在全球化的大背景下，国内高净值人士的家族身份国际化、资产配置国际化、投资国际化、教育国际化现象日益显现，家族财富传承必须考虑这些国际化的要素，实现跨境法律协调与税务筹划。由此，越来越多的高净值人士采取境外家族信托作为财富传承工具，以期资产能够长久且稳健地保存与传承到下一代。
境外家族信托有多种类型，按照委托人的权力授予范围分类，可以区分为全权委托信托和权力保留信托；按照是否可以撤销分类，可以区分为可撤销信托和不可撤销信托。本文主要探讨的就是其中的权力保留信托。这种信托的委托人在信托中可以保留部分权力，从而实现对信托一定程度上的控制。
一、权力保留信托的发展
传统信托法理论中，信托关系中不强调委托人的地位及权力（power），信托委托人的身份是无关紧要的，无权干涉受托人和受益人之间的信托关系。信托一经设立，委托人即退出信托关系，成为外部人，财产转移给受托人，委托人自此不再享有权益及信托撤销权、变更受益人或受托人等权力，完全失去财产的控制权和管理权；即便是未经考虑设立的信托也无权行使撤销或修改信托权。因此，立法规范、司法裁判都呈现出严格限制委托人权力范围的现象，委托人在信托中定位为监督者和协调者而非控制者或所有者，主要享有监督性、消极性、防御性的权力， 部分国家或地区在立法层面直接否认了委托人保留权力的信托效力。例如2013年修正前的香港《受托人条例》只允许设立受托人（信托服务提供者）全权信托，即受托人享有作出负担受托责任的所有投资决定的权力。
随着商业环境的复杂化，委托人的需求也在日益增加，已经不再满足于财富的被动保值，希望能够在享受保密性、灵活性等好处的同时，将信托财产的管理主动权掌握在自己手里。国际上逐渐达成共识，允许委托人在信托中保留一定的权力而不违背信托本质。1984年海牙国际私法会议通过的《关于信托的法律适用及其承认的公约》在第2条第3款表明：“财产授予人保留某些权力以及受托人本身得享有作为受益人的权力这一事实，并不一定与信托的存在相矛盾。”
实践中，越来越多的国家修改立法来允许委托人保留一定权力。特别是在境外家族信托中，其委托人往往是企业的实际控制人，信托标的物最主要为公司股权或股票等重要资产。这些委托人希望能够保持对作为信托财产的公司的控制，也希望能够利用持股实现家族资产的长期稳定，对于信托能够保留权力有较大的需求。并且，现代信托资产的丰富形式也需要在信托中为委托人保留更多权力，以便委托人能够根据实际情况调整信托投资方向或改变分配方式。因此，为了吸引更多的委托人在本地设立信托，越来越多的离岸地立法允许设立权力保留信托（Reserved Power Trust），即信托成立后，委托人仍可对信托财产享有一定的控制权。
二、权力保留信托的立法模式
权力保留信托，广泛意义上讲，即在委托人在世之时，使委托人在管理、处置、分配信托资产上能保留更多的权力。同时，受托人必须严格履行信托契约中所规定的条款。例如，委托人有权下达指令由受托人管理和分配信托资产；委托人有权增加或减少受益人；委托人有权修改信托契约中有关条款等 。具体而言，各国立法关于委托人保留权力存在两种不同模式。
一种是意定保留模式，允许委托人与受托人之间在信托契约中通过特殊约定或复杂的结构设计来保留委托人的权力。这些国家或地区并不直接在法条中明确委托人可以保留哪些具体的权力，而是用“may/can”这一任意性表述规范，通过当事人的意思自治来决定委托人是否保留权力以及保留那些权力。在意定保留模式中，通常委托人得以保留的权力内容及范围非常广泛。比如2006年泽西岛修订了1984《信托法》第九条A款（2）项列举了限定范围内的可保留权力，包括撤销、修改信托权、预支指定支付信托财产权、委任或解聘权信托全资或部分出资的公司高管、指示信托财产的投资管理权、变更受益人或受托人等相关人士、修订该信托准据法、任免投资经理顾问、限制受托人行使任何权力或自由裁量权。2001年开曼群岛《信托法》第14（1）条和1988年巴哈马群岛《信托法》第81（1）条规定了委托人可保留管理事宜的同意权和指导权、信托收入或资金的分配权。当然，这种保留也不是毫无限制，立法也会明确规定当事人意思自治所保留权力的范围。超出该范围的信托将面临权力无效风险，甚至引发信托无效后果。比如2007年《根西岛信托法》第15条第1款允许委托人通过意定的方式保留一系列权力的同时，在第2款规定所保留的权力不得（a）构成受托人的权力（b）在信托条款的约束下，对持有人施加任何信义义务，或（c）使受托人就信托财产的任何损失承担法律责任。传统英美国家在认定委托人权力保留是否构成虚假信托时，会考虑委托人所保留的权力足以干涉受托人管理和处分信托财产的权力以及所保留的权力对信托剩余财产分配是否造成影响。
另一种是法定保留模式。这些国家或地区的立法会直接明确委托人享有的具体权力，即使没有在信托文件中约定，也可以根据法律直接行使特定权力。比如我国台湾地区《信托法》保留了委托人变更受益人或终止信托（第3条）、对违反规定所为强制执行提起异议之诉的权力（第12条第2项）、同意变更与申请变更财产管理方法的权力（第15条、第16条）、对受托人请求损害赔偿、回复原状或减免报酬等权力（第23条、第35条第3项）、主张账簿阅览权的权力（第 32 条第 1 项）、同意受托人解任、声请解任受托人及选任或指定新受托人的权力（第 36 条、第 45 条）、指定、选任及解任信托监察人的权力（第 52 条第 1 项、第 7 条、第 58 条、第 59 条）、终止信托的权力（第 63 条、第 64 条参照）及请求移转信托财产的权力（第 65 条）。不过，近年来，采取这种模式的立法越来越少，许多国家正逐渐将法定保留模式转变为意定保留模式，各国开始普遍认可信托的灵活性以及意思自治。
三、离岸地保留权力类别概述
离岸信托立法的重点是规制委托人与受托人之间的关系，即明确委托人和受托人之间的相关权力和义务。这种离岸立法趋势的推动力是《1998年开曼群岛信托（修订）（立即生效和保留权力）法》（the Cayman Islands’ Trust (Amendment) (Immediate Effect and Reserved Powers) Law 1998）第12A和12B条的出台。该修正案建立了一个可以反驳的推定，即任何未被表述为遗嘱、遗言或契约的信托文书将具有即时效力；并列举了一系列委托人可以保留的权力。当前，众多离岸信托管辖区已经通过立法，承认委托人的保留权力的非常广泛的允许范围。这些保留的权力也可以按照保留的权力类型分为三大类：（1）允许委托人参与信托业务；（2）允许委托人直接影响受益人的利益；（3）只要受托人同意委托人的指示，即可免除受托人责任。[1]
1、允许委托人参与信托业务
允许委托人一定程度上参与信托业务是最常见的权力保留类型，主要包括修改管辖法律、管辖法院，指示受托人行使一定的自由裁量权，指示信托财产的购买、转让、租赁、质押等情形。众多离岸地都在立法中列举了一系列的委托人参与信托业务的权力类型，使其在设立信托后仍然能够对信托事务有一定的决定权。
比如，巴哈马1998年《受托人法》（the Bahamian Trustee Act)第3(2)条允许委托人就受托人行使任何权力或自由裁量权给予指示，或要求受托人在作出任何决定前征求委托人的同意。另一个遵循自由化立场的离岸信托管辖区是泽西岛。《泽西岛信托法（第4号修正案）》（The Trusts (Amendment No. 4) Jersey Law）于2006年出台，对1984年年版本进行修订。其中，第9A条现在允许同样广泛的委托人保留权力，例如，第 9A(1)条规定，委托人保留“购买、保留、出售、管理、借出、抵押或质押信托财产或行使此类财产产生的任何权力或向受托人发出有约束力的指示”的权力，不会影响信托的有效性，也不会推迟信托生效。同样，开曼群岛《信托法》（The Cayman Islands Trusts Law）第14(b)条规定，委托人保留购买、持有或出售信托财产对受托人作出有约束力的指示的权力不会使信托无效，也不会影响信托立即生效的推定。
关于信托条款的修改，需要注意的是，离岸委托人往往有权单方面修改信托条款。例如，《泽西岛信托法》第9A(1)(a)条规定，委托人保留的“变更或修改信托条款或全部或部分根据信托产生的任何信托”的权力，不会影响信托的有效性。《开曼群岛信托法》第12B(1)(a)条具有相同的效果。巴哈马1998年《受托人法》第3(2)(c)条和库克群岛《国际信托法》（the Cooks Islands’ International Trust Act）第13C条也是如此。离岸委托人对信托条款进行修改的权力往往不受限制。
委托人保留的参与信托业务中比较特殊的权力是投资的权力。基于对财富传承增值的需要，委托人往往希望能够寻求专业人士对信托财产开展投资管理活动，其可能将该权力授予受托人，也可能专门任命投资顾问来执行投资管理活动或想受托人发出投资管理的指令。基本上所有离岸地的法律均允许委托人保留投资管理权限。即使是较为严格的香港与新加坡，也在立法中明确规定了委托人可以在信托中保留投资管理权限。但不同离岸地的就投资管理权限的规定略有不同，比如新加坡没有在法律中规定将投资管理权限保留给委托人以外的人，也没有规定受托人免除投资管理失败的责任等。
2、权力允许委托人直接影响受益人的利益
在许多离岸信托管辖区，委托人还拥有增加或取消受托人和受益人、撤销信托的不受约束的权力。例如，BVI信托条例（the British Virgin Islands Trust Ordinance）第86(2)条承认授予委托人或其他一些人（保护人或其他人）权力的信托是有效的，其中就包括可以移除或增加受益人、移除或任命新的受托人。巴哈马1998年《受托人法》第2(d)条规定，委托人 “保留、拥有或获得”“任命、增加或移除任何受托人、保护人或受益人的任何权力”，这一权力的行使不会使信托失效，也不会使生前设立的信托成为遗嘱信托。1998年《开曼群岛信托法》第12B(1)条规定，委托人保留或授予“任命、增加或解除任何受托人、保护人或受益人的权力”不会使信托无效，也不会影响立即生效的推定。
然而，在增加或取消受益人的情况下，有学者和法院认为委托人不受约束地保留这样做的权力是不可取的。这种极其自由的离岸立场使委托人有权随意修改受益人的权力。如果委托人行使保留权力撤销信托，也会出现直接减损受益人利益的情况。撤销权以及对受益人的控制权的保留可能会使得该信托财产在税务上仍然被视为委托人的财产，影响信托的税收政策，甚至在部分地区可能需要进一步结合其他信托条款判断其对于信托效力的影响。
3、免除责任
一些离岸信托立法，如英属维尔京群岛和迪拜的立法， 进一步免除了受托人的所有信托责任，只要受托人的行为得到了委托人或其他一些人（如保护人）的同意。只要受托人接受了委托人或保护人的指示，这些立法制度就允许财产授予受托人对违反信托的责任的全面豁免。例如《英属维尔京群岛受托人条例》（the British Virgin Islands Trustee Ordinance provide）第86（1）条规定，设立信托的文书可包含以下规定：受托人行使任何权力和自由裁量权时，应事先征得委托人或其他人的同意，不论是作为保护人、提名人、委员会或任何其他名称的主体。如果在设立信托的文书中如此规定，在事先给予了同意的情况下，受托人不应对其行动造成的任何损失负责。第(3)条接着规定，不因善意行使权力而对受益人负责,英属维尔京群岛的规定实际上导致了受托人免除了对受益人的信义义务。
如果执行者对受益人不负有信义义务，执行者不执行或疏于执行信托业绩，就不会受到任何制裁。在这种情况下，实际上没有任何现有的保障措施来防止受托人的行为损害受益人的利益。英国信托的传统概念，即受托人对信托财产的受益人负有严格的信托责任，已经被这种为增加这些离岸中心对其客户的吸引力的离岸立法的冲击所损害。
在部分立法免除受托人责任的同时，部分立法并未对受托人责任进行事先约定。因此，委托人和受托人会在信托文书中约定反巴特利特条款（anti-Barellet），通过意思自治的方式，约定在将投资等权力授予委托人的同时，豁免受托人的责任。这一条款得到了诸多法院的支持，比如在香港法院Zhang Hong Li and others v DBS Bank (Hong Kong) Limited and others [2019] HKCFA 45.中，委托人搭建了以泽西岛为准据法的家族信托，任命家族成员作为信托持有公司的唯一董事和投资顾问，有权向受托人发布投资指示，并约定了反巴特利特条款，明确受托人无权干预公司事务，受托人没有义务分散投资、确保信托财产的价值得以保留或提高，也不应对在这些方面的任何失败承担责任。后来，该公司投资遭受重大损失，委托人将受托人诉上法庭，要求其承担责任。初审法院和上诉法院均支持了原告诉请，认为即使约定了反巴特利特条款，受托人仍然需要承担高级监督责任（high level supervisory duty）。但是终审法院驳回了委托人的诉请，认为信托中约定受托人不得干涉公司事务，受托人也无法阻止公司投资行为发生，受托人的行为也符合信托文书约定事项，因此无需承担高级监督责任。值得注意的是，本案中终审法院最终认定受托人无法参与公司事务，也就很难履行信义义务，若是有债权人对信托效力进行质疑，有一定概率会被法院认定委托人实际控制了信托财产，因而认定为无效信托。具体情况仍然需要综合判断。
四、离岸地权力保留信托的立法概述
通过立法规定，委托人可以为自己保留部分权力，而不会因为保留这些权力而被认为信托无效或击穿信托追究信托财产的责任。下面将总结几个主要离岸地的权力保留范围。
1、英属维尔京群岛（The British Virgin Islands）
BVI是最早在立法中引入权力保留的信托国家之一。1961年《受托人法》（Trustee Act）（经修订）第86条规定了一个说明性的条款，即：允许委托人保留或在信托文书中设立赋予另一方（保护人、提名人、委员会或其他）的权力清单。其保留比其他一些地区的更为有限，例如没有规定委托人保留权力的撤销或修改，虽有部分涉及但内容并不详尽：可以通过设立信托的文书授予委托人或其他一些人任何权力，并且在不限制上述权力的情况下，可以授予此人做以下任何一项或多项事情。同时，BVI《受托人法》第86(3)条明确规定，这些行使被委托人赋予权力的人并不 "仅因行使该权力而被视为受托人；除非设立信托的信托文书另有规定，否则不因行使该权力而对受益人负责"。第86(1)条允许信托包含限制受托人权力和自由裁量权的条款，规定委托人、保护人或其他人必须事先提供同意。同意后受托人将不对其行为造成的损害责任负责。同时第83A(12)条规定，信托的有效性受其适当的法律管辖，因此，如果根据上述条款保留或授予权力，在英属维尔京群岛的《受托人法》中，信托将不太可能仅仅因为保留这些权力而被视为无效。且第87条进一步规定，信托可将任何权力授予管理受托人，其他受托人不对其行使负责。在这些创新条款上，2003年《维尔京群岛特别信托法》（Virgin Islands Special Trusts Act）（VISTA）出台，规定排除受托人根据此法设立的信托中对信托项下公司的一般权力，除非有特殊情况，否则受托人不能干预公司运营。
（原文如下）
TRUSTEE ACT
Protector of trusts
86.
(1) An instrument creating a trust may contain provisions by virtue of which the exercise by the trustees of any of their powers and discretions shall be subject to the previous consent of the settlor or some other person, whether named as protector, nominator, committee or any other name; and if so provided in the instrument creating the trust the trustees shall not be liable for any loss caused by their actions if the previous consent was given.
(2) There may be conferred on the settlor or some other person, whether named as protector, nominator, committee or by any other name, by the instrument creating the trust, any powers, and without limitation to the foregoing power may be conferred on that person to do any one or more of the following—
(a) determine the law of which jurisdiction shall be the proper law of the trust;
(b) change the forum of administration of the trust;
(c) remove trustees;
(d) appoint new or additional trustees;
(e) exclude any beneficiary as a beneficiary of the trust;
(f) include any person as a beneficiary of the trust in substitution for or in addition to any existing beneficiary of the trust; and
(g) without consent from specified actions of the trustees either conditionally or unconditionally.
(3) A person exercising any of the powers set forth in paragraphs (a) to (d) and (g) of subsection (2) shall not by virtue only of the exercise of the power be deemed to be a trustee; and unless otherwise provided in the instrument creating the trust, is not liable to the beneficiaries for the bona fide exercise of the power
Managing trustee
87. A trust instrument may contain provisions by virtue of which the exercise of any of the trustee's powers may be reserved to a managing trustee, and no other trustee is liable for any of the decisions, acts or transactions of the managing trustee in so far as they amount to exercise of powers reserved by the trust instrument to the managing trustee.
2、巴哈马（Bahamas）
1998年《受托人法》（Trustee Act）规定了可以通过当事人约定授予管理受托人的权力。其中第82条规定，其他受托人不对管理受托人的行为或决定负责。该法第3节详细规定了保留或指示的权力，第3节广泛地规定了委托人可以保留的任何或所有列出的权力，这些权力 "不得使信托或信托文书失效，或使生前信托作为遗嘱信托处分，或使设立的信托文书成为遗嘱文件"，包括该法在第81(2)(a)-(h)条中规定的权力。
该法第六部分"特别条款"第81(1)条中"信托保护人"条款接着规定了，如果在信托中规定，"如果事先同意，并且他们是真诚地行事，则受托人不应对其行为造成的任何损失负责"，那么受托人的权力须经委托人或 "其他一些作为保护人"的事先同意。第81(2)条允许信托文书约定授予委托人，或任何保护人权力；并且除非另有规定，否则委托人与保护人不会因为行使这种权力而被视为受托人，也不会因为善意行使第81(2)(a)-(h)条规定的权力而对受益人负有责任。这表明虽然可以授予比第81(2)条(a)至(h)规定的权力外更广泛的其他权力，但受让人可能不会自动受到保护，除非这些权力是第81(2)条(a)至(h)中规定的。
例如，第3条和第81条都没有明确涉及到第81A提到的指示权信托（directed trust）中可能涉及的投资权力。除了其他限制，本条使信托文书能够规定由权力持有人（power holder）向受托人发出关于行使其投资权力的指示，没有该指示，就不得行使投资权力。（"投资权力"在第81A(4)条中定义较为广泛：包括取得、出售、借入或借出财产，任命/终止保管人、投资顾问和投资经理，持有信托财产时的投票权或其他权力，以及委托行使任何此类权力。）因此，第81A(2)条特别规定，受托人既没有责任，也不对因按照指示或没有指示而产生的任何损失负责，无论是按照指示还是没有指示。不过受托人并不是被完全免除责任，根据第81A(5)(b)条，就第81A(2)条而言，如果在受托人采取行动时明知该指示是被权力持有人不诚实地发出，则应当不为指示。
（原文如下）
TRUSTEE ACT
TRUSTEE
3.
(1) The retention, possession or acquisition by the settlor of any one or more of the matters referred to in subsection (2) shall not invalidate a trust or the trust instrument or cause a trust created inter vivos to be a testamentary trust or disposition or the trust instrument creating it to be a testamentary document.
(2) The matters referred to in subsection (1) are —
(a) any powers to revoke the trust or the trust instrument or any trusts or powers granted thereby, or to withdraw property from the trust;
(b) any powers of appointment or disposition over any of the trust property;
(c) any powers to amend the trust or the trust instrument;
(d) any powers to appoint, add or remove any trustees, protectors or beneficiaries;
(e) any powers to give directions to trustees in connection with the exercise of any of their powers or discretions;
(f) any provisions requiring the consent of the settlor to any act or abstention of trustees;
(g) any such other powers as are referred to in subsection (2)(a) to (h) of section 81;
(h) the appointment of the settlor as a protector of the trust;
(i) any beneficial interests of the settlor (including absolute beneficial interests) in the capital or income of the trust property or in both such capital and income; and
(j) any interests of the settlor in any companies or assets underlying the trust property and any control of the settlor over such companies or assets.
(3) Subject to any contrary intention expressed in the trust instrument and subject to its other terms, a power in a trust instrument to amend, alter or vary a trust shall include (without limitation) a power to add as beneficiaries any persons whatever (including the settlor and any private or charitable trusts or foundations) and to remove any beneficiaries.
PART VI SPECIAL PROVISIONS
81.
(1) A trust instrument may contain provisions by virtue of which the exercise by the trustees of any of their powers and discretions shall be subject to the previous consent of the settlor or of some other person as protector, and if so provided in the trust instrument the trustees shall not he liable for any loss caused by their actions if the previous consent was given and they acted in good faith.
(2) The trust instrument may confer on the settlor or on any protectors any powers including (without limitation) power to do any one or more of the following —
(a) determine the law of which jurisdiction shall be the proper law of the trust;
(b) change the forum of administration of the trust;
(c) remove trustees;
(d) appoint new or additional trustees;
(e) exclude any beneficiary as a beneficiary of the trust;
(f) add any person (including the settlor and any private or charitable trust or foundation) as a beneficiary of the trust in addition to any existing beneficiary of the trust;
(g) give or withhold consent to specified actions of the trustee either conditionally or unconditionally; and
(h) release any of the protectors’ powers.
(3) A person exercising any one or more of the powers set forth in paragraphs (a) to (h) of subsection (2) shall not by virtue only of such exercise be deemed to be a trustee and, unless otherwise provided in the trust instrument, is not liable to the beneficiaries for the bona fide exercise of the power.
(4) A person shall not charge any remuneration for his services as protector unless otherwise provided in the trust instrument.
81A
In this section, "investment power" means any power vested in the trustees relating to the management or investment of the trust property or any part of the trust property and without prejudice to the generality of the foregoing includes any power to ·· ··
(a) acquire or borrow property;
(b) alienate or lend trust property;
(c) engage or appoint custodians, investment advisers and investment managers and to terminate their appointments;
(d) exercise any right or power attaching to any trust property (including any power to vote or pass resolutions as a member of a company, a holder of any security in a company or a partner of a partnership); and
(e) delegate any of these powers.
3、百慕大（Bermuda）
1989年《信托特别条款法案》（Trusts (Special Provisions) Act）第2A条对保留权力作了积极的规定。该条规定，在信托文件中保留或授予他人第2 A节（2）中专属性权力清单中的“任何或全部”权力（无论是单独行使还是与其他受益权结合行使），都不会使信托无效或使任何信托财产被视为委托人的财产。
这份清单虽然具有专属性，但内容非常广泛，以推进和指示权力的应用。包括撤销权、变更权和修正权；对相关公司董事的任命/罢免或投票作出指示的权力；对信托财产的收购/保留/出售等作出指示的权力；任命/罢免/更换受托人/董事或其他任职者或顾问（包括投资顾问）；增加、移除或排除任何受益人或目的；规定任何权力受到限制，需要得到信托文书中指定的人的同意；以及改变管辖法律/管辖法院。例如，第2A(5)条中规定，信托文书可以规定此权力持有人不是受托人，因为这只是委托人保留或授予的权力。第2A(6)条继续解释，没有对这种权力持有人施加信义义务。
2014年《信托特别条款修正案》（Trusts Special Provisions Amendment Act）生效后，第2A (7)条对权力持有人的权力是作为受托人的还是个人的问题作出了默认规定：如果权力持有人是设立人或受益人，并且不是唯一的受托人，他们就不承担信托义务；但在其他情况下，他们应当承担信托义务。考虑到可能被保留/授予的权力的范围，这可能意味着通常被视为受托人的权力——例如任命和罢免受托人的权力——可能被视为个人的权力。这可能意味着保护人被视为持有纯粹的个人权力。
受托人在遵守有效行使任何这些权力的情况下，不论是否采取行动，不会仅仅因为这种遵守而违反信托或衡平法上的义务；受托人如果被阻止任何本应属于受托人的正常权力的行动，其由于没有足够的权力而不能这样做，也不会仅仅因为这种不遵守或不采取行动被认为违反信托或衡平法的义务。这对受托人来说并不完全是一张完全的免罪金牌。受托人需要自行判断，即权力持有人行使的权力是否有效需要参照是否依照现有法律行使，或寻求法院的紧急指导加以判断。
第（4）小节规定，如果某人拥有撤销权、一般任命权、对部分或全部信托财产具有利益，信托文书可以规定设立人、受益人或其他权力持有人不是唯一的受托人。受托人就此全部或部分信托财产而言，对该持有权力的人不负有责任；受托人对与信托财产的全部或部分相关的任何其他人不承担任何责任。并且，受托人对任何其他人在其有生之年就该财产发生的作为和不作为不承担任何责任。
（原文如下）
Trusts (Special Provisions) Act 1989
PART I TRUSTS
2A.
(1) Without prejudice to the generality of section 2(3), the reservation by the settlor to himself or grant to any other person in a trust instrument governed by the laws of Bermuda of any limited beneficial interest in the trust property whether of income or capital, or any or all of the powers specified in subsection (2) (or both such an interest and any or all of such powers) shall not —
a) invalidate the trust; or
b) prevent the trust taking effect according to its terms; or
c) cause any or all of the trust property to be part of the real estate or personal estate of the settlor for the purposes of the Wills Act 1988.
(2) The powers referred to in subsection (1) are—
a) in the case of a reservation to the settlor or other donor of trust property, power to revoke the trusts in whole or in part;
b) power to vary or amend the terms of a trust instrument or any of the trusts, purposes or powers arising thereunder in whole or in part;
c) a general, intermediate or special power to advance, appoint, pay, apply, distribute or transfer trust property (whether income or capital or both) or to give directions for the making of any such advancement, appointment, payment, application, distribution or transfer;
d) power to act as, or give binding directions as to the appointment or removal of, a director or an officer of any company wholly or partly owned by the trust or to direct the trustee as to the manner of exercising voting rights attaching to any of the shares held in such company;
e) power to give binding directions in connection with the purchase, retention, holding, sale or other commercial or investment dealings with trust property or any investment or reinvestment thereof or the exercise of any powers or rights arising from such trust property;
f) power to appoint, add, remove or replace any trustee, protector, enforcer or any other office holder or any advisor including any investment advisor or any investment manager;
g) power to add, remove or exclude any beneficiary, class of beneficiaries or purpose;
h) power to change the governing law and the forum for administration of the trust; and
i) power to restrict the exercise of any powers, discretions or functions of a trustee by requiring that they shall only be exercisable with the consent, or at the direction of, any person specified in the trust instrument.
(3) A trustee who—
a) has acted, or refrained from acting, in compliance with, or as a result of, a valid exercise of any of the powers set out in subsection (2), shall not, by reason only of such compliance, commit a breach of trust or other fiduciary or equitable duty; or
b) is or has been prevented from acting in accordance with any of the powers specified in subsection (2), or any exercise of those powers by reason of the provisions of any applicable law or because insufficient rights or powers are exercisable by the trustee in relation to the trust property, shall not, by reason only of such non-compliance or failure to act, commit a breach of trust or other fiduciary or equitable duty.
(4) Where a power to revoke, a general power of appointment or the present beneficial interest in respect of all or part of the trust property is reserved or granted to a person, a trust instrument may provide that for so long as the settlor, beneficiary or other holder of the power is not the sole trustee, the trustee shall owe no duty to any other person in relation to all or such part of the trust property and accordingly shall have no responsibility to any other person for acts or omissions occurring during that person’s lifetime in respect of that property.
(5) No person other than a person in whom trust property or an interest in trust property is vested and who is formally appointed as a trustee, shall be or become a trustee by reason only of the reservation or grant of any of the powers set out in subsection (2).
(6) A trust instrument governed by the laws of Bermuda may provide that the reservation or grant of any of the powers set out in subsection (2) shall not impose a fiduciary duty on the holder of such powers.
(7) In relation to any trust governed by the laws of Bermuda created after the commencement date of the Trusts (Special Provisions) Amendment Act 2014, in the absence of any contrary provision of the trust—
a) in the case of the reservation by a settlor or the grant to a beneficiary of any of the powers specified in subsection (2), where so long as the holder of the power is not the sole trustee, such powers shall be personal and nonfiduciary; and
b) in any other case, such powers shall be fiduciary.
(8) Subject to any contrary provision herein, this section and section 2(3) apply to any trusts governed by the laws of Bermuda, whether created before, on or after the commencement date of the Trusts (Special Provisions) Amendment Act 2014, and to acts and omissions occurring while the trust was governed by the laws of Bermuda.
Trusts (Special Provisions) Amendment Act 2014
Inserts section 2A
3.
The principal Act is amended by inserting after section 2 the following—
“Reserved powers
2A
(7) In relation to any trust governed by the laws of Bermuda created after the commencement date of the Trusts (Special Provisions) Amendment Act 2014,
(a) in the absence of any contrary provision of the trust— in the case of the reservation by a settlor or the grant to a beneficiary of any of the powers specified in subsection (2), where so long as the holder of the power is not the sole trustee, such powers shall be personal and non-fiduciary; and
(b) in any other case, such powers shall be fiduciary.
4、开曼群岛（The Cayman Islands）
《信托法》（2020年修订版）（Trusts Law (2020 Revision)）第14(1)条规定，委托人保留或授予任何或所有的第13(1)条中列出的权力清单，“不得使信托无效，也不得影响第13(1)条的推定”（即除非另行说明是遗嘱，否则信托将被视为生前信托而立即生效的推定）。权力清单包括撤销/变更/修改的权力；一般或特别任命权和成为受益人的权力；担任相关公司的董事/官员的权力；对购买/出售/持有财产作出指示；任命/撤换受托人/保护人/受益人；改变管辖法律/管辖法院，或通过要求委托人或另一人的同意来限制权力。并且，受托人按照有效行使这些权力行事不应被视为违反信托（第15条）。
（原文如下）
TRUSTS LAW (2020 Revision)
PART III - Presumption of Lifetime Effect and Reserved Powers
Presumption of immediate effect
13.
(1) In construing the terms of any instrument stipulating the trusts and powers in and over the property, if the instrument is not expressed to be a will, testament or codicil and is not expressed to take effect only upon the death of the settlor, it shall be presumed that all such trusts (and in particular the duty of the trustees to the beneficiaries to administer the trust in accordance with its terms) and powers were intended by the settlor to take immediate effect upon the property being identified and vested in the trustee, save as otherwise expressly, or by necessary implication, provided in the instrument.
Reserved powers
14.
(1) The reservation or grant by a settlor of a trust of any or all of the following —
(a) any power to revoke, vary or amend the trust instrument or any trusts or powers arising thereunder in whole or in part;
(b) a general or special power to appoint either income or capital or both of the trust property;
(c) any limited beneficial interest in the trust property;
(d) a power to act as a director or officer of any company wholly or partly owned by the trust;
(e) a power to give binding directions to the trustee in connection with the purchase, holding or sale of the trust property;
(f) a power to appoint, add or remove any trustee, protector or beneficiary;
(g) a power to change the governing law and the forum for administration of the trust; or
(h) a power to restrict the exercise of any powers or discretions of the trustee by requiring that they shall only be exercisable with the consent of the settlor or any other person specified in the trust instrument,
shall not invalidate the trust or affect the presumption under section 13(1)
5、泽西岛（Jersey）
1984年《泽西岛信托法》（经修订）（the Trusts (Jersey) Law）第9A条规定，如果信托没有明确表示为遗嘱，则委托人保留或授予受益权益或该条第(2)款规定的任何权力不影响信托的有效性，也不会推迟信托生效，直到委托人死亡。第2款的列举的权力是能够被保留或授予权力的唯一清单：包括撤销/变更/修正；任命/指导受益人的任命；为相关公司或有限责任公司的董事/官员的任命/重新任命发出指示；出售/购买/管理/保留/借出/收取/抵押信托财产；撤销/任命受托人/执行人/受益人/其他权力持有人/投资经理/顾问；改变适用的法律，并规定受托人的任何权力或酌情权只有在设立人或其他特定人士的同意下才能行使。受托人按照这种权力的行使的规定行事，并不违反信托保留或授予这种权力本身，委托人/权力持有人也不会被认定为受托人。
（原文如下）
Trusts (Jersey) Law 1984 (as revised)
9 Extent of application of law of Jersey to creation, etc. of a trust
(1) Subject to paragraph (3), any question concerning –
a) the validity or interpretation of a trust;
b) the validity or effect of any transfer or other disposition of property to a trust;
c) the capacity of a settlor;
(d) the administration of the trust, whether the administration be conducted in Jersey or elsewhere, including questions as to the powers, obligations, liabilities and rights of trustees and their appointment or removal;
(e) the existence and extent of powers, conferred or retained, including powers of variation or revocation of the trust and powers of appointment and the validity of any exercise of such powers;
(f) the exercise or purported exercise by a foreign court of any statutory or non-statutory power to vary the terms of a trust; or
(g) the nature and extent of any beneficial rights or interests in the property, shall be determined in accordance with the law of Jersey and no rule of foreign law shall affect such question.
9A Powers reserved by settlor
(1) The reservation or grant by a settlor of a trust of –
(a) any beneficial interest in the trust property; or
(b) any or all of the powers mentioned in paragraph (2),
shall not affect the validity of the trust nor delay the trust taking effect and in construing the terms of the trust, if the trust is not expressed to be a will or testament or to come into effect upon the death of the settlor, it shall be presumed that the trust shall take immediate effect, except as otherwise expressed.
(2) The powers are –
(a) to revoke, vary or amend the terms of a trust or any trusts or powers arising wholly or partly under it;
(b) to advance, appoint, pay or apply income or capital of the trust property or to give directions for the making of such advancement, appointment, payment or application;
(c) to act as, or give directions as to the appointment or removal of –
(i) an officer of any corporation, or
(ii) an officer of a limited liability partnership, separate limited partnership or any other partnership having separate legal personality, in which the trust holds an interest whether or not such interest in the corporation or partnership is wholly, partly, directly or indirectly held by the trust;
(d)to give directions to the trustee in connection with the purchase, retention, sale, management, lending, pledging or charging of the trust property or the exercise of any powers or rights arising from such property;
(e) to appoint or remove any trustee, enforcer or beneficiary, or any other person who holds a power, discretion or right, or who acts in connection with the trust or in relation to trust property;
(f) to appoint or remove an investment manager or investment adviser;
(g) to change the proper law of the trust;
(h) to restrict the exercise of any powers or discretions of a trustee by requiring that they shall only be exercisable with the consent of the settlor or any other person specified in the terms of the trust.
(3) Where a power mentioned in paragraph (2) has been reserved or granted by the settlor, a trustee who acts in accordance with the exercise of the power is not acting in breach of trust.
(3A) The reservation or grant by a settlor of a trust of –
(a) any beneficial interest in the trust property; or
(b) any or all of the powers mentioned in paragraph (2),
shall not of itself constitute the settlor or the person to whom the power or beneficial interest is granted, a trustee.
(4) The States may make Regulations amending paragraph (2).
6、根西岛（Guernsey）
2007年《信托法》The Trusts (Guernsey) Law第15条第(1)款在有效性方面采用的模式是：信托 "不因设立人（无论是对设立人还是对任何其他人）保留以下所有或任何权力或利益而失效"，并附上权力清单：有受益权；撤销/变更/修改的权力；预付/任命/指示任命等；担任或指示任命/罢免相关公司的董事或其他高管；指示受托人购买/保留/出售/管理等信托财产；撤销和任命受托人/受益人；撤销和任命投资经理/顾问或任何其他专业人员或资产持有人；变更适用法律和管辖法院；通过委托人或信托条款中确定的人的同意来限制受益人的权力。
第15条第（2）款规定，设立人或权力持有人并不因此而成为受托人，也不对该权力持有人施加任何信托责任，或使任何受托人对信托财产的损失负责。第15条第（3）款继续规定，“受托人按照第（1）款所述的任何权力的有效行使行事，不会仅因其遵守而违反信托”。再次需要注意的是，权力持有人（可能包括一名保护人）显然被视为不具有信托权力，而受托人并未完全免除责任。
（原文如下）
The Trusts (Guernsey) Law 2007
PART II PROVISIONS APPLICABLE ONLY TO GUERNSEY TRUSTS
15.
(1) A trust is not invalidated by the reservation or grant by the settlor (whether to the settlor or to any other person) of all or any of the following powers or interests –
(a) a power to revoke, vary or amend the terms of the trust or any trusts or functions arising thereunder, in whole or in part,
(b) a power to advance, appoint, pay or apply the income or capital of the trust property or to give directions for the making of any such advancement, appointment, payment or application,
(c) a power to act as, or give directions as to the appointment or removal of, a director or other officer of any corporation wholly or partly owned as trust property,
(d) a power to give directions to the trustee in connection with the purchase, retention, sale, management, © States of Guernsey lending or charging of the trust property or the exercise of any function arising in respect of such property,
(e) a power to appoint or remove any trustee, enforcer, trust official or beneficiary,
(f) a power to appoint or remove any investment manager or investment adviser or any other professional person acting in relation to the affairs of the trust or holding any trust property,
(g) a power to change the proper law of the trust or the forum for the administration of the trust,
(h) a power to restrict the exercise of any function of a trustee by requiring that it may only be exercised with the consent of the settlor or any other person identified in the terms of the trust,
(i) a beneficial interest in the trust property.
(2) The reservation, grant or exercise of a power or interest referred to in subsection (1) does not -
(a) constitute the holder of the power or interest a trustee,
(b) subject to the terms of the trust, impose any fiduciary duty on the holder, or
(c) of itself render any trustee liable in respect of any loss to the trust property.
(3) A trustee who acts in compliance with the valid exercise of any power referred to in subsection (1) does not, by reason only of such compliance, act in breach of trust.
7、香港（Hong Kong）
《2013 年信托法律 (修订) 条例》对非受托人行使特定权力作出了一些规定，如受益人有权指示受托人退休，或在没有人被提名的情况下任命新/额外的受托人。同时，第41X条规定，一项信托不会仅因为设立该信托的人（委托人）保留该信托下的任何或所有投资权力和资产管理职能的权力而无效。对信托的有效性，法院可以采取以下措施顾及规定（第41X（4）条）。本条的重点是第41X条，该条规定，信托并非“仅因设立信托的人（委托人）保留了信托项下的任何或所有投资权力和资产管理职能”而无效。在探讨对信托有效性的质疑时，法院可考虑这一规定。
第2分节规定，如果委托人保留了该权力，受托人按照该权力的行使行事并不违反信托。显然，这在范围上比通常可保留或授予的权力清单要窄得多（本条款仅涉及保留投资权力和资产管理权力）。这并不是说保护人和其他人没有信托指令赋予他们的权力，也不是说委托人可能保留的权力不能超出投资管理的范围，只是当其他权力持有人行使权力的后果并没有在法律中规定。
（原文如下）
《2013 年信托法律 (修订) 条例》
第 IVD 部 保留權力及轉移動產
41X. 財產授予人保留權力
(1) 如設立信託的人 (財產授予人) 為其本人保留在該信託下的任何或全部投資權力或資產管理職能，該信託並不僅因該項保留而致無效。
(2) 凡財產授予人保留了第 (1) 款提述的某項權力或職能，如受託人按照該項權力或職能的行使而行事，則受託人 並非違反有關信託。
(3) 如某信託在《2013 年修訂條例》生效日期之前被法院宣布為無效，第 (1) 款並不會令該無效信託在該日期當日或之後恢復效力。
(4) 在第 (3) 款的規限下，如信託 (不論何時設立) 的有效性受質疑，法院可在裁定該信託是否有效時，顧及第 (1) 款的規定。
8、新加坡（Singapore）
《受托人条例》（Trustees Act）（修订版）第83条规定了控制人（controller），包括保护人和对任何信托财产拥有处置权的人等，但与香港一样，将权力持有人的权力范围留给了文件起草人，由其自行决定。S.90（5）规定，委托人可以保留“任何或所有投资或资产管理职能的权力”，并规定“任何信托或财产处置均不得仅因其原因而无效”。
（原文如下）
Trustees Act
83.
(1) In this Part —
“effective controller”, in relation to a relevant trust party of a relevant trust, means —
(a) the individual who ultimately owns or controls the relevant trust party; or
(b) the individual on whose behalf a transaction is being conducted by the relevant trust party in the relevant trust party’s capacity as such,
and includes an individual who exercises ultimate effective control over the relevant trust party;
“FATF” means the intergovernmental body known as the Financial Action Task Force;
“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering and the financing of terrorism;
“Global Forum” means the international body known as the Global Forum on Transparency and Exchange of Information for Tax Purposes;
“protector”, in relation to a trust, means a person who, under the instrument creating the express trust, has any control over how a trustee of the trust administers the trust;
“relevant trust” means a trust to which this Part applies;
“relevant trust party”, in relation to a trust, means all or any of the following:
(a) a settlor;
(b) a trustee;
(c) a protector;
(d) a beneficiary;
(e) a person who has any power over the disposition of any property that is subject to the trust.
[14/2017]
(2) For the purposes of the definition of “effective controller”, subject to regulations made under section 84A, the references to “ultimately owns or controls” and “ultimate effective control” refer to situations in which an individual ultimately owns or controls, or exercises ultimate effective control, over a relevant trust party, including where the individual’s ownership or control (as the case may be) of the relevant trust party is exercised through a chain of ownership or by means of indirect control.
Validity of certain trusts
90.
(1) Subject to subsection (3), where a person creates a trust or transfers movable property to be held on an existing trust during the person’s lifetime, the person is deemed to have the capacity to so create the trust or transfer the property if the person has capacity to do so under any of the following laws:
(a) the law applicable in Singapore;
(b) the law of the person’s domicile or nationality; or
(c) the proper law of the transfer.
(2) No rule relating to inheritance or succession affects the validity of a trust or the transfer of any property to be held on trust if the person creating the trust or transferring the property had the capacity to do so under subsection (1).
(3) Subsection (1) —
(a) does not apply if, at the time of the creation of the trust or the transfer of the property to be held on trust, the person creating the trust or transferring the property is a citizen of Singapore or is domiciled in Singapore; and
(b) applies in relation to a trust only if the trust is expressed to be governed by Singapore law and the trustees are resident in Singapore.
(4) In subsection (1), the reference to “law” does not include any choice of law rules forming part of that law.
(5) No trust or settlement of any property on trust is invalid by reason only of the person creating the trust or making the settlement reserving to the person all or any powers of investment or asset management functions under the trust or settlement.
总结
权力保留的范围因各个司法管辖区而异，这些地区用立法的形式为委托人可以保留的权力范围提供的了良好的可预期性，从而降低了信托无效或被击穿的可能性，也可以有效避免债务人和其他利益相关人士追究信托财产，使得信托财产真正实现资产隔离的效果，确实达到资产安全托付与传承的终极目标。
除了继续深入权利保留信托专题以外，我们还将继续把视野投向撤销与不可撤销信托、北美信托、特别法下的信托等不同方向的专题研究，并发表相关专题的文章，敬请期待。
天元家事与财富管理部上海团队
联系邮箱：Family.Wealth@tylaw.com.cn
注释：
[1]参见沈静文：《委托人保留控制权的离岸信托效力研究》，华东政法大学2021年硕士学位论文。
《信托思考|信托委托人权利保留：在意定和法定之间》，载fiduciary之光公众号。
*特别声明：本文仅为交流目的，不代表天元律师事务所的法律意见或对法律的解读，如您需要具体的法律意见，请向相关专业人士寻求法律帮助。
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