券商IB业务投资者保护法律制度研究

发布时间：2018-03-25 16:34

本文选题：IB业务　切入点：期货　出处：《华东师范大学》2012年硕士论文

【摘要】：2010年股指期货的推出使期货市场进入了一个崭新的阶段。越来越多的投资者开始认识、熟悉、参与期货交易,证券公司与期货公司意识到自己服务客户的能力还需提升,于是掀起了新一轮证券公司收购期货公司和申请中间介绍业务资格的热潮。随着证券公司与期货公司之间的业务量不断增加,有关业务的纠纷也不断发生,处于弱势地位的投资者往往是损失的承受者,如何运用法律保护投资者利益已经成为广大法律工作者刻不容缓的工作。在这样的背景下,本文开始构思以保护投资者权益为主题,对券商IB (Introducing Broker,简称IB)业务从法律角度进行分析,提出几点有关保护投资者权益的浅薄建议。本文正文共有五部分,包括导论和四个章节。导论主要以我国期货市场发展现状为背景,阐述券商IB业务存在的必要性,同时运用比较分析的方法研究我国法律与国外的不同之处,从而道出本文的创新点。第一章对券商IB业务的概念进行了厘定。券商IB业务,又称介绍经纪人业务,是指证券公司将自己客户资源中有意参与期货交易的客户介绍给期货公司,签订协议,并向期货公司收取佣金的居间行为。本章通过概念分析出券商IB业务的特点,并对证券公司与期货公司之间签订委托协议的属性进行讨论,阐述投资者保护的法律理论基处同时归纳了我国现有相关法律规定,为下文的法律研究奠定了基础。第二章主要从券商IB业务主体入手,对证券公司、期货公司、投资者和他们之间的法律关系逐一剖析,通过对国内外法律规定的比较,分析出目前我国法律存在的缺陷以及对投资者保护不足之处。第三章总结了现有投资者保护制度,分别从风险防范制度、期货保证金制度和交易结算制度三点讲述以往学者提出对投资者不利的风险及相关法律建议,笔者在以往建议基础上提出补充建议。第四章是本文的创新之处。笔者提出不同以往学者的法律风险控制建议来保护投资的权益。首先在我国现有法律规定内提出加强信息披露和监管的建议,在此基础上积极适用“揭开公司面纱”制度增加承担责任的主体,最后建议调整一些具体法律规定,将处于法律调整之外的IB业务纳入到法律当中来。本文研究的目的是通过分析券商IB业务现有法律规定,希望相关法律为了券商IB业务的蓬勃发展作些调整,从而能够更好地维护期货市场有序发展,保护投资者权益。笔者希望提出浅薄建议能够为券商IB业务理论基础的奠定和法律的完善尽自己微薄之力。
[Abstract]:The launch of stock index futures in 2010 has brought the futures market to a new stage. More and more investors are beginning to understand, become familiar with, participate in futures trading, and securities companies and futures companies realize that their ability to serve their customers needs to be improved. As a result, a new wave of securities companies acquiring futures companies and applying for intermediate introduction of business qualifications was launched. As the volume of business between securities companies and futures companies continued to increase, disputes over related businesses also continued to occur. Investors in a weak position are often the victims of losses. How to use the law to protect the interests of investors has become an urgent task for the majority of legal workers. This paper starts with the idea of protecting investors' rights and interests, analyzes the business of IB introducing broker (IBD) from the legal angle, and puts forward some shallow suggestions on protecting investors' rights and interests. There are five parts in this paper, including introduction and four chapters. The introduction is mainly based on the present situation of futures market in China, and expounds the necessity of the existence of IB business. At the same time, we use the method of comparative analysis to study the differences between China's law and foreign countries, so as to point out the innovation of this paper. The first chapter defines the concept of the IB business of the securities firm. The IB business of the securities firm, also known as the introduction of broker business, refers to the securities company introducing to the futures company the clients who are interested in participating in the futures trading in their customer resources and signing an agreement. This chapter analyzes the characteristics of the IB business of the securities firm through the concept, and discusses the attribute of the entrustment agreement between the securities company and the futures company. This paper expounds the legal theory of investor protection and sums up the existing relevant laws and regulations of our country, which lays a foundation for the following legal research. The second chapter analyzes the legal relationship among securities companies, futures companies, investors and them one by one, through the comparison of domestic and foreign laws and regulations. This paper analyzes the defects of Chinese law and the deficiency of investor protection. The third chapter summarizes the existing investor protection system, respectively from the risk prevention system, the futures margin system and the trading settlement system to describe the past scholars put forward adverse risks to investors and related legal recommendations. The author puts forward supplementary suggestions on the basis of previous suggestions. The fourth chapter is the innovation of this paper. The author puts forward different legal risk control suggestions from previous scholars to protect the rights and interests of investment. On this basis, we should actively apply the system of "unveiling the corporate veil" to increase the subject of responsibility, and finally propose to adjust some specific legal provisions and bring the IB business beyond the legal adjustment into the law. The purpose of this paper is to analyze the existing laws and regulations of the IB business of securities firms, and hope that the relevant laws can make some adjustments for the vigorous development of the IB business of securities firms, so as to better maintain the orderly development of the futures market. To protect investors' rights and interests, the author hopes to put forward some shallow suggestions which can contribute to the establishment of the theoretical foundation of IB business and the perfection of the law.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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