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债券受托管理人制度是实施债券管理的核心机制。我国债券市场主体对债券受托人角色定位的认识不清、立法对受托管理人职责设定的不明确、对债券受托人与债券持有人利益冲突的放任以及债券受托人责任规定的缺失是当前我国债券受托管理人制度形同虚设的主要缘由。基于我国的立法现状与市场发展的需求,我国债券受托管理人制度的构建应当以信托关系为基础,以为受益人最大利益行事之原则促使受托人运用专业能力对与债券持有人有关的财产权利进行管理、处分。立法完善方面要重点对债券受托管理人的角色定位、债券受托管理人职责的设定、利益冲突的解决以及债券受托管理人的损害赔偿责任等做出合理细致的规定。
Bond trustee system is the core mechanism for the implementation of bond management. The main body of bond market in our country does not have a clear understanding of the role of the bond trustee. The legislation does not specify the duties of the trustee, and the absence of the conflict of interest between the bond trustee and the bondholders and the liability of the bond trustee is the current China’s bond trustee system is largely non-existent. Based on the status quo of our country’s legislation and the demand of market development, the construction of China’s bond trustee system should be based on the trust relationship. The principle of acting in the best interests of the beneficiaries encourages the trustee to use his professional ability to the property rights related to the bondholders Manage, punish. Legislative improvement should focus on the bond trustee of the role of the position of the bond trustee duties set, the settlement of conflicts of interest as well as the bond trustee’s liability for damages to make reasonable and detailed provisions.