证券投资基金管理人义务之研究

【作者】 程淑娟；

【导师】 焦津洪；

【作者基本信息】 对外经济贸易大学 ， 国际法学， 2003， 硕士

【摘要】 证券投资基金是“将众多不确定的投资者的资金汇集起来，以保全资本并获得利润为目的，委托专业的投资机构管理和操作，投资者按出资比例分享收益”的一种分散风险的集合证券投资方式。其治理结构从组织形式上可以分为契约型和公司型两种。契约型基金是以信托契约的形式，通过向投资者发行受益凭证募集资金而设立的投资基金，当事人之间的权利义务完全以信托契约为基础，以英国单位信托，日本、韩国的证券投资信托为代表。公司型基金是通过组建股份公司发行股票募集资金设立的投资基金，依据公司章程运用基金资产，投资者享有股东权利，以美国的共同基金为代表。证券投资基金涉及三方主要当事人：管理人、托管人和持有人，其法律关系宜以信托定位。信托是一种信任关系：受托人是信托财产法律上的所有人，受益人对信托财产的利益享有衡平法上的所有权，或者称受托人和受益人分别为信托财产名义上的和实际上的所有人。信托的本质是“管理与收益相分离”。在契约型基金法律关系上，笔者支持以日本证券投资信托“二元结构论”为基础的“共同受托论”，即基金管理人和托管人都因接受基金持有人的委托而成为共同受托人。对于公司型基金，笔者以美国共同基金为例，从其历史发展、实际运作、法律规范三个角度分别阐述了投资顾问实质上承担的基金受托人义务，因而进一步得出“美国共同基金在形式上借用公司治理结构，但以信托作为法律基础”的结论。目前我国证券投资基金采取的是契约型法律形态。随着我国基金业的不断发展，公司型基金的建立将是我国基金业发展的必然趋势。我国《基金法》的制定目标应该是统一的投资基金法。基于信托法理统一规范证券投资基金的法律关系，当事人之间的权利义务明确，基金持有人作为信托受益人，其受益权不仅具有债权的特性，还具有物权特性，因此能够更好地保护基金持有人的权利。基金管理人基于受托人地位，应该就基金资产的投资管理对基金持有人负有信赖义务。信赖义务可以被分为忠实义务和注意义务两类。忠实义务要求基金管理人在经营时，其自身利益与基金的利益一旦存在冲突，基金管理人则必须以基金持有人的最佳利益为重，不得将自身利益置于基金利益之上。注意义务则要求基金管理人在做出经营决策时，其行为标准必须为了基金持有人的利益，以适当的方式并尽合理的注意履行职责。基金管理人违反其忠实义务的主要情形是：本人交易、代理交易、基金管理费安排中的利益冲突和基金个人内幕交易。本人交易情况下，基金管理人同时代表基金交易双方，作为卖方的被信任者，他有义务以最高价格卖出，作为买方的被信任者，则有义务以最低价格买入，因此不能忠实于任何一方当事人利益。本人交易的另一个严重问题是基金管理人旗下的多个基金同时持有一家公司的股票，有操纵股价之嫌。代理交易中，基金或被基金所控制的公司是交易的一方，基金管理人或其关联人士则以基金代理人——经纪商和承销商的身份参与交易，因而不能避免类似于本人交易中的利益冲突情况的客观存在。基金管理费实质上是基金管理人作为被信任者提供专业服务获得的报酬。作为一个有着自身利益的经济人，基金管理人有可能从自身利益最大化出发进行投资组合优化，也有可能会出于自身职业前途的考虑而回避风险，采取消极的投资<WP=3>行为，从而损害基金持有人的利益。基金个人内幕交易主要是指基金经理，包括董事、监事、高级管理人员等利用优势地位获取内幕信息，为个人谋取利益。内幕交易将导致证券价格和指数失去实效性和真实性，使证券市场反应的信息有误，从而破坏证券市场的合法性，降低公众对其的信任度，对投资者甚至国家的宏观经济秩序造成严重危害。在上述问题的讨论中，笔者参考和比较了英美法系和大陆法系主要国家基金立法，特别是借鉴美国基金立法和监管的实践经验，并结合我国证券市场的发展状况和现实基金立法体制，对现行法律的不适之处阐明观点和意见，以求得出解决上述问题的方法。基金管理人违反注意义务的主要情形是违反“受托人在管理受益人财产时必须达到受托人所从事的职业应该普遍达到的注意程度”这一标准，具体包括流动性、风险性和分散性三方面的要求。“流动性”主要是针对开放型证券投资基金须随时接受回赎要求的规定，对非流动性资产的投资做出限制性规定；“风险性”要求基金管理人具有较高管理水平，投资组合以可接受的风险水平为代价获得最大的收益，即在一定的预期收益率下最大限度地降低风险；“分散性”则要求基金管理人制定的投资组合中应包括多种类的、低关联度的证券，目的是通过对资产的选择和组合，降低投资的风险。为督促基金管理人履行上述信赖义务，作为基金管理人违反法定义务的事前预防机制，各国基金立法和主管机构均规定对基金管理人实行严格的内部监控和外部监控。内部监控包括投资者（基金持有人）通过基金持有人会议和基金持有人诉讼进行的监督，基金托管人对基金管理人的监督，以及基金管理人内部控制制度的完善。外部监控包括行政监管、行业自律和社会监督三个方面。为保护基金持有人的利益，笔者对基金管理人更多还原

【Abstract】 The securities investment fund (hereinafter referred to investment fund) is a kind of risk-proliferated aggregative securities investment mode, which collects money from numerous uncertain investors and entrust such money to the management and operation of the professional investment organizations on the purpose of capital saving and profit gaining. The investors shall share the proceeds according to their investment proportions. The management structure of investment fund can be classified as contracted fund and corporate fund.The contracted fund is a kind of investment fund in the form of trust contract that built up by issuing benefit scrip to the investors. Rights and obligations of the related parties shall be stipulated on basis of trust contract. Its representations are unit trust of Britain, securities investment trust of Japan and Korea. The corporate fund is built by the organization of stock company, the fund of which is collected by issuing stocks. Its fund assets shall be operated according to the articles of incorporation, and the investors have the rights of shareholders. Its representation is the mutual fund of the United States. There are mainly three parties in the investment fund: the manager, the settler and the holder. Their legal relations ought to be oriented to the principle of trust. Trust is a kind of fiduciary relationship in which the trustee is the possessor in the law of trust property, while the beneficiary has the ownership on the trust property in the law of equity. In other words, it can be said that the trustee and the beneficiary are respectively the nominal holder and the actual holder of the trust property. The nature of trust is the separation between management and proceeds.Adverting to the legal relations of contracted fund, I support the theory of CoTrustee, which is set up on basis of Dualism Structure Theory of Japanese securities investment trust. That means fund manager and fund settler are all trustees because of their acceptations of the holders’ entrustment. As for the corporate fund, I take the example of the American mutual fund and expatiate the substantial fiduciary duty born by the investment advisors from the points of historical reference, practical operation and legal regulation. Furthermore, I get the conclusion that the legal basis of mutual fund is trust though it adopts the form of corporation. At present, the investment funds of China are all in the form of contract, but the establishments of corporate funds will become the mainstream in the future with the continuous development of funds. The aim of the Fund Act of PRC shall be a uniform law of investment fund. To uniformly regulate legal relations of investment fund on the principle of trust helps to definitely fit the rights and obligations of related parties. As the beneficiary, the rights of fund holder have natures of both creditor and property ownership, so the rights and interests of fund holder can be better protected. <WP=5>As the trustee, the fund manager shall bear the fiduciary duty to the fund holders within the limits of investment management of fund assets. The fiduciary duty can be divided into duty of good faith and duty of care. The duty of good faith requires the fund manager work for the best interests of fund holders once his own interests conflict with the interests of fund. The duty of care requires the fund manager makes due diligence and takes appropriate method for the interests of fund holders while making the managerial decisions. The cases that fund manager violates the duty of good faith include principal dealing, agent dealing, conflict of interest in the management fees and individual inside dealing. On conditions of principal dealing, the fund manager represents both parties of fund transaction. As the fiduciary of seller, he should sell on the highest price. As the fiduciary of buyer, he should buy on the lowest price. Therefore he cannot keep faith with the interest of either party. Another important problem of principal dealing is the probable更多还原