证券投资顾问的利益冲突与信息隔离

Interest Conflicts and Information Isolation of Securities Investment Advisers

证券投资顾问的内部模式和外部模式决定了其必然面临各方面的利益冲突,包括公司与客户、客户与客户、客户与非客户等相互间的利益冲突。通过信息隔离墙制度安排,证券公司投行业务、资产管理业务与客户之间的利益冲突可以避免或得到很好的管理;但是对于经纪业务与客户之间、客户与客户、客户与社会公众之间的利益冲突,则需要其他相关机制作补充,具体包括:对于投资顾问主体及其业务的充分信息披露;投资顾问对外咨询业务的限制;严格的合规检查、评价与问责制度等。

Securities investment advisers＇ internal and external models avoidably make them face the interest conflicts from all sides, including company to clients, clients to clients, clients to non-clients. By using the institutionally arranged information barrier, investment banking of securities companies, assets management business are to avoid conflicts of interest between clients or can be well managed, but for the brokerage business and its customers, clients and clients, clients and the public, it is needed to find other related mechanism, including： information disclosure of the main investment adviser and its business, external constraints of investment advisory, strict compliance inspection, evaluation and accountability system etc.