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The author:(作者)归海一刀
published in(发表于) 2014/5/27 9:13:06
5 Fund head to resign

"Financial capital" SFC "mouse trap" and then upgrade one-fifth Fund head's initiative to resign

　　The first day in the company, I was told my parents it's immediate family did not allow the stock market, was originally a trading account you want to close, but from the knowledge of logical analysis, portfolio investment is definitely my first choice now because the Securities Act restrictions, fund employees very narrow investment channels, that's what some people would go to operations ' rat trading ' of one of the underlying causes. ”

　　--One of the industry's top Fund, says the company's dealers

The China economic weekly reporter Lao Jiadi | Reporting from Shanghai

Chandler (a pseudonym), spoon stirring in front of Italian-style espresso, taishou show sleeve pin of a luxury brand. Both low-key logo on the customized version of the suit, or left-wrist-worn mirror watch-Sapphire, seem to clearly identify its "gold collar" status.

Sitting in front of the China economic weekly reporter's Chandler, it was shaken by an "identity" anxiety. Recently escalating fund industry "mouse trap" regulatory turmoil, insiders feel insecure, more and more as he bears a "fund managers" label operators chose to "escape" the eye of the storm.

By mid-May this year, about 200 funds head to resign, which account for a total of nearly one-fifth. With the SFC will check the "Rat trading" boards to the public offering in the past, "big brother" Wang Yawei, and this number continues to ferment.

Tangled a multiparty gaming, interests of the ecological chain, in-line upstream of the Fund transactions, this group of elite standing at the tip of the wealth pyramid, became gray dancing in shackles.

　　Conveyor chain of interest exposure

"Don't get me wrong, I can't say anything, afraid to call, not micro, all clamping the tail now. "The Commission launched" May storm ", the fund industry kept quiet, even persons freely to reporters, has always been one of the investments of the Fund are not real.

It is learnt that recently hit the supervision on the muzzle of Fortune SGAM Fund companies including HSBC, China Sea, Huaxia Fund, Fortis, Everbright prudential dividend Fund, the harvest, the China International Fund, across several echelons of the industry. Showpiece event aimed at Wang Yawei took years of Star Fund "China market highlights" top blacklist, all-powerful public offering of "big brother" into a morass of public opinion.

The so-called "Rat trading", refers to the specific stock fund manager of the investment information using other personal accounts of low nibble until after public money aggressively into higher stock prices, short personal accounts for profit.

"' Rat trading ' is especially trade links, which regulators focus on the object, all the insider information about the Fund run to transaction prices have a significant impact, for example, did not release net size of the Fund, the Fund's portfolio, the kind and quantity, the Fund's equities funds holdings adjustment changes, and so on. "Chandler on the China economic weekly said.

"But from a company within the structure of the Fund, the investment decisions of the Fund actually had a whole program, involving many stakeholders. "He explained to reporters," first ' stocks ' Investment Committee is the common filter out, industry research and investment Department, these candidates also have their own information value of stocks, and then by the Department based on the macroeconomic, industry and individual company visits, propose overall investment strategy and stock investment opportunity recommendation report to the Investment Committee for discussion. ”

"The Investment Committee determines the investment strategy, issued to the Ministry of investment investment plans, investment funds will call the company developed and implemented programmes Manager, invested by the Fund Manager under instruction to achieve centralized trading room, again by an independent trader in the trading room to follow the instructions. "Chandler told reporters, each investing in a stock, all aspects of employee interests formed a related party, which is the broader definition of" Rat trading ".

Another analysis to reporters had already turned to the Fund Manager, Alliance of interests is not the scope of the fund company, brokerage analysts are "Rat trading" conveying an important link in the chain of interests. He said, before analysts publish research or research information, associated account to buy stock in advance, "Rob hat" are not uncommon, "some analysts did not publicly available research all of the listed company information will not disclose the information sold to fund managers. ”

It is worth mentioning that, this kind of unspoken rules have also been recently SFC enlightening. Media reports said two brokerage analysts responsible for computer and media industries is currently on limited exit, both of whom also worked in the 2013 best analysts listed in the selection of new wealth.

　　Big data "mouse trap"

Regulators "mouse trap" deterrent action is indeed increasing, but still faces difficulties. According to press reports, traditional forms of reporting has gradually been replaced by data monitoring, the Commission itself has a monitoring system and dedicated law enforcement inspection group, and Shanghai and Shenzhen stock exchanges also have monitoring, the establishment of a model to provide indicator warning, but compared with the mature market, today's technology law enforcement hasn't been able to make good.

Fund industry development strategy of Shanghai Securities Research Center at daihongkun, principal analyst for the China economic weekly that, due to the history of the account or portfolio behavior is hidden in a data which can unearth clues through the data model, and then verified, but to talk about free "Rat trading" was premature.

"Data warehouse information is nothing more than your portfolio, portfolio is a different stock trading point in time, the time of operation, as well as the combination of two or more related and similar degrees, holding stocks of related and similar degrees, through these structures, time-series analysis to unearth clues, then traded IP and account relationships, and so on. "Daihongkun admits that this analytical technique is only a means, increases the probability of violation was found, and fiduciary responsibility to conduct maintenance to building the system root.

According to industry people introduced, exhange by while enjoy has dozens of people of monitoring room, set has more than 200 multiple indicators for monitoring, which also for "mouse warehouse", trading acts established has special verification and regularly report system, once appeared shares deviated from market trend, will sent people immediately check exploration ISO moving behind is which people or institutions in participation, but by system early sieve out of suspicious account number very more, monitoring system itself errors rate not low.

While the SFC insiders say to reporters, and large data sets using "mouse trap" framework has built several years ago, but after it has been upgraded several times, regulatory data monitoring system sensitivity was not enough, still can be monitored only to very large amounts of suspicious transactions.

In this case, the system level "top design," a great deal of attention. "Into company first days, I on was told I and parents such of immediate family not allows stocks, originally of trading account also to close, but from knowledge reserves of logic analysis, securities investment certainly is I of preferred, now because securities law under of limit, Fund practitioners investment channel very narrow, this is some people will to operation ' mouse warehouse ' of inner causes one. "An industry-leading fund companies, according to traders.

Statistics show that United States holds sway over the global fund industry, there is no legislation fully funds practitioners engage in securities trading, choosing instead to "modified plug drain" and only require investment companies and investment advisers, underwriters as first-line supervisors, decide on their own whether to limit transactions, established appropriate procedures to prevent fraud, deceit or manipulation of sexuality. Other financial transactions on the market such as Hong Kong, there is no "one size fits all" ban.

　　Legislative defect and managed is not regarded as an

In fact, compared with a few years ago to fight against "Rat trading" legislation already has been greatly improved. "The current ' rat trading ' irregularities 180th fourth paragraph already has a provision of criminal law in our country, no other law, but there is in the Securities and Futures Commission Ordinance, securities laws just haven't updated, so not a law is absent. "Gu Xiaorong, Shanghai Academy of social sciences, Institute of law, Director of the China economic weekly stressed. He is familiar with securities laws as well as well versed in criminal law expert, has been submitted to the relevant departments on the "Rat trading" legislative proposals.

It is reported that amendments to the Penal Code that was introduced in 2009 (seven) have made "Rat trading" rose to the height of criminal law, as well as insider trading penalties. Below it's maximum sentence of 10 years in prison, and illegal gains five times more than 1 time times times the fine.

However, the zhongyin law firm experienced securities lawyers fumingde, although the existing legal framework, there is an urgent need to improve it. "Since the Securities and futures markets on a wide range of investors, ' rat trading ' damaging the interests of ordinary investors, so the law should be given full civil rights, legislation, should give investors the right to regulator adequate oversight, regulatory dereliction of duty, malfeasance and misconduct, the Prosecutor's right to initiate proceedings, complaints. ”

Fumingde also told reporters added that legislation should give investors a convenient right of civil action, "ongoing violations of securities civil actions impeded is also one cause of rat trading repeated. "Our legislation has not" Rat trading "principal shall bear civil liability for specific provisions, and integrated the securities investment fund law, the General principles of civil law and judicial interpretation of the Supreme People's Court, the Court is not accepting civil compensation in insider trading, stock market manipulation.

In addition to the legislative level of construction, investment fund governance structure are also believed to want to "Rat trading" rampant phenomena "in charge". "China's securities investment fund is part of the contract Fund, mutual fund holders are included in the management structure, fund management and fund custodian tripartite, in theory, fund managers should be subject to supervision of the custodian and holder, holder of the absence of legislative support, and trustee's role is minimal. "A well versed in securities transactions by Investment Bank told the China economic weekly.

According to these sources explained that the trustee of the Fund has become a "Rat trading" link in the ecological chain. "The trustee's remuneration for fund company to pay, because it is considered to be good business, so the banks can say flock, it is difficult to fulfil its oversight obligations. ”

In addition, in accordance with laws and regulations and fund Trusteeship Agreement approved by the Securities and Futures Commission and the Central Bank, trustee of the Fund Manager is entitled to replacement. "The securities investment fund law is the trustee of the Fund contract may stipulate responsibilities under what circumstances termination, but most of the Fund will be agreed as long as fund managers have good reason to believe that the replacement Fund custodian trustees meets the interests of fund holders can be replaced. "These people respect and take up the monitoring responsibility managed exist in human form.

It also attracted the attention of regulators. Regular briefings on May 9 by the SFC, the downstream Bank custodians troubleshoot object.

And select funds managed by fund managers in China who in different ways, Germany is the way regulators choose a fund custodian. Become the agent of the Fund holders, the trustee of the Fund to monitor fund managers, fund trustees to supervision of the persons entrusted with the management of the company and the right of option referred to the regulator.

(Intern Gao Tianqi contribute to this article)

　　In recent years caused a "Rat trading" case

　　The first "Rat trading"

Tang Jian

Born in 1974, was the "China international growth pioneer Fund," Fund Manager

Identified, in March 2006, Tang Jian duties will, through their securities accounts transactions under the control of the Xinjiang joinworld stock for himself and others to illegally profit 1.5272 million Yuan. On April 8, 2008, the Commission announced a decision canceled Tang Jian facility qualification, confiscation of illicit proceeds 1.5272 million Yuan, and a fine of 500,000 yuan, making it the Chinese stock market was investigated for insider trading in its first Fund Manager.

　　The largest amount of "Rat trading"

Malo

Born in 1982, was a "Boshi featured stock" fund managers

Identified by the Court, on March 9, 2011 to May 30, 2013, Malo Boshi featured nonpublic information to trade stocks, buy the same stocks 76 deals more than 1.05 billion yuan, profits of more than 18 million Yuan, involving a record high. On March 28, 2014, the court first instance ruling Malo to 3 years of imprisonment, suspended for 5 years and fined 18.84 million. But prosecutors believe that the verdict and sentencing obviously incorrectly, made a protest.

　　The most tangled "Rat trading"

Li Xuli

Born in 1973, served as Bank of communications Schroders investment Director

Court found that on February 28, 2009 to May 25, Li Xuli directive Li Zhijun, General Manager of Sales Department, MINMETALS Corporation Shenzhen jintian road in the securities accounts under its control, sale of ICBC shares, the accumulative amount of around 52.264 million dollars, about 10.716 million Yuan profit. In November 2012, the Shanghai intermediate people's Court sentenced Li Xuli sentenced to 4 years in the first instance, fines of 18 million Yuan, and recovery of illegal gains of more than 10 million Yuan. Li Xuli appealed against the verdict. On May 23, 2013, the case entered the Shanghai high people's Court of second instance, Li Xuli confession in court, he and his defenders for an excuse of innocence and defence. October 2013, Shanghai high people's Court of second instance verdict, maintaining the first-instance sentence.

　　"Living Lei Feng" style "Rat trading"

Zhong Xiaojing

Born in 1980, served as "HSBC trust money market fund," Fund Manager

Shanghai supervision Bureau disclosed on July 20, 2009 until January 3, 2012, Zhong Xiaojing use their accounts and have some control over an account, sync at all or long after the HSBC Fund for the purchase of shares of the same company, 12 total transactions, the cumulative purchase amount 3,248,511 Yuan, a loss of 84,500. Generally speaking Rat trading using inside information, advanced layout. Funds into the market would go up after that "Rat trading" is profitable for the operator. But Zhong Xiaojing is synchronous or long after the HSBC Fund for the purchase of shares of the same company. The industry joke: "my own money to help fund placated by ', was a living Lei feng. "(Wang Wenju)

　　【金融 资本】证监会“捕鼠”再升级 1/5基金掌门人主动请辞

　　进公司第一天，我就被告知本人和父母这样的直系亲属不允许炒股，原先的交易账户也要关闭，但是从知识储备的逻辑分析，证券投资肯定是我的首选，现在因为《证券法》的限制，基金从业人员投资渠道非常窄，这也是一些人会去操作‘老鼠仓’的内在原因之一。”

　　—— 一位业内顶尖的基金公司交易员如是说

　　《中国经济周刊》 记者 劳佳迪 | 上海报道

　　钱德勒(化名)用汤匙拨动着眼前的意式浓缩咖啡，抬手间露出一颗奢侈品牌的袖钉。无论是定制版西装上低调的logo，还是左腕佩戴的蓝宝石镜面名表，似乎都明白无误地标识着其“金领”的身份。

　　而坐在《中国经济周刊》记者面前的钱德勒，遭遇的却正是一场关于“身份”的焦虑。近日愈演愈烈的基金业“捕鼠”监管风暴，令圈内人人自危，越来越多和他一样贴着“基金经理”标签的从业人士选择了“逃离”风暴眼。

　　截至5月中旬，今年已有约200只基金的掌门人请辞，占基金总数近五分之一。随着证监会将稽查“老鼠仓”的板子打到昔日公募“一哥”王亚伟身上，这个数字还在继续发酵。

　　一条多方博弈、利益纠结的生态链条，串联起基金交易的上下游，令这群站在财富金字塔尖的精英们，成了戴着镣铐的灰色舞者。

　　利益输送链曝光

　　“你不要害我犯错，我什么也不能说，不敢打电话，不敢发微信，现在人人夹紧尾巴。”证监会掀起的“五月风暴”，令基金行业噤若寒蝉，就连素来对记者畅所欲言的一位基金投资部人士都不愿置喙。

　　据悉，近期撞到监管枪口上的基金公司包括汇丰晋信、华宝兴业、华夏基金、海富通、光大保德信红利基金、嘉实基金、上投摩根基金等数家，横跨业内几大梯队。最夺目的是王亚伟执掌多年的明星基金“华夏大盘精选”也名列黑名单，让叱咤风云的公募“一哥”陷入舆论泥潭。

　　所谓“老鼠仓”，是指对具体个股投资掌握信息的基金经理利用其他个人关联账户先低位建仓，待公共资金大举进入拉高股价后，再抛空个人账户牟利。

　　“‘老鼠仓’是特指交易环节，这也是监管部门重点打击对象，有关基金运行的一切内幕信息都会对交易价格产生重大的影响，比如说没有公布的基金净值大小、基金的投资组合、基金持股的种类和数量、基金股票仓位的调整变化等等。”钱德勒对《中国经济周刊》表示。

　　“但从基金公司内部架构看，基金的投资决策其实有一整套程序，还牵扯到许多利益方。”他对记者解释道，“首先‘股票池’就是由投资决策委员会、行业调研部和投资部共同筛选出来的，这些候选股票本身也有信息价值，然后由行研部基于宏观经济、产业和个体公司考察，提出总体投资策略建议和个股投资时机建议报告，交给投资决策委员会讨论。”

　　“投资决策委员会确定投资策略后，再向投资部下达投资计划，投资部会召集公司里的各个基金经理制定实施方案，由基金经理将投资指令下达到集中交易室，再由独立的交易员在交易室执行指令。”钱德勒告诉记者，每投资一只股票，各个环节的从业人员都形成了利益关联方，这就是更广义的“老鼠仓”。

　　另一位已经转行的基金经理则对记者分析，利益同盟的范围还不止于基金公司内部，券商分析师也是“老鼠仓”利益输送链条中的重要环节。据他透露，分析师在发布研报或者调研信息前，利用关联账户事先买入股票的“抢帽子”行为并不罕见，“还有些分析师并没有公开掌握的调研上市公司的全部信息，将未披露的信息卖给基金经理。”

　　值得一提的是，这种行业潜规则近日同样遭到了证监会当头棒喝。有媒体报道称，负责计算机、传媒行业的两位券商分析师目前已被限制出境，这两人还曾在2013年新财富最佳分析师评选中榜上有名。

　　大数据“捕鼠”

　　监管层的“捕鼠”行动威慑力的确正在加大，不过也依然面临多重困难。据记者了解，传统的举报形式已逐渐由大数据监控来替代，证监会本身拥有一套监控系统和专司执法的稽查大队，而沪深两个交易所也拥有监测室，建立了相关模型提供指标预警，但与成熟市场相比，当下的科技执法还未能尽善。

　　从事基金行业发展战略研究的上海证券基金研究中心首席分析师代宏坤对《中国经济周刊》表示，由于历史上的一些账户或者投资组合的操作行为都隐藏在数据当中，所以通过数据模型确实可以挖掘出一些线索，再进行核查，但要谈就此杜绝“老鼠仓”为时尚早。

　　“数据显示的进仓信息无非就是你的投资组合，投资组合则是不同股票买卖的操作时点、时机，以及两个或更多组合间的相关度和相似度、持有股票的相关度和相似度，通过对这些结构、时序的分析来挖掘线索，然后分析交易IP和开户人社会关系等。”代宏坤坦言，这种分析技术只是手段，虽会提高违法被发现的概率，但制度建设和信托责任的操守维护才能治本。

　　据业内人士介绍，深交所虽然配有几十人的监控室，设置了200多个指标用于监测，其中还针对“老鼠仓”等交易行为建立了专项核查和定期报告制度，一旦出现股价偏离大盘走势，会派人立马查探异动背后是哪些人或机构在参与，但经系统初筛出的可疑账户数量极多，监控系统本身错误率不低。

　　而证监会内部人士则对记者直言，利用大数据“捕鼠”的框架几年前就已经搭建，但经过几次更新升级后，监管部门的大数据监控系统灵敏度还不够，仍然只能监测到金额非常大的可疑交易。

　　这种情况下，制度层面的“顶层设计”备受瞩目。“进公司第一天，我就被告知本人和父母这样的直系亲属不允许炒股，原先的交易账户也要关闭，但是从知识储备的逻辑分析，证券投资肯定是我的首选，现在因为《证券法》的限制，基金从业人员投资渠道非常窄，这也是一些人会去操作‘老鼠仓’的内在原因之一。”一位业内顶尖的基金公司交易员如是说。

　　资料显示，美国作为全球基金业的执牛耳者，就没有完全立法禁止基金从业人员从事证券买卖，而是选择了“改堵为疏”，只要求投资公司及其投资顾问、主承销商作为第一线监督者， 自行决定是否限制交易， 自行建立相应程序防范欺诈、欺骗或操纵性行为。香港等其他金融交易市场上，也没有“一刀切”的禁令。

　　立法缺失，托管人不作为

　　事实上，与几年前相比，针对打击“老鼠仓”的立法已经有了长足的改进。“目前关于‘老鼠仓’的违法行为，我国刑法第一百八十条第四款已经有了规定，其他法律暂时没有，但是证监会的条例中是有的，只是证券法还没有更新，所以不能算是法律缺席。”上海社会科学院法学研究所所长顾肖荣对《中国经济周刊》强调。他是国内既精通刑法又熟悉证券法的专家之一，曾向相关部门提交过关于“老鼠仓”的立法建议。

　　据悉，2009年出台的《刑法修正案(七)》已将“老鼠仓”上升到刑法高度，并按内幕交易罪处罚。最高判处10年以下的有期徒刑，并处违法所得一倍以上五倍以下的罚金。

　　不过，在中银律师事务所资深证券律师付明德看来，虽然已有法律架构，仍有亟须完善之处。“因为证券、期货市场涉及众多投资者，‘老鼠仓’损害的是普通投资者利益，所以法律应该赋予充分民权，在立法时，应该赋予投资者对监管部门充分的监督权，对于监管层失职、渎职和不当行为，有检举、控告提起诉讼的权利。”

　　付明德还对记者补充，立法时应该赋予投资者便捷的民事诉讼权，“目前有关证券侵权行为民事诉讼不畅，也是造成老鼠仓屡禁不止的原因之一。”我国立法迄今未对“老鼠仓”主体应承担的民事责任作出具体规定，综合《证券投资基金法》、《民法通则》和最高人民法院的司法解释，法院并不受理内幕交易、操纵证券市场的民事赔偿。

　　除了立法层面的建设，基金治理结构也被认为要对“老鼠仓”泛滥的现象“负责”。“我国证券投资基金是属于契约型基金，治理结构中包含了基金持有人、基金管理人和基金托管人三方，理论上基金管理人应该受到托管人和持有人的双重监督，持有人的监督没有立法支持，而托管人的作用也微乎其微。”一位精通证券交易的投行人士告诉《中国经济周刊》。

　　据上述人士解释，基金托管人反而成了“老鼠仓”生态链上的一环。“托管人的报酬也是基金公司来支付的，因为被视为优质业务，所以银行可以说趋之若鹜，很难履行监督义务。”

　　此外，根据法律法规和基金托管协议，一般经过证监会和央行批准，基金管理人就有权更换托管人。“《证券投资基金法》是规定基金合同可以约定托管人职责在什么情形下终止，但是大多数基金都会约定只要基金管理人有充分理由认为更换基金托管人符合基金持有人利益就可以更换托管人。”上述人士直言，肩负监督重责的托管人形同虚设。

　　这同样引起了监管层的重视。在证监会5月9日召开的例行通报会上，下游的银行托管人也成为排查对象。

　　和中国目前由基金管理人选择基金托管人方式不同，德国采取的是监管机构选择基金托管人的方式。基金托管人成为基金持有人的代理人去监督基金管理人，把对基金托管人受托监管公司的监督和选择权交由监管机构。

　　(实习生高天齐对此文亦有贡献)

　　近年来轰动一时的“老鼠仓”案

　　首例“老鼠仓”

　　唐建

　　生于1974 年，曾任“上投摩根成长先锋基金”基金经理

　　经查明，2006年3月，唐建利用职务之便，通过其所控制的证券账户交易新疆众和股票，为自己及他人非法获利152.72 万元。2008 年4 月8 日，证监会公布处罚决定，取消唐建基金从业资格，没收其违法所得152.72 万元，并处50 万元罚款，使其成为中国证券市场因内幕交易而被查处的第一个基金经理。

　　金额最大的“老鼠仓”

　　马乐

　　生于1982年，曾任“博时精选股票”基金经理

　　法院查明，2011年3月9日至2013年5月30日期间，马乐利用博时精选交易股票的非公开信息，买入相同股票76只，交易金额10.5亿余元，盈利1800余万元，涉案金额为历史最高。2014年3月28日，法院一审判决马乐有期徒刑3年，缓刑5年，并判处罚金1884万。但检方认为该判决量刑明显不当，提出了抗诉。

　　审理最纠结的“老鼠仓”

　　李旭利

　　生于1973年，曾任交银施罗德投资总监

　　法院查明，2009年2月28日至5月25日，李旭利指令五矿证券深圳金田路营业部总经理李智君在其控制的证券账户内，买卖工行股票，累计金额约5226.4万元，获利约1071.6万元。2012年11月，上海一中院一审判处李旭利有期徒刑4年，罚金1800万元，追缴违法所得1000余万元。李旭利不服判决提出上诉。2013年5月23日，该案件进入上海高院二审，李旭利当庭翻供，他本人及其辩护人作了无罪辩解和辩护。2013年10月上海高院二审宣判，维持一审原判。

　　“活雷锋”式“老鼠仓”

　　钟小婧

　　生于1980年，曾任“汇丰晋信货币市场基金”基金经理

　　上海证监局披露，2009年7月20日到2012年1月3日，钟小婧使用自己账户及其具有部分控制权的张某账户，同步于或者略晚于汇丰晋信各基金买入同一公司股票，共交易12只，累计买入金额324.8511万元，亏损8.45万元。一般来说老鼠仓都是利用内幕消息，提前布局。等基金入局之后股价便能上涨，“老鼠仓”操作者则可从中获利。但钟小婧都是同步于或者略晚于汇丰晋信各基金买入同一公司股票。业内人士笑谈：“自己掏腰包帮基金‘抬轿’，简直就是活雷锋。”(王文聚)

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