Research On Legal Recognition Of Rigid Payment Of Trust Products

In 2018,the promulgation of the "Guidance on Regulating the Asset Management Business of Financial Institutions" completely announced the elimination of rigid redemption.The balance between administrative supervision and private law autonomy that was maintained when judicial practice determined rigid redemption in the past has been broken,Judicial organs adopt a "penetrating" method to examine the real transaction purpose of the parties,and strictly determine that the just-deposit clause is invalid,providing a strong endorsement for administrative supervision.However,the loopholes in our country’s trust legal system itself lead to problems in the legal recognition of rigid payment.On the one hand,the outdated definition of trust makes many acts similar to trusts in the current asset management market not subject to the "Trust Law" and cannot form a unified identification standard;The lack of clear and specific provisions has led to unclear standards for the determination of rigid payment,resulting in disagreements in judicial practice as to whether it is a rigid payment,and hindering the assumption of responsibility after the just-invalidation.This paper firstly defines rigid payment of trust products,and clarifies the legal framework for determining rigid payment of trustproducts through the theory of "trust theory".Secondly,by sorting out the current legal norms in my country and the status quo of the recognition of rigid payment in practice,it is pointed out that there is a difference between the recognition of rigid payment in administrative supervision and judicial practice,and the judicial determination has a tendency to approach administrative supervision.At the same time,through case analysis and demonstration in judicial practice,there are differences in the legal recognition and responsibility for rigid redemption.Combining with our country’s trust legal system and the trustee’s fiduciary duty theory,this paper analyzes the legal identification of rigid payment,and points out that it is difficult to reasonably identify in practice due to the imperfect supporting legal system,unclear trust attributes of asset management products,and ambiguous judicial positioning rigid payment behavior.Finally,according to legislation,financial supervision and the judiciary,relevant policy suggestions are put forward on the determination of rigid payment,that is,to improve the basic legal system of trust in legislation,to implement the legal norms of fiduciary obligations of trustees;The trust nature of asset management products;in judicial adjudication,it is necessary to identify the role of civil adjudication,prudently treat rigid redemption,and clarify the assumption of fiduciary responsibilities.