金融商品销售适合性义务研究

发布时间：2018-03-14 03:18

本文选题：金融商品推荐　切入点：适合性义务　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：肇始于美国证券业的适合性义务,现已成为世界上众多国家在金融市场中规范金融机构销售行为的重要义务规则,据此,金融机构在推荐金融商品时,应有合理的理由确信其作出的推荐适合特定的金融消费者。该义务意在纠正金融商品交易双方判断能力的不对等,而通过立法对金融消费者进行倾斜保护。随着我国金融市场的发展,金融机构不适合推荐的问题也日益凸显。但是,我国在引入适合性义务规则时,是以每推出一项金融商品即制定相应的适合性义务规则为立法策略;而且,立法初衷仅为加强市场监管而非金融消费者保护,缺乏相应的民事规则,也导致了在此类金融纠纷中金融消费者因缺乏法律依据而处于不利地位。为解决以上问题,本文旨在构建横向适用于整个金融领域的、调整金融机构推荐行为的私法义务规则,并以比较借鉴域外立法实践为视角对我国适合性义务规则的完善提出建议。本文由三个部分组成:引言、正文和结论。其中,正文分为如下四个部分:第一部分首先阐释了金融商品的概念,重点论证金融商品的外延应包括存款和保险,立法时不宜仅将投资性金融商品纳入调整领域。其次分析了金融商品销售过程中所形成的私法关系,为后文讨论适合性义务的民事责任性质作铺垫。最后从多个国家和地区的立法成果归纳适合性义务的定义和内涵,并通过分析交易双方主体存在能力的不对等、现有民事规则无法解决此类问题、以及该问题不予以解决将影响金融消费者权益和金融市场繁荣来论证我国立法规定适合性义务的必要性。第二部分在梳理我国证券业、银行业、信托业的适合性规则、质疑法院以买者自负原则作为适合性案件的理论解释后,指出我国现行适合性义务规则存在适用范围偏窄和民事规则阙如两大缺陷,这两个缺陷正是由于制度目标偏差所导致的。与此同时,我国适合性义务规则对互联网金融创新领域缺乏必要的应对。因此,当前亟需构建横向适用于整个金融领域的私法规则。第三部分旨在扩展我国适合性规则的适用范围。这一部分以比较法为视角,分析了部分国家或地区适合性义务所适用的范围以及界定适用范围的具体方法,并介绍了当前美国互联网证券领域、众筹领域适用适合性义务的立法经验以及所存在的争议。在借鉴这些经验的同时,本部分还提出了我国扩张该义务适用范围的具体建议。第四部分旨在构建我国适合性义务的民事规则。一方面,提议适合性义务规则的具体条文。另一方面,探讨了违反适合性义务规则所需要承担的民事责任,重点讨论责任性质、责任构成要件和举证责任。通过适度干预、以立法明确义务规则与责任规则,实现了对处于弱势一方的金融消费者的倾斜保护。另外,适合性义务的立法实践不可能一蹴而就,因而也要统筹立法进度。
[Abstract]:The suitability obligation, which originated in the securities industry of the United States, has become an important obligation rule for many countries in the world to regulate the sales behavior of financial institutions in the financial market. According to this, when financial institutions recommend financial commodities, There shall be reasonable grounds to believe that the recommendation made is appropriate for a particular financial consumer... the obligation is intended to correct the unequal ability of the parties to the transaction of financial goods to judge, With the development of financial market in China, the problem that financial institution is not suitable for recommendation is becoming more and more prominent. The legislative strategy is to formulate corresponding rules of suitability obligations for each financial commodity introduced; moreover, the original intention of the legislation is to strengthen market supervision rather than financial consumer protection, and there is no corresponding civil rule. In order to solve the above problems, this paper aims to construct the rules of private law obligations which can be applied to the whole financial field and adjust the recommended behavior of financial institutions, in order to solve the above problems, the financial consumers are in a disadvantageous position because of the lack of legal basis in this kind of financial disputes. The article is composed of three parts: introduction, text and conclusion. The text is divided into four parts as follows: the first part explains the concept of financial commodities, and demonstrates that the extension of financial commodities should include deposits and insurance. At the time of legislation, it is not appropriate to bring investment financial commodities into the adjustment field. Secondly, the private law relations formed in the process of selling financial commodities are analyzed. Finally, the definition and connotation of suitability obligation are summed up from the legislative achievements of many countries and regions, and the unequal ability of both parties is analyzed. The existing civil rules can not solve this kind of problems, and the failure to solve this problem will affect the interests of financial consumers and the prosperity of financial markets to demonstrate the necessity of China's legislative provisions on suitability obligations. The second part is combing the securities industry in China. After questioning the theory interpretation of the principle of buyer's conceit as a suitable case in the banking and trust industry, the author points out that there are two major defects in the current rules of suitability obligation in our country: the narrow scope of application and the lack of civil rules. These two defects are caused by the deviation of institutional objectives. At the same time, the rules of suitability obligations in our country lack the necessary response to the field of Internet financial innovation. At present, it is urgent to construct the private law rules which apply horizontally to the whole financial field. The third part aims to expand the scope of applicability of the suitability rules in our country. This paper analyzes the scope of suitability obligations of some countries or regions and the specific methods of defining the scope of application, and introduces the current field of Internet securities in the United States. Legislative experience and controversy in the application of fitness obligations in the field of crowdfunding. While drawing on these experiences, Part 4th aims to construct civil rules for China's suitability obligations. On the one hand, it proposes the specific provisions of the rules of fitness obligations. On the other hand, it proposes specific provisions of the rules of fitness obligations, on the other hand, This paper probes into the civil liability for breach of the rules of suitability obligation, and focuses on the nature of the liability, the constitutive elements of the liability and the burden of proof. Through moderate intervention, the rules of obligation and liability are clearly defined by legislation. In addition, the legislative practice of suitable obligation can not be accomplished overnight, so it is necessary to coordinate the legislative progress.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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