美国规制券商交易行为的理论与实践考察——从信赖义务的视角

Analysis of the Theory and Practices of the US Regulations of Transactional Behavior of Broker-Dealers from the Perspective of Fiduciary Duty

信赖义务是美国券商交易行为规制的核心理念,其主要包括了忠实义务和注意义务两个层次。信赖义务具备的法律和道德双重性使其广泛体现在法律、行政法规和自律规则等券商交易行为规制体系的各个层次。作为信赖义务的衍生理论,招牌理论固然存在自身的困难和局限,但其进一步揭示了券商交易行为的最佳执行、披露或戒绝默示陈述、合理基础和客户适合性等规则,是信赖义务在券商交易行为领域最好的提炼和展示。将信赖义务移植入我国的法律语境的途径是对既有的诚实信用原则进行重构,使其最终有益于我国的证券法制建设。

Fiduciary duty is the core idea of the regulation of the transactional behavior of broker-dealers of U. S. , and it includes duty of loyalty and duty of care. The dual property of fiduciary duty, i.e. the legal and ethical property of fiduciary duty, embodies it- self broadly at the different levels of regulation such as law, administrative and self-regulation rules. Despite some limits and difficulties, the derivative theory of fiduciary duty i.e. the shingle theory best summarizes and displays the core idea of fiduciary duty, which is best execution, implicit representation to disclose or abstain, reasonable basis and customer suitability. The transplantation of fiduciary duty into the context of China＇s laws will be through the reconstruction of good faith principle, which will benefit the legal construction of the securities market of China.