资管产品原状分配的常见问题和解决路径

资管产品的基础法律关系是信托关系,资管产品终止后,信托财产需要向受益人进行分配,分配方式包括现金方式、维持信托终止时财产原状方式(原状分配)或者两者的混合方式。采取原状分配方式的,管理人应于信托期满后的约定时间内,完成与受益人的财产转移手续。但是,原状分配涉及管理人、受益人及债务人等第三方主体之间的多重法律关系,实践中还存在诸多问题,包括法律性质不明确、权利义务边界不清晰、各方利益诉求不统一、委托人主体不适格、难以完成过户登记等。本文基于现有业务规则和行业实践,对原状分配中的常见问题和解决路径进行简要分析。

The fundamental legal relationship of asset management business products is that of a trust.Upon the termination of an asset management product,the trust property needs to be allocated to the beneficiaries.The methods of allocation include cash,maintaining the property in its original state at the time of trust termination(as-is allocation),or a combination of both.In the case of original state allocation,the manager should complete the property transfer procedures with the beneficiaries within the agreed time after the expiration of the trust.However,original state allocation involves multiple legal relationships between the manager,beneficiaries,debtors,and other third parties,and there are many issues in practice.These include unclear legal nature,ill-defined boundaries of rights and obligations,nonunified interests of all parties,unsuitable subject of the entrusting party,and difficulties in completing transfer registration,etc.This article provides a brief analysis of common problems and solutions in original state allocation based on existing business rules and industry practices.