The Research On How To Recreate Regulations For The Trustee’s Obligations Of Trust Companies In China

Trust originated in ancient Rome,took shape in England,developed in the United States and has spread around the world.Due to its special institutional design and unique financial functions,the trust industry has become an indispensable part of the modern financial system.The trustee’s duties,as the core of trust,play an important role in illuminating the connotation and character of trust.The trustee’s obligation itself also shows unique characters and value.The whole system of trustees’ liabilities contains obligations of the trustee,its classification,related laws and enforcement mechanism.Trust practices,in every country,is always developing with the reform of the regulations of trustees’ duties.Since it came into China,Chinese modern trust industry has undergone several times of consolidation,and it has now reached a critical moment of survival and development.One of the most important links lies in the comprehensive optimization and improvement of the regulations for the trustee’s obligations,which is the core of the trust.However,theoretical and practical problems accumulated year by year,which raises Chinese realistic characters of trustees’ obligation of trust companies and pose a dilemma to rules’ supply and operation.With the purpose to recreate Chinese trust system,it’s necessary to deeply study how the regulations of Chinese trustees’ liabilities work and to explore contrapuntally the theoretical renovation and practical measures of reconstructing the regulations of Chinese trustees’ obligations,on the basis of objective critics on limits of ideological foundation,objective requisites and realistic support.In order to achieve the purpose of this study,the body of this paper is divided into six chapters:Chapter One is “The Jurisprudential Basis and Regulation Value of the Trustee’s Obligations”.This chapter is the theoretical foundation and logical start of the whole study.In this chapter,through the analysis of the nature and characteristics of the trust system,it studies the basis and purpose of trustees’ obligation,illuminates its core status in the system,and defines its range of regulations,which is the research target of this paper.On this basis,it further demonstrates legal characters of trustees’ obligation and draws a conclusion of its practical function and rule value.Chapter Two is “The Practical Evolution of the Trustee’s Obligations”.This chapter is the discussion the situation of practical development of trustees’ duties for trust companies at home and abroad.It’s the speculation on trustees’ liabilities from the trustee’s aspect.It’s also the trustee’s explanation and reply to the dilemma mentioned in the following chapters.In this chapter,by the combination of the theoretical research in the first chapter with the real world,the step-by-step development of the trust industry is the clue to exploring the overview of current situation,the cause of development and the origin of diversified trust companies in China,and to proposing the practical characteristics of trustee’s obligations of trust companies in China,such as monetization of trust property,concentration of trustors,passive implementation,difficulty of identification,complex comments,and abstraction of criteria.On this basis,it further discusses the practical evolution of trustees’ obligations in U.K,U.S.A and Japan,and finds inspiration of inner and outter circumstances,rule requirement,reform power and ways of repulsion in the regulation construction of trustees’ obligations.Chapter Three is “The Rule Dilemma of Chinese Trust Companies’ Trustees’ Obligations”.This Chapter is an elaboration of the situation,how the research target works in regulation supply and operation.It’s also the focus analysis of problems that is needed to be solved in this paper.In this chapter,in accordance with the present level,at which the Chinese trust companies are,through the analysis of cases and data,the main existing problems of Chinese trustee’s obligations in the four aspects of legislation,justice,administrative supervision and "soft law" are ambiguous legal positioning,lack of core concepts,outdated application,ineffective right relief,obstacles to the identification of disputes,difficulties in the determination of responsibility,widely different standards of adjudication,deviations in supervisory concepts,weak administration,and insufficient self-regulation,providing the direction for rule reconstruction in the following chapters.Chapter Four is “The Requisites for Reconstructing the Rules of Chinese Trust Companies’ Trustees’ Obligations”.This chapter is a discussion of the ideological foundation,objective requisites and realistic support that is needed when we recreate rules of trustees’ obligations.It’s also the repose to the question whether the rule recreation is possible and valid for long-time.In this chapter,the important role of trust culture construction in improving trust regulation,strengthening self-discipline and eliminating social strife is discussed in detail,and the evolutionary characteristics of China’s trust products(vehicles of trustees’ obligations)in practice,such as positive fluctuations in scale,changes in trusteeship,adjustments in product types and weakening of financial attributes,as well as the direction of reconstruction of trust companies(the subject of trustees’ obligations)in terms of business philosophy,business model and management system.Chapter Five is “The Reconstruction of the Classification of Trustee’s Obligations of Trust Companies in China”.This chapter is a study on the specific contents of trustee’s obligations and their classification criteria,which is a concrete statement of the aforementioned theoretical results and practical conclusions,with the purpose of forming a clearer intuition of the research target and laying the foundation for institutional reconstruction of practical measures.In this chapter,by comparatively studying the different classification of trust companies’ trust liabilities raised by professors from U.K,U.S.A,Japan and China,the inner connection and difference of the specific contents of trustees’ obligations in different periods,regions and socio-economic environment are thoroughly analyzed.Accordingly,a new classification of trustees’ obligations of trust companies is attempted to be proposed through the sorting and deduction of the contents of the current relevant legal norms and trust practices in China.Chapter Six is “The Path for the Reconstruction of the Trustee’s Obligation System of Trust Companies in China”.This chapter is a concentrated answer to the questions,concerns and suggestions raised in the previous chapters,which is the main research significance and practical value of this paper.In this chapter,the path of optimizing the legal framework of the trustee’s obligation and the improvement measures of specific contents of related regulations are discussed in detail from the legislative level;from the judicial level,the formation of the new rules and the enforcement solutions to adjudicating trustees’ obligations are discussed in detail,and detailed measures are proposed in the accordant application of financial regulations in financial justice;from the regulatory level,how to bridge the collaboration of legislation and judicature by taking financial regulation as a link is specifically discussed,specifically from the aspects of regulatory concept,system construction,management mechanism,administrative measures and social collaboration.The theoretical contribution and practical value of this paper mainly lie in the following aspects: First,it analyzes and refines the concept,nature,characteristics,functions and value of trustees’ obligation in legal theory,and forms the basic theory framework of trustees’ obligation,which has some theoretical contribution to the construction of its jurisprudential normative system.Secondly,in the aspect of trust activities,through the analysis of the step-by-step development of the trust industry and the demonstration of the cause of development and the origin of diversified trust companies,it proposes the practical characteristic of Chinese trust companies’ trust duties,having significance for scientifically recognizing the specialty of Chinese trust companies’ trust duties.Thirdly,in legal practice,it points out the current difficulties in legislation,judicial,administrative supervision and “soft laws” of trustees’ obligation and its performance in Chinese trust companies,which is of certain practical significance to the comprehensive understanding of its system.Fourth,by comparatively studying the different classification of trust companies’ trust liabilities raised by different professors in different periods,in combination with current situation of Chinese trust companies,after sorting and deduction of the classification and contents of Chinese trust companies’ duties,it proposes a trust company trustees’ obligation classification that is more in line with Chinese customs.This system is to some extent conducive to eliminating the differences in concepts and characters of Chinese trust companies’ trust obligations,thus enabling a unified understanding in the development of the industry and legal practice,and jointly promoting the reconstruction of the relevant system.Fifth,it discusses the ideological basis,objective prerequisites and realistic support that must be faced and solved in terms of subjective and objective factors to promote the reconstruction of the trustee’s obligation system of trust companies in China,and then puts forward the corresponding specific ideas and measures from the legislative,judicial and financial supervision aspects,and the overall system reconstruction plan is highly possible and long-time feasible.