银行理财监管的演进逻辑与未来方向研究——由定性之争迈向信义标准

资产管理行业法理基础不清,使得监管缺失明确的上位法依据,《资管新规》亦没有消解法律定性上的迷思。文章以银行理财为主题,从历史演进脉络和交易搭建逻辑两个视角,分析了大资管行业存在的定性争议与监管困境。分析结果表明,银行理财藉由通道、同业或委外等方式介入其他资管产品之中,并逐步演化为中国式影子银行。在此过程中,监管部门的快速反应维系了市场的平稳运行,引导着机构的正确方向;而信托等法律概念不仅落后于监管应对,更无法完满地解释银行理财对接通道以及非标业务架构中各主体的法律地位。目前,银行理财实践中凸显的核心问题是管理人的责任不明晰。因此,银行理财等大资管业务未来的发展方向,与其执着于定性之争,不如通过监管手段为银行等管理人确立以信义义务为核心的行为标准。

The unclear jurisprudential basis of the asset management industry has left the regulation without a clear upper-level legislation,and the Guiding Opinions on Asset Management also fails in settling the disputes of legal characterization.With regard to the characterization controversy and regulation dilemma of asset management industry,this paper takes bank wealth management as the theme,analyzes from two perspectives,namely historical evolution and transaction logic,and shows that bank wealth management has gradually evolved into Chinese style shadow banking by intervening into other asset management products through channels,interbank business or investment outsourcing;during this process,it is the rapid response of the regulator that maintains the smooth operation of the market and guides the development direction of the institutions;and the socalled trust and other legal concepts have not only lagged behind the regulatory response,but also cannot perfectly explain the legal status of each subject in the business structure of bank wealth management regarding channel business and non-standard capital.The real problem highlighted by the current market practice is the lack of clarity in the duty of the manager.Therefore,instead of sticking to the characterizing debate,it is more urgent for the regulation of bank wealth management and other asset management business to establish a standard of conduct for bank and other managers with fiduciary duty as the core through regulatory tools.