论“新三板”投资者适当性注意义务
发布时间：2018-12-13 07:48
【摘要】：投资者适当性制度在我国发展较晚,但发展快,在基金、信托、银行、证券等金融监管领域都推行了投资者适当性制度,但是运用最广泛,力度最大,研究最多的是在证券领域,这主要是由于证券市场本身的市场风险大,专业性强,参与证券市场投资的投资者更需要得到“家长式”的保护。继在创业板市场、股指期货、融资融券业务中推行适当性制度,年初,“新三板”市场新的业务规则中也明确规定实行投资者适当性制度,通过配置证券经纪商与投资者之间的权利义务关系,从而实现保护投资者、规避或消除市场风险的目标。基于新三板市场特性和产品特征,证券经纪商专业性和服务性的特征,使之既了解证券产品的特征,又有了解其客户,投资者适当性制度的实施旨在通过赋予证券经纪商识别适当投资者的义务,从源头上对投资者进行筛选。投资者是否符合适当性要求,主要依据其资产状况、投资经验等因素,来判断其风险识别和承受能力,但是资产状况与其风险承受能力并非成正相关的关系,这也是投资者适当性制度被质疑歧视小投资者,违背“公平”原则的原因。通过合理分配证券交易市场相关主体之间适当性注意义务,即证券经纪商承担主要适当性注意义务,投资者承担辅助的适当性义务,确保适当性制度真正发挥保护投资者利益的作用,平衡市场主体地位和权利配置。
[Abstract]:The system of investor appropriateness developed late in our country, but developed rapidly. In the fields of fund, trust, bank, securities and other financial supervision, the system of investor appropriateness has been implemented, but it is the most widely used and the most powerful. Most of the research is in the field of securities, which is mainly due to the market risk and professionalism of the securities market itself. Investors who participate in the investment of the securities market need the protection of "paternalism". Following the implementation of the appropriateness system in the gem market, stock index futures, and margin trading, at the beginning of the year, the new business rules of the "New third Board" market also explicitly stipulated the implementation of the investor appropriateness system. The aim of protecting investors and avoiding or eliminating market risks can be achieved by allocating the relationship of rights and obligations between securities brokers and investors. Based on the market characteristics and product characteristics of the new three boards, the characteristics of securities brokers' professionalism and service have enabled them to understand both the characteristics of securities products and their customers. The implementation of the investor appropriateness system aims to screen the investors from the source by endowing them with the obligation to identify the appropriate investors. Whether the investors meet the requirements of appropriateness, mainly according to their asset status, investment experience and other factors, to judge their risk identification and tolerance, but the asset situation and its risk tolerance is not a positive correlation, This is why investors'appropriateness system is challenged to discriminate against small investors and violate the "fair" principle. Through the rational distribution of the obligation of due diligence among the relevant subjects in the securities market, that is, the securities brokers bear the primary duty of due care, and the investors bear the auxiliary obligation of appropriateness, To ensure that the proper system really plays a role in protecting the interests of investors and balancing the position of the market subject and the allocation of rights.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287
本文编号：2376182
[Abstract]:The system of investor appropriateness developed late in our country, but developed rapidly. In the fields of fund, trust, bank, securities and other financial supervision, the system of investor appropriateness has been implemented, but it is the most widely used and the most powerful. Most of the research is in the field of securities, which is mainly due to the market risk and professionalism of the securities market itself. Investors who participate in the investment of the securities market need the protection of "paternalism". Following the implementation of the appropriateness system in the gem market, stock index futures, and margin trading, at the beginning of the year, the new business rules of the "New third Board" market also explicitly stipulated the implementation of the investor appropriateness system. The aim of protecting investors and avoiding or eliminating market risks can be achieved by allocating the relationship of rights and obligations between securities brokers and investors. Based on the market characteristics and product characteristics of the new three boards, the characteristics of securities brokers' professionalism and service have enabled them to understand both the characteristics of securities products and their customers. The implementation of the investor appropriateness system aims to screen the investors from the source by endowing them with the obligation to identify the appropriate investors. Whether the investors meet the requirements of appropriateness, mainly according to their asset status, investment experience and other factors, to judge their risk identification and tolerance, but the asset situation and its risk tolerance is not a positive correlation, This is why investors'appropriateness system is challenged to discriminate against small investors and violate the "fair" principle. Through the rational distribution of the obligation of due diligence among the relevant subjects in the securities market, that is, the securities brokers bear the primary duty of due care, and the investors bear the auxiliary obligation of appropriateness, To ensure that the proper system really plays a role in protecting the interests of investors and balancing the position of the market subject and the allocation of rights.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287
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