| 摘要: |
| 近年来，考虑到机构间优势互补、满足特定债券市场准入要求以及开展债券回购交易等，债券市场通道类资产管理业务发展态势迅猛。随着《资管新规》等金融监管政策的不断完善以及司法“穿透式审判”力度的加强，通道业务“让渡职责”“规避监管”的特征使得管理人面临承担民事责任、行政责任以及刑事责任的法律风险增大。法律关系的确定往往决定上述管理人责任承担的判定，而目前仅以“委托关系”或“信托关系”概括通道业务法律关系的做法均有失偏颇。结合交易实践与司法实践，将管理人的自由裁量权作为核心标准，对通道业务的法律关系认定具有较强的指导意义。与之对应的是通道业务法律关系之基础——信义关系。因此，在回归信义关系框架下，管理人信义义务的履行情况是管理人民事责任承担的关键；但信义义务的约定转移或减免不得突破其边界，管理人仍应遵循审慎经营原则，尽到合理注意和谨慎管理等义务。 |
| 关键词: 关键词：债券市场；通道业务；信义义务；管理人责任 |
| DOI： |
| 分类号:D922.282 |
| 基金项目: |
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| Managers’s Legal Risks and Liability of “Channel Business” in Bond Market |
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LI Min，ZHENG Jie
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（School of Law,Central University of Finance and Economics）
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| Abstract: |
| For a long time,due to commercial considerations such as inter-agency complementary advantages,easier access to specific bond market,and the identity of repurchase transactions,the development of “Channel Business” in asset management has been rapid.With the “New Asset Management Regulations” introduced and the judicial “penetrating trial” strengthen,the characteristics of channel business such as “transferring duties” and “avoiding supervision” have increased the legal risks of civil,administrative and criminal faced by managers.The premise of mentioned liability above is the legal relationship,while the current practice of summarizing the legal relationship of the channel business purely in terms of “entrustment relationship” or “fiduciary relationship” which is inaccurate.Considering the transaction and judicial practice,it is more reasonable to determine the legal relationship with the manager’s discretion as the core criterion.Corresponding to this is the foundation of legal relationship of channel business-fiduciary relationship.Thus,within the framework of fiduciary relationship.The fulfillment of the manager’s fiduciary duties also becomes the core criterion for judging their assumption of civil liability,and the agreed transfer or reduction of fiduciary duties shall not break through its boundaries,the manager shall still follow the principle of prudent management and do its duty such as reasonable care and prudent management. |
| Key words: Key words：Bond Market;Channel Business;Fiduciary Duty;Managerial Responsibility |
