Research On The Umbrella Structured Trust And Its Legal Issues

As an important innovation of structured securities investment trust,"umbrella structured trust" is based on the former and adopts a mother-son trust model in its structure,which includes two or more(including two)different types of subtrusts under a master trust plan,each of which is a small single structured trust.Each subtrust is a small single structured trust.In judicial practice,the validity of the umbrella structured trust contract has been divided,with some courts finding it to be invalid because it violates the market economic order,and others finding it to be valid because it is the true intention of the parties under the trust plan and is legal and compliant,with some courts holding that the subject of the document issued by the securities regulator should be the securities company rather than the trust,and that the trust contract is improperly regulated.Some courts have also held that the document issued by the securities regulator should be regulated by the securities company rather than the trust institution,and that the trust contract was not properly regulated.At the same time,the issue of legal validity has not been studied separately in the theoretical community,but only at the level of "whether umbrella structured trust products are legal and compliant".According to the interpretation of Article 86 of the Minutes of Civil and Commercial Trials of National Courts(hereinafter referred to as the "Nine Civil Minutes")issued in 2019,the securities investment contracts entered into by subjects other than securities companies that are not approved by the financial regulatory authorities shall be invalid because they do not have the civil capacity to engage in securities business and are in violation of the franchise.Therefore,it is necessary to clarify the legal relationship of umbrella structured trust and its nature,combine the theoretical knowledge with the actual situation of China’s judicial practice,and seek a suitable point between financial innovation and legal application.Therefore,it is necessary to clarify the legal relationship of umbrella structured trust and its nature,combine the relevant theoretical knowledge with the actual situation of China’s judicial practice,seek a suitable point between financial innovation and legal application,put forward relatively perfect judicial recommendations,alleviate the confusion of judicial practice,and provide some ideas and suggestions for the unification of judicial logic and maintenance of China’s judicial credibility.In order to comprehensively grasp and analyze the problems in "umbrella structured trust" products,this dissertation adopts an empirical research method,collecting all the decisional documents in the last six years,classifying them by comparing the opinions and legal bases adopted by the courts in each case,and categorizing and charting the data obtained after analyzing them,so as to The data obtained were analyzed and organized into a chart,so that we can fully understand the current judicial practice in dealing with the validity of "umbrella structured trust" contracts.The graphs also show the differences in practice regarding the validity of such contracts,which can be used to solve problems in a more practical and in-depth manner.First of all,the introduction part of this paper clarifies the background of the research and raises the questions,presents the research roadmap of this paper with legal analysis,empirical analysis,statistical and graphical analysis methods,and then presents the research methods and innovations and shortcomings.The first part introduces and analyzes structured trusts and umbrella structured trusts from the concepts,characteristics and legal relationships,and identifies them by providing concept diagrams to lay a good theoretical foundation for the article;the second part analyzes the main problems that exist in China’s judicial practice when dealing with the validity of "umbrella structured trust" contracts through the statistics of adjudication documents,and summarizes the controversial points and factors affecting the validity of the contracts.In the third part,based on the problems analyzed in the second part,the problems are solved,i.e.,each problem is analyzed according to the focus of controversy,and the corresponding conclusions are drawn by synthesizing judicial views and relevant academic theories;in the fourth part,relatively sound judicial adjudication suggestions are made in response to the aforementioned problems,and the court can reasonably determine the nature of the norms when deciding the validity of such contracts,and further clarify whether the trust products are detrimental to the public interest from three aspects Further clarify whether trust products are detrimental to the public interest and the limits of judicial activism in a prudent manner.