證券投資者適當性規則研究——兼論我國投資者適當性規則的完善

Study On the Suitability Rule for Securities Investors – Also on the Improvement of Suitability Rule for Investors in China

投資者適當性規則作為證券市場投資者保護以及證券市場監管的重要工具，早已為美國、歐盟、日本、我國香港地區等國家和地區所廣泛採用。我國大陸在證券市場不斷發展、金融投資工具不斷創新的大背景下雖引進了該規則，但並沒有將該規則明確規定在《證券法》中，而只是體現在有關行政法規、部門規章和證交所、券商的自律性規範之中，沒有發揮預期的作用。作者通過分析與借鑑境外成熟市場的投資者適當性規則與立法經驗，針對我國證券市場中相關立法存在的問題，主張提高投資者適當性規則的立法層級、統一規定證券市場中各項業務的投資者適當性規則、進行投資者分類、明確違反投資者適當性規則的民事責任。

As an important tool of protecting investors and supervising securities market， the suitability rule for securities investors has been widely used for a long time in many countries and regions， such as the USA， the European Union， Japan， and Hong Kong. Although it was introduced into China under the background of the continuous development of the securities market and innovation of the financial investment tools， the rule could not play its role as expected because it was only reflected in the relevant administrative regulations， department rules， and self-regulations of the Stock Exchange and Brokerage instead of being specified in the Securities Law. By analyzing the suitability rule for securities investors， drawing the legislative experiences in overseas mature securities market， and focusing on the legislative issues in the nowadays Chinese securities market， the authors claim to raise the legislative level of the suitability rule for securities investors， to unify the rules in the various securities business， to classify the investors， and to clear the civil liability of violating the suitability rule for securities investors.