信义关系视角下期货强行平仓的法律性质与规范路径——兼评《期货和衍生品法》第四十一条第二款  

The Legal Nature and Regulatory Path of Forced Position Closure in Futures under the Perspective of Fiduciary Relationship——An Appraisal of Article 41(2)of the Futures and Derivatives Law

作　　者：阮少凯 Ruan Shaokai(Zhejiang University Guanhua Law School,Hangzhou 310008,Zhejiang,China)

机构地区：[1]浙江大学光华法学院,浙江杭州310008

出　　处：《金融发展研究》2023年第10期76-85,共10页Journal Of Financial Development Research

基　　金：国家社科基金项目“人工智能算法应用的金融法规制研究”(22BFX089)。

摘　　要：约定阶段期货强行平仓法律性质存在的学说争议随着《期货和衍生品法》第四十一条第二款采纳“意定主义说”而在法律层面统一,但该条款容易沦为强行平仓格式条款公平性司法审查的阻却事由。在保证金信托构造中引入强行平仓权,实则授予期货公司在约定保证金不足时对信托财产的自由裁量权,将原本的“消极信托”转为“积极信托”,基于信义关系而使强行平仓成为“附信义义务的权利”。而期货公司和客户对信托财产的共同控制,将期货公司的信义义务约束限于自由裁量权行使范畴。相较于以往侵权法上注意义务的规制逻辑而言,在信义义务的规制逻辑下,忠实义务禁止利益冲突的要求能防止强行平仓权滥用,避免非紧急情况下受托人出于自身利益考虑而对客户持仓利益的漠视,从而在法定保证金科学设计以确保公法层面“金融安全”的前提下,实现私法层面“金融效率”与“金融公平”的平衡。The doctrinal controversy over the legal nature of forcible liquidation of futures positions at the engagement stage was harmonized at the legal level with the adoption of the"intentionality doctrine"in Article 41(2)of the Futures and Derivatives Law,which,however,could easily serve as a bar to judicial review of the fairness of the formal terms of the forcible liquidation of futures positions.The introduction of the right to close out positions in the margin trust structure actually grants the futures company discretionary power over the trust property when the agreed margin is insufficient,transforming the original"negative trust"into a"positive trust",and making the right to close out positions based on a fiduciary relationship a"right with a fiduciary obligation".And the joint control of the futures company and the customer over the trust property limits the futures company's fiduciary duty constraints to the exercise of discretion.Compared with the previous regulatory logic of duty of care in tort law,under the regulatory logic of fiduciary duty,the prohibition of conflict of interest under the duty of fidelity can prevent the abuse of the right to forcibly close a position,avoiding the trustee's indifference to the interests of the client's position out of self-interest during nonemergency situations,so as to achieve a balance of"financial efficiency"and"financial fairness"in the private law under the premise of scientific design of the legal margin to ensure"financial security"in the public law level.

关 键 词：强行平仓 格式条款 现状偏见 信义关系 三足定理 

分 类 号：F830.93[经济管理—金融学]