Research on Legal System of Internal Control of Investment Company in U.S.A
|School||Hunan Normal University|
|Keywords||Investment company Internal Control Corporate governance structure|
U.S. investment company is divided into managed investment company, unit investment trust denomination certificate company three categories . Managed investment company is divided into open and closed . The open is mutual funds , is a typical form of investment company in the United States . The United States since the enactment of the Investment Company Act of 1940 , the legal adjustment of the investment company has experienced three major periods , the first period is from 1940 to 1974 , the second period is from 1975 to 2000 , and the third The period from 2001 to the present . The investment company 's legal system has experienced three periods from strict to lenient then strict development process . Loose during the regulation of investment companies to guide strict period in order to prevent . Not there is a difference of the investment company 's governance structure and self- governance structure of the company , there is a fundamental difference between the operations of the investment company with the operating company , the investment company does not have office space, equipment , and employees . The protection of the interests of the shareholders of investment companies mainly rely on a system of independent directors , the investment adviser 's fiduciary duty and shareholder litigation system . United States the COSO Committee on Internal control integration framework to provide reasonable assurance to achieve operating efficiency and effectiveness of the enterprise , the reliability of financial reporting and compliance with applicable laws and regulations includes three types of target . The framework has withstood the test of time , and became the basis of the current U.S. rules , regulations and laws . Internal control of the U.S. investment company is mainly affected by the regulation of Article 302 of the SOX Act . Section 302 requires the investment company's chief executive officer and chief financial officer , or the person to perform the same duties the establishment of the disclosure controls and procedures to assess the proof. The legal system of China 's securities investment fund industry internal control defects legislative level , those policies , internal control body and accountability mechanisms are not clear , and the governance structure of the Fund . Learn from the legal system of internal control of the U.S. investment company , the more benefit from the legislation the concept and value orientation .