信託業之監管理論與我國專營信託公司監管之研究

我國自從信託法與信託業法通過後，信託業所管理之信託財產數量逐年上升，更是在2020年達到了10兆新台幣之金額。然而綜觀該信託財產之組成，大部分皆為金錢信託與有價證券類型之信託，其他種類之多元信託則較為少見。有鑑於此，我國金管會亦於近日推出信託2.0方案，試圖加強現有兼營信託業務之金融業者對於信託部門之重視，以及研議我國設立專營信託公司之可能性。本文重新檢視我國信託業之發展與法規之沿革過程後，發現造成現有現象之可能原因，在於信託業法對於設立專營信託公司之規範如最低資本額，經營者適格性等過於嚴格，進而造成現有信託業務皆由兼營之金融業者所囊括。為了釐清現行規範是否合適，本文從信託業之個體風險分析出發，就兩者資金來源與資金使用情況，點出了信託業與銀行業之風險差異，而信託業相較銀行業具有較低之資本風險、流動性風險與自有風險。然而，對於信託業可能存在之作業風險，仍有予以監管之必要。本文進一步就信託業之風險所在，由信託法上之受託人義務出發，結合信託業本身之金融機構特性，進而討論合適之信託業監管手段。本文透過比較法之研究，以美國紐約州、南達科塔州與聯邦之規範，檢視本文所提出之監管手段是否於比較法上被採用，並以比較法之規範為我國借鏡。最後，本文於結論部分提出對於現行信託業監管制度之改革，並認為惟有針對信託業現存風險進行切中要點之監管，再輔以彈性化之差異化監管模式，才得以在維持信託業經營穩定並確保投資人保障之同時，適當的降低專營信託公司之進入門檻，以促進我國多元信託業務之發展。

關鍵字

專營信託公司；信託；信託2.0 ；信託業法；信託財產

並列摘要

Since the promulgation of the Trust Law and the Trust Enterprise Act in Taiwan, the scale of trust property managed by trust businesses has been increasing year by year and reached an amount of NT$10 trillion in 2020. However, the composition of the trust property is mostly money trusts and securities trusts, while other types of trusts are relatively rare. In light of this, Taiwan’s Financial Regulatory Commission recently launched the Trust 2.0 program in an attempt to raise the attention on the trust departments in existing financial institutions that concurrently operate trust businesses and to discuss the possibility of permitting trust companies in Taiwan. After reviewing the development of Taiwan’s trust businesses and the evolution of laws and regulations, this thesis finds that the possible reasons for the current phenomenon is that the Trust Enterprise Act imposes strict regulations on the incorporation of trust companies, such as the high minimum capital requirement and the unreasonable eligibility requirement for operators. Therefore, trust businesses are all operated by financial companies that concurrently operate trust businesses. To discuss whether the current regulations are appropriate, this thesis starts from analyzing the individual risks of the trust business and points out the difference in risk profile, including the source of funds and the use of funds, between trust businesses and banks. Trust businesses have a lower risk than banks in terms of capital risk, liquidity risk, and credit risk. However, supervising the potential operational risks in trust businesses remains needed. This thesis analyzes the regulatory risks of trust businesses by examining the trustee's obligations under trust laws and analyzing the financial characteristics of trust businesses. It then discusses the appropriate regulatory model for trust businesses. Through the comparative legal studies, this thesis examines whether the regulatory models proposed in this thesis have been adopted in comparative laws, including the New York State, the South Dakota State, and the U.S. federal law. This comparative legal study can act as a reference for Taiwan. Finally, the concluding part of this thesis proposes the reform of Taiwan’s trust businesses regulatory system. This thesis believes that we should focus on the key risks of the trust business, supplemented by a flexible and differentiated regulatory model. Differentiated regulatory model not only can make trust business maintain its operational stability while ensuring the financial stability of trust company and investor protection, but also lower the entry threshold of franchised trust companies to promote the development of diversified trust businesses in Taiwan.