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The Subscription Suspension of Funds and Protection of Investors

Yang Zongru,Zhang Yang  
Open-ended fund is designed to protect the investors' rights of free subscription or redemption.Every fund cannot suspend investors from subscribing except under certain circumstances.This paper sums up all possible cases about open-ended funds to suspend subscribing in China,researches deeply into the reasons and the impacts on investors' interests.In fact,investment managers have more freedom on deciding whether or not suspend the subscription,so it is possible that some of them may harm the investors' interests by using this freedom illegally.In order to regulate the suspension and protect the interests of investors,we have to strengthen the supervision and restriction policies on investment managers,elaborate the procedures about suspending subscription into details,refine the information disclosure,and reform the appraisal mechanism for those funds which have suspended subscribing for a long time.
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