论资管产品"资产分隔保护"之实现
On the Realization of"Asset Partitioning Protection"of Asset Management Products
耿利航 1刘晓梅2
作者信息
- 1. 山东大学 法学院,山东 济南 250199;中国政法大学 民商经济法学院,北京 102249
- 2. 山东大学 法学院,山东 济南 250199
- 折叠
摘要
信托财产的所有权权属问题一直是学界争议的焦点.《中华人民共和国信托法》关于信托财产的所有权是否由委托人转移给受托人使用了"委托给"一词,《关于规范金融机构资产管理业务的指导意见》沿用了"委托"这一表述,但依然没有给信托、委托之争一个明确的答案.在目前资管行业尚没有一部统一的上位法作为支撑且资管财产所有权规定不明晰的情况下,以一种功能主义的立场跳出"信托"和"委托"之争,明确"资产分隔保护"才是资管业务的核心所在.目前的监管要求或资管业务实践实际上已经或者着力打造了一种与受托金融机构、融资方均能实现破产隔离的载体,该载体持有特定现金流资产,并专属满足对投资者(受益人)的偿付,从而较为充分地实现了投资者(受益人)利益的保护.
Abstract
The ownership of trust assets has always been the focus of academic controversy.The Trust Law of the People's Republic of China uses the word"be consigned to"on whether the ownership of trust assets is transferred from the consignor to the consignee,and a Guideline on Standardizing the Asset Management Business of Financial Institutions continues to use the expression"consign",but still does not give a clear answer to the dispute over entrustment and consignment.Currently,there is no unified higher-level law as a foundation as for asset management business,and property ownership rights of asset management are not clearly stipulated;under such situations,the core of asset management business is to transcend the dispute over"entrust"and"consign"with a functionalist position and clarify the"partitioning protection".The current supervision requirements or the practice of asset management business have actually created or made efforts to create a carrier that can realize bankruptcy partitioning from the entrusted financial institutions and financing parties,and the very carrier holds specific cash flow assets to exclusively meet the repayment of investors(beneficiaries),so as to more fully protect the interests of investors(beneficiaries).
关键词
资管产品/资管关系/信托/委托/资产分隔保护Key words
asset management products/asset management relationship/entrust/consign/asset partitioning protection引用本文复制引用
出版年
2024
NETL
NSTL
万方数据