The Legal Issue Study Of The Rigid Payment Of China Trust Product

Rigid payment as a unwritten rule of the trust industry has a long history.Generally,after the expiration of a trust product,the trust company ensures that the principal and the proceeds are assigned to the investor,and the trust company,such as the trust company,will still need to handle it when the product cannot be cash or cash in time.This payment promise may exist in the direct,indirect,or implied terms of the trust contract,and more directly for the trust customers to produce the market practices that have just been expected.However,the "rigid payment " approach,although in the early development of the industry,helps the trusts enhance the competitiveness of trust products compared with similar financial products,stabilize the customer group and expand the business,but the drawbacks of this practice are gradually exposed.The negative impact of rigid payment is that the first is to increase the bankruptcy risk of trust property managers,such as trust companies.Two,as a general latent rule for the trust industry,in the context of the national economic downlink in recent years,the possibility of increasing the industry crisis has been increased by insisting on the practice and the three is possible.The systemic risk of the financial market.On the one hand,the credit crisis and bankruptcy crisis of managers such as trust companies can trigger achain reaction in the extreme case.On the other hand,if the situation of default is not allowed,it is impossible to have real risk pricing.In the long run,it distorts the market pricing,exacerbates the financial risk,and is not conducive to the great progress of the trust industry and the whole financial management product market itself.If the new practice is free,the more extensive influence is that the investors do not bear the responsibility that they should bear,the market fails to operate according to law,and the administrative organs can not carry out the supervision according to law,which will cause the confusion of the current asset management market and the wealth management market in our country.Related to this,the Foreign Affairs Bureau and other five ministries and other ministries and commissions jointly issued by the new regulations on the asset management of rigid payment as a focus point,clearly to break the basic direction of the regulation.The new regulation once again reiterates the prohibition of capital preservation and interest payment and rigid payment,and has made quite effective measures and put forward valuable ideas.Whether the new regulations can really break the latent rules of rigid payment,whether it is reasonable to restrict the rigid payment by the legal documents of the department rules and whether it will produce new regulatory loopholes,is a problem worthy of analysis and discussion.From the terms of civil and commercial law and regulatory law,this paper examines the legal compliance and effectiveness of rigid payment.The first chapter starts with the basic concept of rigid payment and the latest identification method of information management new deal,and demonstrates the essential characteristics of rigid payment.Secondly,it analyzes and summarizes the causes of the development of rigid payment into the hidden rules of trust industry,which includes the positive impact of rigid payment.Furthermore,it introduces the negative effects of rigid payment at different levels,and demonstrates the necessity and inevitability of breaking rigid payment.At the same time,it points out the possible adverse effects of breaking the rigid payment.The second chapter introduces the different types and forms of operation of rigid payment in the financial market,and points out whetherthe rigid payment is consistent with the legitimacy of trust law.The third chapter combines the basic jurisprudence of trust property independence,trust interest,trustee’s trust obligation and so on.The conclusion is that the rigid payment method is not illegal in the civil and commercial law.The fourth chapter analyzes and demonstrates the reason and necessity of regulation by rigid supervision act.At the same time,it introduces the supervision ideas of the new management of the new management,emphasizes that the quantitative means of introducing net value management has provided further feasibility for strengthening the supervision of the rigid payment.At the same time,it points out that the conflict between regulatory law and civil and commercial law is likely to conflict at the legal level.The fifth chapter introduces the difficulties of judicial intervention in rigid exchange,but it is also necessary.It puts forward the supervision of judicial assistance on the behavior of the rigid exchange.By dividing the responsibilities and determining the standards to ensure that the regulatory law can deny and restrict the autonomy of the new meaning,it can be kept prudent and moderate.And finally put forward a way of taking judicature as a way,so that the civil and commercial laws that govern rigid payment do not conflict with the financial supervision law,and they form a resultant force.