摘要
私募基金受害投资者可基于《基金法》规定的共同行为追究托管人与管理人的连带责任。双向监督制衡机制的失灵本身构成共同行为。基于信托法与委托契约中的共同受托人规则,托管人与管理人当然对投资者负连带责任。基于共同侵权理论,二者亦对受害投资者负连带责任。认定托管人过错时应采折衷专业理性人标准。作为请求权基础的信托法、基金法、委托合同与共同侵权制度存在规范竞合,但投资者保护力度依次衰减。作为治本之策,建议《基金法》明确管理人与托管人作为私募基金共同受托人的法律地位,直接对二者课以连带责任,删除单独责任规则。共同受托人制度有助于提振投资信心,提升托管业的诚信度、竞争力与公信力。
The private fund victim investors may hold custodian and manager jointly and severally liable based on their joint actions under the Investment Fund Law.The failure of check and balance between custodian and manager constitute the joint actions.Either based on the joint trustees in trust law and contract law,or based on joint torts,they should be also jointly and severally liable for the aggrieved investors.Compromised test of professional reasonable person should be applied in determining the custodian’s fault.Despite the concurrence between fund law,trust law,contract law and tort law,the level of investor protection declines gradually.As the solution to the root cause,the Fund Law should impose joint and several liability on managers and custodians as co-trustees of private fund,and delete the separate liability rule.The co-trustee system will help boost investment confidence,improve the integrity,competitiveness and credibility of the custodian industry.
作者
刘俊海
Liu Junhai(School of Law,Renmin University of China,Beijing 100872)
出处
《政法论丛》
CSSCI
北大核心
2023年第2期47-62,共16页
Journal of Political Science and Law
基金
全国人大常委会法工委2019年度重点课题“公司法修改研究”(2019K20205)
深圳证券交易所2021年度重点课题“上市公司治理机制完善研究”(2021K20182)的阶段性研究成果
