A Research On The Trust Obligations Of The Securities Fund's Manager

In recent years, in the world, securities investment fund industry is developing rapidly, and its financial system at a pivotal position. Therefore, investment funds and securities-related studies on the legal systems are increasingly becoming the legal theory of the financial sector at home and abroad hot, since the Fund was at the heart of the operation of securities investment fund managers has become the focus of attention on the securities investment fund management trust obligations to the research people to become legal system, securities investment fund important research. Fund industry is relatively developed in the mature market economy country, about securities investment funds, in particular the obligation trust fund managers are of the studies have been fruitful, and at the legislative level has been completed on a more comprehensive system Mechanism. However, on the other hand, China's securities investment fund academic research, from a legal point of view of securities investment funds is not a lot of positive results, a comprehensive and systematic study of the trust fund managers and as a core obligation to build on small and medium-sized investors the main holders of the Fund for the protection of the rights and interests of the academic achievements are few and far between.At the operation of securities investment funds, the investment funds involved in fund managers, trustees, beneficiaries of the three benefits. Securities investment funds because of ownership and management with the phase separation characteristics, in actual operation, securities investment fund managers have an independent management of the Fund's assets and operating rights. Fund of fund managers to hold people with a strong dependence, the fund holders achieve the benefits are almost entirely dependent on the level of fund managers and ethical business standards. There is no doubt that in this three-in-one structure, at the core of fund managers. Behavior of fund managers can be effective is directly related to the constraints and the interests of investors can be effectively protected. Therefore, strictly regulate the conduct of fund managers, subject to the trust of its obligations, in a weak position to protect the rights of investors; portfolio investment has become the focus of fund legislation in our country. On the legislative level because of the fund managers'lack of trust obligations, some damage to the interests of fund holders frequently negative press coverage. In view of this, I selected the subject of the Perfection of securities investment trust fund managers make their own obligations under the legislation of some of our views.The paper is arranged as followed:The first chapter, the author sets out the first securities investment fund legal position, in the light of the mainstream of opinion at home and abroad, the author holds the view that legal system, securities investment funds are an extension of the trust system and the specific securities investment funds should be in a position of trust relations, that is, securities investment funds is a coexistence of benefits, collection of risk-sharing investments in securities, namely through the issuance of fund units, investors focused on capital, hosted by the fund trustees, fund managers from the management and use of funds, stock , bonds and other financial investment instrument and investment income by fund investors as a distribution ratio of indirect investment. Next, the author explores the securities investment trust fund managers have a reason for the obligation. The author pointed out that securities investment trust fund managers have the obligation is based mainly on the following two aspects of the practical requirements, that is, securities investment funds to overcome the inherent contradictions in the management structure of the requirements and interests of the protection of investors. Subsequently, the author of the securities investment trust fund managers from the obligations of both the connotation and extension of the detailed aspects of the card, pointing out that the trust obligations and duty of care includes two major aspects of duty of loyalty, and trust that the trust obligations are obligations of non-fiduciary relationship or similar relationship of trust on the expansion or migration, which in the spirit of consistency and trust, but trust in the relationship between the scope of a fiduciary relationship than broad, so trust obligation and trust between the two logical affiliation.The second chapter, the author discusses specific securities investment fund manager's duty of care, which is under an obligation to fund managers rely on "competent" in the request. In this section, I first pay attention to the obligation to carry out a general overview, by reference to the mainstream academic opinion, the obligation to draw the attention of the general meaning, namely, the civil duty of care refers to the main activity at the time engaged in a variety of civil, should be to act honestly, in good faith attitude towards the exercise of its powers to meet its obligations, deal between the parties at the relationship between the benefits, should be treated as the attention of their own affairs towards others. In the exercise of their rights, fulfill their obligations, not to damage the interests of others. Next, the author discusses the securities investment fund managers pay attention to the obligations and the specific content of the connotation. This article from the following aspects of the duty of care requirements of a specific analysis, are distributed separately investment obligations, management and operation of personal obligations, risk control obligations, to meet the liquidity requirements of the obligation.The third chapter, the author discusses specific securities investment fund manager's duty of loyalty, which is under an obligation to fund managers rely on "moral" requirement. In this section, I first duty of loyalty to a general overview, a clear moral duty of loyalty is a trustee of the performance of legal obligations, pointing out that because of "internal control" of the situation and the existence and held by the Fund of fund managers asymmetric information between fund managers exist the possibility of breach of duty of loyalty. Next, I pointed out that fund managers of the fund holders to bear the duty of loyalty include two main elements: "the prohibition of the conflict" and "the prohibition of profit." Subsequently, the author discusses the duty of loyalty to the securities investment fund managers of the specific requirements, divided into two aspects, namely, conflict of interest transactions and the regulation of fund managers profit regulation acts. The former includes transactions in the regulation of my system, the regulation of common trading system, the regulation on trading agent system; the latter is mainly reflected in the fund for the fund managers charge management fees on the fund holders have a duty of loyalty.The forth chapter, the author discusses the securities investment fund managers pay attention to obligations and the relationship between the duty of loyalty. First of all, I noted that the duty of loyalty and duty of care whether or not the same as the theoretical circles have homogeneous and heterogeneous. Say dispute and that the duty of care and should be a distinction between duty of loyalty to a more comprehensive and more effective regulation of fund management obligations of the trust people to better protect the interests of fund holders. Next, from the core content of the author, the legal elements of the duty, responsibility and norms in terms of the way pay attention to obligations and duty of loyalty compared.The fifth chapter, the author discusses the protection of securities investment trust fund managers to fulfill the obligations of the regulatory mechanism. I first set out the securities investment funds in China's regulatory approach and pointed out that one of the problems. And, I give my country for the mode of regulation of securities investment funds in question the existence of measures with a view of China's securities investment fund industry regulatory mechanism is helpful to improve the system.