我国资产管理业务法律监管走向——2020年信托界“塌方”引发的思考

The Trend of Legal Supervision of Asset Management in China——Thinking on the collapse of trust sector in 2020

资产管理业务的良性发展对于金融风险防范以及新常态经济的发展具有重要意义。当下资产管理行业呈现乱象迭生的局面,表现在监管标准不一致、监管套利以及资管案件裁判标准不统一等,究其原因,一方面源于资产管理行业信义义务的规则没有发挥其对资本市场的法律规制作用,2018年4月,由中国人民银行、银监会、保监会以及国家外汇管理局发布的《关于规范金融机构资产管理业务的指导意见》试图通过打破刚性兑付、规范资金池等方式将资管业务的发展方向拉回正轨—回归信托本质,但其却忽略了将资产管理业务回归信托本质最好的利器—信义义务规则的构建,此为本次改革中之最大不足。另一方面源于资产管理业务涉及的基础法律关系定性尚未形成统一认识。基于此,实现资产管理业务向《信托法》的回归便有了两点要努力的方向,其一,要在资产管理业务回归《信托法》调整的基础上,对信义义务规则予以具体细化;其二,要通过法律制度的建设清晰界定各类资产管理业务的法律属性进而实现对资产管理业务的统一监管,最终形成规范资产管理业务发展的统一的法制根基。

The sound development of asset management business is of great significance to the prevention of financial risks and the development of the new normal economy.At present,the asset management industry presents a chaotic situation,which is manifested in inconsistent regulatory standards,regulatory arbitrage and inconsistent judgment standards of asset management cases.On the one hand,the reason is that the rules of fiduciary duty in asset management industry do not play their legal role in regulating the capital market,In April 2018,the People’s Bank of China,the China Banking Regulatory Commission,the CIRC and the State Administration of Foreign Exchange issued The Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions,trying to pull the development direction of asset management business back to the normal track by breaking the rigid cashing and standardizing the fund pool,but it ignored the best way to return the asset management business to the trust nature This is the biggest deficiency in this reform.On the other hand,due to the asset management business involved in the nature of the basic legal relationship has not yet formed a unified understanding.Based on this,there are two directions to realize the return of asset management business to“trust law”.One is to refine the rules of fiduciary duty on the basis of the adjustment of asset management business back to the trust law;the other is to clearly define the legal attributes of various asset management businesses through the construction of legal system,so as to realize the unification of asset management business Supervision will eventually form a unified legal basis to standardize the development of asset management business.