Research On The Legal Issues Of The Corporate Bond Trustee System

The corporate bond trustee system is a legal system created by the British and American origins and developed based on trust theory to protect the interests of bondholders.In the course of the development of the bond market,China has introduced this system accordingly.However,there are source problems of interest conflicts that comes with the establishment of the system of bond trustee.The system has been improved and reasonable regulated through legislation and case law in practices during development of the system.While,in Japan,bondholders' meeting has been established to be compatible with the system,achieving the balance of rights and obligations between them.In China,due to the slow development of the bond market,the bond trustee management system has been introduced relatively late.And there are many imperfections in the regulations.By analyzing the legislative settings of typical countries and regions and combining with the existing problems of our country's existing system,this paper tries to put forward some suggestions for perfecting the system of trustee management of corporate bonds in China.This paper has been divided into four parts.The first part introduces the nature and characteristics of corporate bonds,and summarizes the risk characteristics of bondholders,aiming to propose the necessity of the trustee management system and the role of the system.The second part gives a detailed introduction to the legislative structure of the trustee management system in typical countries and regions,and expounded and analyzed the establishment of the trustee,the rights and duties,legal responsibility and so on.It provides a comparative reference for the improvement of the bond trustee system of our country in the later part of paper.The third part of paper focuses on the analysis of the attitude of our legislators to the bond trustee system.The role of trustee positioned by the present legislators is inferred from analyzing the evolution process of legislation and current legal regulations.Based on the extraterritorial legal regulations and cases in practice,the problems in the system of corporate trustee in China are raised.Finally,in the fourth part of the thesis,based on the research results of this article,on the basis of the establishment of China's bond trustee management pattern and the exploration of legislative principles,several suggestions on the improvement of China's bond trustee management system are proposed.