证券投资咨询机构的专家民事责任

发布时间：2018-06-24 15:43

本文选题：证券投资咨询 + 专家责任　；参考：《中国政法大学》2011年博士论文

【摘要】：证券投资咨询机构及证券分析师是证券市场上吸收和消化信息的重要环节,有利于投资的增长,但同时也可能为谋取私利而损害客户的利益。如果对于证券投资咨询行为不加以适度的规范与管理,则“保障投资者”之立法目的将无法实现,必然会出现投资者对证券市场失去信心,选择“用脚投票”离开证券市场,最终证券市场会成为无源之水。因此,如何对证券市场投资咨询活动加以有效的规范,界定证券投资咨询机构及其执业人员对于客户和社会公众应负的义务和责任、完善保护投资者相关配套制度,对于规范证券投资咨询行为,防范和制止不法或不道德证券投资咨询行为,对受到损害的投资者予以保护和补偿,都是事关证券市场规范发展的重要课题。本文的文章结构及主要内容如下: 第一章“绪论”。本章首先解释了作者选择这一课题之缘起与动机,针对目前国内外证券投资咨询行业违法违规现象层出不穷,给广大投资者带来了巨大损失,出于对这一现象的关注与思考,作者试图寻找规范证券投资咨询机构及其分析师的合理制度和理论背景。第二部分为文献综述,主要针对国内外有关本论题的理论研究、学术成果进行概括与总结;第三部分探讨了本文的选题意义及可能的创新之处;第四部分阐述了本文所使用的研究方法。第二章“证券投资咨询机构民事义务的源流”。第一部分主要就证券投资咨询相关基本概念进行简要的界定,先论述有价证券的定义及其范围,然后分析证券投资咨询机构的定义,最后简要分析一下证券分析师的含义及其主要类型。第二部分着重介绍证券投资咨询机构及其证券分析师对于证券市场、一般投资者来说其主要功能与作用。第三部分在分析比较有价证券与证券市场区别于其他商品与市场的基础上,探讨证券投资咨询与其他咨询行业的区别,以揭示对于证券投资咨询予以特别规制的必要性。第四部分重点探讨了证券投资咨询机构及其分析师与其客户、社会公众之间的关系与地位,在综合运用信义关系理论,专家责任理论等的前提下,总结出证券投资咨询机构及其分析师对投资者应有的忠实义务、注意义务及信息披露义务。第五部分论述了“投资者自己责任原则”与“保障投资者”之间的关系。介绍了“投资者自己责任原则”之含义及其演变过程,说明在证券市场上由于信息不对称等原因,“投资者自己责任原则”逐渐与“保障投资者”一道,成为关于证券投资者如何保护的相辅相成的一对理论。第三章“证券投资咨询机构的注意义务”。注意义务是对于证券投资咨询机构及其证券分析师执业能力与水平的要求。第一部分论述证券投资咨询机构及其证券分析师在提供投资咨询建议时,应当符合“适合性原则”的要求。本节运用比较分析方法,对比了美、日等国家关于“适合性原则”的规定,对于我国现有规定进行了评价分析,从而提出了关于如何在证券投资咨询过程中具体运用“适合性原则”来判断证券投资咨询机构及其分析师是否履行了该义务。第二部分论述了最佳执行的义务,即证券投资咨询机构及其证券分析师在执行交易时应当以最有利于客户的方式为之。第三部分论述了对于证券投资咨询机构及其证券分析师如何提升执业水平及完善内部控制。针对目前我国证券分析师普遍素质不高,能力低下的现象,本文借鉴美国相关经验,提出如何提升整个证券投资咨询的业务素质与水平的具体建议。第四章“忠实义务违反防范之制度设计—以“中国墙”为核心”。忠实义务的核心即如何解决利益冲突的问题。第一部分主要论述了目前国内外证券投资咨询业常见的利益冲突,包括剥头皮,本人交易,不当劝诱行为及恶意推荐行为,不公平地对待部分客户,保密义务以及顾问合同的转让等等。针对上述问题,本文接下来分三种方式提出解决措施:第一种是对于诈欺行为的一般监管措施;第二种主要论述了“中国墙”制度及其应用;第三种论述了利益冲突的其他防范措施,包括信息披露制度以及资产隔离制度。第五章“证券投资咨询中的信息披露规制”。第一部分为信息披露制度背景解读。主要论述了信息披露制度的定义及其历史上的论争过程。第二部分论述了信息披露制度的价值目标。信息披露制度在保护投资者利益、优化公司内部管理以及维护证券市场秩序方面具有积极的意义。信息披露需要符合真实性、完整性、准确性、及时性的标准及要求。第三部分主要说明证券投资咨询机构及其证券分析师的信息披露义务,体现在以下几个方面:广告行为的规范,咨询服务合同订立时的信息披露义务,投资者的合同解除权以及证券投资咨询服务合同履行过程中的信息披露义务。第六章“损害与赔偿:民事责任的承担”。第一部分为证券民事责任基础理论,主要论述了证券民事责任的意义、制度价值及其功能,证券民事责任制度在保护投资者合法权益、有效遏制证券违法行为以及维护证券市场管理秩序方面都发挥着重要作用。第二部分为证券投资咨询机构及其执业人员的民事责任,主要讨论了该民事责任的性质,分为对合同相对人和第三人的民事责任;该民事责任的构成要件,包括侵害行为、因果关系和主观过错。第三部分为证券投资咨询机构责任减免制度与惩罚性赔偿,认为从保护证券投资分析行业和投资者的角度,应该考虑建立证券投资咨询机构责任减免制度与惩罚性赔偿。
[Abstract]:Securities investment advisory bodies and securities analysts are important links in the absorption and digestion of information on the securities market, which are beneficial to the growth of investment, but at the same time it may also harm the interests of the customers. If the securities investment advisory behavior is not properly regulated and managed, the legislative purpose of "ensuring investors" will be impossible. It is inevitable that investors will lose confidence in the securities market, choose to leave the stock market with foot vote, and eventually the securities market will become passive water. Therefore, how to standardize the investment advisory activities of the securities market effectively and define the meaning of the securities investment advisory body and its practitioners to the customers and the public. It is an important lesson in the standard development of the securities market. The article structure and main contents of this article are as follows: to regulate the relevant supporting system of investors, to regulate the behavior of securities investment consulting, to prevent and stop the illegal or immoral securities investment consultation, to protect and compensate the injured investors.
The first chapter "Introduction". This chapter first explains the origin and motivation of the author's choice of the subject. In the light of the unlawful and illegal phenomenon in the securities investment consulting industry at home and abroad, it has brought great losses to the investors. The rational system and the theoretical background of the teacher are analyzed. The second part is the literature review, which mainly aims at the theoretical research on this topic at home and abroad, the academic achievements are summarized and summarized; the third part discusses the significance of the topic and the possible innovation in this article; the fourth part expounds the research methods used in this article.
The second chapter "the origin of the civil obligation of the securities investment advisory body". The first part is a brief definition of the basic concepts related to securities investment consulting. First, the definition and scope of the negotiable securities are discussed, then the definition of the securities investment advisory body is analyzed. Finally, the meaning and main types of securities analysts are briefly analyzed. The two part focuses on the main functions and functions of the securities investment advisory body and its securities analysts for the securities market and the general investors. The third part, on the basis of the analysis and comparison of the difference between the securities and the securities market in other commodities and markets, discusses the differences between securities investment consultative consultation and other consulting industries in order to reveal that The fourth part focuses on the relationship and status of the securities investment advisory body and its analysts and their clients and the social public. On the premise of the comprehensive use of the theory of trust and the theory of expert responsibility, the paper sums up the investment advisory institutions and their analysts to the investors. The fifth part discusses the relationship between "the principle of investor responsibility" and "the investor protection". It introduces the meaning and evolution process of "the principle of investor's own responsibility", and explains the principle of "investor's own responsibility" in the securities market because of information asymmetry. "Gradually" together with "safeguard investors" becomes a complementary theory on how to protect investors.
The third chapter "the duty of attention of the securities investment advisory body". The duty of attention is the requirement for the ability and level of the securities investment advisory body and its securities analysts. The first part discusses that the securities investment advisory body and its securities analysts should meet the requirements of "suitability principle" when providing advice on investment advice. Using the comparative analysis method, we compare the regulations of the United States and Japan on the "principle of suitability", and make an evaluation and analysis of the existing regulations of our country, and then put forward about how to apply the "principle of suitability" in the consultation process of securities investment to judge whether the securities investment advisory body and its analysts have fulfilled the obligation. Second In the third part, the third part discusses how the securities investment advisory body and its securities analysts improve their practice level and improve their internal control. The general quality is not high and the ability is low. In this paper, we draw on the relevant experience of the United States and put forward some specific suggestions on how to improve the quality and level of the whole securities investment consulting.
The fourth chapter "the system design of the duty of loyalty violates the guard system - the core of the" China Wall ". The core of the duty of loyalty is how to solve the problem of the conflict of interest. The first part mainly discusses the common conflicts of interest in the securities investment consulting industry at home and abroad, including the scalp, the personal transaction, the improper persuasion and the malicious recommendation. Unfair treatment of some customers, confidentiality obligations and the transfer of consultancy contracts, and so on. Aiming at the above problems, the following three ways to solve the problems: the first is the general supervision measures for fraudulent behavior; the second mainly discusses the "China Wall" system and its application; the third kinds of other prevention of the conflict of interest. Measures include information disclosure system and asset segregation system.
The fifth chapter "information disclosure regulation in securities investment consultation". The first part is the interpretation of the information disclosure system background. The definition of information disclosure system and the process of controversy in history are mainly discussed. The second part discusses the value target of the information disclosure system. The information disclosure system is protecting the interests of investors and optimizing the internal management of the company. The third part mainly explains the information disclosure obligation of the securities investment advisory body and its securities analysts, which is embodied in the following aspects: the standard of advertising behavior, the consultation service contract The obligation of information disclosure, the right to terminate the contract and the obligation to disclose information during the implementation of the contract.
The sixth chapter "damage and compensation: the burden of civil liability". The first part is the basic theory of securities civil liability, mainly discussing the meaning of the securities civil liability, the system value and its function, the security civil liability system is protecting the legitimate rights and interests of the investors, effectively preventing the securities from illegal act and maintaining the management order of the securities market. The second part is the civil liability of the securities investment advisory body and its practitioners, mainly discussing the nature of the civil liability, divided into the civil liability for the contract relative and the third party, and the constitutive requirements of the civil liability, including the infringement, the causality and the subjective fault. The third part is the securities investment consultation. The institutional liability reduction system and punitive damages should be considered from the point of view of the protection of securities investment analysis industry and investors, and the establishment of the liability reduction and remission system and punitive damages for the securities investment advisory body.
【学位授予单位】：中国政法大学
【学位级别】：博士
【学位授予年份】：2011
【分类号】：D912.28;D913

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