发达市场金融商品合格投资者制度述评

A Review on Qualified Investors' Rules of Financial Products in Developed Foreign Markets

本文介绍并评析了美国、欧盟、英国和日本等四个国家和地区的金融商品合格投资者制度的内容及其特点,总结出关于金融商品合格投资者制度的五个通用规则:第一,合格投资者制度主要适用于金融商品的投资者或交易者;第二,合格投资者制度必须包含投资者主观和客观的衡量标准;第三,合格投资者制度可以对合格投资者实施适当的数量限制要求;第四,合格投资者的识别标准应包括真实性、一致性和动态性三个方面;第五,合格投资者制度应具有一定的弹性空间。

Qualified Investors＇ Rules of Financial Products differ in countries and regions such as the USA, EU, the UK and Japan, but they all share five common principles. First, Qualified Investors＇ Rules shall apply to financial products investors or traders; second, Qualified Investors＇ Rules usually include both subjective and objective standards; third, Qualified Investors＇ Rules may impose certain quantitative measures; fourth, the Qualified Investors recognition standards shall include aspects as truthfulness, consistency and dynamic; fifth, certain resilience is necessary for Qualified Investors＇ Rules.