Research On The Legal Liability Of The Trustee In The Trust Channel Business

Since the promulgation of the guidance on regulating the asset management business of financial institutions,the channel business conducted by trust companies,fund subsidiaries and securities companies has attracted much attention.As for the channel business carried out by trust companies,although there are few litigation disputes,the problems are relatively concentrated,mainly due to unclear rights and responsibilities in the channel business.As the trust system is a product of dual ownership in Anglo-American law system,it is in conflict with the system of one thing and one right in continental law system.As a result,the legal system of trust industry in China is not in line with the traditional trust system and has some defects.At the same time,the channel business is also a unique product of China's financial system.Due to the lack of relevant legislation and regulations in the trust industry,there are some problems in the fiduciary liability undertaking in the trust channel business.In terms of the nature of trust channel,there is no doubt that it is a trust.In the trust channel,due to the weakening of the fiduciary obligation and the expansion of the trustor's rights,the legal status of the trustor and the trustee in the trust channel is alienated.Among them,the legal liability of trust companies focuses on whether to assume responsibility for the act of subdelegation,which involves the core issue of the boundary between convention and law.To solve this problem,this paper makes a comparative analysis of the design of the rights and obligations of trust companies in trust contracts in channel business and the rights and obligations of trustees in traditional trusts,and identifies the combination characteristics of their legal responsibilities.The trustor and the trustee shall share the trust affairs,fulfill corresponding obligations and assume corresponding responsibilities according to the provisions of the trust contract.To this end,we should perfect the three aspects of legislation,judicature and supervision,and harmoniously implement the standard of fiduciary responsibility in the trust channel.The body of this paper consists of three chapters:The first chapter expounds the background and characteristics of trust channel business,and analyzes the existing legal concerns.Comparing the particularity of trust channel with the trust system,this paper explores the alienation of trust channel business from three dimensions: the lack of trust,the particularity of the trustee and the expansion of the trustee's right.Clarify the main focus of trust channels to challenge the existing legal system.Chapter two,by comparing the trust system with the trust system,defines the nature of trust channel as trust.Then it analyzes the legal risks of the trustee in the trust channel in the existing trust legal system,and further analyzes the legal liability of the trustee from the aspects of the nature of liability,the elements of liability and the way of liability bearing.The third chapter,from the legislative level,judicial level and regulatory level of three dimensions of improvement,to explore how to deal with the trust channel financial innovation product regulation,the obligation and responsibility in the normative documents clearly,improve the operability.