北京航空航天大学学报(社会科学版) ›› 2017, Vol. 30 ›› Issue (2): 46-54.DOI: 10.13766/j.bhsk.1008-2204.2015.0462

• 本期特约专家稿件 • 上一篇    下一篇

美国证券市场投资者适当性规则的发展及启示

李文华   

  1. 北京交通大学 法学院, 北京 100044
  • 收稿日期:2015-09-25 出版日期:2017-03-25 发布日期:2017-03-31
  • 作者简介:李文华(1970-),男,内蒙古赤峰人,副教授,博士,研究方向为金融法、公司法.
  • 基金资助:

    北京交通大学北京社会建设研究院资助课题(shjs2014005)

Development of Suitability Rule in American Securities Market and Its Enlightenment to China

LI Wenhua   

  1. Law School, Beijing Jiaotong University, Beijing 100044, China
  • Received:2015-09-25 Online:2017-03-25 Published:2017-03-31

摘要:

以由美国金融市场管理局制定而获得美国证监会批准的关于证券市场投资者适当性规则及其监管通告的内容为基础,阐述了《多德-弗兰克法案》颁布后美国证券市场适当性规则的基本原则、证券服务机构及其工作人员所应承担的主要适当性义务的内容以及违反适当性义务所可能受到的处罚等美国证券市场投资者适当性规则的最新发展。在此基础上,结合美国相关规定的启示以及中国关于证券市场投资者适当性规则的规定,认为中国应该制定专门的部门规章来规范中国的证券市场投资者适当性规则,系统地完善证券市场投资者适当性义务的主要内容,完善对违反证券市场适当性义务的监管和处罚的规定,以更好地保护证券市场投资者的利益。

关键词: 美国证券市场, 投资者适当性规则, 基本原则, 适当性义务, 处罚

Abstract:

Based on the Suitability Rule (made by U.S. Financial Industry Regulatory Authority and approved by U.S. Stock and Exchange Commission) and the relative regulatory notices, the paper introduces the newest development of suitability rule in U.S. securities markets since the Dodd-Frank Act was in force:the basic principles of suitability rule in U.S. securities markets, the main suitability obligations that brokers and associated persons must fulfill, and the range of disciplinary sanctions that may result from violations of those rules. Subsequently, the paper puts forth some suggestions on the perfection of China's suitability rule in securities markets by combining the enlightenment drawn from relative experiences in the U.S. and China's relative stipulations. China should enact specific regulation to stipulate its suitability rule in securities markets, systematically consummate the main suitability obligations that the brokers and the associated persons must fulfill,and perfect the stipulations about the supervision and disciplinary sanctions that may result from violations of the main suitability obligations to protect the investors in securities markets better.

Key words: U.S. Securities Market, Suitability Rule, Basic Principles, Suitability Obligations, Sanctions

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