证券投资基金信托:模式选择与立法建构

Securities Investment Fund Trust: Model Selection and Legislature

国外的证券投资基金法律结构各有其优势和缺陷,因此,应借鉴其有益之经验,而不能不加否定地移植。作为社会控制工具的法律,本身就是人类历史长期博弈的结果。建立一种由投资人作为信托人和受益人,基金发起人在基金成立前先行处理作为信托人的一些事务,由基金管理人和基金托管人共同作为受托人的自益信托的法律结构将是我国在证券投资基金立法调整时的必然选择。

The foreign securities investment fund laws have their merits and defects as well, therefore, we should borrow from them rather than just transplant them entirely. As the control tool of the society, law itself is the gaming result of the long human history. A self-benefit trust legal structure with the investors as thrusters and beneficiaries, fund sponsors dealing some thruster's businesses before the establishment of the fund, and both fund managers and fund trustees acting as trustees, is the only choice for the adjustment of Chinese securities investment fund legislature.