说明义务对金融衍生品出售方的规制——基于投资者保护的视角

Regulations on Financial Derivatives Sellers' Fulfilling Obligation of Explanation:From Perspective of Protecting Investors

出售金融衍生品的金融机构正当履行说明义务,有助于矫正投资者与金融机构之间的信息不对称问题,使得投资者可以在全面了解金融衍生品的基础上做出理性的投资决策。根据说明义务的一般要求和金融衍生品的自身特性,金融机构应在衍生品出售前,以准确、可被投资者理解的方式,向投资者告知金融衍生品的功能、结构、收益、风险、保证金、挂钩指数等重要信息。

Financial institutions who sell derivatives should fulfi ll the explanation obligation in a right way to rectify information asymmetry between investors and financial institutions. And a good information disclosure about the fi nancial derivatives can help investor make a rational investment decision. According to the general requirements of the explanation obligation and the characteristic of fi nancial derivatives, fi nancial institutions should tell investors the structure, function, risk, profi t margin of the fi nancial derivatives and the index linked to the fi nancial derivatives in an accurate and understandable way.