The Legal System of the Company-investment Fund of Japan and its Revelation to China

In 1998,Japan introduced the company-investment fund system called investment legal person,which has greatly quickened its financial innovation in terms of the variety of funds and,together with the existing contract-investment fund system,promoted the development of Japanese investment fund industry.The present legislation of China has stipulated regulations only for the contract-investment fund.When the time is mature,the company-investment fund system should be introduced to promote the constant innovation of the variety of funds and provide more choices for investors.Besides,the improvement of the management structure of the legal person in this system will help protect the interests of the investors,help the healthy development of the fund industry and the formation of a fair and mature stock market.