机构投资者适当性规则的反思与重构
Reflection and Reconstruction of Institutional Investors'Suitability Rules
刘佳 1乔博娟2
作者信息
- 1. 中信信托有限责任公司,北京 100004
- 2. 北京航空航天大学法学院,北京 100191
- 折叠
摘要
随着金融监管改革的逐步深化,金融消费者保护理念已深入人心,但有关机构投资者是否属于金融消费者,我国监管政策和司法解释尚有差异.当前,机构投资者理财纠纷案件存在"同案不同判,同案不同理解"的司法困境,旨在保护个人投资者的适当性规则被扩张适用.结合金融消费者保护的理念实质和内涵外延进行分析,机构投资者并不等同于金融消费者,机构投资者的适当性规则亦应与个人投资者有所差异.本文认为有必要通过划分类型、均衡举证责任、优化免责清单等方式,建立符合机构投资者特征的适当性规则,以实现金融秩序和金融公平的价值均衡.
Abstract
With the gradual deepening of financial regulatory reform,the concept of financial consumer protection has been deeply rooted in people's minds.However,there are still differences in China's regulatory policies and judicial interpretations regarding whether institutional investors belong to financial consumers.Currently,there is a judicial dilemma of"different judgments in the same case,different understanding in the same case"in financial disputes involving institutional investors,and the norms of suitability rules to protect individual investors have been applied expansively.By analyzing the essence and connotation of financial consumer protection,it is concluded that institutional investors are not equivalent to financial consumers,and the suitability rules of institutional investors should also be different from those of individual investors.It is necessary to establish suitability rules that are in line with the characteristics of institutional investors by dividing the types,balancing the burden of proof,and optimizing the list of exemptions to achieve the balance of values between the financial order and financial fairness.
关键词
金融消费者/机构投资者/适当性规则Key words
Financial Consumers/Institutional Investors/Suitability Rules引用本文复制引用
出版年
2024
NETL
NSTL
万方数据