【作者】 张付标；

【导师】 冀宗儒； 李玫；

【作者基本信息】 对外经济贸易大学 ， 民商法学， 2014， 博士

【摘要】 将合适的证券产品销售给合适的投资者，这是对证券投资者适当性制度最直接的概括。投资者适当性制度是资本市场创新发展过程中的一项基本制度。纵观美国、欧盟、日本、新加坡、香港和台湾等国家和地区的适当性规则体系可知，投资者适当性制度已经为成熟资本市场或较为发达的资本市场所普遍接受。这些国家和地区在投资者适当性的涵义和适用范围、适当性义务的主体、适当性制度的主要内容以及投资者适当性制度的基本定性等方面已经形成了制度共识。当然，相关国家和地区在适当性制度的效力层次、法律规范的定性及违反适当性义务的法律责任等方面也存在一些差异。我国资本市场正处于由“规范发展”向“创新发展”的过渡阶段，近几年已经在创业板、融资融券和股指期货等领域制定了专门的适当性规则体系，但该规则体系总体呈现“散、乱、软”的特征。适当性制度本身也存在适用范围不清、基本定位错误、理论基础薄弱、内容不完善等问题，不能适应我国证券市场改革创新发展的需要。重新认识和构建我国的适当性制度，一是明晰适当性制度的适用范围：它适用于投资者对证券公司产生了专业信赖且合同双方当事人地位存在实质的不对等性的领域。二是确立信赖保护理论作为我国投资者适当性制度产生和发展的理论基础。三是明确投资者适当性的定性：它是证券公司的一项义务，而不是权利；也是一项投资者利益保护制度，是对投资者进行分类保护，而不是合格投资者制度；还是一项证券监督管理制度，而不是对投资者的管理制度。从根本上说，投资者适当性是在证券销售、推荐领域平衡投资者和证券公司之间权利义务关系的一项投资者保护制度。笔者建议，提高适当性规则的立法层次，在此次《证券法》修订中以投资者权利保护为基本价值追求，建立统一的投资者适当性制度。具体而言，应以统一账户体系为契机，从建立投资者分类制度、证券产品分级制度入手，明确证券公司的了解客户义务、了解产品或服务义务、信息披露义务与风险提示义务、适当推荐义务等适当性义务，同时明确投资者在证券交易中的权利，建立对证券公司履行适当性义务的监管制度。更多还原

【Abstract】 Distributing appropriate financial products to the right investors is themost direct generalization of the investor suitability system, which is a basiclegal system in the process of world’s capital markets innovation anddevelopment.Making a comprehensive survey of suitability rules in the USA, EU, Japan,Singapore, Hong Kong, Taiwan and other countries and regions, we can findthat the suitability doctrine has been generally accepted by developed capitalmarkets or some developing capital markets. These countries and regions havemade a systematical consensus on the definition and scope of suitability, thesubject of suitability obligations, the main contents of the suitability system aswell as the nature of suitability. Also, there are some differences in thelegislation levels of suitability rules, the nature of legal norms andresponsibilities of violation of suitability. The capital market of our country isexperiencing the transition from "regulation and development" to "innovationand development". In recent years, we have made some suitability rules in thefields of ChiNext, margin trading business, stock index futures and others, butour rule system shows the features of “decentralization, disorder, softness".There are also some problems in our suitability system, for example, the scopeof application is not clear, the basic positioning is not right, the theoreticalfoundation is weak, and the contents are not perfect, which cannot meet theneeds of reform, innovation and development of China’s securities market.As to the acquaintance and construction of suitability system in China,firstly, we should clarify that the suitability doctrine is applicable to the fields ofinvestors’ professional reliance on the securities companies and essentiallyinequality of legal status of both parties. Secondly, regard the theory of relianceprotection as the theoretical foundation of the emergence and development ofour investor suitability system. Thirdly, make clear the nature of suitability.Suitability is an obligation of securities companies, but not a right. It is aninvestor protection system, protecting investors by investors classification, but not a qualified investors system. It is a kind of securities regulation system, butnot an investors management system. In essence, investor suitability is aninvestor protection system to balance the rights and obligations betweeninvestors and securities companies in the fields of distribution of securities. Theauthor suggests that, we should improve the legislative level of suitability rulesfirstly. In the process of the revision of the "Securities Law", which regardsprotection of investor’ rights as the basic value pursuit, we may establish anunified suitability rules system. Specifically, taking the opportunity of theestablishment of an unified account system, we may start from theestablishment of investors classification system and financial productsclassification system, and then clarify suitability obligations of securitiescompanies, such as know-your-customer rules, know-your-product or servicerules, obligations of information and risk disclosure, obligations of bestexecution, and so on. At the same time, we may clarify the rights of investors insecurities transactions, and establish a regulatory system to supervise securitiescompanies to carry out the obligations of suitability.更多还原