证券交易中适当性规则的法律研究

发布时间：2018-05-20 04:03

本文选题：证券交易 + 投资者　；参考：《华东政法大学》2013年硕士论文

【摘要】：随着证券交易产品复杂化和专业化趋势的加强，投资者在选择相关产品或服务时会越来越依赖于证券商的推荐。因此，为了确保证券商能够适当推荐产品或服务来维护投资者的利益，“适当性规则”在证券交易领域已经成为一项不可或缺的重要规则。我国创业版市场、融资融券交易市场和股指期货交易市场中已有关于适当性规则的相关规定。从2012年伊始到2013年，证券业协会和上海证券交易所陆续发布了有关“适当性规则”的规定，再次凸显了适当性规则在我国证券交易领域的重要性。当然，目前有关适当性规则的规定仍有许多不完善的地方，需要从学习借鉴和自我提升两种层面上来发展与完善。本文将从四个部分来阐述与分析有关适当性规则的法律问题，具体包括：第一部分主要阐述了适当性规则的基本内涵及理论基础。适当性规则产生于美国证券交易中，最初只是作为证券商应当遵守的职业道德规范，随着证券业的成熟而逐渐演变为监管规则，其具体内容包括了两个层面：一是合理根据适当性规则；二是客户特定适当性规则。本文侧重从“买者自负”原则和信义义务两个角度来深度挖掘适当性规则的理论基础。第二部分对世界主要资本市场中适当性规则的相关规定进行了比较研究。美国自律性组织首先提出了适当性规则，，但随后美国证券交易委员会制定的10b-5规则将适当性规则纳入了行政监管的范畴，并通过司法判例和仲裁裁决使其内容得到最大的充实；欧盟《金融工具市场指令》的规定对适当性规则进行了详细的阐述；日本则通过一系列立法实践最终确立了适当性规则的法律地位。本文还从立法模式、适用对象、投资者信息内容等角度进行了全方位的比较分析，旨在探寻各国规定中的共同点与相异处。第三部分全面梳理了我国证券市场中适当性规则的现状，包括对证券公司适当性义务的直接规定和相关市场（如创业版市场、融资融券交易市场以及股指期货交易市场）中有关适当性规则的规定。另外，本文还总结归纳了我国证券市场中适当性规则的特点，并深入分析了其中存在的法律问题。第四部分从适当性规则的法律定位、投资者适当性规则的具体内容构建、证券公司违反适当性规则的民事责任和投资者救济途径四个维度进行了详细论述，旨在完善我国证券交易中的适当性规则。
[Abstract]:With the strengthening of the complexity and specialization of the securities trading products, investors are increasingly dependent on the recommendation of the securities dealers when choosing related products or services. Therefore, in order to ensure that the securities dealers can properly recommend products or services to maintain the interests of investors, "appropriate rules" have become an issue in the field of securities trading. The important rules of the market, the margin trading market and the stock index futures trading market in China have been related to the rules of appropriateness. From the beginning of 2012 to 2013, the Securities Industry Association and the Shanghai stock exchange have published the regulations on the "appropriateness rules". Again, the appropriate rules have been highlighted in our country. The importance of the field of securities trading is of course, of course, at present, there are still a lot of imperfections in the provisions on the rules of appropriateness, which need to be developed and perfected from two levels of learning and self promotion.
This article will explain and analyze the legal issues related to the rules of appropriateness from four parts, including:
The first part mainly expounds the basic connotation and theoretical basis of the rules of appropriateness. The rules of appropriateness are produced in the securities trading of the United States. At first, it was only the professional ethics that the securities dealers should abide by. With the maturity of the securities industry, the rules gradually evolved into regulatory rules. The specific internal capacity included two levels: one is reasonable and appropriate. The two is the customer specific rules of appropriateness. This article focuses on the theoretical basis of the depth mining of the appropriate rules from the two angles of the "buyer's conceit" principle and the faith obligation.
The second part makes a comparative study on the relevant rules of the rules of appropriateness in the world's major capital markets. The United States self-discipline organization first puts forward the rules of appropriateness, but then the 10b-5 rules formulated by the United States Securities and Exchange Commission incorporate the rules of appropriateness into the category of administrative supervision, and make them content through judicial precedents and arbitral awards. The provisions of the EU "financial tool market directive" have made a detailed exposition of the rules of appropriateness, and Japan has finally established the legal status of the rules of appropriateness through a series of legislative practices. This article also makes a comprehensive comparative analysis on the legislative model, the applicable object, the information content of the investor and so on. To explore the common points and dissimilarities in the rules of the country.
The third part comprehensively combs the current situation of the appropriate rules in China's securities market, including the direct provisions on the appropriateness obligation of the securities companies and the relevant regulations on the relevant markets (such as the market of the entrepreneurial version, the margin trading market and the stock index futures trading market). In addition, this paper also summarizes the securities market in China. The characteristics of the rules of appropriateness, and in-depth analysis of the legal problems existing therein.
The fourth part, from the legal position of the rules of appropriateness, the construction of the specific content of the investor's appropriateness rule, the four dimensions of the civil liability of the securities company in violation of the appropriateness rule and the way of investor relief, is designed to perfect the appropriateness rules in the securities trading of our country.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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