金融衍生品投资者适当性的制度改进与规则完善  

On the Innovation and Improvement of Suitability System in Financial Derivative Investors of China

作　　者：窦鹏娟[1] 

机构地区：[1]华东政法大学经济法律研究院,上海200042

出　　处：《证券市场导报》2016年第6期71-78,共8页Securities Market Herald

摘　　要：金融衍生品的专业性、复杂性和风险性决定了对这一市场的投资者进行准入限制的必要性。美国、欧盟、日本等金融市场发达国家的投资者适当性制度各有特色,但也都存在着改进和完善的空间。我国作为金融衍生品新兴市场,已经初步建立了投资者适当性制度,但也存在着诸多需要改进的不足之处。改进和完善投资者适当性制度规则,除了应提高该制度在实践中的可操作性之外,还应调动金融机构履行适当性义务的主动性。金融机构适当性义务是一项法定义务,违反适当性义务,投资者可以通过诉讼、调解、仲裁等多种途径进行损害救济。但在某些特定的情形下,适当性规则并不能使投资者免于承担损失。The establishment of suitability system is owing to the necessity for restricting the investors in the financial market since the derivatives are so professional, complicated and highly risky. The current suitability systems in the world should be improved according to the development of derivative market. The financial institutions often lack of the motive force in fulfilling the suitability obligation. This is the main crux of the problem in the suitability system of financial derivative investors. Although the investors could quote the suitability rule to transfer their losses in accordance with the demanded prerequisites, they must bear their own losses according to the principle of caveat emptor.

关 键 词：金融衍生品 投资者适当性 适当性规则 

分 类 号：D912.28[政治法律—民商法学]