基金投资托管人法律责任问题研究——以15个涉托管人责任案例为切入点

On Legal Liability Issue of Investment Fund Custody:On the Basis of 15 Typical Cases Involving Custodian Responsibility

在投资基金治理结构中,托管人负责基金的保管和对管理人投资运作进行监督,是投资基金运作中至关重要的一环。尽管托管人和基金管理人同属投资人的受托人,但系分别受托履行不同职责,不属于信托法意义上的“共同受托人”,故通常情况下对投资人的损失不承担连带赔偿责任。在托管人责任纠纷案件的司法审查中,如果基金合同或托管协议对托管人义务范围有明确约定,应以合同或协议约定作为判断托管人应否承担责任的依据;除合同义务外,基于托管人受托人的法律地位,还应对其是否尽到法定的信义义务进行审查。

In the investment fund management structure, the custodian is responsible for the custody of the fund and the supervision of the investment operation of management institutions, which play a crucial role in investment fund operation. Fund custody and fund management institutions are of different duties, although they belong to the investment trustee, not a “co-trustee” on the sense of trust law. Therefore, the loss for investors do not assume joint and several liability for compensation under normal conditions. In the cases of judicial review of disputes over custodian liability, the fund custody shall accept the responsibility or not according to the fund contracts or fund custody agreements. Beside this, the custodian trustee should also be examined as to whether he has fulfilled his statutory fiduciary duties.