国际比较视角下我国金融期货投资者适当性制度之完善  

Perfection of China's Financial Futures Investor Appropriateness System from the Perspective of International Comparison

作　　者：刘军岭[1] 檀文[2] 刘道云[3] 

机构地区：[1]上海财经大学国际工商管理学院,上海200433 [2]复旦大学经济学院,上海200433 [3]中国金融期货交易所法律部,上海200122

出　　处：《商业研究》2016年第10期187-192,共6页Commercial Research

摘　　要：各国建立金融期货投资者适当性制度的初衷,在于通过区别投资者的不同风险认知水平和承受能力,提供差异化的市场、产品与服务,建立与此相适应的监管制度安排,从而尽可能地保护投资者的利益。通过比较分析境外重要市场投资者适当性制度的规定发现,投资者适当性制度的设计理念是监管机构根据投资者的不同设定差异化的保护,其制度核心是对金融机构的销售适当性要求。我国金融期货市场投资者适当性制度存在明显缺陷,应从提升立法层级和赋予法律依据、健全产品和制度体系、简化市场准入程序和适当降低准入条件、向金融期货品种投资者适当性制度转型等方面进行完善。The original intention of various countries to build the financial futures investor appropriateness system lies in protecting the investors＇ interests via distinguishing investors＇ risk perception level and bearing capacity,providing differentiated markets,products and services,and establishing a compatible regulatory system to adapt to this. After comparing and analyzing the provisions of investor appropriateness system of overseas main markets,the paper finds that the design concept of investor appropriateness system lies in providing differentiated protection to investors based on their differences and the requirements of sales suitability for financial institutions shall be the core of the investor appropriateness system.Obviously,many defects exit in China＇s financial futures investor appropriateness system. It is submitted that China shall enhance the legislative level and endow the system with legal basis,improve the product system and rule system,simplify the procedures for market access and reduce the access conditions,and transform to financial futures product investor appropriateness system.

关 键 词：金融期货 投资者适当性 专业投资者 一般投资者 

分 类 号：F830.59[经济管理—金融学]