我国信托机构善良管理义务认定标准研究

Identification Standard of Good Management Obligations in Trust Institutions in China

关于善良管理义务认定标准,英美法系经历了从"普通的谨慎商人标准"到"专家标准"的演变,而大陆法系则近乎统一适用"善良管理人之注意"标准之原则性规定,具体认定标准规范尽付阙如。反观大资管背景下我国信托业"打破刚兑"的现实要求,评定信托机构是否尽责则成为合理划分投资者与受托人权益边界之关键。因而,必须在明确"专家标准"注意义务的基础上,注意主客观标准相结合,动态评价投资行为,整体规划风险与收益目标,尽快完善善良管理义务尽责评价体系。

Regarding identification standard of good management obligations in trust institutions , the Anglo-American legal system has experienced the evolution from the ＂ordinary prudent businessman standard＂ to the ＂expert standard＂. However, most civil law systems apply the ＂good manager＇s attention＂ standard. In currentbackground, new regulation on assets management has come into force, which definitely require trust shouldbreak rigid payments. Defining whether trust Institutions are of responsibility becomes the key to divide the rightsof trustees and consumers. Therefore, on the basis of clarifying the care duty of ＂expert standard＂, it is necessaryto combine subjective and objective criteria, dynamically evaluate the risks and benefits on investment behaviors,and perfect the identification standard of good management obligations.