Research On The Legal System Of Fiduciary Duty Of Commercial Trust Trustees

The concept of fiduciary duty has a long history and wide application in the context of Anglo-American legal system.The fiduciary obligation is contained in the fiduciary relationship.It can be said that the fiduciary obligation has typical characteristics of the trust relationship since its birth.At present,it is generally believed that the fiduciary duty mainly includes the duty of loyalty and the duty of prudence.With the development of the commercial trust system,the trustee's discretion is expanding,and in the legal relationship of the commercial trust,it is becoming more and more dominant.In order to effectively safeguard the trust rights and interests of beneficiaries,it is necessary to impose certain obligations on trustees to urge them to perform their duties.The fiduciary obligation is the fundamental obligation of the trustee,which can effectively control the rights of the trustee.The improvement of the fiduciary obligation is an important guarantee for the development of the commercial trust system.The first chapter of this article mainly introduces the theoretical basis of the legal system of trustee's fiduciary duty.Firstly,the fiduciary duty and trust property.The unique attribute of trust property makes it necessary to distinguish between the trustee's inherent property and to construct fiduciary duty.The root cause of business.Secondly,the reason for the construction of fiduciary duty is that there are many beneficiaries under the construction of the commercial trust legal system because of the great risk in the financial market.If the investment is not careful,it will easily lead to severe market turbulence.At the same time,with the increasing specialization of modern investment activities,beneficiaries rely more and more on the trustee's professional knowledge and skills to obtain trust benefits.The weak position of beneficiaries in the legal relationship of commercial trust requires that the trustee's rights be constrained.The more convenient way is to rely on the trustee's professional knowledge and skills to obtain trust benefits.Righteous duty.Thirdly,the legislative value and principles of the fiduciary duty legal system,including the safety value,efficiency value and the principle of good faith,should be adhered to in the current legislation of fiduciary duty of commercial trust in China at the stage of its development and in the context of financial opening-up.The second chapter focuses on the current problems of trustee's fiduciary obligations of commercial trust in our country,which mainly reflects that there is still a big gap in our current legislation.For example,in terms of the duty of loyalty,legislation does not set general provisions for it,and in reality,it is impossible to effectively identify breaches of the duty of loyalty.In addition,the lag of credit rating system makes trustees less active in fulfilling their duty of loyalty.In the aspect of the duty of prudence,the main problem of current legislation is that the content is not operable and the legal provisions are rough.On the contrary,the United States has developed a set of standards of the duty of prudence.Finally,the relevant supporting systems are the current problems of supervision and other aspects.The third chapter introduces the legal provisions of fiduciary obligations of foreign commercial trustees,and chooses the United States and Japan as two typical countries of common law system and civil law system to discuss respectively.They can provide some reference value for the construction and improvement of fiduciary obligations of our country.In the last chapter,the corresponding countermeasures are put forward,and effective measures are put forward respectively for the above problems.As for the duty of loyalty,the trustee should be prohibited from competing in business,obtain indirect remuneration and embezzle trust interests.At the same time,the duty of trustee in trust investment should be clearly defined and the duty of trustee should be strongly urged to fulfill its obligation.In the aspect of the duty of prudence,it is suggested that the criterion of the duty of prudence should be set up according to the rules of prudent investors in the United States,and the theory of portfolio investment should be introduced into the legal provisions.In terms of supporting systems,we should strengthen the coordination of financial institutions in the field of compulsory supervision,innovate the regulatory methods of using big data technology,and achieve strong and effective supervision of trustees' obligations.