委托人指令与资产管理人责任边界:以信义义务为分析视角  

Client’s Instruction and Asset Manager’s Liability Boundary:From the Perspective of Fiduciary Duty

作　　者：肖宇 王子康 Xiao Yu;Wang Zikang

机构地区：[1]华东政法大学国际金融法律学院

出　　处：《财经法学》2023年第1期165-178,共14页Law and Economy

基　　金：国家社科基金项目“证券发行注册制法律实施机制研究”(20BFX130)的阶段性成果。

摘　　要：合理认定资产管理人承担责任的边界,是当前资管纠纷案件的裁判难点。实践中,对资产管理人未完全依据委托人的指令行事,资管产品收益未达委托人预期时,资产管理人是否承担违约责任的讨论值得关注。与纯粹的委托代理合同关系不同,资产管理人享有特定的投资决策权,其与委托人之间的法律关系本质为信义关系,因此,责任的承担需以违反信义义务为前提。以委托人诉红土基金案为例,管理人遵循公平交易原则进行减持符合忠实义务的要求,对商业逻辑和市场可操作性的考虑则是履行注意义务的体现,其尽到了管理职责,履行了信义义务,故无需承担法律责任。信义义务救济的效果也可以通过合同责任的认定来实现。管理人对减持指令性质的认识和对公平交易原则的理解,是判断其是否违约的重要因素。Reasonably determining the boundary of asset manager’s liability is difficult in adjudicating complex asset management cases. In practice, it is worthy of discussion whether the asset manager shall bear the liability for breach of contract when the asset manager does not fully act in accordance with the client’s instructions, causing the income of the asset management product does not meet the client’s expectations. Different from a pure principal-agent contract relationship, the asset manager enjoys specific investment decision-making rights, and the legal relationship between the asset manager and the client is essentially a fiduciary relationship, so the assumption of liability must be based on the breach of fiduciary duty. Take the case of a client versus Hotland Innovation Asset Management as an example, the manager’s reduction of stock holdings following the fair trading principle meets the requirement for the duty of loyalty, and the consideration of business logic and marketability indicates that it has fulfilled its duty of care. The manager has fulfilled its management responsibilities and fiduciary duties, therefore is not liable. The effect of fiduciary duty relief can also be achieved through the identification of contractual liability. The manager’s understanding of the nature of the reduction order and the principle of fair trade are important factors in determining whether the asset manager has breached the contract.

关 键 词：资产管理人 信义义务 公平交易原则 商业判断规则 违约责任 

分 类 号：D922.287[政治法律—经济法学]