Research On The Legal Status Of China Securities Investment Fund Custodians In Comparative Perspective

The legal status of the securities investment fund custodian is directly related to the rights and obligations of the securities investment fund custodian.In the development of the securities investment fund market in the past two decades in China,the judicial issues caused by the unclear legal status of custodians have become increasingly prominent.This paper attempts to clarify the legal status of custodians and their rights and obligations in the mainstream model of the fund market in the United States and the United Kingdom,and to compare the differences.On this basis,this paper believes that the legal status of China’s securities investment fund custodian shall be compatible with the custodian’s obligations and rights in the fund.If the internal balance mechanism of the custodian and the manager is not formed at all in the securities investment fund market of China,and it is difficult for the custodian to perform the supervision function for the manager,then it is not appropriate to define the legal status of securities investment fund custodians in China under the trust legal relationship.Instead,it is necessary to wait for the solving of the problem of custodians’ independence and the failure of custodians’ governance,and then gradually recognize the legal status of custodians under the trust law.