The Legal Issues Study Of Rigid Payment Of Management Products In Financial Institutions

China's financial institutions asset management products began with public equity securities funds and trust products.Up to now,major financial institutions have a place in the asset management business.Asset management of financial institutions refers specifically to the use of financial expertise as an asset management institution to manage the financial assets such as money and securities delivered by others in order to achieve more asset returns,the independent judgment of asset management institutions,the independence of property,the stability of legal relations and the fiduciary duty of asset management institutions emphasize several aspects,and the basic legal relationship of asset management products should be the legal relationship of trust.Rigid redemption is a stubborn disease in the asset management business.When a financial institution's asset management products lose money or fail to meet expected returns,the financial institution,its related parties themselves or arrange for follow-up investors to assume higher than the actual income of the assets.Redemption behavior.Although rigid redemption is the choice of micro-subject autonomy in the financial market,at a more macro level,if it is left unchecked,individual rigid redemption behavior will spread to the entire asset management product market,leading to the failure of the asset management product market.Therefore,it is forced to prohibit the rigid redemption.Although China's relevant regulations have been expressly prohibited,the rigid redemption behavior has not been effectively regulated.It can be seen that to solve the problem of rigid redemption effectively and steadily,it is impossible to rely on the blockage.It is necessary to comprehensively analyze the causes of the legal system of rigid redemption and to propose corresponding system improvement.The causes of the legal system that caused the rigid payment of asset management products of financial institutions in China are mainly reflected in the following aspects.The first is the issue of the trust system in China.At present,China's legal level has not unified the trust legal relationship of asset management products of various financial institutions,and the legislative defects of the Trust Law itself have led to the failure to effectively implement the trust concept,and the lack of norms of credit management obligations of asset management institutions have led to China.It is difficult for the trust system to form effective constraints on asset management institutions.The second is the issue of financial supervision in China.Due to the inconsistency of the regulations of the various regulatory agencies on the ability to protect the income of the asset management products,the rigid redemption of violations is long-lasting.In addition,some of the policies issued by the regulatory authorities have led to the asset management agencies to carry out rigid redemption.The third is the supporting system of asset management products in China.At present,the imperfect investor system,valuation system and custody system related to rigid redemption have made it difficult to prevent and control the rigid payment problem in China.The fourth is the imperfection of China's investment education system.Rigid redemption is the performance of irrational beha-vior of Chinese investors,and the rationality of investors is closely related to the imperfection of the investor education system in China.The fifth is the issue of justice in our country.At present,China's judiciary has insufficient understanding of the concept of "trusteeship and generation of people to manage money" in asset management institutions,and it is unreasonable to judge the validity of the contract and the responsibility of the liability after the guarantee clause is invalid,and the judicial relief of the client is difficult,which leads to the breaking of rigidity in China's judiciary.Insufficient play.The solution to the problem of rigid redemption.First,we must improve China's trust system,specifically to improve the trust law,let it lay the trust legal relationship of China's entire asset management products,and formulate the "trust industry law" to unify the regulatory standards of China's asset management business,in the"trust law" And the "Trust Industry Law" further elaborates the fiduciary duty that China's asset management institutions should undertake,and,if necessary,formulate more detailed rules on complex faith obligations.Second,from the perspective of regulatory concepts,the regulatory body should change the regulatory concept,strengthen functional supervision on the basis of existing institutional supervision,establish market priority principles,and give play to the role of the market in solving rigid redemption.The third is to improve the current supporting system,implement the qualified investor system through penetrating supervision,formulate a unified valuation norm to achieve fair pricing,and improve the custody system to play the supervisory role of the custody institution.The fourth is to improve the investor education system in China to promote the formation of investor risk awareness.The fifth is to give full play to the role of the judiciary in breaking the rigid redemption.