银行信托贷款类理财产品法律问题研究
摘要
银行信托贷款类理财产品就是银行通过信托中介间接向企业发放贷款,其具体操作形式是:由商业银行发行理财产品向社会募集资金,然后以商业银行作为单一委托人,将所募集到的理财资金交给信托公司,由信托公司担任受托人,将资金以贷款的形式贷给银行指定的企业。该类理财产品的法律关系复杂,无论在法律制度上还是在实际操作中都存在很多风险,例如,安信信托纠纷案中银行和信托公司的权利义务不明确,就不利于投资者利益的保护和金融市场的稳定。因此,明晰银行信托贷款类理财产品的性质,理清相关的法律制度关系,反思现有的监管理念和监管方式,对于下一步推进银信合作类理财产品的健康发展,对于保护投资者利益和应对混业经营的趋势等方面都具有重要意义。
银行信托贷款类理财产品在立法和具体操作上存在很多的风险,究其根本原因,则是该理财产品法律性质的模糊造成该业务参与各方对各自权利义务界定不明,经营活动中各方对权责理解与落实的偏差,特别是分业经营的立法背景和机构监管的弊端,让该类理财产品的相关法律规定不协调甚至相互冲突,监管方面有的重复监管有的却存在监管空白。因此,监管当局、银行和信托公司各方应从各自的视角出发,积极采取措施加以防范。在从严监管的条件下,国家可以允许银行适当地开展信托业务,不再借委托之名行信托之实;或者允许信托公司在严格监管下适当开展公募集资,为信托业的公平发展创造条件;同时监管机构应当制定各种理财产品的操作规程,让法律法规更具有操作性。
为了更好地促进银信合作类理财产品的发展,从宏观制度层面应当加强金融立法和金融监管,更新立法和监管理念,协调法律制度,鼓励金融创新;在微观操作层面应当建立合理的风险控制体系,完善信息披露和受益人大会制度,加强各金融企业的内控自律机制;还应当在发行银行信托贷款类理财产品的过程中积极开展混业经营试点,以适应金融业发展的需要。
The financial product of bank trust and loans means that banks provide loans to enterprises indirectly through trust companies. The concrete operational forms are as follows: Firstly, Commercial Banks issue financial products to raise funds from the society. Then, Commercial Banks, as the only client, give all the raising financial funds to trust companies. At last, trust companies, as trustee, loan the funds to the designated enterprises in the form of loans. The legal relationship of this kind of financial products is complex, with a lot of risk both in law system and actual operation. Take Anxin Trust dispute case for an example, the ambiguity of rights and obligations between banks and trust companies is not good for protecting the interests of investors and maintaining the stability of financial market. So, to clear the nature of the financial products of bank trust and loans, sort out the related legal system relationship and reflect the current regulatory philosophy and ways, have significant meanings in promoting the healthy development of financial products of bank trust cooperation in the next step and protecting the interests of investors and facing the trend of mixed business running.
Financial products of bank trust and loans exist a lot of risk in legislation and operating. The root cause is because that the ambiguity of the legal nature of the financial products makes all parties involved in the business ill-define their own rights and obligations; and that all parties have deviation towards the understanding and implementation of the rights and responsibilities, especially the defects of the legislative background and agency supervision of separate business running, which makes the related laws and regulations of this kind of financial products uncoordinated and even conflicting , some with repeated supervision and some without supervision. Thus, the current regulatory authorities, bank and trust companies should take active measures to prevent risk from their own perspective respectively. Under the condition of strict supervision, banks can appropriately carry out trust business with the state’s permission and shouldn’t take the action of trust by the name of entrust; or trust companies can appropriately conduct the activity of raising funds by public offering to provide conditions for the equitable development of trust business. At the same time, the government should make out the operating procedures for all kinds of financial products to make laws and regulations more interoperable.
To promote the development of financial products of bank trust cooperation, in the aspect of macro system, government should strengthen financial legislation and supervision, update the legislation and regulatory philosophy, coordinate the legal system, and encourage financial innovations. In the aspect of micro operation, bank and Trust Corporation should set up a rational risk-controlling system, improve the congress system of information disclosure and beneficiaries; and strengthen the system of internal self-regulatory mechanism of all financial corporations. In addition, in the process of issuing financial products of bank trust and loans, the government should strengthen the measures of supervision, and actively carry out mixed business running pilot to meet the needs of developing financial industry.
银行信托贷款类理财产品在立法和具体操作上存在很多的风险,究其根本原因,则是该理财产品法律性质的模糊造成该业务参与各方对各自权利义务界定不明,经营活动中各方对权责理解与落实的偏差,特别是分业经营的立法背景和机构监管的弊端,让该类理财产品的相关法律规定不协调甚至相互冲突,监管方面有的重复监管有的却存在监管空白。因此,监管当局、银行和信托公司各方应从各自的视角出发,积极采取措施加以防范。在从严监管的条件下,国家可以允许银行适当地开展信托业务,不再借委托之名行信托之实;或者允许信托公司在严格监管下适当开展公募集资,为信托业的公平发展创造条件;同时监管机构应当制定各种理财产品的操作规程,让法律法规更具有操作性。
为了更好地促进银信合作类理财产品的发展,从宏观制度层面应当加强金融立法和金融监管,更新立法和监管理念,协调法律制度,鼓励金融创新;在微观操作层面应当建立合理的风险控制体系,完善信息披露和受益人大会制度,加强各金融企业的内控自律机制;还应当在发行银行信托贷款类理财产品的过程中积极开展混业经营试点,以适应金融业发展的需要。
The financial product of bank trust and loans means that banks provide loans to enterprises indirectly through trust companies. The concrete operational forms are as follows: Firstly, Commercial Banks issue financial products to raise funds from the society. Then, Commercial Banks, as the only client, give all the raising financial funds to trust companies. At last, trust companies, as trustee, loan the funds to the designated enterprises in the form of loans. The legal relationship of this kind of financial products is complex, with a lot of risk both in law system and actual operation. Take Anxin Trust dispute case for an example, the ambiguity of rights and obligations between banks and trust companies is not good for protecting the interests of investors and maintaining the stability of financial market. So, to clear the nature of the financial products of bank trust and loans, sort out the related legal system relationship and reflect the current regulatory philosophy and ways, have significant meanings in promoting the healthy development of financial products of bank trust cooperation in the next step and protecting the interests of investors and facing the trend of mixed business running.
Financial products of bank trust and loans exist a lot of risk in legislation and operating. The root cause is because that the ambiguity of the legal nature of the financial products makes all parties involved in the business ill-define their own rights and obligations; and that all parties have deviation towards the understanding and implementation of the rights and responsibilities, especially the defects of the legislative background and agency supervision of separate business running, which makes the related laws and regulations of this kind of financial products uncoordinated and even conflicting , some with repeated supervision and some without supervision. Thus, the current regulatory authorities, bank and trust companies should take active measures to prevent risk from their own perspective respectively. Under the condition of strict supervision, banks can appropriately carry out trust business with the state’s permission and shouldn’t take the action of trust by the name of entrust; or trust companies can appropriately conduct the activity of raising funds by public offering to provide conditions for the equitable development of trust business. At the same time, the government should make out the operating procedures for all kinds of financial products to make laws and regulations more interoperable.
To promote the development of financial products of bank trust cooperation, in the aspect of macro system, government should strengthen financial legislation and supervision, update the legislation and regulatory philosophy, coordinate the legal system, and encourage financial innovations. In the aspect of micro operation, bank and Trust Corporation should set up a rational risk-controlling system, improve the congress system of information disclosure and beneficiaries; and strengthen the system of internal self-regulatory mechanism of all financial corporations. In addition, in the process of issuing financial products of bank trust and loans, the government should strengthen the measures of supervision, and actively carry out mixed business running pilot to meet the needs of developing financial industry.
引文
[1]银行信托类理财产品何以热销.国际金融报,2008-09-09
[2]信托贷款类银行理财产品的保本保收益效应还能维系多久.广州:南方都市报,2008-11-15
[3]马平超.当前法律环境下如何实现混业经营与金融公司的控股经营.北大法律信息网,2007-09-10
[4]沙建平.关于混业经营的法律思考.东方法眼,2006-06-20
[5]苏培科.中国信托业出路何在.北京:中国经济时报,2006-04-05
[6]黄玲雨.安信信托纠纷案:“第三人”光大银行存悬念.广州:21世纪经济报道,2008-07-23
[7]雷艳坤.银行与信托公司合作的现状及法律障碍.北京:金融时报,2007-09-24
[8]张天民.失去衡平法的信托.北京:中信出版社,2004,340
[9]陈大钢.中国信托法与信托制度创新.上海:立信会计出版社,2004,133
[10] David Hayton.The Development of the Concept of Segregrated"Trust Fund"in civil Jurisdictions.paper presented at international conference on comparative private law,June3 1999, 4-12
[11]李勇.银行理财产品法律性质辨析.中国农业银行武汉培训学院学报,2008(3)
[12]张德荣,曹亚东.委托理财的信托法律关系认定,北京:证券日报,2008-06-09
[13]杨克平,信托贷款的实质、风险与质疑.中国信用财富网,2008-06-06
[14] A.W.Scott,The Trust as an Instrument of Law Reform.The Yale Law Journal,1922,Vol.31:457
[15]马俊驹,余延满.民法原论.北京:法律出版社,2006,738
[16]杜颖.解读<中华人民共和国合同法>第402条和第403条.北京:中外法学,2007(6)
[17] G.G.Bogert.Cases and text on the law of trusts (University Casebook Series),US:Foundation press,2007,362
[18]徐孟洲.信托法学.北京:中国金融出版社,2004,106
[19]刘定华,董岚.银行法.长沙:湖南人民出版社,2002
[20] Donovan.W.M.Water,The institution of the Trust in Civil Law and Common Law,Collected Courses of the Hague Academy of International Law,1995,Vol.52:279-281
[21]盖永光.信托业比较研究.济南:山东人民出版社,2004,167
[22]李金泽.银行信托贷款类理财业务的主要风险及防范.北京:银行家,2008(7)
[23]张炜.商业银行理财业务应注意的几个法律问题.北京:中国城市金融,2007(7)
[24]许军利.我国商业银行理财业务的问题及法律建议.上海证券报,2008-10-13
[25]李勇,刍议我国信托制度与商业银行财富管理业务.北京:金融时报,2007-11-19
[26] J.H.Langbein.The Secret Life of the Trust:The Trust as an Instrument of Commerce.The Yale Law Journal,1997,Vol.122:107
[27]吴晓灵.银行法的实践与发展.北京:中国经济出版社,2005,106
[28]游劝荣.金融法比较研究.北京:人民法院出版社,2008,195
[29]顾功耘,罗培新.经济法前沿问题研究.北京:北京大学出版社,2007, 82
[30]曹兴林.保险缔约信息义务制度研究.北京:中国检察出版社.2004,1-2
[31]李金泽.银行变革中的新法律问题.北京:中国金融出版社,2004,3
[2]信托贷款类银行理财产品的保本保收益效应还能维系多久.广州:南方都市报,2008-11-15
[3]马平超.当前法律环境下如何实现混业经营与金融公司的控股经营.北大法律信息网,2007-09-10
[4]沙建平.关于混业经营的法律思考.东方法眼,2006-06-20
[5]苏培科.中国信托业出路何在.北京:中国经济时报,2006-04-05
[6]黄玲雨.安信信托纠纷案:“第三人”光大银行存悬念.广州:21世纪经济报道,2008-07-23
[7]雷艳坤.银行与信托公司合作的现状及法律障碍.北京:金融时报,2007-09-24
[8]张天民.失去衡平法的信托.北京:中信出版社,2004,340
[9]陈大钢.中国信托法与信托制度创新.上海:立信会计出版社,2004,133
[10] David Hayton.The Development of the Concept of Segregrated"Trust Fund"in civil Jurisdictions.paper presented at international conference on comparative private law,June3 1999, 4-12
[11]李勇.银行理财产品法律性质辨析.中国农业银行武汉培训学院学报,2008(3)
[12]张德荣,曹亚东.委托理财的信托法律关系认定,北京:证券日报,2008-06-09
[13]杨克平,信托贷款的实质、风险与质疑.中国信用财富网,2008-06-06
[14] A.W.Scott,The Trust as an Instrument of Law Reform.The Yale Law Journal,1922,Vol.31:457
[15]马俊驹,余延满.民法原论.北京:法律出版社,2006,738
[16]杜颖.解读<中华人民共和国合同法>第402条和第403条.北京:中外法学,2007(6)
[17] G.G.Bogert.Cases and text on the law of trusts (University Casebook Series),US:Foundation press,2007,362
[18]徐孟洲.信托法学.北京:中国金融出版社,2004,106
[19]刘定华,董岚.银行法.长沙:湖南人民出版社,2002
[20] Donovan.W.M.Water,The institution of the Trust in Civil Law and Common Law,Collected Courses of the Hague Academy of International Law,1995,Vol.52:279-281
[21]盖永光.信托业比较研究.济南:山东人民出版社,2004,167
[22]李金泽.银行信托贷款类理财业务的主要风险及防范.北京:银行家,2008(7)
[23]张炜.商业银行理财业务应注意的几个法律问题.北京:中国城市金融,2007(7)
[24]许军利.我国商业银行理财业务的问题及法律建议.上海证券报,2008-10-13
[25]李勇,刍议我国信托制度与商业银行财富管理业务.北京:金融时报,2007-11-19
[26] J.H.Langbein.The Secret Life of the Trust:The Trust as an Instrument of Commerce.The Yale Law Journal,1997,Vol.122:107
[27]吴晓灵.银行法的实践与发展.北京:中国经济出版社,2005,106
[28]游劝荣.金融法比较研究.北京:人民法院出版社,2008,195
[29]顾功耘,罗培新.经济法前沿问题研究.北京:北京大学出版社,2007, 82
[30]曹兴林.保险缔约信息义务制度研究.北京:中国检察出版社.2004,1-2
[31]李金泽.银行变革中的新法律问题.北京:中国金融出版社,2004,3