사채관리회사제도의 운영상의 쟁점과 과제
The Operational Issues and Possible Solutions on the Indenture Trustee
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For small bondholders, it is difficult to exercise its influence due to so-called “collective action issue.” The recent investment trend of institutional investors such as large hedge funds may ease off the collective action issue to some extent, but on the other hand it raises a new problem of conflict of interests with other bondholders. Under these circumstances, it is the indenture trustee which can protect debt buyers’ interest most effectively. Accordingly, it will be very important to adopt a regulatory measure for the indenture trustee to function properly. In this perspective, this Article has discussed the operational issues and possible solutions on the indenture trustee. In short, first, the indenture trustee shall exercise its legal and contractual rights based on fiduciary duty and fair treatment and fidelity obligations. Second, considering that the indenture trustee administers all public issuances as a representative of bondholders to help enforce their rights, bondholders’ individual exercise of such right, in principle, shall not be recognized. However, bondholders’redemption request rights of principal or interest may be exercisable. Third, there should be some measures for bondholders to bring a complaint. Fourth, instead of applying standardized requirements on indenture trustee’s eligibility beforehand, it may need to first recognize its eligibility but to make it responsible if it cannot prove that there was no conflict of interest activities or if it cannot resolve the conflict of interest issue within a reasonable time.
Abstract
For small bondholders, it is difficult to exercise its influence due to so-called “collective action issue.” The recent investment trend of institutional investors such as large hedge funds may ease off the collective action issue to some extent, but on the other hand it raises a new problem of conflict of interests with other bondholders. Under these circumstances, it is the indenture trustee which can protect debt buyers’ interest most effectively. Accordingly, it will be very important to adopt a regulatory measure for the indenture trustee to function properly. In this perspective, this Article has discussed the operational issues and possible solutions on the indenture trustee. In short, first, the indenture trustee shall exercise its legal and contractual rights based on fiduciary duty and fair treatment and fidelity obligations. Second, considering that the indenture trustee administers all public issuances as a representative of bondholders to help enforce their rights, bondholders’ individual exercise of such right, in principle, shall not be recognized. However, bondholders’redemption request rights of principal or interest may be exercisable. Third, there should be some measures for bondholders to bring a complaint. Fourth, instead of applying standardized requirements on indenture trustee’s eligibility beforehand, it may need to first recognize its eligibility but to make it responsible if it cannot prove that there was no conflict of interest activities or if it cannot resolve the conflict of interest issue within a reasonable time.
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