Research On Legal Issues In Establishing The Trust Of The Right To Equity Interests

The trust of the right to equity interests originates from China’s trust practice,and its product structure and operation model show diversity and innovation.Although the trust of the right to equity interests has developed in practice for more than ten years,it is still an immature financial innovation product.Although there are legitimate basis for the emergence and development of the trust of the right to equity interests,the trust is limited by the lack of research on legal systems and theoretical practices,especially the absence of legal level,which makes the trust of the right to equity interests controversial at the theoretical level.At the same time,there is also a large legal risk in the practice of products about the trust of the right to equity interests,which can easily lead to legal disputes.The legal disputes over the establishment of the trust of the right to equity interests have focused on the following two aspects:On the one hand,the legal definition of the trust of the right to equity interests is controversial.In this article,the author distinguishes the trust of the right to equity interests from so-called the fund trust of the right to equity interests in practice,and makes a reasonable legal definition of it;On the other hand,the trust of the right to equity interests faces two major legal difficulties.First,the legitimacy of trust property of the trust of the right to equity interests is controversial,and second,there are doubts about the legitimacy of the credit enhancement measures adopted in the establishment of the trust of the right to equity interests.In this regard,this article will analyze the legal issues in these two aspects,and put forward perfect suggestions.This article focuses on the core topic of legal issues in the establishment of the trust of the right to equity interests.The body of the article can be divided into four chapters.This article first outlines the trust of the right to equity interests,clarifies its legal definition from the perspective of concept and particularity,analyzes the operation mode and the main legal relationship of the trust of the right to equity interests,and briefly confirms the legal definition of the trust of the right to equity interests.At the same time,at the end of the first chapter,the legal dilemma of the trust of the right to equity interests is raised,leading to two major legal issues analyzed in this paper.Then,the author will discuss Chapter 2 and Chapter 3respectively about the issue of the legitimacy of the trust property of the trust of the right to equity interests and the issue of the legitimacy of the credit enhancement measures of the trust of the right to equity interests.Based on the foregoing analysis and demonstration,the fourth chapter of this paper puts forward relevant legal suggestions on the improvement of the trust of the right to equity interests.The first chapter is a brief introduction to the legal definition and legal dilemma of the trust of the right to equity interests.This article mainly discusses the current development status of the trust of the right to equity interests,and discusses its legal definition from the aspects of the concept,operation mode and legal relationship of the trust of the right to equity interests.First of all,this article considers that the trust of the right to equity interests is the act of the principal to transfer all of its rights to obtain equity income to the trustee based on specific purposes,and the trustee will manage or dispose the trust property according to the trust contract.Second,the author compares the trust of the right to equity interests with the trust of equity,the trust of voting rights,the trust of rights to other specific asset interests and trust-type asset securitization businesses,analyzes the particularities of the trust of the right to equity interests,and summarizes their legal characteristics.Then this chapter analyzes the operation mode of the main part of the trust of the right to equity interests in practice,and compares it with the fund trust of the right to equity interests.The intention is to have a clearer understanding of the operation mode and legal relationship of the trust of the right to equity interests.In addition,this chapter briefly confirms the legal dilemmas faced in the theory and practice of establishing the trust with the right to equity interests,and raises the issue of the legitimacy of equity income right as trust property,and issue of the legitimacy of the credit enhancement measures of the trust of the right to equity interests..The second chapter discusses the legitimacy of the right to equity interests as trust property.First,the nature of the right to equity interests is discussed from the perspectives of theory,laws and regulations and adjudication.The author adopts the viewpoint of claim theory,and believes that the transfer of the right to equity interests is actually a trustee obtaining a future monetary claim,and a new debt relationship is created through contractual relations.Its essence lies in "return".Secondly,from the aspects of certainty,identity,severability and independence of trust property,it analyzes the eligibility of the right to equity interests as trust property,and believes that the right to equity interests can be used as certain trust property with identity and independence.Therefore,without violating the prohibitive provisions of relevant laws and regulations,the right to equity interests can be used as trust property to establish the trust of the right to equity interests.Thirdly,the article explores the scope of the trust property of the trust of the right to equity interests from the theoretical and practical aspects.Theoretically,the scope of the trust property includes the right to equity interests obtained by the trustee during the establishment stage and the interests obtained by the trustee through management,use and disposal of the right to equity interests during the trust operation stage.In judicial practice,the court’s attitude is more tolerant and open.The court recognizes that the parties have agreed on the scope of the equity income right,as long as the agreed content is clear,the principle of certainty of the trust property is met,and the prohibition of the relevant laws and regulations is not violated.Finally,this article also discusses the practical issues of the scope of the trust property of the trust of the right to equity interests,that is,whether the right to restricted stock interests can be used as trust property,whether the right to equity interests includes equity transfer payments,and whether the right to equity interests includes equity losses and risks.In response to this problem,the author gave a positive answer through analysis.The third chapter analyzes the legitimacy of the credit enhancement measures used in the establishment of the trust of the right to equity interests.The author responded to questions about the legitimacy of the repurchase obligations of the transfer and purchase contract of the right to equity interests,and whether the equity pledge contract made the trust have the risk of homogenization of secured loans.First of all,the author believes that the repurchase obligation in the transfer and repurchase contract of the right to equity interests is a repurchase commitment for credit enhancement measures,which is not a trust legal relationship.The repurchase obligation is not an obligation necessary for the transfer of trust property but an independent contract obligation,and does not affect the establishment of the trust of the right to equity interests.In practice,certain restrictions should be set on the rate of return on equity and the premium margin of premium repurchase funds.Secondly,the author believes that the nature of the equity pledge contract is the subordinate contract and guarantee contract of the contact of transfer and repurchase of the right to equity interest.In order to avoid confusion of legal relations,it is not appropriate to sign a loan agreement when entering into a equity pledge contract.At the same time,the signing of the pledge guarantee contract does not affect the establishment of the trust,and does not cause the risk of homogeneous guarantee loans.Finally,the article considers whether the main debt instruments can be enforced through notarization.Based on the basis of the right of request,the author explores the issue of the notarization of the main debt instruments.The transfer and purchase contract of the right to equity interests and equity pledge contract can be given notarization to enforce force if they meet certain conditions.The fourth chapter discusses the perfect path for the establishment of the trust of the right to equity interests.This chapter responds to the problems mentioned in Chapter 2 and Chapter 3 respectively from two aspects: improving the legal system of the trust of the right to equity interests and improving the credit enhancement measures of the trust of the right to equity interests.Firstly,the author puts forward perfect suggestions on the legality of right to equity interests and the trust of the right to equity interests from the legal system level,and believes that the trust of the right to equity interests should be recognized in a legal form to legalize the trust of the right to equity interests.Secondly,from the perspective of strengthening related legal supporting measures,the trust registration and publicity system of the trust of the right to equity interests should be improved.Finally,from the perspective of credit enhancement measures,the author puts forward suggestions on improving the notarization of the enforcement of debt instruments.The debt instruments can be notarized and the rights and obligations of the notarized debt instruments should be simplified by technical stripping of the repurchase obligations,and the compliance of the debt instruments should be noted.In short,this article will deconstruct the transaction structure and legal relationship of the trust of the right to equity interests based on the current situation of China’s the trust of the right to equity interests and the needs of current judicial practice.This article also clarifies the legal definition of the trust of the right to equity interests by combining relevant theoretical theories,laws and regulations and referee perspectives,exploring the main legal issues of the trust of the right to equity interests in China,and demonstrating the legitimacy of the establishment of the trust of the right to equity interests.At the same time,this article will provide some legal advice on the improvement of the trust of the right to equity interests based on the analysis of the problem,which is of great significance to the prosperity and development of products of the trust of the right to equity interests and the trust market.