文档介绍：证券交易中的“适当性规则”研究
摘要
证券交易中的“适当性规则”从最初的道德规范不断演化为法律原
则。美国证券交易委员会制定的 10b-5 规则把“适当性规则”纳入行政
监管规范的范畴,司法判例和仲裁裁决使“适当性规则”逐渐获得法律
约束力,并对券商的适当性义务进行了最大程度的扩张。
在日益发展的网上交易方式下,券商注册代表作为“守门人”的重
要角色消失了。招牌理论下的代理法和公平原则要求券商对非推荐证券
仍应承担适当性义务,尤其是当券商知道或应当知道客户没有经验或对
证券市场不熟悉的情况下。因此,券商对非推荐交易的不适当性负有警
告义务,并且该义务应当是不得通过合同排除的。券商对客户给予不适
当性警告后,如果顾客仍坚持要求执行不适当交易,这时券商原则上不
承担救援义务,除了某些例外情况。
我国监管部门已经开始将“适当性规则”引入监管规范中,但还有许
多需要完善的地方。虽然我国所属的大陆法系与英美法系存在一定差异,
但美国“适当性规则”的法律进化无疑对我国有重大的借鉴意义。从根
本上,我国应当把“适当性规则”具体化为可以援引的私法规则,从而
真正保护投资者利益。
关键词:券商,适当性规则,适当性义务,警告义务
RESEARCH OF SUITABILITY RULES
IN SECURITIES TRANSACTIONS
ABSTRACT
Suitability rules in securities transactions have involved from the initial
ethic codes to legal principles. The . Securities and Exchange
Commission developed the 10b-5 rule, absorbing the suitability rules into
administrative regulation rules. Suitability rules gradually acquire legally
binding force by Jurisprudence and arbitral awards, which expand the
broker-dealers’ suitability obligations to the greatest degree.
In the growing online trading mode, registered representatives’ role as
“gatekeeper” disappeared. Common law principles of agency and general
equitable considerations under the shingle theory require that a broker-dealer
still has suitability obligations for the un-mended securities, especially
when the broker-dealers know or should know the clients are unsophisticated
or have little knowledge about the security market. So the broker-dealers
have a duty to warn the client of the unsuitability of the trade before
executing the order, and the duty should not be excluded by contracts. After
the warning, if the clients insist executing the order anyway, the
broker-dealers have no rescue duty, apart from certain exceptions.
China’s regulators have begun introducing suitability rules to our
regulation norms, but they need to improve in many areas. Although the civil
law mon law have some differ