谨慎人规则 prudent man rule/prudent-person rule

〈美〉一种投资准则，即投资者必须考虑所投入资金的安全和合理收益。有些州的法律规定受信托人，例如养老基金的受托人，只能将基金中的资金投资于国家指定的若干种证券。另一些州则规定凡谨慎而明智的人为保存资本和谋求合理收益愿意购买的证券，基金受托人也可购买。

The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation, Harvard College v. Amory The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768-1853), directs trustees "to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested." Under the prudent man rule, when the governing trust instrument is silent concerning the types of investments permitted, the fiduciary is required to invest trust assets as a "prudent man" would invest his own property with the following factors in mind: the needs of beneficiaries; the need to preserve the estate (or corpus of the trust); and the amount and regularity of income. 以下为具体例句：

例句1

The application of these general principles depends on the type of account administered. The prudent man rule continues to be the prevailing statute in a small number of states, in particular with regards to investments permitted by mutually-chartered institutions such as savings banks and insurance companies.

这些一般原则的应用取决于所管理账户的类型。谨慎人规则仍然是少数国家的主要法规，特别是在储蓄银行和保险公司等相互特许的机构所允许的投资方面。

例句2

The prudent man rule requires that each investment be judged on its own merits and that speculative or risky investments must be avoided. Under the prudent man rule, certain types of investments, such as second mortgages or new business ventures, are viewed as intrinsically speculative and therefore prohibited as fiduciary investments.

谨慎人规则要求每一项投资都要根据其自身的价值来判断，必须避免投机或高风险的投资。根据谨慎人规则，某些类型的投资，如二次抵押贷款或新的商业风险，被视为本质上的投机，因此禁止作为信托投资。

例句3

The prudent man rule in its broader interpretations implies that the fiduciary should perform enough due diligence to ensure that the company meets the investment needs of the investors. Typical due diligence includes discussions with management, vendors and customers, as well as proper evaluation of any risk factors that might affect the performance of the company or its securities.

谨慎人规则在其更广泛的解释中意味着受托人应该进行足够的尽职调查，以确保公司满足投资者的投资需求。典型的尽职调查包括与管理层、供应商和客户的讨论，以及对可能影响公司或其证券表现的任何风险因素的适当评估。

相关知识拓展：

所谓谨慎人规则(Prudent Person Rules，也称PrudentManRules，简称PPR或PMR)，是指在养老金计划和养老基金的投资管理过程中，投资管理人应当达到必要的谨慎程度，这种必要的谨慎程度是指一个正常谨慎的人在与他们从事财产交易时所应具有的谨慎程度。也就是说，谨慎人规则通常不对养老基金的资产配置(如投资品种、投资比例)作任何数量限制，但要求投资管理人的任何一个投资行为都必须像一个谨慎的商人对待自己的财产那样考虑到各种风险因素，为养老基金构造一个最有利于分散和规避风险的资产组合。

谨慎人规则包含以下两层含义：第一，投资管理人在从事养老基金投资时，必须遵守监管法规的规定，并以一个理性和谨慎的投资人在进行养老基金组合投资时应当具有的适当方式，做出审慎、专业化的投资决策；第二，投资管理人在从事养老金计划或养老基金的投资管理过程中，必须应用必要的知识或技能水平，这种必要的知识或技能水平是指养老基金管理机构在事实上拥有或者从职业(行业)标准来说应当拥有的与养老金计划或养老基金管理有关的某种知识或技能水平。

谨慎人规则的出现具有一定的法律渊源，是逐渐演变而来的。谨慎人规则根植于盎格鲁--撒克逊国家的信托法，其特征是在以判例为基础的普通法中形成的。1830年的哈维德诉亚莫瑞判例首开了采用谨慎人规则的先河，判决书中定义：受托人应当诚实和细心，应当审慎地、细心地和有所谋略地履行其自身的职责，关注他们基金的长期头寸以及投资资本的可追求投资收益和投资安全，而不是考虑如何进行投机。在这之后的一百多年时间里，股票投资被认为是风险太大，不适合于任何谨慎的受托人，而金融和资本市场理论特别是现代资产组合理论的发展逐步丰富和扩充了谨慎人行为的内涵，使其包含了分散投资、实行投资多样化的含义。可见，谨慎人规则是与金融和资本市场理论密切相关的，具有动态演进的特点。