Study On Civil Liability Of Trustee In Trust Channel Business

The business of channel trust originated from the real economy’s demand for funds,and it developed and expanded for a while.Since the release of the New Rules on Assets Management,regulatory policies for the trust industry have been issued intensively,with the focus of supervision on channel businesses and the prudent operation of trust companies.Under the guidance of supervision,the trust industry has continued to promote economic structural transformation,orderly reducing the scale of financing and channel businesses,and shifting from focusing on scale to focusing on development quality.In 2022,the transitional period has ended.The channel businesses that circumvented supervision have been absolutely banned.However,the determination of responsibility for existing channel businesses in the future is still important for the development of the trust industry.In addition,service trusts have broad development prospects,and a large part of them is the transformation and upgrading of the current channel business.In recent years,there have been frequent cases of thunderstorms in channel business projects,and the judicial departments have considerable differences in the determination of the trustee’s responsibility-whether the trustee is responsible or not,and if so,what the proportion of the responsibility is.In June 2020,the case of Wu Man and Sino-Australian Internation Trust,came to an end in the Shanghai Financial Court.It was called "the first case of a trust company accepting the responsibility in channel trust",which aggravated the misunderstanding of the trustee’s obligations and responsibilities in the trust channel.Through the definition of the business concept of trust channel and the analysis of the combination of theory and jurisprudence,this paper excavates and summarizes the current identification rules of the trustee’s obligations in China.The specific content structure is described as follows:The introduction determines the research objectives and basic structure of this paper by combing and studying relevant data and literature.The purpose of the first part of the text is to pave the way for the subsequent study of the responsibilities of the trustee,define the legal relationship of the channel business,reveal the development path of the channel business,and analyze the future development trend.On this basis,it analyzes the coverage of the current trust channel business,and finally draws two types of structures based on the different roles of investors.The responsibility problem discussed in this paper is also extended according to these two types of structures.The second part mainly analyzes the fiduciary duty of the trustee and the principle of the trustee’s responsibility in the trust channel business,and summarizes the determination rules of the trustee’s internal responsibility.Firstly,it analyzes the reasons for the alienation of the trustee’s fiduciary duty in combination with the particularity of the business,and compares it with the trustee’s fiduciary duty in the active trust to clarify the specific performance of the alienation.Through the interpretation of the principle of responsibility and specific cases,this paper analyzes and summarizes the nature of the trustee’s responsibility and the commonality of the internal responsibility.The third part explores the scope of the trustee’s obligations to third parties(including creditors and external investors)and the corresponding responsibilities in the trust channel business.It analyzes three situations in which the trust company undertakes personal responsibility to the third party which have the creditor’s rights with specific case analysis.Then combined with typical cases,try to analyze the legal nature and determination rules of the trustee’s liability to external investors from the perspective of tort debt.Finally,sum up the above,discuss the legitimacy for the trustee to accept external responsibility.The fourth and the last part is based on the above analysis results,and provides suggestions for the existing trustee responsibility system in the business of the channel trust,mainly focusing on the legislative issues of the trust industry,and also discusses the principle of trustee responsibility.