Research On Legal Relationship Of Target Date Fund From The Respective Of Trust Law

The Target Date Fund(TDF)is an innovative financial product for inter-period asset management.The risk of TDF is gradually reduced as the retirement date approaches by decreasing the of scale equity assets.It can effectively promote private pensions.In the past two decades,TDF has participated in the reform of the pension system in certain countries such as the US and the UK,and has been recognized by relevant legislation.The "Guidelines for the Pension Target Securities Investment Funds(for Trial Implementation)" announced and implemented by the China Securities Regulatory Commission in 2018 marks the starting point of China's officially developing TDF.TDF is a kind of financial wealth management products designed to solve the pension problem in the aging society.Although TDF belongs to the scope of securities investment funds,its characteristics are significantly different from general public funds.Therefore,it is necessary to study the internal legal relationship of the fund to clarify the rights and obligations of the parties.This paper examines the characteristics of TDF and draws on the legislation of major countries such as the US.From the perspective of the trust law,for the long-term development of TDF and the protection for investors,the author discuss the main rights and obligations of the fund subjects,in particular the fiduciary duties of the fund manager affected by special trust purpose,investment strategy,operation mode and so on.