基金托管

浅析我国证券投资基金托管制度及其完善

On Chinese Securities Investment Fund Trust System and Its Improvement

与深圳证券交易所联网的全国各隆元基金托管证券商营业网点。

Each domestic broker operating branch depositing Longyuan funds and connected to Shenzhen stock exchange .

（一）设有专门的基金托管部；

Has a specific fund custody department ;

基金托管市场酝酿变革

The Change of Fund Custody Market

他把部门的管理工作委托给助手了。（一）设有专门的基金托管部；

He depute the running of the department to an assistant . ( 1 ) Has a specific fund custody department ;

基金托管制度是基金的一种独具特色的制度安排，通过托管人的监督和制衡，可以有效抑制利益冲突风险的发生。

The funds trusteeship is a unique structural arrangement for funds , which may effectively avoid the risks of conflict of interest through checking and balancing by trustees .

本文综合运用法律实证分析、法经济学分析以及比较法学分析等方法，对证券投资基金托管制度的法理基础和制度设计进行比较系统的研究。

By the way of empirical analysis , the economic analysis as well as comparative analysis , this paper conducts systematic research on legal basis and system design of trusteeship of securities investment fund .

主要是一方面通过上文的分析，对我国的基金托管模式的选择进行了界定，同时介绍了立法对托管人的选任、职责和责任方面的相关规定。

Primarily through the above analysis , to our country the fund trusteeship mode selection were defined , and introduced legislation to the trustees of the elective , duties and responsibilities of the relevant provisions .

灾难短视、糟糕的模型、多样化管理失当，以及对评级机构的过度依赖，这些问题更多产生自咨询机构、投资委员会和养老基金托管机构的判断失误，而非系统性瑕疵。

The problems of disaster myopia , poor modelling , mismanaged diversification and excessive reliance on rating agencies stem more from failures of judgment by consultants , investment committees and pension fund trustees than systemic flaws .

咨奔商务咨询有限公司执行董事迈克尔•麦考马克（MichaelMcCormack）表示，这些基金每个托管招标都要收到30、40或50份申请，而中标者只有两家或三家。

The funds are getting 30 , 40 , 50 applications for every mandate , with only two or maybe three winners , says Michael McCormack , executive director at Z-Ben Advisors .

专业人士称，竞争亚洲主权财富基金的托管业务，过程与竞争西方机构托管业务差别不大：首先是招标公告，在相关官员面前进行最终陈述，最后是有关管理费及其他合同条款的谈判。

Experts say the process of competing for an Asian SWF mandate differs little from winning a western institutional mandate : there is an RFP , a finals round complete with presentation before SWF officials , and finally the negotiation of fees and other parts of the contract .

上市开放式基金完成登记托管手续后，由基金管理人及基金托管人共同向深交所提交上市申请。

After lofs complete the procedures of registration and depository , funds manager and custodian of funds shall jointly submit a listing application to szse .

国内各商业银行也已经认识到发展投资银行业务的重要意义，积极开展债券买卖、基金销售和托管、短期融资券等投资银行业务，并取得了一定成效。

Domestic commercial bank has also been recognized the importance of investment banking business , has Active trading of the sale of bonds , marketing and hosting fund , short-term financing bill and has achieved some success .

首先，介绍了契约型基金治理中基金托管职能不同的设计模式。

First , introduce the different patterns of the fund trustee system .

基金管理公司、基金托管机构、基金销售机构；

Fund management companies , fund custodian institutions , and fund sale institutions ;

至2003年10月，中国已经有32家已开业的基金管理公司，8家基金托管银行。

From the June of 2003 , there have appeared 32 companies of funds administration and 8 banks of trust funds established in China .

因此，通过研究基金治理结构的基本理论，探求基金托管制度的革新，实现基金内部的有效监督，对于我国基金业的规范化经营和中小投资者利益的保护意义重大。

Therefore , it is of great significance for regulation of fund industry and protection to the interests of investors that seek trusteeship innovation by studying theory of fund governance , in order to achieve effective internal supervision .

摩根士丹利的大宗经纪部门受到许多对冲基金经理的高度评价。该业务为对冲基金提供托管和贷款，并协助卖空操作。

The prime brokerage , which provides hedge funds with custody and loans , and assists short selling , is highly rated by many managers .

其次，论述了公司型基金中的董事会及独立董事制度与传统基金托管制度的差异和制度优势。

Second , discuss the system of director board and independent directors as well as their institutional advantages and difference comparing with fund of corporate type .

证券投资基金指通过公开发售基金份额募集资金，由基金托管人托管，由基金管理人管理和运用资金，为基金持有人的利益，通过资产组合进行的证券投资方式。

Securities Investment Funds refer to funds raised through public offering of fund shares . They are deposited in the fund trustee , managed and used by fund manager . For the interests of fund holders , Securities Investment Funds invest securities by stock portfolio .

基金经理与基金管理人之间是雇佣合同关系，与基金托管人之间是托管合同关系，与基金持有人之间是委托合同关系。

The relations between fund manager and fund shareholders are entrustment relations .

订明基金托管人应积极配合基金管理人的核查行为，包括但不限于：提交相关资料以供基金管理人核查托管财产的完整性和真实性，在规定时间内答复基金管理人并改正。

The fundfunds trusteecustodian shall properly cooperate in the fundfunds manager 's check , including but not limited to providing relevant information necessary for the fundfunds manager to examine the integrity and truthfulness of the fundfunds assets , responding to the fundfunds manager and making correction within the prescribed period .