Research On The Legal Nature And Application Of Asset Management Products

Since 2012,securities companies have obtained the authority to do asset management business.The investment scope of asset management has been further expanded and the application methods have been more abundant,including a single targeted asset management business,allowing both parties to voluntarily agree on the scope of investment according to the contract;The asset business can be integrated into a comprehensive asset management plan.In the same year,the CSRC also revised the relevant rules,allowing the fund management company to set up subsidiaries to carry out the asset management business.The fund management company also officially started the asset management business;the latter insurance company began to enter the asset management market.In China's asset management field,there has been a trend of mixed operation.Asset management products and entrusted wealth management services issued by different financial institutions have the characteristics of trust law in structure,but due to the path rules of institutional supervision and separate supervision in China,the same The nature of the asset management products applies different regulatory standards,and its legal nature is not clear at the legal level.Under the supervision of different industries,financial chaos such as regulatory arbitrage has emerged.Due to the unclear nature of the law,the judicial decisions involving entrusted wealth management and asset management business have different issues in the same case.In the battle for control of listed companies in the “Baowan dispute”,the asset management plan was also questioned because of the qualification of the acquirer.In recent years,the financial practice has prompted the regulatory authorities to introduce the “new regulations for assetmanagement” from the perspective of administrative supervision in order to unify the supervision of various types of asset management products,and return them to the essence of “respecting people and managing people”.However,at the legal basis,the legal attributes of asset management are not clearly defined.This article lists the main points of view of the asset management plan,including trust theory,commission theory,intermediate theory,specific analysis theory and entity theory.The critique of these doctrines on the trust theory includes the ambiguity of the trust law itself as a qualitative standard,and the questioning of the ownership of the trust property rights and the establishment of the trust property independence law.And the entrusted agent can also form the role of publicity independence through third-party custody,and believes that the entrustment and trust boundaries are vague.And the entity said that it is necessary to recognize the issue of shareholder qualification in the "Baowan dispute" by recognizing the independent civil subject status of the asset management plan.The structured grading and channelization of asset management plans in practice has also become an obstacle to the establishment of trusts.All types of asset management products have the property of trust legal relationship.This paper discusses the trust attributes of asset management products from the constituent elements of trust legal relationship: first,the trustee trusts the trustee;second,the trustor transfers the trust property to the trustee.Third,the independence of the entrusted property;fourth,the trustee manages the entrusted property for the benefit of others.By comparing the legal structure of different types of asset management or entrusted wealth management products issued by various institutions with the homogeneity of the trust legal structure,it is considered that asset management is essentially based on the trust legal relationship.Finally,the viewpoints against the trust are clarified and refuted.It is believed that the property in the Trust Law belongs to the trustee,and the client retains certain rights is a reasonable choice for the current social practice,and it is in line with China's contract law to carry out trust legislation.logic.The channel business needs to be included in the scope of the trust to adjust,so that it can be linked with the lower regulatory rules,and regulate the behavior of the trustee through the fiduciary duty of the trust.Finally,this paper discusses the effects of the asset management products on the legal application level after the establishment of the trust legal relationship,including the protection of the asset management property by bankruptcy isolation,thecompensation method for obtaining the right of attribution in the case of infringement and the needs of the trustee.Take on a higher fiduciary duty.