China:
九民之后再谈金融产品中第三方增信措施的法律性质
21 January 2020
DeHeng Law Offices
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《九民会议纪要》第91条首次确认了信托关系中第三方的差额补足、代为履行到期回购义务、流动性支持等增信措施(以下简称"第三方增信措施")的法律效力并规定从文件具体内容和案件事实情况的角度来认定第三方增信措施的法律性质,以此对司法实践中遇到的一些问题提出解决方案。但第91条的规则运用于实践中还是略显原则,不易于实操,关于第三方增信措施的法律性质实践中也存在较大争议,本文将结合相应的司法判例及民法典的最新修订动向对《九民会议纪要》第91条及第三方增信措施的法律性质进行再审视,以期对实践有所裨益。
一、《九民会议纪要》第91条的适用范围
《九民会议纪要》第七部分的标题为关于营业信托纠纷案件的审理,表面上看似乎这一章节仅适用于信托纠纷案件,但应注意第88条的规定[1],即其他金融机构开展的资产管理业务构成信托关系的,适用信托法等规定处理。
其中,"其他金融机构开展的资产管理业务",根据金融管理部门联合发布的《关于规范金融机构资产管理业务的指导意见》(银发〔2018〕106号)的规定,系指银行、信托、证券、基金、期货、保险资产管理机构、金融资产投资公司等金融机构开展的资产管理业务,基于以上规定,其他金融机构开展的资产管理业务中的第三方增信措施也应纳入到《九民会议纪要》第91条规定中。
司法实践中,资产管理业务中的第三方增信措施的效力也已得到相应的认可,例如最高人民法院(2018)最高法民终667号判决及上海市浦东新区人民法院(2018)沪0115民初46589号判决等。
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