To achieve the strategic plan of achieving the "dual carbon" goal,since 2021,China has begun to build a national market for carbon emission rights,and national carbon emission rights system rules have gradually been established.At the same time,relevant institutional experience from local carbon emission quota pilot markets has gradually gathered into the national carbon emission rights system.As a "hub" connecting the carbon emission trading rights system and the carbon finance system,the carbon emission rights trusteeship system is also an important bridge to enrich the carbon emission rights trading entities and achieve the interconnection of carbon emission rights trading products at all levels in various regions.However,at present,there is still a gap in the carbon emission rights custody system at the national market level,and local carbon emission rights custody systems only have self-discipline rules but are not systematic.In addition,because of the lack of legislation and regulation for the carbon finance system as an epistatic law concept,it is still in the pending stage,resulting in the absence of a clear legal status for the carbon emission rights trusteeship system as a part of the carbon finance system.The legislation of a national carbon emission rights trusteeship system and the improvement of the existing system are imminent.In view of this,this article conducts a systematic study around the carbon emission rights trusteeship system.The first part of this article specifically discusses the basic concepts and feasibility analysis of the carbon emission rights trusteeship system.The carbon emission rights trusteeship system is all the management work related to carbon emission rights of enterprises entrusted to professional trusteeship institutions for planning and implementation to achieve the goal of maintaining and increasing the value of carbon assets of enterprises.The new property rights theory,Coase theorem,and principal-agent theory are the three theoretical foundations of the carbon emission rights trusteeship system,and the carbon emission rights(carbon emission quotas),carbon emission rights trading system,and carbon finance system are the three institutional foundations of the carbon emission rights trusteeship system,As an important reference for the carbon emission rights custody system,this article also specifically discusses the relationship between the carbon emission rights custody system and the securities custody system.It is believed that both belong to market-based systems,and both arise from the extensive association of trading products and the need for transaction promotion under the principalagent relationship.However,carbon emission rights custody institutions have greater management power than securities custody institutions.The second part mainly focuses on the demonstration of specific rules for carbon emission rights trusteeship.Starting from the text of existing rules and based on the constituent elements of the system content,this article divides the carbon emission rights trusteeship system into four parts: subject rules,object rules,contract rules,and legal liability rules.First,this article mainly discusses the main rules of the carbon emission rights custody system,starting with the current situation of the three main rules of the trustee,trustee institution,and exchange,and analyzes four issues: inconsistent main rules,high entry threshold for the trustee,unclear membership nature of the trustee institution,and confusion in the equity structure and management attribution of the exchange.It proposes to relax the access standards for the trustee based on the unified national main rules Suggestions on clarifying the nature of the financial business of the custodian institution,clarifying the equity structure of the exchange and the ownership of the management department.Secondly,it studies the object rules of the carbon emission rights trusteeship system,discusses the types and ownership relationships of carbon emission rights trusteeship objects,as well as the pricing and distribution rules of the trusteeship objects.It is believed that the current rules of the trusteeship objects are inconsistent,the trusteeship objects cannot be traded and interconnected,the ownership of the trusteeship objects is unclear,the trusteeship target status is missing,and the pricing and distribution model is not marketoriented;It is recommended to establish rules for the custody of multiple types of trading products and set requirements for the market-oriented operation of carbon emissions rights in the rules.Thirdly,it analyzes the current situation of contract rules from four aspects: the agreed terms of the contract,the time point and deadline arrangement,the income distribution arrangement,and the risk assurance arrangement.It is believed that there are four major problems: the absence of independent contract terms and regulations,the absence of rules for the start time and duration of the custody contract,the lack of rules for the income distribution arrangement of the carbon emission rights custody contract,and the absence of a diversified contract dispute resolution mechanism,It is recommended to improve the contract rules with the new rules and clear old regulations as the content and the exchange as the center.Finally,the legal liability rules of the carbon emission rights trusteeship system are discussed.Analyzing the current situation of liability rules with administrative liability as the main legal liability,it is pointed out that the legal level of administrative liability in the existing legal liability rules is relatively low,there is a lack of basis for the exemption of civil liability of the exchange,and no detailed applicable rules have been formulated for criminal liability.Based on the analysis of issues,it is proposed that the administrative liability rules need to be improved in legal level,and the scope of liability of the exchange should be clarified for civil liability,Criminal responsibility requires further clarification through judicial interpretation. |