論證券投資信託事業之受託人義務 －以經理費用為中心

Analyzing Fiduciary Duty of Securities Investment Trust Companies

王文範(WEN-FAN WANG)

指導教授 ： 張心悌

國立臺北大學/法律學院/法律學系/碩士(2013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」，對於資本市市場的發展及投資人權益的保護更為完備。惟「證券投資信託及顧問法」對於證券投資信託事業之受託人義務規範，尤其是證券投資信託事業收取經理費用之部分，仍有所不足。從而，本文主要針對證券投資信託事業就收取經理費用之受託人義務加以研究。

本文第一章為緒論；第二章主要介紹證券投資信託制度之起源、特色、分類及組織架構；第三章就證券投資信託事業之受託人義務為闡述；第四章將整理美國法上投資顧問收取經理費用之受託人義務的經典案例：Gartenberg v. Merrill Lynch Asset Mgmt.案和重要新近判決：Jones v. Harris Associates L.P.案、Gallus v. Ameriprise Financial,Inc案。此外，本文將介紹行為經濟學理論，並運用該理論就上開案例為分析；第五章則闡述我國證券投資信託事業超收經理費用之情況，並指出現行經理費用之受託人義務內涵的缺失。對此，本文參酌美國法制，提出適合我國證券投資信託事業就經理費用之受託人義務內涵。第六章為結論。

關鍵字

證券投資信託基金 ； 共同基金 ； 證券投資信託事業 ； 受託人義務 ； 經理費用 ； 法律經濟分析 ； 行為經濟學

並列摘要

Our country promulgated Securities Investment Trust and Consulting Act on June 30, 2004, which was more complete regarding the development of the capital market and also the protection of the investor rights and interests. However, Securities Investment Trust and Consulting Act was not yet adequate with respect to regulating the fiduciary
duties of securities investment trust companies, especially when it came to the issue of management fee charged by securities investment trust companies on which this article would mainly focus and examine further.

Outline of this thesis is as follows: The first chapter is the preface. The second chapter will introduce the background, distinguishing features and the structure of the securities investment trust system. The third chapter will expand on the fiduciary duties of securities investment trust companies. The fourth chapter will then review some classic cases in the U.S. about fiduciary duties arising from management charges by investment advisers, such as Gartenberg v. Merrill Lynch Asset Mgmt. case and lately important judgments, Jones v. Harris Associates L.P. case and also Gallus v. Ameriprise Financial Inc. case. Moreover, this article will elaborate the Behavioral Economics Theory and analyze the aforementioned cases. The fifth chapter illustrates the overcharge phenomenon existed in Taiwan’s securities investment trust business and also indicates the disadvantage of present fiduciary duty regulations concerning management fees, to which this thesis attempts to make suitable suggestions by referring to the American legal system. At last but not the least, the final chapter will produce a conclusion.

並列關鍵字

Securities investment trust fund ； Mutual Funds ； securities investment trust companies ； fiduciary duty ； Management Fee ； Economic Analysis of Law ； Behavioral Economics Theory

參考文獻

15、張心悌，逐出少數股東－以資訊揭露義務與受託人義務為中心之美國法比較，政大法學評論，第123卷，2011年10月。

20、劉其昌，證券投資信託及顧問法之分析，證交資料，第515期，2005年3月。

2、中華民國證券投資信託暨顧問商業同業公會：

1、行政院金融監督管理委員會：

大學法律學系法學叢書編輯委員會編輯，月旦出版社，1998年1月。