论基金托管人的治理功能与独立责任  

On the Governance Function and Independent Responsibility of Fund Custodians

作　　者：洪艳蓉[1] Hong Yanrong

机构地区：[1]北京大学法学院

出　　处：《中国法学》2019年第6期241-260,共20页China Legal Science

摘　　要：作为解决契约型投资基金"委托-代理"问题的治理机制,基金托管人被赋予补充基金管理人信用和制衡管理人滥权的功能。中国法下的基金托管人,是"一元信托"基金结构中的受托人,其职责依据《证券投资基金法》和基金合同的约定有别于管理人,负有为投资者利益最大化处理托管事务的信义义务。基于"托管"与"管理"的功能分离,同为基金受托人的托管人和管理人不是《信托法》上的共同受托人,未必承担连带赔偿责任,应根据过错原则判断其是否尽到托管职责并因此独立承担责任。在确定损害赔偿时,应考虑基金托管人的主观过错、损失受托管的影响程度、履职的客观条件以及托管费的有限性,体现权、责、利三者的统一,构建激励相容的托管制度。As a governance mechanism to solve the principal-agent problem of contractual investment fund, the custodian is given the function of supplementing the manager’s credit and preventing the abuse of power by the manager. The custodian in the context of Chinese law is the trustee in the fund structure based on a trust contract which has a fiduciary duty different from the manager to maximize the interests of investors in handling custody matters according to the Securities Investment Fund Law and the fund contract. Based on the separation of functions between custody and management, the custodian and manager who are the trustees of the fund are not the joint trustees in the Trust Law, and may not be liable for joint liability. It should be using the principle of fault to judge whether the custodian has fulfilled the custody duties and thus bear the responsibility independently. If the custodian needs to compensate for the loss, it shall consider the subjective faults of fund custodians, the extent to which losses are affected by custody, the objective conditions for performing the custody duties and the limited custodial fees so as to embody the unity of rights, responsibilities and interests, and build an incentive-based custody system.

关 键 词：契约型基金 基金托管人 独立责任 “阜兴案” 

分 类 号：F83[经济管理—金融学]