我国证券投资基金管理人忠实义务研究

【作者】 吴光煦；

【导师】 周昀；

【作者基本信息】 中国政法大学 ， 民商法学， 2011， 硕士

【摘要】 我国证券投资基金是以信托原理构建的,处于信托受托人地位的证券投资基金管理人在处理基金事务时理应严格履行其忠实义务,视基金持有人的最大利益为行为之最高标准,不得置自己及关联人士与基金持有人利益相冲突之地位,此乃信托所追求的价值目标和立法宗旨。然而我国证券投资基金的相关立法并未给予证券投资基金管理人忠实义务以充分关注,立法中缺乏对证券投资基金管理人忠实义务这一核心义务原则性地位的确立,散见于法条的证券投资基金管理人违反忠实义务行为的个别规制又无法涵盖忠实义务的全部内容,以至于在证券投资基金实际运作中面对千变万化、形态各异的违反忠实义务的行为会因缺乏明确而体系的法律依据而无法有效规制,致使基金持有人利益在遭受侵害时无法得到有效的救济,这种司法现实严重影响我国证券投资基金立法目的之实现,对其进行改革和完善成了我国证券投资基金健康发展亟待解决的问题。本文以证券投资基金法律关系的信托性质作为切入点,以证券投资基金管理人的忠实义务为研究对象,对证券投资基金管理人忠实义务的概念、内容、法理基础以及规制原因进行了深入地分析和探讨,并就我国证券投资基金管理人忠实义务的规制现状进行了反思和检视,最后仍然从信托理想的忠实义务模型中发掘证券投资基金管理人忠实义务的构建路径,对我国证券投资基金管理人忠实义务法律规制之完善提出了系统的建议,以期在规范我国证券投资基金管理人忠实义务的司法实践中有所价值和意义。本文全篇分为四部分,分别是第一部分我国证券投资基金的信托性质分析、第二部分证券投资基金管理人忠实义务的法理基础、第三部分证券投资基金管理人违反忠实义务的侵权责任、第四部分证券投资基金管理人忠实义务检视及完善之思考。第一部分我国证券投资基金的信托性质分析从证券投资基金的基本理论、信托的一般原理、我国证券投资基金法律关系的信托性质三个方面论证了我国证券投资基金的信托性质,试图以此为基点从信托中追寻证券投资基金管理人忠实义务的根源和依据。信托作为“受人之托,代人理财”的财产管理制度其核心的关系是信赖关系,而忠实义务则为信赖关系的核心要素。作为信托受托人的证券投资基金管理人在基金运作中必须履行的忠实义务是其证券投资基金信托性质的当然要求,这是本文讨论证券投资基金管理人忠实义务的出发点。本部分还对信托受益权的信托物权性质以及自益信托和商事信托的法律特性进行了深入论证和说明,旨在为证券投资基金的商业信托性质和证券投资基金管理人违反忠实义务的侵权责任打下理论基础。第二部分证券投资基金管理人忠实义务的法理基础从证券投资基金管理人忠实义务的内涵、证券投资基金管理人忠实义务的信托依据、证券投资基金管理人忠实义务的主要内容三个方面阐述了证券投资基金管理人忠实义务体系。目的在于论证证券投资基金管理人忠实义务直接来源在于其信托受托人的地位,论述了证券投资基金管理人从事基金事务在忠实义务内的行为边界和范围。第三部分证券投资基金管理人违反忠实义务的侵权责任从证券投资基金管理人违反忠实义务所承担责任的侵权性质、证券投资基金管理人违反忠实义务侵权责任的构成要件、证券投资基金管理人违反忠实义务的损害赔偿三个方面明确了基金持有人对于基金财产所享有的信托物权之权利属性,目的在于确定证券投资基金管理人的侵权责任性质和救济方式,因为受益权的物权定位更有利于其权益的保护,本身也是其弱势地位的法律衡平。相应的对基金持有人法律救济机制的设计上从金钱赔偿与财产追及的常态救济和惩罚性赔偿和证券投资基金管理人解任的非常态救济两个救济路径进行了全面保护。第四部分证券投资基金管理人忠实义务检视及完善之思考从我国证券投资基金管理人忠实义务的立法现状、信托中理想的忠实义务的构建要素、证券投资基金管理人忠实义务法律规制之完善三个方面论述了我国证券投资基金管理人忠实义务法律规制的现实问题,并在基金管理人忠实义务的立法地位、关联交易的范围、基金管理费收取机制、损害赔偿的民事责任和民事救济机制方面提出了相对系统的解决方案以期更好的保护基金持有人利益,促使我国证券投资基金能够健康的发展。更多还原

【Abstract】 China’s securities investment funds in accordance with the principle structure of the Trust, as trustee of the fund managers in dealing with fund transactions, it should regard the best interests of fund holders to the highest standards of conduct, not related Purchase and interests of people with their own The position of conflict, is the fund manager of the course content of duty of loyalty. Related to the securities investment fund legislation does not give full attention to fiduciary duty of fund managers, only scattered individual spring, the actual operating system, the lack of clear legal basis, so that the interests of fund holders can not be subjected to violated a reasonable and effective relief.In this paper, securities investment funds, the fit of the Trust as an entry point to the fund manager’s fiduciary duties as the research object, duty of loyalty to the concept of fund managers and regulatory reasons the contents were analyzed and discussed, and faithful to our fund managers Regulatory obligations with a reflection and review, the last remains of the faithful from the trust obligations of the ideal model of fund managers to explore the construction of the path of duty of loyalty, duty of loyalty to China fund manager made the system perfect proposals to regulate fund managers in the Duty of loyalty respects the value and significance.This whole article is divided into four parts, namely, the first part of the trust of the nature of the securities investment fund analysis, the second part of the securities investment fund manager based on the regulation of duty of loyalty, and the third part of the securities investment fund manager’s duty of loyalty violation of tort liability, The fourth part of the duty of loyalty securities investment fund managers to view and Improvement.Part of the nature of the securities of investment funds from securities investment trust fund overview of the general principles of trust, securities investment funds of contractual and trust fit Analysis of three aspects of the securities investment trust fund nature of trust in the pursuit of trying to The source of fund managers and basis of duty of loyalty.Trust itself as "Entrusted by the people, generation financial management " of the property management system is the relationship between the core relationship of trust, as trustee of the fund managers in the operation of the Fund must fulfill the duty of loyalty is of course the core content of the relationship between This article discusses the fund manager is the basic duty of loyalty points. This section also independent of the trust property for the same legal characteristics and the nature of the trust beneficiary of the property conducted in-depth analysis and demonstration. The second part of the duty of loyalty securities investment fund manager based on the regulation of securities investment fund manager from the concept of duty of loyalty, duty of loyalty to the trust fund managers based on the fund manager why the regulation of duty of loyalty, the fund manager’s main duty of loyalty Four aspects of the system of fiduciary duty of fund managers, fund managers aim is to analyze the duty of loyalty and trust based on the significance and meaning itself are discussed in the Fund Management fund manager in the fiduciary duties to act within the boundaries and scope .The third part of the Securities Investment Fund Manager in the responsibility of duty of loyalty breach of duty of loyalty from the fund manager assumed the nature of tort liability, the fund manager’s breach of duty of loyalty Elements of tort liability, the fund manager damages for breach of duty of loyalty Three Specific aspects of the fund holders for property fund property rights enjoyed by property fund managers aim to identify the nature of tort liability and remedies.The fourth part of the securities investment fund manager duty of loyalty to view and Perfection of the securities investment fund manager from the obligation of fidelity to legislative situation, the trust model of the ideal of enlightenment duty of loyalty, duty of loyalty Securities Investment Fund Manager of the three aspects of sound Discusses China’s Securities Investment Fund Manager fiduciary duties to the reality of existing regulations and duty of loyalty in the fund manager’s position, the scope of related party transactions, the fund management fees charged system, civil liability for damages and civil construction aspects of the remedies proposed Suggestions for Improvement to better protect the interests of fund holders, securities investment fund our country more healthy development.更多还原