Study On Contractual Securities Investment Fund Trustee System

The key problem of the development in securities investment fund industry is how to protect the investor's rights and establish their confidence in fund. The"external management"running character with the followed problem"trust-deputy"makes the fund owner's profits is easily suffered aggrieve. Therefore the fund internal governance focuses on the fund manager's behavior controlling and the internal balancing system. In the contract-trustee mode of investment fund, the supervising and balancing responsibility is taken by fund trustee. Although the history of China's securities investment fund standard is pretty short, the development on securities investment fund inside management is fast. It establishes the trustee system with its own character on the problem of fund manager's behavior controlling and inside balancing system. This plays important role in fund inside supervision. Anyway, as the fund industry develops quickly, new problems appear continuously in fund management, the scandal like"rat trading"is discovered from time to time which brings disadvantage influence to the industry's healthy and continuous development. There are doubts about the reasonableness and effectiveness of Chinese trustee system. Confronting the new situation of fund industry development, China has begun to modify securities investment fund law, in order to protect the investor's profits how to supervise and balance the managers effectively is the important content. Then with the double background of real practice and system consummation requirement, it is meaningful to study China's securities investment fund trustee system systematically both in theory and practice and provide supports in establishing scientific and reasonable fund inside supervision and consummating fund inside management.This thesis bases on the contractual fund and studies the trustee system in multiple points from its reasonableness, history and specific structure. It also analyzes Chinese trustee system which includes these parts:The first part studies the special outside management structure of securities investment fund and the risk produced from that. Also it analyzes the important role the trustee plays in this kind of risk controlling and introduces the development procedural of trustee system in China and other countries.The second part studies the role of trustee in fund legal relations. Firstly it learns the monism, the dualism and the other theories in the litigant legal relationship construction of contractual fund,then it studies the relationship between Chinese fund litigant and confines the position of Chinese trustee.The third part is about the basic functions of fund trustee. Based on different countries'fund legislation and practice, it concludes the contractual trustee's basic functions. It considers that the storage fund asset is the original function; supervise fund management running is key function while value-added service is new function which developed followed with the fund industry's development. Then from the above functions it studies Chinese trustee's present situation, problems and consummation.The forth part begins from the principle which is the trustee must keep independence. It discusses creation of trustee's specific system establishment from trustee's intelligence, appointment, retirement and supervision and considers that with the present system's limitation, Chinese trustee is lack of independence and the trustee market is lack of competition.The fifth part is about the restrictions and incentives of trustees. How to design a system which can provide trustee activity and pressure in performing function is the key point. The study begins with the trustee's responsibility setting and encouragement creation. It discusses Chinese trustee duty and incentive system, and then with analyzing the problem of Chinese trustee civil responsibility system and encouragement system it makes some suggestions.