作　者：许多奇
关键词：私募基金；管理人；信义义务；本土特色；全周期；《信托法》
摘　要：

管理人信义义务是贯穿私募基金始终并破解法律风险的关键。培育信义义务的进程理应与私募基金市场的发展同步演进，而我国私募基金管理人信义义务生长的环境却迥异于英美国家，重募集环节，轻投资、管理和退出环节等本土特色明显。通过全周期各环节信义义务的检视，我国私募基金信义义务的实现机制既要设计适当的协议条款，把握管理人信义义务的切入点，明确监管边界，遵循最佳执行原则；又要厘定司法裁量标准，引导私募基金从被动型向主动型管理转变，形成私募基金管理人信义义务“因事制宜”的归责进路。

 

On the Fiduciary Duty of Private Fund Manager From the Perspective of Full Cycle

Xu Duoqi（Fudan University）

Abstract  The fiduciary obligation of managers is the key to dissolving legal risks throughout the   course of private equity funds. The process of cultivating fiduciary obligations should evolve in tandem with the development of the private fund market. However, the context in which the fiduciary obligations of private fund managers in China grow is extremely different from that of western countries. The local characteristics wherein are quite apparent, such as emphasizing fundraising over investment, management and withdrawal. Through the inspection of fiduciary obligations along all links of the full cycle, the implementation mechanism for the fiduciary obligations of private funds in China should not only design appropriate terms of the agreement, grasp the breakthrough point of managers' fiduciary obligations, clarify the regulatory boundary, and comply with the best execution principle, but also formulate the criteria of judicial discretion, push the passive management of private funds to transform into the initiative-oriented ones, and construct a circumstance-alter-case path of attribution of the fiduciary obligations of private funds.

Key words   private funds; manager; fiduciary obligation; local characteristics; full cycle; Trust Law

 

■  作者简介 许多奇，法学博士，复旦大学法学院教授、博士生导师；上海 200438。

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