我国银信合作业务中的投资者权益保护

发布时间：2018-01-01 12:15

本文关键词：我国银信合作业务中的投资者权益保护　出处：《华东政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：银行业与信托业的合作是伴随着国内银行理财业务逐步深入而发展起来的。进入二十一世纪，商业银行理财市场不断创新繁荣，银行理财业务借助信托公司突破混业经营限制的趋势愈加明显，到2007年信托公司已经成为银行理财产品的主要平台，而信托公司囿于营销渠道上的限制，一定程度上也依赖于银行代理其推介信托计划。然而近年来，随着信托项目陆续到期，一些银信合作项目到期兑付风险也相继浮出水面，虽然最终皆因“刚性兑付”而有惊无险，但这种非正常的兑付方式终有破灭的一天，因此深入研究我国银信合作业务中的投资者权益保护问题就显得迫切而具现实意义。本文除引论和结语外，主要分为四个部分：第一部分是提出问题。通过对光大银行与安信信托案以及中诚信托“诚至金开1号”案的介绍和分析，引出客户资源和资金去向皆由商业银行主导的银信理财合作和银行代理推介信托计划这两种银信合作业务模式中的投资者权益保护这一问题，并由此展开本文对与此相关的一些问题的研究。第二部分是银信合作业务概述及当事人之间法律关系探析。介绍了本文主要讨论的银信理财合作以及银行代理推介信托计划这两类银信合作业务模式，对这两种合作模式中的投资者、银行、信托公司这三方当事人之间的法律关系进行界定。在银信理财合作业务中，投资者通过购买银行发售的理财产品将资金交付银行，投资者与银行之间成立信托法律关系；而银行将理财计划项下资金交付信托公司，设立信托计划，银行与信托公司之间亦是信托关系；由于信托关系具有关系阻断功能，因此，投资者与信托公司之间没有法律关系。在银行代理推介信托计划业务中，投资者与信托公司之间在银行的居间介绍下签订信托投资理财合同，投资者与信托公司之间的关系为信托法律关系，银行为二者之间的居间人。但在实践操作中，银行凭借其在客户和项目资源上的优势，往往主导了银信合作业务，信托公司也随之沦为银行的“通道”或“平台”，形成“银强信弱”的局面，其法律地位也产生了异化。而信托项目一旦产生信用风险，银行与信托公司之间的责任分配也将因为双方法律地位的异化而变得难以确认，必然会损害到理财产品投资者的权益。第三部分是银信合作业务投资者权益保护必要性分析。金融理财产品投资者权益保护具有委托代理理论、信息不对称理论以及公共利益理论等普适性理论基础，而且在现实操作中，，投资者与金融机构之间存在着交易信息不对称以及人、财、物等实力悬殊，处于相对弱势地位。此外，投资者是金融理财市场资金的供应源和最核心的要素，投资者权益保护是发展资本市场的核心内容之一。因此，保护银信合作业务中的投资者权益具有坚实的理论基础和现实必要性。第四部分是检视我国保护银信合作业务投资者权益的现有制度，分析存在的缺陷和不足，并据此从立法、执法、司法及自律四个方面提出相应对策和建议。检视我国现行商业银行理财计划、信托公司资金信托计划以及银信合作业务方面的法律法规、部门规章及规范性法律文件，部分对于银信合作业务投资者权益保护问题也作了相关规定，但还存在重视程度不够、原则性规定以致于操作性不强、监管执法不到位、金融机构自律不足、私法救济缺失等一系列问题。针对存在的种种缺陷和不足，本部分主要从立法、执法、司法以及行业自律四个方面提出完善我国银信合作业务投资者权益保护的相关对策和建议。在立法方面，立法机关应该尽快制定和完善监管法律法规及相关规章制度，明确银信合作业务当事人的法律地位，建立和完善市场准入机制，在合格投资者制度基础上引入投资者适当性原则，健全强制信息披露机制，强化银行在代理推介业务中的尽职调查义务和责任，明确通道类业务主体之间的责任分配，探索建立投资者赔偿基金机制和针对金融机构道德风险防范的相关制度设计；在监管执法方面，监管机构应当转变监管思路，由机构监管向功能监管转变，并加大监管执法力度；在司法审判方面，在立法和执法缺位的情况下，司法这道最后防线充分发挥其定纷止争的功能，依法正确认定当事人之间的法律关系，行使好倾斜性保护弱势投资者权益的自由裁量权，并完善司法配置，强化处理新型金融市场案件的能力；在行业自律方面，行业协会和金融机构应加强自律，重视投资者教育工作。银信合作业务所涉主体共同努力，公平保护投资者合法权益，促进我国金融市场健康稳定发展。
[Abstract]:The banking and trust industry cooperation is accompanied by domestic banking business gradually developed. In twenty-first Century, the prosperity of financial market innovation of commercial banks, the banking business by Trust Company Limited breakthrough mixed operation trend more obvious, by 2007 the trust company has become the main platform of financial products, trust company limited the marketing channel restrictions, to a certain extent also depends on the agent bank trust scheme. However, in recent years, with the trust project have expired, some bank letter of cooperation project to payment risk have also surfaced, although the final because the "rigid payment and near misses, but this will not burst a normal payment mode day, so the study of protecting the rights and interests of investors in China business bank letter of cooperation in the problem is urgent and realistic significance.
In addition to the introduction and conclusion, this article is divided into four parts:
The first part of the problem is put forward. Through the introduction and Analysis on the China Everbright Bank and Anxin trust case and CCT honest to gold No. 1 case, leads to customer resources and money by the commercial bank leading financial cooperation agency and bank trust scheme the two cooperation business model to protect investors' interests in the this problem, and the research on some related issues.
The second part is the analysis of the legal relationship between the parties and the overview of cooperation business is introduced. This paper mainly discusses the financial cooperation and the agent bank trust scheme of these two types of cooperation business model, the two modes of cooperation of investors, banks, defines the legal relationship between the three parties of the trust company in the business bank letter of financial cooperation, investors through the purchase of bank offering financial products will be delivered to the bank funds, the establishment of the trust legal relationship between investors and banks; and the bank will pay the funds under the financial plan trust company, plans to set up a trust between banks and trust companies, is also the trust relationship; trust relationship relationship is blocked therefore, there is no legal function, the relationship between the investor and the trust company. The trust scheme in the banking business, investors and trust company In bank intermediary signed investment trust contract relationship between investors and trust companies trust legal relationship, the bank is among the two intermediary. But in practice, banks with their customers and project resources, often leading the bank letter of cooperation, trust companies also a bank "channel" or "platform", "silver letter form strong and weak situation, its legal status is also alienated. But once trust projects have a credit risk, allocation of responsibilities between banks and trust companies will also because of the alienation of the legal status of the two parties and difficult to confirm, it is bound to damage the financial products of the rights and interests of investors.
The third part is the analysis of the necessity of cooperation business to protect the interests of investors. Financial products to protect the interests of investors with the principal-agent theory, information asymmetry theory and the theory of public interest such as universal theory, but in practice, there exists asymmetric information and people, between investors and financial institutions such as finance, the strength of the poor and in a relatively weak position. In addition, investors in financial market funds supply source and the core elements, to protect the interests of investors is one of the core content of the development of capital market. Because of this, has a solid theoretical foundation and realistic necessity of protecting cooperation business in the interests of investors.
The fourth part is the review of existing protection in China business bank letter of cooperation of the rights and interests of investors, analysis of defects and deficiencies, and then from the legislation, law enforcement, put forward corresponding countermeasures and suggestions of justice and self-discipline four aspects. Examine the financial plan of our country's commercial banks, the laws and regulations of trust company trust fund plan and cooperation business the department regulations and normative legal documents, part of the business bank letter of cooperation to protect the interests of investors also made the relevant provisions, but there are still not enough attention, the principle provisions that are not operational, the supervision of law enforcement is not in place, financial institutions lack of self-discipline, a series of problems such as lack of law relief for all. The defects and shortcomings, this part mainly from the legislation, law enforcement, judicial and self-discipline four aspects to improve China's Bank letter of cooperation business investment rights and interests protection The relevant countermeasures and suggestions. In the aspect of legislation, the legislature should as soon as possible to develop and improve the regulatory laws and regulations and the relevant rules and regulations, clear the legal status of the parties of the cooperation business, establish and improve the market access mechanism, the introduction of investment in qualified institutional investors on the basis of appropriate principles, perfecting the mechanism of mandatory information disclosure, strengthen due diligence obligations and liabilities of the bank in the agency promotion business, the distribution of responsibility among clear channel business entities, explore the establishment of the investor compensation fund mechanism and relevant system design for moral risk prevention of financial institutions; the supervision of law enforcement, regulatory agencies should change the regulatory ideas, change from institutional supervision to functional supervision, and strengthen the supervision of law enforcement; in the administration of justice, in the absence of legislation and enforcement of the judicial case, the last line of defense to give full play to the end of the dispute The function of law, correctly identify the legal relationship between the parties, the exercise of good protection of the discretion of weak investor rights and rights, improve the judicial configuration, strengthening the capability of processing a new financial market case; in industry self-regulation, industry associations and financial institutions should strengthen self-discipline, attach importance to investor education. The bank letter of cooperation business subject to equal protection of the legitimate rights and interests of investors, and promote the healthy and stable development of China's financial market.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.281

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