证券投资者适当性制度比较研究

发布时间：2018-04-08 13:11

本文选题：适当性原则　切入点：投资者保护　出处：《华侨大学》2013年硕士论文

【摘要】：金融产品具有高度的专业性、复杂性和高风险性等特征。不同的投资者又具有不同的知识水平、风险承受能力、投资经验等，且面对资本市场中众多复杂的投资信息，不同的投资者对待信息的获取、判断和处理能力也大不相同。基于此，投资者对复杂金融产品与风险的了解往往信赖于证券公司的专业性。故证券公司在推介或销售金融商品时，就有义务了解投资者，在合理的依据之上，把适当的产品或服务以适当的方式推介或销售给适当的投资者，这也就是所谓的投资者适当性原则。适当性原则起源于美国，早期由自律规范发展而来，系指券商在向投资者推介有价证券时，依据合理基础相信其所推介的有价证券适合该投资者，本文认为其内涵应包括：投资者区分制度、了解你的客户、了解你的产品、及合理推介四个内容。在美国实践中，适当性原则已经从最初的道德规范不断演化为法律规则，通常对违反适当性规则的推介与销售，以证券欺诈诉讼为主张，给予受损的投资者以司法途径的权利救济。我国证监会也已经开始将“适当性原则”引入证券市场监管规范中，但是仍有许多不足之处，事前的保护机制不足以约束证券公司等中介机构在推介与销售的过程中不当行为，在违反适当性规定时，也不能够提供足够的途径使受损投资者获得权利救济。因此实有必要学习海外成熟市场的投资者适当性制度，从根本上将我国“适当性规则”具体化与法律化，以此切实保护投资者利益。故本文认为，投资者适当性制度的目的在于防范券商为自己利益而肆意推介交易，损害投资者权益。本文的目的即为探究适当性原则的内涵及该原则的适用,以厘清金融机构在推介金融产品时所应当承担的责任,并借鉴美国诉讼实务上对违反适当性原则构成证券欺诈的理论与实践,探讨目前对于违反适当性原则纠纷的权利救济。
[Abstract]:Financial products have a high degree of professionalism, complexity and high risk and other characteristics.Different investors have different levels of knowledge, risk tolerance, investment experience and so on. In the face of many complex investment information in the capital market, different investors treat information acquisition, judgment and processing ability is also very different.Based on this, investors' understanding of complex financial products and risks often depends on the expertise of securities companies.Therefore, when securities companies promote or sell financial commodities, they have an obligation to know the investors and, on the basis of reasonable grounds, to recommend or sell the appropriate products or services to the appropriate investors in a proper manner,This is the so-called investor appropriateness principle.The principle of appropriateness originated in the United States and was developed in the early years by self-regulatory norms. It refers to the securities firms that, on a reasonable basis, believe that the securities they recommend are suitable for the investor when they recommend marketable securities to the investor.This paper holds that its connotation should include: investor differentiation system, understanding of your customers, understanding of your products, and reasonable promotion of four contents.In the practice of the United States, the principle of appropriateness has evolved from the initial ethics to the rule of law.The right of relief to the injured investor through judicial channels.China's Securities Regulatory Commission has also begun to introduce the "principle of appropriateness" into the regulatory norms of the securities market, but there are still many shortcomings. The prior protection mechanism is not sufficient to restrict the improper conduct of intermediary organizations such as securities companies in the process of introducing and selling securities.Nor is it possible to provide adequate access to rights remedies for impaired investors in violation of appropriateness rules.Therefore, it is necessary to study the system of investor appropriateness in overseas mature market, and to concretize and legalize the "appropriateness rule" in our country, so as to protect the interests of investors.Therefore, this paper argues that the purpose of investor appropriateness system is to prevent securities firms from arbitrarily introducing trades for their own benefit and harming investors' rights and interests.The purpose of this paper is to explore the connotation of the principle of appropriateness and its application in order to clarify the responsibilities of financial institutions in the promotion of financial products.Based on the theory and practice of securities fraud constituted by violating the principle of appropriateness in the litigation practice of the United States, this paper probes into the right remedy for the dispute of violation of the principle of appropriateness at present.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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