Trust Management of Other People's Property: Reform on the Warpath

The paper describes possible ways to reform the rules on trust management agreements in connection with the upcoming reform of Part II of the Civil Code of the Russian Federation. Currently, the reform of this part of the Civil Code of the Russian Federation is being carried out in relation to financial transactions, but the rules on intermediary transactions have not been changed, while the situation is complicated by the fact that the reform of property law has not taken place. The improvement of the provisions of Chapter 53 of the Civil Code of the Russian Federation on trust management agreements is due to the development of economic relations for the management of corporate rights, securities, investments, pension contributions, the emergence of a number of new forms of investment activity, as well as a significant difference in the relationship of "consumer management" of property in family and inheritance law (management by virtue of the law), as well as "professional management" of property in investment and other business areas (voluntary transfer of property to management).

The Anglo-American experience of the trust, as well as other models of "trust property" cannot be borrowed by Russian law in any form. The ownership right must remain unitary and cannot take any form. In view of this, the paper suggests using European alternative models of managing someone else's property in the form of mandatory legal institutions for conducting someone else's business using various forms of representation (direct and indirect) instead of the Anglo-American trust. The author considers the possibility of differentiating the professional and non-professional regime of managing someone else's property, the nature of the beneficial interest, the rules of segregation of the management object and the nature of the trustee's responsibility.

1. Komarov AS, Kostin AA, Zimenkova ON, Vershinina EV (eds.). Uchebnik. T1. Obshchaya chast [A Textbook. Vol. 1: General part]. In 2 vols. Moscow: Statut; 2019. (In Russ.)

2. Chichakyan RA, Zikun II. Zashchita prav investorov v ramkakh protsedury nesostoyatelnosti (bankrotstva) nekreditnykh finansovykh organizatsiy: sravnitelno-pravovoy ocherk [Protection of investors' rights in the framework of the insolvency (bankruptcy) procedure of non-credit financial organizations: A comparative legal essay]. Vestnik grazhdanskogo prava [Civil Law Review]. 2018;6:239-274. (In Russ.)

3. Asmus W. Dogmengeschichtliche Grundlagen der Treuhand. Eine Untersuchung zur romanistischen und germanistischen Treuhandlehre. Peter Lang; 1977.

4. Bogert GG, Bogert GT. The Law of Trusts and Trustees. West Publishing Company; 1964.

5. Duggan A. Contracts, Fiduciaries, and the Primacy of the Deal. In: Bant E, Harding M (eds.). Exploring Private Law. Cambridge University Press; 2010. Pp. 275-279.

6. Ebbecke J. Verwaltungsrecht mit dinglicher Wirkung. Beitrage zur Erlauterung des deutschen Rechts; 1917.

7. Heberlein A. Die Investmentgesellschaft mit variablem Kapital (SICAV) und die Investmentgesellschaft mit festem Kapital (SICAF) im Vergleich: Dissertation. ZOrich; 2008.

8. Henssler M. Treuhandgeschaft. Dogmatik und Wirklichkeit. Archiv die civilistische Praxis. 1996;196:37-87.

9. Katz SN, Sullivan B, Beach PC. Legal Change and Legal Autonomy: Charitable Trusts in New York. Law & History Abstract. 1985;51:1777-1893.

10. Harribey JM. Die Trust-Struktur im Vertragsmodell des Investmentrechts. Berlin: Duncker & Humblot; 2015.

11. Kronke H. Stiftungstypus und Unternehmenstragerstiftung. Mohr Siebeck. TObingen; 1988.

12. Matthaus DO. Investmentfonds, Grundlagen, Risiken und Chancen. 2. Auflage. ZOrich; 2003. P. 10-94.

13. Pacces AM. Rethinking Corporate Governance. The law and economics of control powers. Routledge: London. New York; 2012.

14. Ronovska K. Foundations in the Chezh Republic: Yesterday, Today and Tomorrow. In: Prele CH (ed.). Developments in Foundation Law in Europe. Springer. The Netherlands; 2014. P. 37.

15. Ronovska K. Lavicky P. Foundations and trust funds in the Chezh Republic after the recodification of Civil Law: A step forward? Trusts & Trustees. 2015;21:639-644.

16. Schumacher Ch. Die konzernverbundene Stiftung. Eine rechtsvergleichende Untersuchung des niederlandischen und deutschen Rechts. Waxmann. MOnster. New York: MOnchen. Berlin; 1999. P. 46-48.

17. Spinnler P. Die neue Rechtsform der SICAV im KAG und die Interessenwahrung der Anleger als Aktionare. Zeitschrift fur Gesellschafts- und Kapitalmarktrecht. 2007:79-86.

18. Jutzi T, Feuz Ch. MiFID II, AIFMD und UCITSD: Auswirkungen des EU-Vermogensverwaltungsrechts auf das grenzOberschreitende Geschaft Schweizer Finanzintermediare. Jusletter Next (25 April 2016). P. 1-86.

19. Unger J. Die Vertrage zu Gunsten Dritter. Jahrbucherfur die Dogmatikdes heutigen romischen und deutschen Privatrechts. 1871;10:1-109.

20. Waters DWM. The Nature of the Trust Beneficiary's Interest. Canadian Bar Abstract.1967;45.

21. Webb C, Akkouh T. Trusts Law. 3rd ed. Palgrave Macmillan; 2013. P. 200-245.