统一监管体系

Prevent arbitrage should be unified supervision system

　　——美国金融机构进入共同基金的历程及其监管

- the United States financial institutions into the course of mutual fund and its regulation

　　随着国内各类金融机构在资产管理领域的相互渗透，混业经营的格局向纵深发展(000001,股吧)。由于基金、保险、信托、证券、期货等各类金融机构归属不同的部门监管，有可能在不同金融机构发起的类似金融产品之间形成不同的监管标准，导致监管套利。在美国金融机构从分业经营逐步走向混业经营的过程中，监管之间的边界也是一直争论不休的话题。不同监管部门之间经过几十年的博弈，针对不同金融机构发起的共同基金这类投资公司，形成了相对统一的监管体系。

Along with the domestic all kinds of financial institutions in the asset management areas of mutual infiltration，Mixes industry the management pattern to further development(000001,guba)。Due to the fund、insurance、trust、securities、Futures and other kinds of financial institutions belong to different departments supervision，May in the different financial institutions launch of similar financial products formed between different regulatory standards，Lead to regulatory arbitrage。In the United States financial institutions from divided operation to mixed operation step by step in the process of，The boundary between supervision is also has been the topic of debate。Different between supervision department after decades of game，According to different financial institutions by the mutual fund this kind of investment company，Formed a relatively unified supervision system。