对我国银行理财业务合格投资者的分析与建议

The Application of Qualified Investors to the Bank's Wealth Management Business

商业银行理财业务近几年迅速发展成为国内资产管理行业重要的市场载体。随着投资者数量规模的迅速增大,对于投资者的合格认定也显得越来越重要。我国金融市场实施分业监管,对于不同金融产品、金融主体有不同的合格投资者认定规则。但在法律方面,目前只有《证券投资基金法》对"合格投资者"有所规定;在规章制度方面,我国制度大部分只对投资门槛有刚性设定,其他因素设定较少。银行理财业务是重要的金融产品来源,但对合格投资者的认定依然存在着法律地位低、监管规则不统一、门槛设定起点高、设定因素单一和投资者适当性制度不健全等问题,亟需监管加以规范和调整。本文建议从提升法律主体地位、加强监管协调、改善门槛设定、健全投资者适当性制度等角度,建立一套规范、统一的合格投资者认定方法,为银行理财业务更好地服务于投资者提供保障。

In recent years, with the rapid increase of investors, qualified investors become increasingly important to the Bank＇s Wealth Management Business. In legal terms, only the Securities Investment Fund Law has specified ＂qualified investor＂. In most of other regulations, only investment thresholds have been mentioned. Because of the divided supervisory system, different financial entities have their own different rules to identify qualified investors. So far, qualified investors still face many problems, such as inferior legal status, unified supervision rules, high thresholds, and crude identifying methods etc. This paper analyzes different methods of identifying qualified investors and proposes policy suggestions to establish a more specified and unified method to identify ＂qualified investor＂, including improving the legal status, enhancing supervision coordination, improving the factors on identify, and strengthening the eligibility management of investors