Customer Inquiry, And The Legal Nature Of The Relationship Of The Securities In Securities Assets Management Business

The aim of this dissertation is discussing the nature of legal relationship between customers and securities companies arising from asset management business operation. Identifying the nature of the relationship between customers and securities companies shall be the basic step to establish the regulation system governing the asset management business operation performed by the securities companies according to the security law which has been revised in 2005. It is also considered to be a substantive matter to clarify the legal relationship mentioned above so as to prevent the securities market of China from getting into the so-called asset management disaster during 2002 to 2005. The rhetoric method rather than the formal logic method has been applied to discuss the question which is concerned in this dissertation. The author holds the viewpoint that the identification of the nature of legal relationship between costumers and securities companies arising from asset management business operation can not be concluded through the legal deductive reasoning. On the contrary, it shall be an alternative which is oriented by the value of efficiency produced by the asset management business operation. As the trusts, which is composed by two unique features——the fiduciary duties of trustee and the independence of trust asset, can promote the value of efficiency of asset management business operation, it is rational to consider the relationship between customers and securities companies as a trust. This dissertation hereby shall demonstrate how a trust structure but not other legal relationship structures, such as principal-agent, could be a best choice to identify the nature of legal relationship between customers and securities companies arising from asset management business operation.