Rules Of Credit Obligation In Asset Management Business

In recent years,with the adjustment of a series of regulatory system in asset management industry,China ’ s asset management business has ushered in an explosive growth.As an important way to connect the investment side and the financing side,asset management business increases the proportion of direct financing at the financing side,provides diversified financial products for individual investors at the investment side,and improves the efficiency of the capital market.However,the legal system does not keep up with the rapid development of the asset management industry,and the asset management business lacks a clear legal nature and regulatory boundaries,resulting in frequent misconducts of the asset management business management institutions.In this context,how to protect the interests of investors legally has become a key issue in the academic and practical circles.Under the premise of information asymmetry in asset management business,investors and management institutions are in a de facto unequal position.Therefore,in order to curb the possible misconduct of management institutions,a feasible idea is to formulate rules of fiduciary duties for management institutions in asset management business to balance the distribution of rights and obligations of both parties and protect the legitimate rights and interests of investors.Guided by this idea,starting from the background of the implementation of the new securities law,and on the basis of clarifying the essence of asset management trust,this paper focuses on the behavior regulation of securities companies,the most important intermediary institution in capital market,and systematically studies the rules of fiduciary duties in asset management business.From the new perspective of incomplete contract theory,this paper takes the actual business process of asset management business as the main line,and combs out the specific expressions of fiduciary duties in asset management business of securities companies,and puts forward corresponding suggestions for improvement.The article structure includes introduction,text and conclusion.The introduction summarizes the background,purpose,significance,innovation,research status and research methods of the paper.The body is divided into five parts to explore the fiduciary obligations of management institutions in asset management business.The first part puts forward the problems and corresponding legal risks of vague identification of basic legal relations and insufficient rules of fiduciary obligations in asset management business.The second part clarifies the trust nature of asset management on the basis of combing different views of the basic legal relationship of asset management business.The third part uses the theory of economics and comparative law to analyze the rules of fiduciary duty in asset management business.This paper discusses the necessity of introducing fiduciary duty in asset management business from the perspective of incomplete contract theory.The rules of fiduciary duty can fill the incomplete contract and alleviate the agency problem under incomplete contract.By exploring the mature legal system of asset management in foreign countries or regions,this paper makes a comparative analysis from the perspective of substantive functions,in order to seek some enlightenment and provide some guidance for the improvement of the rules of credit obligation of asset management business of securities companies in China.The fourth part is based on the actual business process of asset management business as a starting point,one by one combing the securities company ’ s asset management business fiduciary duty rules in the asset management contract contracting,capital investment,capital daily management and asset management contract termination of the four main stages of the state should be,for the construction of asset management industry unified fiduciary duty framework to provide theoretical basis.The fifth part is based on the above four parts of the argument,and puts forward that the rules of fiduciary duty in asset management industry should be coordinated by the fund law,Through the multi-level legal system,level legal system,supplement the core content and supporting responsibility mechanism of the rules of fiduciary duty,and put forward suggestions on the construction of the rules of fiduciary duty in China ’ s asset management business,so as to provide some theoretical support for improving the investor protection system in China.