公司债券受托管理人利益冲突的防范与规制

Prevention and Regulation Against the Conflict of Interest of Corporate Bond Trustees

利益冲突问题是公司债券受托管理人制度在实践中倍受掣肘的重要原因。目前我国公司债券受托管理人主要由承销商来担任,其双重身份极易导致利益冲突的产生。借鉴美国、日本的债券受托立法经验,以债券违约为时间节点,将利益冲突分为一般利益冲突与重大利益冲突,一般利益冲突在债券违约前可以存在,重大利益冲突无论是否违约都应当被严格禁止。可以通过扩大受托管理人的资格范围、调整报酬支付模式、明确忠实义务、加强发行人与受托管理人的信息披露、发挥债券持有人会议的监督制约作用、明确利益冲突下的解任与责任承担规则等措施,对利益冲突进行防范和规制,从而使公司债券受托管理人制度发挥其应有作用。

The issue of conflict of interest is an important reson for the constraints in the practice of the corpo-rate bond trustee system.At present,the trustees of corporate bonds in China are mainly underwriters,and their dual identities can easily lead to conflicts of interest.With reference to the experience of bond fiduciary legislation in the United States and Japan.we can elassify conflicts of interest into general conflicts of interest and major conflicts of interest based on the time indicator of bond default.General conflicts of interest can exist before the bond defaults,and major conflicts of interest should be strietly prohibited regardless of default.It is possible to expand the scope of the qualifications of the trustee,adjust the remuneration payment mode,clarify the loyalty obligations,strengthen the information disclosure of the issuer and the trustee.take advantage of the supervision and control function of the bondholder meeting.and clarify dismissal and accountability to pre-vent and regulate conflicts of interest so that the corporate bond trustee system can play its due role.