投资者适当性管理制度的经济和法律分析  

Economic and Legal Analysis of Investor Suitability Rules

作　　者：李东方[1] 冯睿 LI Dongfang;FENG Rui

机构地区：[1]中国政法大学

出　　处：《财经法学》2018年第4期18-43,共26页Law and Economy

摘　　要：投资者适当性管理制度要求金融中介机构将适当的产品提供给适当的投资者,作为金融监管制度的一部分,涉及经济法的范畴。从经济法的视角,至少有三个已讨论过的问题可再探讨:"适当性管理"的对象是投资者还是经营机构?合格投资者制度与投资者适当性管理制度的关系是什么?适当性义务与信息提供义务是什么关系?经济法特有的整体视角缺乏意味着投资者适当性管理制度的基础理论并未夯实,极有可能导致立法的碎片化,缺乏系统性。对投资者适当性管理制度以及相关的三个问题从经济和法律两个维度进行分析,就能够揭示:从整体金融市场所需的金融中介行为规范的角度,投资者适当性管理制度的立法存在碎片化问题。解决思路可以考虑在现有规范的基础上统合制定"金融中介行为规范",但如何制定又是一个问题,法典化或许是一个可行的途径。Investor suitability rules require financial intermediaries to sell or provide appropriate products or services to appropriate investors.As part of the financial regulatory rules,suitability rules belong to the scope of economic law research.There are at least three issues that have been discussed by academic community can be further explored.（1）Which is the object of suitability management,investors or financial intermediaries？（2）What is the relationship between qualified investors rules and suitability rules？（3）What is the relationship between the obligation of suitability and the obligation of information offer？The lack of aparticular perspective of the economic law will lead to the unconvincing basic theories of suitability rules as well as the fragmentation of legislation.The analysis in the article under both economic and legal scopes of the investor＇s suitability rules and the three issues above can inspire that：from the perspective of the financial intermediary behavioral norms required by the overall financial market,there is a fragmentation issue in the legislation of suitability rules.Legislators can consider integrating and formulating Code of Financial Intermediaries Conducts on the basis of existing norms.However,they need to think about the form of this code.Codification may be an available way.

关 键 词：投资者适当性管理制度 金融中介行为规范 经济法 

分 类 号：DF438.1[政治法律—经济法学]