证券公司违反投资者适当性原则的民事责任

The Civil Liabilities of Broker-dealers for Violating the Suitability Principle

在我国目前的法律框架下,投资者能否直接援引投资者适当性原则来寻求私法救济颇存争议。本文从证券公司与投资者的关系出发,在阐明赋予证券公司"适当性"义务的法理基础上,从立法技术角度探讨证券公司违反适当性原则的民事责任机制的构建,以裨益相关立法与实践。

Under the current law framework in China, it is still controversial whether the investors can apply the suitability principle to pursue civil liability for the loss resulted from unsuitable recommendations. Based on the relationship between the investors and the broker-dealers, this paper clarifies the suitability obligation of broker-dealers, and discusses the development of the civil liability system for the violation of suitability principle from the technical point of legislation, which might be helpful for practice.