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互联网平台与基金公司跨界合作带来了基金销售创新,但也引发了系列违规现象,然而证监会却对其合法性予以了肯定。这一监管悖论的原因在于现有机构式主体监管仅涵盖基金销售机构,而互联网平台开创了互联网跨界基金销售创新,并分化为流量导入、基金超市、直销嵌入三种模式。除基金超市模式下的平台有所监管外,其余两种模式下的互联网平台均游离于现行监管框架之外,且在宣传推介和投资者教育这两方面对投资者利益可能造成损害,从投资者保护的立法初衷出发应纳入监管:流量导入模式中应追究平台和基金公司虚假宣传的连带责任;直销嵌入模式中平台应通过技术手段强制性提供投资者教育材料,并在利用数据挖掘技术构成推荐时落实销售适当性原则。
Cross-border cooperation between Internet platforms and fund companies has led to fund sales innovations, but it also triggered a series of irregularities, yet the Commission has affirmed its legitimacy. The reason for this regulatory paradox is that the existing institutional-based regulatory oversight covers only the fund sales agencies, and the Internet platform has created the Internet cross-border fund sales innovation, and divided into three modes of traffic import, fund supermarkets and direct sales. Except for the platform regulated by the fund supermarkets model, the Internet platforms under the other two models are all free from the current regulatory framework and may harm the interests of investors in the aspects of publicity and promotion and investor education. From the perspective of investment The protection of the original intention of legislation should be incorporated into the regulation: the flow of import models should be held accountable platform and fund companies false joint and several liability; direct marketing embedded platform model should be mandatory by means of technical means to provide investor education materials, and the use of data mining techniques Recommended when the implementation of the principle of appropriate sales.