The Logic Of Economic Law In The Determination Of The Nature Of The Client's Reserve Fund

The payer's funds accepted by third-party payment institutions are not normally transferred to the payee's account in time.The funds are precipitated in the payment institution's account for a short period of time to form clients' reserves.At the level of civil and commercial law,the issue of the ownership of the reserves is concerned,and the economic law focuses on the regulatory issues of the clients' reserves.There is a hooking relationship between the two issues.After examining the regulatory practices for the clients' reserves in China,other countries and regions,this paper proposes a new explanation.The difference in the right of clients to reserves isn't based on specific legal tradition,nor is it even a deduction of the principle of civil and commercial law,it depends on the supervision measures at the level of economic law.In addition to the introduction and conclusions,the main contents of this article are divided into three parts.The first part is the legal explanation of the client's ownership of reserves.This section follows the path to discovery,description and interpretation.In 2015,the People's Bank of China claimed for the first time that the ownership of the reserve funds was attributable to clients.From the perspective of civil and commercial law,between the client and the payment institution is the relationship of the storage contract and the commission contract.The deviation between the concept of the client's reserves ownership and the principle of preservation of the species can be explained by the exception of the “occupation signifies ownership”.The legal effect of ownership is reflected in the fact that the payment institution doesn't have the right to use the reserves fund,and the client has the right to retrieve when the payment institution goes bankrupt.The second part is the impact of economic law on the legal nature of the clients' reserves.This part systematically sorts out the legal basis for third-party payment supervision in our country,shows the transition process of the supervision rules and depository models of clients' reserves,and finds out,through comparative analysis,the economic law factors that substantially affect the ownership allocation of clients' reserves.The client's ownership logic cannot completely eliminate the inherent risk of the payment institution misappropriating the reserves fund.In practice,the client's right to retrieve the bankruptcy of the payment institution is difficult to get effective protection.In order to prevent the financial risks and payment risks arising therefrom.The People's Bank of China preliminarily established the “client-payment institution-commercial bank” reserves fund depository framework in 2010,which is a one-way transparent reserves fund under the framework.The holding model weakens the ownership relationship between the client and the reserves fund.In 2017,the People's Bank of China will gradually promote the centralized depository mode of reserve funds,marking the shift in the “customer-payment organization-central bank” reserve fund custody framework,however,it is against the market and legal logic to disburse interest on clients' reserves.What kind of rights,ownership,or claiming rights a client has over the provision is essentially matched with the regulatory requirements at the level of economic law: “Prohibiting the use of” will strengthen the concept of client ownership;and “appropriate investment” may weaken the concept of client ownership.This interpretation indeed expresses the understanding of the unity and cooperation between civil-commercial law and economic law.The third part is the readjustment of the supervision rules for the reserves fund under the balance of safety and efficiency values.The balance between safety and efficiency values is an inherent requirement for realizing the economic law's goal of maximizing the overall economic benefits of society.Based on this,the article puts forward some suggestions for the adjustment of the supervision rules for the client's reserves,such as the clients' reserves depository account should be opened at the People's Bank of China;establishing a change from a one-way transparent payment to an omni-directional transparent holding model;and the client's reserves can be used for the low-risk and high-liquidity investment,etc.