摘要
金融资产管理业进入了调整期。回顾历史路径,能对其未来发展作出更科学的判断。资产管理内部法律关系即委托人和管理人间的关系存在异化和不确定性是既有的市场环境下形成的主要问题,未必会由于监管整顿而轻易化解。管理人主动性独立性不足、二者之间关系的名不符实构成了资管业务的核心法律风险。纯粹规避监管的通道嵌套安排混淆了法律关系,可在现状下被重新定性为委托或在未来面向信托化改造。但很多具体资管内部关系的法律性质不宜被简单界定为信托或委托,以中间形态理解之亦不无道理。银监会证监会规章建构的规则体系虽然有意将资管关系塑造为信托,但也尊重现实,并未在各个方面强求。从证券举牌这一可谓试金石的领域之实践看,监管者曾允许特定委托人或投资顾问代替资管人履行举牌义务,但不豁免资管人的合规审查义务。资管人可能会让渡控制权给委托人,但不完全受委托人指令控制。这同样不是单纯的信托或委托定性所能涵盖。故在过渡期内可以适度尊重真实商事博弈中形成的资管关系。
The industry of financial asset management is entering a period of transfer.It is necessary to looking back upon its history to have a reasonable judgment on its future development.The inner relationship of asset management,which refers to the one between the client and manager formed in the realistic environment,is the core legal relationship.It is distorted and brings uncertainties,but will not be reconstructed easily by regulatory measures.The lack of independence and activeness of the trustee gives birth to the inconsistency of the appearance and essence of the relationship,constituting the core legal risk in such business.Some arrangements can be re-characterized either as an agency or be reconstructed as a trust,but some may be better understood as a middle type.Judging by the regulations,the trust and securities regulators may intend to shape asset management relationship as a trust,but respect the realities.The practices in the securities market in which a holder of 5%of shares is obliged to disclose show that advisors and trustors can be given the control right and obligations regarding the shares,but the trustees are not free of duty and may take back the control.Hence it is suggested to respect the balance achieved by market repeated games,to recognize the interim status of the asset management relationship at the current stage.It is not beneficial to compulsorily put the result of market evolution into the shoes of regulation.
出处
《法学家》
CSSCI
北大核心
2018年第3期98-112,共15页
The Jurist
基金
中央高校基本科研业务费专项资金
中央财经大学科研创新团队支持计划资助成果
关键词
资产管理
资产证券化
信托
受托人
举牌
Asset Management
Asset Securitization
Trust
Trustee
Disclosure
