被动管理型信托的效力澄清  

Clarification on the Validity of Passively-Managed Trusts

作　　者：邹星光 ZOU Xingguang

机构地区：[1]清华大学法学院

出　　处：《法学研究》2024年第6期144-161,共18页Chinese Journal of Law

摘　　要：立法上关于信托即“受人之托、代人理财”的功能定位隐含着受托人主动管理之意,掩盖了被动管理型信托与主动管理型信托实为信托之双轨这一事实。学理上关于“消极信托无效”的误读以及监管上对通道信托的禁止、对主动管理型信托的倡导,导致被动管理型信托的正当性与合法性存疑。被动管理型信托的法律效力原则上应予认可,但亦应回应效力方面的质疑。在债权人保护维度,即便是受托人极端被动的信托,通常也只需否定信托的资产区隔效果或信托财产的独立性,无需否定信托的效力。在信义义务的强制性维度,应在立法上单独构建被动管理型信托受托人的行为标准,明确指示型信托受托人的故意不当行为标准以及转委托型信托受托人的合理选任与监督义务。在公共利益维度,监管部门不应通过事前禁止被动管理型结构来防范通道风险,法院也不应过度附和金融监管,而应基于是否损害公共利益来实质判断通道信托的效力。The functional positioning of trusts in Chinese legislation that trusts are instruments for asset management on behalf of the trustor,presumes an active management role of the trustee.This perception,however,obscures the fact that actively and passively managed trusts are the dual track of trusts.The misunderstanding in legal scholarship that passive trusts are invalid,combined with regulatory prohibition on channel trusts and the promotion of the active management model,result in the doubt on the legitimacy and validity of passively managed trusts.The legal validity of such trusts should be acknowledged in principle,while potential challenges should be carefully addressed as well.In the dimension of creditor protection,even for extremely passive trusts,it is typically sufficient to deny the asset partitioning effect or the independence of trust property,and there is no need to deny the validity of the trust.In the dimension of the mandatory elements of fiduciary duties,standards of conduct should be separately established for trustees of passively managed trusts,specifying the willful misconduct standard for directed trustees and the duty to exercise reasonable care in selecting and supervising agents for trustees in delegated trusts.And in the dimension of public interest,financial regulators should not prevent channeling risks by prohibiting passive-management structures,and courts should make a substantive evaluation of the validity of channel trusts based on their actual impacts on public interest,rather than overly aligning with regulators.

关 键 词：被动管理型信托 消极信托 通道信托 信义义务 信托财产 

分 类 号：D922.282[政治法律—经济法学]