欧盟《金融工具市场指令》中的投资者适当性

Investor Suitability Management in the EU MiFID

随着创业板及股指期货的相继推出,"投资者适当性"逐渐成为中国证券投资者保护制度中的一项重要内容。在资本市场全球化发展背景下,为运用投资者适当性规则实现投资者教育和保护的目标,有必要详尽地介绍此项制度在域外的发展及对金融行业产生的重要影响。由于欧盟投资者适当性制度发展受先前法律的影响较少,内容更为全面且彻底,因而对中国资本市场投资者保护规则的完善具有更为重要的现实意义。本文将对欧盟《金融工具市场指令》及其执行指令中的相关内容进行逐一介绍、分析,以供完善中国证券投资者保护机制借鉴。

After the introduction of ChiNext and stock index futures,the rule of investor suitability has gradually become one of the important parts of the China＇s investors＇ protection system.Under the background of the globalization of capital market,it＇s significant to get to know the latest development of investor suitability rule and its＇ influence on the foreign financial industries in order to apply the investor suitability rule and put the investor education and protection into practice.Because there is little influence of the former legislations on the current investor suitability rule of EU which is considered more comprehensive and thorough,it is necessary to learn from the relative legislations and practices in EU.This paper tries to introduce and analyze the MiFID,which is meaningful for the perfection of China＇s investor protection system.