美国信托受托人投资行为规范及其对我国的启示——以谨慎投资者规则为视角

American Trustee's Investment Behavior Standards and Its Enlightenment to China——From the Perspective of UPIA

受现代投资组合理论的影响,美国谨慎投资者规则在防范受托人违反信义义务和保护信托受益人利益等方面有着详尽的规定。相较而言,我国信托受托人立法缺位,受托人谨慎义务的具体判断标准以及向受益人承担损害赔偿责任等问题语焉不详,造成信托实践操作中的一系列难题。因此,借鉴美国信托法对信托受托人规制的模式,制定明确的行为准则,不失为完善我国信托财产管理机制的有效途径。

Affected by Modern portfolio theory, Uniform Prudent Investor Act has detailed provisions in preventing trustee from breaching fiduciary duty and protecting beneficiary＇ s interest. In contrast, the specific criteria of trustee＇s prudent obligation and responsibility for damages are not definite for lack of legislation, which had caused a series of problems in practical operation in China. Consequently, it is an effective way to draw lessons from UPIA and code of conduct, for the purpose of improving management mechanism of trust property.