Research On The Regulation Of Corporate Bond Trustee’s Misconduct

The number of bond default events has shown a rising trend these years.In case of bond default,the amount that the bondholder can finally pay is very small,and the principal and interest are likely to be "uncollected".It is urgent and necessary to improve the construction of corporate bond trustee system and give full play to its function of safeguarding the interests of corporate bond holders.The article is divided into four chapters.The first chapter mainly introduces the performance of the bond trustee under the tide of default,and explains in detail the phenomenon of improper performance of the trustee according to the two types of passive management and active infringement of the bond trustee.The deep-seated reason behind the improper performance of duties by the trustee is the unclear legal nature of the bond trustee system.The second chapter focuses on the current trustee system in China,and analyzes the institutional and institutional reasons for improper performance of duties and the regulation failure of improper performance of duties.Due to the lack of corresponding theoretical basis of trust law,when the trustee system was first introduced,the legislation made great changes to the system to adapt to the legal basis of our country.The result is that although it is crowned with the title of "trustee",the legal essence of bond trustee is still the extension of entrusted agent in the bond market.However,whether it is to give full play to the function of the trustee system or to regulate the improper performance of duties of the trustee,there is a lack of institutional supply of the principal-agent relationship.In addition to the insufficient supply of the principal-agent system,a large number of interest conflicts between the trustee and the securities holder in practice are also important reasons for the improper performance of duties by the trustee.The third chapter focuses on the foreign mature bond market,and compares the advantages and disadvantages of the trustee system at home and abroad through the method of comparative analysis.It focuses on the role orientation of foreign trustees,how to avoid conflicts of interest,how to regulate conflicts of interest,and the provisions and norms of the obligations of trustees.The excellent experience of foreign system construction should be summarized and absorbed to form the enlightenment to the construction of bond trustee system in China.The fourth chapter is the key chapter of the article,which puts forward new ideas for the perfection and perfection of China’s bond trustee system.Focus on the trust law structure of the bond trustee system,clarify the positioning of trust property and trust parties under the framework of trust relationship,clarify the application of fiduciary obligations in the bond trustee system,and establish a responsibility mechanism for violating fiduciary obligations,so as to force the trustee to reduce improper performance of duties,so as to achieve the institutional purpose of protecting the interests of bondholders.