投资者适当性管理制度中金融机构的免责机制——以“信赖利益”判断为核心  

The Exemption Mechanism of Financial Institutions in the Investor Suitability Rules:the Judgment of Reliance Interest as the Core

作　　者：胡改蓉[1] 钱程 Hu Gairong;Qian Cheng

机构地区：[1]华东政法大学经济法学院,上海200042

出　　处：《证券市场导报》2021年第10期61-70,共10页Securities Market Herald

摘　　要：现行投资者适当性管理制度中免责机制尚付阙如,金融机构承担的法律责任可能过于严苛。为平衡投资者与金融机构的关系,应以是否存在信赖利益作为投资者适当性管理制度中免责机制的核心判断要素。如果投资者缺乏信赖利益,金融机构便不应承担法律上的不利后果,并以"信赖是否合理""投资决策是否基于信赖"作为判断是否存在信赖利益的主要考量因素。当投资者违反信息提供义务、具有专业性或自愿风险错配等情形出现时,其信赖利益应受到法律检视。为进一步厘清责任边界,当投资者违反信息提供义务时,应以金融机构履行核查义务为免责条件;在投资者具备专业性时,应以实际交易中投资者独立决策为免责前提;在投资者自愿风险错配时,应设置金融机构的警示义务和越级投资的门槛限制作为免责要求。基于证据规则的公平性,对于免责情形的举证责任应由金融机构承担。The current investor suitability rules lacks exemption mechanism,financial institutions may therefore assume too harsh legal liabilities.In order to balance the interests of investors and financial institutions,the existence of reliance interest should be regarded as the core judgment element of the exemption mechanism in the investor suitability rules.When investors lack reliance interest,financial institutions shall not assume adverse legal consequence.In determining the existence of reliance interest,two decisive factors should be considered:whether reliance is reasonable,and whether investment decisions are made on the basis of reliance.Investors’reliance interest should be legally reviewed if specific situations occur,such as investors breaching duties of providing information,investors being sophisticated,and investors mismatching risks forwardly.To further clarify the boundary of liabilities,the exemption of investors breaching duties of providing information should be based on that financial institutions have fulfilled their inspection duties.In terms of sophisticated investors,it should be set as prerequisites of exemption that sophisticated investors make independent decisions in transactions.When investors mismatch risks forwardly,requirements for exemption should be set,including financial institutions’fulfillment of duty to warn and threshold limitation for leapfrog investment.The burden of proof in exemption situations should be allocated to financial institutions based on the fairness of the evidence rules.

关 键 词：投资者适当性管理 免责机制 信赖利益 责任边界 金融机构责任 

分 类 号：DF438.7[政治法律—经济法学]