证券投资咨询机构的信义义务研究

Study on Fiduciary Duty of Securities Investment Consultancy Institution

信义关系理论是英美法系中的重要理论,所涉及的法律关系范围非常广泛,常见的如信托、公司治理、代理等。信义关系下,一方负有一种特殊义务——信义义务。证券投资咨询中,证券投资咨询机构(及其从业人员)与投资者之间的关系符合信义关系的要素。而且,将信义义务引入证券投资咨询,明确投资者向证券投资咨询机构(及其从业人员)追究民事责任的法律基础,有利于保护实际承受风险的投资者的合法权益。我们应在明确信义义务内涵的基础上,赋予利益受损的投资者私人诉权和完善事前预防机制以达到证券投资者保护这一立法目的。

The theory of fiduciary relationship is one of important theories in the common law, it isapplied in the wide fields, such as trust, corporate governance, and agency. With the fiduciaryrelationship, one party bear the fiduciary duty to the other party, which is different from the contractduty. The factors in the practice of investment consuhancy which take place between the investors andconsuhancy institution （employee） meet that scope and standard. Applying the theory of fiduciaryrelationship to the Consuhancy service practice and creating a legal basis to the liability to Consuhancyinstitution （employee） will protect the investors better. After comparing the rules, the paper suggests thatsome measures, such as granting investors the private right of action and pre-prevention mechanismshould be taken to achieve the goal of protecting the investors.