| Trust is based on trust, the trust’s property will be delivered to the trustee, for the interests of beneficiary. The trustee is the core of the legal relationship of trust. The regulation of the trustee acts is the key to the trust, therefore the law gives trustee a fiduciary duty, such as duty of loyalty, duty of care, respectively from two aspects of movement regulates the behavior of the trustee. Duty of loyalty requires to trustee is loyal to beneficiary, avoiding interest conflict, which is a moral requirement to the trustee; while duty of care requires that the trustees can fully exert their professional skills. With the development of trust, trust is becoming a professional financial management, the trustee needs acquiring the professional skills of trust investment. So the duty of care is more and more important.Restraining the behavior of the trustee, it’s also necessary to fulfill a specific content of Duty of care. The prudent investor rule distinguishes the different attentional standards from professional trustees to non-professional trustees, and makes requirement to the trustees of their skills. The development of prudent investment rule is based on the case and every innovation and progress are established by one case after another case, at the same time the author also made some comment on the specific provisions to the United States "Uniform Prudent Investor Act".Comparing to Anglo-American law system, the regulation of trustee behavior is apparent insufficient in our country. Although our country has issued law to constraint the trustee’s behavior, but there are not mentioned about the trustee’s duty of prudent investment, only referring the kindhearted administrator’s duty of care as the guidance. In practice, there has appeared many trust investments without prudent cases in order to the beneficiary can not use suitable law to protect his legal rights and interests. Therefore, based on the investigation of the prudent investment rule of Anglo American law system countries, this article is aimed to learn how to improve our country’s duty of prudent investment. Besides the preface and conclusion, this article is divided into four parts:The first part is the summary of prudent investment obligation:duty of prudent investment sources from duty of care to the source of fiduciary duty. So first of all, to make a brief introduction about fiduciary duty, in which duty of loyalty and duty of care is the main content, between these two kinds of obligations there are differences and relations. Then, the duty of care and the duty of prudent investment is from the duty of care. They are the species relationship.The second part is the legislative value of prudent investment obligation:duty of prudent investment is mainly to regulated the trustee’s trust investment behavior, the investment behavior of the trustee cannot separate from the development of social economy, modern portfolio theory and effective capital market provide the economic basis for the duty of prudent investment. Prudent investment obligation is an important part of the trust system, it cannot leave the foundation of equity which is the relationship of trust, laying the legal foundation for the trustee’s duty of prudent investment.The third part is the study of the two legal system countries with duty of prudent investment:focusing on the prudent investment rules of United States, the rule includes both principle standards and specific standards, while in civil law countries there are mostly just principles, especially in China, the provisions is general and abstract, which can not adapt to market economic development.The fourth part is to perfect the legislation of prudent investment obligation; Although the foundation of the Trust law in our country is different from the law of Anglo American law system countries. Our country have condition to absorb the duty of prudent investment. In theory and reality to analyse feasibility in order to raise perfect Suggestions. |
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