Research On The Perfection Of Corporate Bond Trustee System In China

The trustee system of corporate bonds aims to make use of the professional experience of the trustee to properly manage the bonds and safeguard the rights and interests of the holders.At present,China has made provisions on this system through normative documents such as the Securities Law and the Administrative Measures for the Issuance and Trading of Corporate Bonds,but the effectiveness of the current system has not met the expectations of legislative work,and in some cases the trustee has failed to properly protect the interests of bond holders,affecting the confidence of market investors.Therefore,this thesis focuses on the goal of maintaining the order of the bond market and the legitimate rights and interests of the holders,and discusses the direction of perfecting the trustee system of corporate bonds in China,in order to strengthen the protection of the rights and interests of bond investors and promote the healthy development of the bond market.In addition to the introduction and appendix,the thesis is divided into four parts:The first part examines the present situation of the trustee system of corporate bonds in China.On the basis of clarifying the background and value of the trustee system of corporate bonds,this paper analyzes the legislative process of the trustee system of corporate bonds in China,and studies the actual status of the system according to the general situation and typical cases of the default of corporate bonds in China.The second part summarizes the existing problems of China’s corporate bond trustee system.supervise and coordinate the bond affairs,resulting in the lack of protection of the interests of many bond holders;Objectively,the trustee faces external constraints in the process of performing his duties,especially the difficulty in obtaining the trust of bondholders,resulting in the lack of close communication between the two sides and the difficulty in forming a joint force.The third part explores the deep reasons of the lack of function of the corporate bond trustee system in our country by combining the normative provisions and the practical situation.The first and most basic reason is that the dispute over the nature of the trustee management relationship is not settled,and the status of the trustee is unclear,which leads to the failure to clearly define its legal obligations.Secondly,the definition of the rights and responsibilities of the trustee in performing their duties is unreasonable.The current legislation focuses on the listing of duties,but does not give the trustee the necessary rights.The legal responsibilities of the trustee are also not comprehensive enough,and it is difficult to form a binding effect on them.Finally,the conflicts of interest between trustees and bondholders are prominent.Most trustees are concurrently held by bond underwriters,and they are closely related to issuers in term of job qualifcations and remuneration payment.On the contrary,there is a lack of close communication between trustees and bondholders’ meetings.The fourth part clarifies the focus of perfecting the trustee system of corporate bonds in China.First,confirm the fiduciary nature of the bond fiduciary management relationship,and enrich the legal obligations of the trustee with the fiduciary obligations of the trust trustee as the framework;Second,to improve the rights and responsibilities of the trustee to improve their performance initiative.We should not only grant corresponding rights according to the needs of duties,but also improve the responsibilities to realize the supervision of the trustee.Thirdly,the conflicts of interest between trustee and bondholders should be properly handled through the elaboration of the supporting system.Specifically,provisions such as the qualifications,remuneration mechanism and information disclosure requirements of the trustee should be further refined,and the connection between the trustee and the meeting of bondholders should be strengthened to form a comprehensive protection of the interests of bondholders.