證券投資信託法制之研究-以受託人信賴義務為中心

Legal Problems of Securities Investment Trust Companies

郭以廷(Kuo,Yi-Ting)

指導教授 ： 賴英照

國立臺北大學/法律學院/法律學系/碩士(2009年)

摘要

我國於九十三年六月三十日制定公佈「證券投資信託及顧問法」，解決舊法時代僅以行政命令規範證券投資信託制度之窘境。然「證券投資信託及顧問法」對於證券投資信託之架構證券投資信事業之定位等相關規範仍有不足。因之，本文主要著墨於投信事業在證券投資信託架構下所應負之義務與類型化探討。

本文第二章主要介紹證券投資信託制度之起源、演變與類型，並審視我國現行法規範之缺失。本文以為投信投顧法第5條對於三方權利義務之建立應更為明確，特別是投信公司在整體法律關係係之定位。本文以為為使信託關係更為明確單純，應賦予投信公司受託人地位。第三章則是整理美美國BOAC、Putnan基金弊案，並蒐集我國金管會懲戒處分與群益、寶來、富邦投信公司等案例，希冀透過實務弊案之整理突顯出投信事業受託人義務之重要性。第四章先行論述投信事業受託人人義務之核心-信賴義務之基本理論，嗣後第五章就其在我國實務之發展類型為分析:1.投信事業之利益衝突問題，可分為在金融控股公司下之潛在危機，與投信事業關係人交易與利益衝突交易之兩兩個面向；本文以為應增列對於同屬金金融集團內因資訊交互運用所生利益衝突之預防規範且對於於違反利益衝突之法律效果應更靈活，針對不同違反態樣賦予受益人權利行使之選擇。2.投信事業業行使表決權與委託書之研究，本文以為應放寬投信事業行使委託書之相關規應放寬投信事業對於於被投資公司表決權行使之規範，使其朝向受益人最佳利益原則為考量，強制要求對投資人揭露表表決權之內涵與行使程序，以提升基金治理之透明度。3.現行法對於投信事業之投資規範過過於瑣鎖碎，且受託人如何善盡其投資注意義務亦付之闕如。本文以為可參酌擷取美國1992年「信託法第三次整編」第227條謹慎投資人原則之重要概念作為建構受託人投資義務之基礎。本文並於第五章章兼論對於受託人信賴義務之監督-以自律機構之功能為重心，因為透過業者自我約束，不但能降低行政管理成本，亦能有效遏止法令規定所無法去除之黑數。

關鍵字

證券投資信託 ； 受託人 ； 共同受託人地位 ； 信賴義務 ； 忠實義務 ； 注意義務 ； 金融防火

並列摘要

Our country promulgated the Securities Investment Trust and Consulting Law on June 30, 2004, putting an end to the predicament created by regulating the securities investment trust system only by administrative order at the time of the old law. However, the Securities Investment Trust and Consulting Law is still not adequate with respect to relevant regulations such as those on the structure and positioning of the securities trust industry under securities investment trust. For this reason, this article focuses on exploring the obligations and typification of the investment trust industry within the structure of securities investment trust.
Chapter 2 of this article mainly introduces the origin, evolution and types of securities investment trust system and reviews the deficiency of our country’s current law. This article believes that specification regarding the establishment of the rights and obligations of third parties in Article 5 of the Securities Investment Trust and Consulting Law should be more explicit, Especially investment trust companies’ position in the overall legal relationship. This article thinks that the status of trustee should be granted to investment trust companies so as to have clearer and simpler trust relationship. Chapter 3 reviews the BOAC case and the Putnam fund scandal of the US, and collects disciplinary actions taken by our country’s Financial Supervisory Commission and cases of trust companies including Capital Securities Co., Polaris Securities Co. and Fubon Securities Investment Trust Co., Ltd., hoping to highlight the importance of trustee obligations in the investment trust industry through the review of actual scandals. Chapter 4 discusses the core of trustee obligations in the investment trust industry, that is, the basic theory of fiduciary duty, and Chapter 5 analyzes its types in the development of our country’s practice: 1) conflict of interest in the investment trust industry can be split into two aspects: potential crisis within financial holding companies, and transaction of related party of the investment trust industry and transaction involving conflict of interest. This article believes that regulations on preventing conflict of interest resulted from the interactive utilization of information within the same financial group should be added, and the legal treatment of the breach of conflict of interest should be more flexible, giving the beneficiary the right of choice based on different types of breach; 2) with regards to the execution of the voting right and the mandate in the investment trust industry, this article believes that relevant rules and regulations on executing the mandate and the voting right should be relaxed, taking into consideration the principle of best beneficiary interest; disclosure of the content and execution procedure of the voting right to investors should be made mandatory so as to increase the transparency of fund management; 3) the current law has too detailed investment regulations for the investment trust industry, and specification on how trustees should fulfill their duty of care in investment is also inadequate. This article feels that the important concept of The Prudent Investor Rule of Article 227 of the 3rd Revision (1992) of the US Trust Law can be referenced to form the basis of investment obligations of trustees. The supervision of the fiduciary duty of trustees is also discussed in Chapter 5 emphasis should be put on the function of self-regulating organizations, as self-restriction by people in the industry can not only reduce administration cost but also effectively deter the dark figure that laws and regulations have not been able to eliminate.

並列關鍵字

securities investment trust ； trustee ； status of joint trustee ； fiduciary duty ； duty of loyalty ； duty of care ； financial firewall ； the Chinese Wall ； related party ； principle of best beneficiary interest ； Article 227 of the 3rd Revision (1992) of the US Tru

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