证券投资基金管理人信赖义务研究

【作者】 赵晓燕；

【导师】 黄来纪；

【作者基本信息】 上海社会科学院 ， 民商法学， 2007， 硕士

【摘要】 在证券投资基金运作过程中,投资基金涉及基金管理人、托管人、受益人三方利益。由于证券投资基金所有权与经营权相分离的特点,证券投资基金管理人拥有独立的基金资产管理权和运营权。基金持有人对基金管理人具有相当强的依赖性,基金持有人利益的实现,几乎完全要依赖基金管理人的道德因素。所以在这个三位一体的结构中,基金管理人处于核心地位。基金管理人行为能否被有效约束直接关系到投资者的权益能否得到有效保护。因此,严格规范基金管理公司的义务,保护处于弱势地位的投资者的权利,己成为各国证券投资基金立法的重点。本文通过分析世界上其他国家有关基金管理人对基金持有人所负义务的先进立法典范,结合我国的实际和法律环境,主张借鉴英美法系中证券投资基金管理人的信赖义务来规范我国基金管理人的行为。本文试图从宏观和微观相结合的角度,运用比较研究的方法对基金管理人信赖义务理论予以较为深入的阐述,并结合我国实际分析在我国确立基金管理人信赖义务的必要性和现实意义,且在此基础上对完善我国基金管理人信赖义务提出具体立法建议。最后,对保障基金管理人信赖义务得以履行的监管机制的完善提出建议。全文共分五个部分:第一部分:证券投资基金概论。这部分首先介绍了基金的概念、特征以及分类,对基金的发展历史作了简要阐述。基于证券投资基金是在信托法律关系基础上发展起来的,是传统的信托精神、法理与现代金融市场相结合的产物。所以,接下来的部分对信托的基本理论、证券投资基金与信托的关系以及区别作了论述。总之,这部分内容对证券投资基金进行了初步的阐述,并为下文的展开垫定一个理论基础和视角前提。第二部分:证券投资基金管理人信赖义务。笔者首先对证券投资基金管理人作了界定,然后立足于基金的信托法律构造,结合我国的实际情况分析证券投资基金管理人的法律地位,将证券投资基金管理人置于受托人的地位,进而得出基金持有人和基金管理人是委托人——受托人这样一种基于身份的信赖关系,所以基金管理人理应对基金持有人或基金公司负有信赖义务。接着从保护投资人这一证券投资基金法律制度的基本原则和证券投资基金发展的高度,进一步论述了立法确立和完善证券投资基金管理人信赖义务的重要性,对信赖义务的内涵作了探讨,并提出证券投资基金管理人信赖义务包括注意义务和忠实义务两个方面,为我国建立证券投资基金管理人信赖义务的法律制度作了比较法上的交代。第三部分:证券投资基金管理人的注意义务。在这部分中,笔者在对注意义务进行了一般性的概述之后,主要阐述了证券投资基金管理人注意义务的具体要求。通过评价各国有关注意义务具体要求的立法例,分析我国现有法律机制存在的问题并提出立法建议。第四部分:证券投资基金管理人的忠实义务。在这一部分中,笔者同样首先对忠实义务进行了一般性的概述,指出利益冲突交易是基金管理人违反忠实义务的主要表现形式。之后,论述了证券投资基金管理人忠实义务的具体要求。通过评价其他国家有关利益冲突交易的规制以及利益冲突交易的一种特别形态——基金管理费规制的立法状况,就我国现有法律机制的不足以及存在的问题提出立法建议。第五部分:证券投资基金管理人信赖义务履行的监管机制。笔者首先对我国保障基金管理人信赖义务履行的监管机制做了一个检讨。接下来笔者提出建议,主张从外部监管和内部监管两个方面着手,通过建立完善的行政监管、行业自律、社会监督的外部监管机制,再辅之以基金持有人大会、基金托管人、基金管理人独立董事的内部监督机制,构筑起对基金管理人信赖义务履行的宏微观相结合、内外部制衡兼具的全方位、多层次、多角度的监控体系,以切实维护基金持有人的利益。更多还原

【Abstract】 In security investment fund operations, the fund interests are involved with three Parties, including the fund investor, the fund manager and the fund depository. As a matter of fact, the fund manager is at the core of a fund operation. He has a comprehensive right to manage and dispose the fund. The gain of the fund beneficiary’s interests depends on the fund manager’s behaviors. Therefore, regulations stipulating the legal status and obligations of the fund manager should be intended as a protection for the interests of the fund beneficiary. Reference to the fund laws of foreign countries, the fund manager should be endued with the fiduciary duties, which were the necessities of effectively restricting the behaviors of the fund manager and protecting the investment equities.This dissertation puts its emphases on the theory and comparison research of fiduciary duties. The paper is arranged as followed:Part 1 The introduction to the securities investment fund. The definitions of different counties, the basic classification, the character and the history of the securities investment fund are introduced in this part. And then, the author discuss the security investment fund is one kind of special commercial trust forms, which is already different with the traditional trust. Based on the theory, the visual angles are formed for the ensuing paragraphs.Part 2 The security investment fund manager’s fiduciary duty. Firstly, the author defines the range and legal status of fund manager. Secondly, focusing on the protection of the security investment fund investor which is the basic principle of legal system of the security investment fund and from the altitude of developing the security investment fund, the author further elaborates the importance of stablishment and perfection of the fiduciary duty of the security investment fund manager in the legislation. Finally, introduce that the fiduciary duty including two requests—the duty of care and the duty of loyalty.Part 3 The securities investment fund manager’s duty of care. In this part, after a general outline of the care duty, the author carries on a specific analysis of care duty concerning diversified requirement, liquidity requirement and risk requirement.Part 4 The securities investment fund manager’s duty of loyalty. In this part, the author also begins a general summary of loyalty duty and the article analyses the framework of the regulation of the investment manager’s loyalty duty, elaborates loyalty duty of the specific patterns of the transactions conflict of interest, including loyalty duty of principal transaction, joint transaction, agent agency transaction, fund management fees.Part 5 The safeguard system to the securities investment fund manager’s fiduciary duty. The author analyzes the safeguard system of our country at present. And then the author suggests to set up the safeguard system from exterior supervise to interior supervise.So the comprehensive and many-sided supervision system can be founded to safeguard the fund investors’interests. interior supervise.更多还原