伞形信托业务模式及监管对策分析

An Analysis of Business Patterns of Umbrella Trusts and Approaches to Supervision

伞形信托是中国金融业的分业监管、综合经营态势下的一种金融创新,其最大的特点在于利用信托总账户下挂子账户分仓交易的方式,实现各子账户交易、会计核算、投资组合期限和信托财产分配的完全独立。相较于传统证券信托,伞形信托具有身份信息隐秘、开设门槛低、投资限制少、成立便捷等优势,因此在实践中获得超常规发展。但其账户信息披露不透明造成误导,普遍加杠杆运作模式加剧市场运行风险,账户的虚开和滥用对现行账户管理和登记结算体制造成冲击,产生一系列法律风险。从目前伞形信托的发展态势看,风险因素正在集聚,现阶段证券监管的重点目标是确保市场行为的透明,并能强有力地防控市场风险,同时要兼顾市场的发展,具体举措包括:识别伞形信托的行为合法性;确保对伞形账户的"看穿式"监管;审慎评估和应对伞形账户的高杠杆配资风险;有效实现券商及软件公司对伞形账户接入的前端控制。

Umbrella trust is examined as a financial innovation under the context of separated regulation and mixed operation.The most significant feature of umbrella trust is the separation of its subaccounts,of which individual trades are housed under a single umbrella trust account.By adopting this scheme,independent trading,accounting,portfolio duration and trust property attribution is achieved.Compared with traditional equity trust,umbrella trust holds the advantage of privacy,low entry cost,less regulation and simplicity of setting up.Therefore,umbrella trust has undergone extraordinary development since its introduction.However,insufficient disclosure of account information misleads investors;leverage trading elevates the operational risk of market;falsely opened and abused accounts impact the account management system as well as the depository and clearing system.Malpractice in the operation of umbrella trusts is posing regulatory risk to the financial market.By inspecting the current status of umbrella trusts,we can conclude that risk is accumulating.Current supervisory focus should be on enforcing the appropriate disclosure of market activities and managing the market risk whilst ensuring healthy development of the market.Certain measures can be taken to achieve the goal,e.g.,closely supervising the compliance of umbrella trusts,facilitating the 'look-through'surveillance of umbrella trusts,carefully evaluating the risk of highly leveraged positions of umbrella trusts and developing effective countermeasures,ensuring effective front-end control of the umbrella trust accounts with support from brokers and software vendors.