复杂金融衍生品交易的投资者保护法律问题研究

发布时间：2018-02-09 04:26

本文关键词： 复杂金融衍生品适当性义务信息披露举证责任投资者保护　出处：《上海师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：复杂金融衍生品交易,是金融衍生品交易市场中,交易主体进行风险管理、投资获益的重要渠道。自上世纪七十年代兴起以来,其凭借高度的灵活性、个性化、高杠杆性等优势特征得到了爆发式发展。然而,其优势特征也决定了其潜藏着较高的风险:复杂金融衍生品的定价机制复杂性、特殊风险、信用评级失真性、异化性。且该特征在一系列巨额亏损纠纷中也显露无疑,因此成为金融衍生品交易中投资者保护的重要议题。鉴于复杂金融衍生品与一般买卖合同、担保合同的区别,将其定性为一种特殊的金融契约更为合适。对其的正确定性也是其制度完善的起点。对契约自由原则的限制、弱者倾斜保护的发展为复杂金融衍生品交易中投资者保护问题奠定了坚实的法律基础。但是,需要注意的是,复杂金融衍生品交易中,“买者自负”原则与“卖者有责”原则皆有适用的空间。既要认识到“买者自负”原则适用的相对性,又要对“卖者有责”原则进行正确定位。这样,才能真正把握投资者保护的基调。投资者适当性义务对于市场稳定与投资者保护具有的重要意义。美国、欧盟、日本等主要国家和地区已经形成了各具特色的投资者适当性制度。但是,其制度缺陷也逐渐暴露出一系列法律问题。例如:其剥夺了部分投资者参与公平投资的机会、其特殊性对“适当性”标准提出了挑战、规则缺乏针对性以及制度本身定位偏差所带来的一系列法律问题。针对现存的法律问题,有的放矢地从理念层面、制度层面完善现行投资者适当性制度。在投资者保护领域,金融机构的信息披露义务是矫正金融机构与投资者间信息不对称的核心机制。复杂金融衍生品交易中,信息披露义务具有区别于一般信息披露的特殊性。其中,风险提示义务与推介义务作为主要义务而备受挑战。现行信息披露制度中,信息披露制度理念的偏差、披露动机的缺乏、披露实效受制、披露程度存疑等诸多法律问题亟须解决。由此出发,可以尝试从修正制度理念、构建动力机制、重投资者教育、披露程度差异化这四个方面来具体完善。在复杂金融衍生品引发的纠纷中,合理分配举证责任,是金融机构与投资者对簿公堂时双方能够获得公平对待的前提。但是,正是由于复杂金融衍生品的特殊性,投资者面临举证困难的困境。因此,适当加重金融机构举证责任,减轻投资者举证责任尤为必要。因果关系的举证责任倒置、弱化投资者对主观过错的举证责任,这两项举措可以在一定程度上保障投资者的利益。
[Abstract]:Complex financial derivatives trading is an important channel of risk management and investment profit in the financial derivatives trading market. Since its rise in -30s, it has been highly flexible and individualized. The advantage characteristics of high leverage have been explosively developed. However, its advantages also determine the potential high risk: the complexity of pricing mechanism, the special risk, the distortion of credit rating, the complexity of pricing mechanism, the special risk, the distortion of credit rating, the complexity of pricing mechanism, the special risk and the distortion of credit rating of complex financial derivatives. Dissimilation. And this feature is also revealed in a series of huge loss disputes, so it has become an important issue of investor protection in financial derivatives trading. Given the difference between complex financial derivatives and general trading contracts, guarantee contracts, It is more appropriate to characterize it as a special kind of financial contract. The correct characterization of it is also the starting point for the perfection of its system. The development of preferential protection of the weak has laid a solid legal foundation for investor protection in complex financial derivatives transactions. However, it should be noted that, In complex financial derivatives trading, both the principle of "buyer's ego" and the principle of "seller's responsibility" have room to apply. It is necessary to recognize the relativity of the application of the principle of "buyer's ego" and to correctly position the principle of "seller's responsibility". To truly grasp the tone of investor protection. The importance of investor due diligence to market stability and investor protection. Japan and other major countries and regions have formed different investor suitability systems. However, their institutional defects have gradually exposed a series of legal problems. For example, they have deprived some investors of the opportunity to participate in fair investment. Its particularity challenges the "appropriateness" standard, the lack of pertinence of the rules and a series of legal problems brought by the deviation of the system itself. In the field of investor protection, the disclosure obligation of financial institutions is the core mechanism to correct the information asymmetry between financial institutions and investors. The obligation of information disclosure is different from that of general information disclosure. Among them, the obligation of risk prompting and the obligation of recommendation are challenged. In the current information disclosure system, the deviation of the idea of information disclosure system, Many legal problems, such as the lack of disclosure motivation, the restriction of disclosure effectiveness, the doubt of disclosure degree, and so on, need to be solved urgently. From this point of view, we can try to revise the concept of system, construct dynamic mechanism, and emphasize investor education. In the disputes caused by complex financial derivatives, a reasonable allocation of the burden of proof is a prerequisite for financial institutions and investors to be treated fairly when they are in court. It is precisely because of the particularity of complex financial derivatives that investors are faced with the dilemma of proving evidence. Therefore, it is necessary to properly increase the burden of proof of financial institutions and reduce the burden of proof of investors. To weaken investor's burden of proof on subjective fault, these two measures can protect investor's interests to some extent.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.28

【相似文献】