证券投资信托的法律构造与监管流变

发布时间：2018-06-17 03:19

本文选题：证券投资信托 + 结构化信托　；参考：《当代法学》2017年02期

【摘要】：证券投资信托是主要服务于私募证券投资基金的通道业务产品,分为具有杠杆性的结构化产品和无杠杆性的管理型产品。尽管名义上信托公司是运用信托资产的受托人,但商业实践和市场选择的结果是证券私募投资基金作为投资顾问而担任了信托产品的实际管理人。这虽然具有实质合理性和效率性,但减损了受托人的地位、不符合法律对信托关系的基本设定,在行政监管合规和民事合同效力认定上具有不确定性和风险性。2015年股灾后,证监会通过场外配资清理整顿严重缩限了结构化信托的生存空间,但银监会仍然认可其合法性。从证券经营机构与信托公司竞争证券资产管理业务的大背景下看,证券投资信托由于在差别监管中处于不利地位,兼之其商业属性方面的不足,而有走向式微的风险。其发展前景深受监管政策流变的塑造。
[Abstract]:Securities investment trust is a channel business product which mainly serves private equity investment fund. It can be divided into structured products with leverage and management products without leverage. Although the trust company is nominally the trustee of the use of trust assets, the result of commercial practice and market choice is that the securities private equity investment fund acts as the actual manager of the trust product as an investment adviser. Although it has substantial rationality and efficiency, it detracts from the status of trustee, does not accord with the basic establishment of trust relationship by law, and is uncertain and risky in terms of administrative supervision compliance and the validity of civil contract. The CSRC's over-the-counter clean-up has severely curtailed the viability of structured trusts, but the CBRC still recognizes its legitimacy. From the background of securities management institutions and trust companies competing in securities asset management business, securities investment trust has the risk of declining due to its disadvantage in different supervision and its lack of commercial property. Its development prospect is molded by the change of supervision policy.
【作者单位】：中央财经大学法学院;
【基金】：上海市高原学科(上海政法学院金融法)项目的阶段性成果
【分类号】：D922.287

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