Managers's Legal Risks and Liability of"Channel Business"in Bond Market
For a long time,due to commercial considerations such as inter-agency complementary advantages,easier access to specific bond market,and the identity of repurchase transactions,the development of"Channel Business"in asset man-agement has been rapid.With the"New Asset Management Regulations"intro-duced and the judicial"penetrating trial"strengthen,the characteristics of channel business such as"transferring duties"and"avoiding supervision"have increased the legal risks of civil,administrative and criminal faced by managers.The premise of mentioned liability above is the legal relationship,while the current practice of summarizing the legal relationship of the channel business purely in terms of"en-trustment relationship"or"fiduciary relationship"which is inaccurate.Considering the transaction and judicial practice,it is more reasonable to determine the legal re-lationship with the manager's discretion as the core criterion.Corresponding to this is the foundation of legal relationship of channel business-fiduciary relationship.Thus,within the framework of fiduciary relationship.The fulfillment of the manager's fiduciary duties also becomes the core criterion forjudging their assump-tion of civil liability,and the agreed transfer or reduction of fiduciary duties shall not break through its boundaries,the manager shall still follow the principle of pru-dent management and do its duty such as reasonable care and prudent management.
Bond MarketChannel BusinessFiduciary DutyManagerial Responsi-bility
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