日拱一卒，功不唐捐 | "The Right Choice: The Benefits and Challenges of Gradual Progression and Amendment in Fund Regulation"
Once upon a time, there were two neighboring countries, one named UK and the other named France. UK had a right-wing government that believed in gradual progression and amendment, inspired by the ideas of economist Friedrich Hayek and the leadership of Prime Minister Margaret Thatcher. France, on the other hand, had a left-wing government that followed the philosophy of revolution, inspired by the ideas of Jean-Jacques Rousseau and the concept of "the red and the black."
很久以前，有两个相邻的国家，一个叫英国，另一个叫法国。英国有一个右翼政府，相信循序渐进和修正，其灵感来自于经济学家弗里德里希-哈耶克的思想和首相撒切尔的领导。另一方面，法国有一个遵循革命哲学的左翼政府，其灵感来自让-雅克-卢梭的思想和 "红与黑 "的概念。
In UK, the government was always looking for ways to improve the fund regulations, so they would convene committees of experts and stakeholders to draft new fund documents. The process was slow and methodical, but it resulted in well-crafted documents that served the needs of the fund industry and protected the interests of investors. Margaret Thatcher's famous Downing Street speech, in which she declared "There is no alternative," perfectly encapsulated the right-wing philosophy of gradual progression and amendment that guided UK's approach to fund regulation.
在英国，政府一直在寻找改进基金法规的方法，所以他们会召集专家和利益相关者组成的委员会来起草新的基金文件。这个过程是缓慢而有条理的，但它的结果是精心起草的文件适应了基金业的需要，保护了投资者的利益。撒切尔夫人在著名的唐宁街演讲中宣称 "别无选择"，完美地概括了右翼的渐进和修正理念。指导英国的基金监管方法。
In contrast, France was plagued by political turmoil and economic instability. Their government was in a constant state of upheaval, and every time there was a change in leadership, they would draft a whole new set of fund regulations. The process was fast and flashy, but it resulted in poorly crafted documents that often contradicted each other and caused confusion in the fund industry. The concept of "the red and the black," which symbolized the duality of the French Revolution, perfectly encapsulated the left-wing philosophy of revolution that guided France's approach to fund regulation. One drawback with the France approach lies that, as the regulations were passed down the hierarchy from the top tier to the lower tiers, they sometimes became distorted and lost their intended meaning. This was because the top-down direction of the regulations did not always take into account the unique circumstances of each tier and are sometimes subject distortion and loss of meaning.
相比之下，法国则被政治动荡和经济不稳定所困扰。他们的政府一直处于动荡状态，每当领导层发生变化，他们就会起草一套全新的基金法规。这个过程很迅速的过程是快速和华丽的，但其结果是拙劣的文件，往往相互矛盾，在基金业造成混乱。象征着法国大革命的双重性的 "红与黑 "的概念，完美地概括了指导法国基金监管方式的左翼革命哲学。法国做法的一个缺点在于，当法规从最高层向下传递到较低层时，有时会被扭曲，失去其预期的意义。这是因为自上而下的监管方向并不总是考虑到每个层级的独特情况，有时会受到扭曲和失去意义。
In the end, UK's philosophy of gradual progression and amendment proved to be the better choice for their fund industry, as it allowed for steady growth and protection for investors, while France's philosophy of revolution resulted in instability and uncertainty.
最终，英国的循序渐进和修正理念被证明是他们基金业更好的选择，因为它允许稳定的增长和对投资者的保护，而法国的革命理念则导致了不稳定和不确定。
请在评论区提出任何对本文的观点或建议，作者会尽快友善回复。
有意转载Bamboo Splint竹帚金融法律评论文章或有意愿于本订阅号投稿的朋友，欢迎联系作者：
Butler Cheng// e0724230@u.nus.edu
We'd appreciate, if you could
我们会很感激，如果你可以
