Han Kun's research recognized among 10 winners of the "NAFMII Research Program" Award 2021
May, 2022 - Beijng, Mainland China
On May 5, 2022, the National Association of Financial Market Institutional Investors ("NAFMII") announced the winners of the "NAFMII Research Program" Award 2021 (Zhong Shi Xie Fa [2022] No. 72). A research project led by Han Kun partner Yang You, which is entitled A Study on Reconciliation of Collective Action and the Protection of Individual Rights under the Bondholders' Meeting Mechanism: Due Performance of the Trustees' Fiduciary Duty as a Pathway, was honored by NAFMII with other nine awarded projects on its 2021 list. Han Kun was the only law firm among this year's winners.
As a leading law firm in the field of finance and dispute resolution, Han Kun has been paying close attention to development of China's bond market. Our NAFMII award-winning research focuses on the conflict between bondholders' individual rights and their collective action, an existing concern in market practice. In the light of the legal nature of bonds, our research comprehensively analyzes the bondholders' meeting mechanism and the bond trustee system, endeavoring to form an action guide and responsibility system under the current bond market regulatory framework with trustees' "fiduciary duty" as the core, which would serve as a pathway and a solution to balance collective action and individual rights and interests in the bond market.
The "NAFMII Research Program", inaugurated in 2021 by the NAFMII, centers on material and underlying issues in establishing the financial market foundations and frameworks. The program aims to leverage the power and wisdom of market participants to build up multi-level, full-scope, and full-process self-regulation of the market; to facilitate high quality growth of inter-bank markets; and to realize better services for the real economy, better implementation of macro government policies, and higher-level opening up. The program has drawn massive attention from market players and active participation by NAFMII members. Han Kun submitted its research subject as soon as the program was announced and obtained NAFMII's approval for launching the project. After six months of thorough investigation and study, our quality research product stood out from 75 projects submitted by 66 entities as a winner of the NAFMII award, a recognition of Han Kun's sophistication and insightfulness in the field of bonds.
