论托管结构下基金托管人的共同受托责任  

Co-trustees'Duties of Fund Custodians from the Perspective of Custodial Structure

作　　者：陆诗敏 LU Shimin

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《吉林金融研究》2024年第5期29-36,共8页Journal of Jilin Financial Research

摘　　要：源于英美法的资产托管制度在历经多年发展后渐趋成熟。我国先后于公募与私募基金领域引入托管人角色,以日本“一元信托”模式为学习基础并吸收借鉴德国模式中保管合同的设计,结合我国国情形成了具有中国特色的“一元信托”私募基金托管结构。契约型私募基金托管人与管理人同为投资者的受托人,该当共同受托人的构成要件,是《信托法》第三十一条意义上的共同受托人,应对投资人遭受的损失承担连带责任。《基金法》第一百四十五条第二款基于共同行为承担连带责任的规定已不合时宜,应渐次更新,将“共同受托人”作为原因基础,明确托管人的共同受托地位,更好地保障私募基金市场稳健发展与整个金融体系的健康风向。The custodian system of private equity funds originated from the Anglo-American law and has matured after years of development.China has successively introduced the role of custodians into public funds and private funds,taking Japan's one trust model as the basis for learning and absorbing the dual contract of Germany's custodian model while combining it with China's national conditions to form a‘one trust’private equity fund custodial structure with Chinese characteristics.The relationship between the custodian and the management institution under this structure determines the manner in which the custodian's responsibilities are undertaken.Both the custodian and the management institution are the investor's trustees under this system and at the same time they constitute the co-trustees in the sense of the Trust Law,which means they should bear joint and several liabilities for the investors.The article 145,paragraph 2 of Securities Investment Fund Law of China which provides for joint and several liabilities based on joint and several acts,is outdated and should be gradually updated to a‘co-trustee’basis,clarifying the co-trustee status of the custodian,in order to promote the sound development of the private equity fund market and the health of the whole fi nancial system better.

关 键 词：契约型基金 基金托管人 托管人职责 共同受托人 

分 类 号：D922.287[政治法律—经济法学] F832.5[政治法律—法学]