| The trust entered the public view only two or three decades ago,and the assets of the asset management business exceeded 20 trillion yuan,growing into the second largest financial institution after the bank.Thanks to rigid redemption,the trust industry has flourished.Rigid redemption has also become a common practice in the asset management industry.Trust funds have been invested heavily in the financial industry,real estate industry,leasing and business services,water conservancy and public facilities management,and construction.In the industry.In the trust,rigid redemption means that after the trust project expires,the trust company promises to redeem the principal and income of the financial product consumer according to the contract.When the expected benefit of the trust project is not realized,the trust company will pay the principal of the project.And interest pockets.Rigid redemption has always been an inevitable disease affecting the healthy development of China’s trust industry,and it is also a key object of long-term strict supervision by regulators.In April 2018,the three ministries and commissions jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"(referred to as the "New Asset Management Regulations").In the trust industry,deferred payment of trust products,disguised disguise,and invisible disbursement are constantly appearing.The disguised disguise has gradually formed the industry’s hidden rules.Based onthis,this article explores the above-mentioned methods of stealth,to achieve the requirements of maintaining financial supervision and the long-term healthy development of the trust industry.The first part first considers several typical cases of defaults in trust product redemption,and delves into the transition of the trust industry from explicit just to invisible redemption.Whether this change involves the entry of regulatory loopholes,it is proposed that the trust company seeks Whether the method of using the credit guarantee fund for redemption and the transfer of trust income rights are invisible.The second is the problems reflected in the cases of consolidation of default,including the incomplete disclosure of risk information of trust products,the inconsistency of the trustee’s obligations and the manager’s liability determination standards in judicial trials.The second part focuses on analyzing the causes of the abnormal evolution of rigid exchanges in the trust industry,describing in detail the judgment of invisible rigid exchanges,discussing the legal significance of regulating rigid payments,and deriving the nature and manifestations of invisible rigid exchanges.In the context of the New Rules on Asset Management,breaking rigid payment means overcoming the financial systemic risks brought by the freedom of contract conclusion in civil activities by means of financial supervision,and breaking the quasi-lending phenomenon of asset management business in trust.The third part briefly analyzes the standards of judicial trials when rigidpayment is involved in judicial practice.Based on the typical cases of rigid payment in the trust industry,it analyzes the logic of judicial trials in order to extend the financial supervision and judicial trials At various levels to explore the problem of insufficient judicial intervention in rigid payment.The fourth part is mainly focused on the two parts.From the supervisory level and the judicial level,we make perfect suggestions on the regulation of invisibility.The supervisory level must first clarify the red line of financial supervision,clarify the regulatory loopholes in trust products,and then strengthen the risks of trust products.Information disclosure,to achieve the effect of penetrating supervision;the judicial level needs to clarify the specific model of the fiduciary obligations in China’s trust law as soon as possible,clear the boundaries of trustee responsibility and investment risk,and establish effective judicial intervention in the event of trust breach... |
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