本文選題：適當(dāng)性規(guī)則 + 證券公司��； 參考：《華東政法大學(xué)》2014年碩士論文

【摘要】：適當(dāng)性規(guī)則的適用范圍本身并沒有清晰的外延，而我國現(xiàn)有的適當(dāng)性規(guī)則散亂于各自律性規(guī)范和部分部門性規(guī)范的情況，使得界定這一范圍并非易事。值得注意的是，上交所的《暫行辦法》以及證券業(yè)協(xié)會的《指引》均未窮盡適當(dāng)性規(guī)則的適用范圍，那么哪些情況盡管沒有被列舉，但是仍然應(yīng)當(dāng)適用該規(guī)則，哪些情況應(yīng)當(dāng)排除出該規(guī)則的適用范圍？在回答這一問題時，筆者認為風(fēng)險性和投資者的信賴?yán)響?yīng)成為判斷標(biāo)準(zhǔn)。 適當(dāng)性規(guī)則的相關(guān)方主要包括投資者、證券公司及證券監(jiān)管者。從適當(dāng)性規(guī)則的誕生和不斷完善的過程來看，投資者始終是該規(guī)則的保護對象。本文著重論述了證券公司作為適當(dāng)性規(guī)則義務(wù)人的正當(dāng)性問題，結(jié)合現(xiàn)有的天然聯(lián)系論、優(yōu)勢損害論、法律關(guān)系論以及強制干預(yù)論，筆者認為證券公司并非出于公益性而承擔(dān)適當(dāng)性義務(wù)，而是出于其專業(yè)性，而專業(yè)性是其盈利手段。證券公司越是被投資者相信具有專業(yè)性，所背負的投資者信賴也就越重，盈利的可能也就越大，這種盈利可能性增大的對價正是高標(biāo)準(zhǔn)的適當(dāng)性義務(wù)。出于盈利的目的，，證券公司竭盡所能地宣揚自身的專業(yè)性，正是這一宣揚本身包涵了適當(dāng)性義務(wù)。 目前，我國證券市場中的“適當(dāng)性規(guī)則”其具體內(nèi)容主要包括準(zhǔn)入條件、投資者分類制度、證券公司的權(quán)利和義務(wù)、投資者的權(quán)利和義務(wù)以及保障措施幾方面。筆者通過分析認為，在我國，準(zhǔn)入條件的設(shè)置具有現(xiàn)實必要性，然而準(zhǔn)入條件與適當(dāng)性規(guī)則的本質(zhì)不符也是事實，就此筆者認為應(yīng)當(dāng)將適當(dāng)性規(guī)則并入金融管理的相關(guān)法律中，并且把準(zhǔn)入性的條款放在適當(dāng)性規(guī)則外的其他金融管理條款中，即制定統(tǒng)一的金融管理法律是解決這一問題最終的、也是最有效的手段。另，就證券公司與投資者權(quán)利義務(wù)的規(guī)定上，筆者指出利益平衡規(guī)則應(yīng)成為我們一以貫之的理念。具體需要處理好適當(dāng)性規(guī)則與買者自負規(guī)則之間的關(guān)系，完善投資者救濟將投資者保護落到實處，同時要考慮對證券公司給予正向激勵，避免過度保護中小投資者以挫傷證券公司制度執(zhí)行的積極性。我國現(xiàn)有的適當(dāng)性規(guī)則就保障措施的規(guī)定上存在著保障人定位上的偏差。鑒于證券公司的種種自利之舉以及其素質(zhì)堪憂的現(xiàn)狀，將證券公司內(nèi)控作為保障適當(dāng)性義務(wù)實施主要手段的有效性令人懷疑，證券監(jiān)管者應(yīng)當(dāng)發(fā)揮更大的作用。 就現(xiàn)有適當(dāng)性規(guī)則的完善方面，筆者認為需要從立法和實踐兩方面進行探索。就適當(dāng)性規(guī)則民事責(zé)任的建立上，基于以下幾點考慮，筆者認為制定投資者適當(dāng)性義務(wù)民事責(zé)任的時機并不成熟：一、我國對證券欺詐已然規(guī)定了相應(yīng)的民事責(zé)任，若證券公司違反適當(dāng)性義務(wù)的行為達到了證券欺詐的程度，那么可以直接適用禁止欺詐客戶的規(guī)則；二、我國適當(dāng)性規(guī)則的建立尚在探索中，規(guī)則完善度較低，在證券公司尚缺乏明確行為指引的情形下急于給其安排民事賠償，將使其無所適從且不堪重負；三、從可實現(xiàn)性來看，完善現(xiàn)有的監(jiān)管措施、紀(jì)律處分、行政處罰更具有可操作性。因為無論是法院、投資者還是證券公司都缺乏利用投資者適當(dāng)性規(guī)則上的經(jīng)驗。在實踐層面，我國證券市場中的投資者了解產(chǎn)品風(fēng)險、簽署風(fēng)險揭示書的過程十分潦草的事實，將導(dǎo)致出現(xiàn)這樣的尷尬局面，即投資者實際上并不了解金融產(chǎn)品或服務(wù)的風(fēng)險，然而給證券公司留下了其已然了解的鐵證。因而需要避免投資者簽字的絕對效力。具體可以從指定風(fēng)險揭示書的統(tǒng)一文本、對整個推介說明過程留下其他證據(jù)、以特別聲明的方式提醒投資者注意以及在具體裁判中靈活處理允許例外情形存在等方式實現(xiàn)。
[Abstract]:The scope of the application of the rules of appropriateness is not a clear extension itself, and the existing rules of appropriateness in our country are scattered in the rules of law and part of the departmental norms. It is not easy to define this scope. It is worth noting that the provisional measures of the Shanghai Stock Exchange and the guidelines of the Securities Association have not exhausted the appropriate rules. The scope of application, which is not enumerated, but still should apply the rule, which should exclude the scope of the application of the rule? When answering this question, the author thinks that the risk and the trust of the investor should be the criterion of judgment.
The relevant parties of the rules of appropriateness mainly include investors, securities companies and securities regulators. From the birth and continuous improvement of the rules of appropriateness, the investor is always the object of protection of the rules. This paper focuses on the positive problem of the securities company as an appropriate rule of duty, combining with the existing natural contact theory. The theory of potential damage, the theory of legal relations and the theory of compulsory intervention, the author thinks that the securities companies do not take the appropriate obligation for the public welfare, but are out of their professionalism, and the professionalism is their profit means. The more the securities companies are believed to be professional by the investors, the more trust the investors bear, the greater the possibility of the profit. The increase in the possibility of an increase in profitability is a high standard of appropriateness. For the purpose of profit, the securities companies do their best to publicize their professionalism. It is this advocating that it itself contains the appropriate obligation.
At present, the specific content of the "appropriateness rule" in the securities market of our country mainly includes the conditions of access, the system of investor classification, the rights and obligations of the securities companies, the rights and obligations of the investors and the safeguard measures. It is also a fact that the nature of the rules of appropriateness is not consistent. In this regard, I think that the rules of appropriateness should be incorporated into the relevant laws of financial management, and the provisions of the admittance should be placed in other financial management clauses outside the appropriate rules, that is, the formulation of a unified financial management law is the ultimate and most effective means to solve the problem. In terms of the rights and obligations of securities companies and investors, the author points out that the rule of balance of interests should be a concept that we should concentrate on. It is necessary to deal with the relationship between the rules of the appropriateness and the buyer's self negative rules, to improve the investor relief to put the investor protection into reality, and to consider the positive incentives to the securities companies. In order to avoid excessive protection of small and medium investors in order to contend the implementation of the securities company system, the existing appropriateness rules in our country have a bias on the guarantee of the safeguards. In view of the self-interest of the securities companies and the present situation of their poor quality, the internal control of the securities company is taken as the main guarantee for the implementation of the appropriateness obligation. The effectiveness of the means is doubtful, and the securities regulator should play a greater role.
In terms of the improvement of the existing rules of appropriateness, the author thinks that it is necessary to explore the two aspects of legislation and practice. On the basis of the following considerations, the author thinks that the time for establishing the civil liability of investor's appropriateness and obligation is not mature. Responsibility, if the securities company violates appropriate obligations to achieve the degree of securities fraud, then the rules prohibiting fraudulent customers can be directly applied. Two, the establishment of the rules of appropriateness in our country is still in the exploration, the rules are relatively low, and the securities companies are eager to arrange civil compensation under the lack of explicit guidance of the securities companies. Three, from the perspective of feasibility, it is more operable to improve the existing regulatory measures, disciplinary measures and administrative penalties, because both the court, the investor and the securities company lack the experience of using the rules of investor Appropriateness. In the actual practice, the investors in the securities market of our country understand the product. Risk, the very scrawl of the process of signing the risk disclosure book, will lead to an awkward situation that investors do not actually understand the risks of financial products or services, but leave the securities firm with the iron evidence that they have already understood. The unified text of the book leaves other evidence for the whole process of introducing the description, reminding the investors in a special statement and flexibly dealing with the existence of exceptions in a specific referee.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287

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