On The Obligations Of The Bond Trustee

In the bondholders' interest protection system,China has adopted the bond trustee system and the bondholders' meeting system,and hopes to combine the advantages of both to better protect the interests of bondholders.However,due to poor handling,the two systems are not only unable to achieve complementarity,but they have generated counter-actions.In terms of protecting the interests of bondholders,the bondholders' meeting system has congenital defects such as passiveness and lag.Therefore,the key to perfecting the bondholder protection system in China should be to improve the bond trustee system.on.Regardless of the level of reality or the level of ought,trust is the theoretical basis of the bond trustee system.The trustee of the bond acts as the trustee of the trust,and its obligations should be based on the loyalty obligations and diligence obligations in the fiduciary duty,and the structure of the loyalty and diligence obligations,the specific content and the logical structure of the consequences of responsibility The complete and operational bond is entrusted to the manager's obligation standard system,so that the trustee can return to the trust trustee's true nature,and “sincere” is engaged in bond trust management business for the benefit of bondholders.In addition to the introduction,the full text is divided into four parts.The first part,from the actual level,whether it is to trace the origin of bond trust management system,or to understand the essence of bond fiduciary management obligations,or to analyze the relevant norms of China's bond trust management system,the bond trustee system is based on trust theory.On the basis of the trust theory,building a bond trustee system based on the trust theory will facilitate the management of bond trustee management activities,give bondholders a higher degree of protection,and provide issuers with low cost and convenience.Financing channels,creating a win-win market operation mechanism,and promoting the prosperity of China's bond market have obvious institutional advantages.In the second part,as the trustee of the trust,the bond trustee should have the loyalty obligation to the bondholders to act in their best interests,and the fiduciary duty to the trustee in the legislation related to the protection of the trust of the bondholders in China.The provisions are not perfect,leading to the widespread conflict of interest between the trustee and the bondholders in practice,and the trusteeis indifferent to the interests of bondholders.Therefore,it is necessary to clarify and strengthen the loyalty obligations of the trustee by establishing the performance standards of loyalty obligations,clarifying the specific content of loyalty obligations,and improving the liability violations,and solving the conflicts of interest in bond trust management,and ensuring the trustee."Courage" to bondholders.In the third part,the bond trustee as a professional trust trustee has the diligence obligation to use his professional ability to manage bond affairs for bondholders.The existing norms in China do not reflect and exert the professionalism and initiative of the trustee.Moreover,the current norms of the duties of the trustee are lack of operability of performance,supervision and accountability,which leads to the problem that the trustee is difficult to perform,difficult to monitor,and difficult to blame.Therefore,it is necessary to ensure that the professional trustee provides high-quality trustee management services for bondholders by establishing performance standards for diligence obligations,clarifying the specific content of diligence obligations,and improving liability regulations for breach of obligations.Entrusted to manage the "fine" business.The fourth part is to amend the law.Suggestions for improving the obligations of the bond trustee.From the organizational law,procedural law,and substantive law,some suggestions for reforming the law are put forward around the protection of the trustee's practice level and ability,avoiding conflicts of interest,and strengthening the bond trustee's duties.