投资者适当管理制度研究——解读《证券期货投资者适当性管理办法》

Research on the Proper Management System of Investors——Interpretation of the Measures for the Administration of the Appropriateness of Investors in Securities and Futures

2016年12月16日,《证券期货投资者适当性管理办法》(以下简称《办法》)正式发布,自2017年7月1日起施行。适当性管理制度流行于欧美国家,近些年来逐渐为我国所采纳。《办法》的出台,标志着我国在投资者利益保护方面取得了里程碑式的进步。投资者适当性管理,能有效地化解股市动荡所造成的风险。通过对适当性管理制度进行理论上的阐释,探析适当性管理制度的法哲学原理,在系统分析美国、日本以及欧盟地区适当性管理制度基础上,指出我国适当性管理制度的意义所在,并提出改进意见。

In December 16, 2016, the measures for the administration of the appropriateness of se- curities and futures investors （hereinafter referred to as the ＂measures＂） shall be promulgated and shall come into force as of July 1, 2017. Appropriate management system is popular in Europe and the Unit- ed States, in recent years, gradually adopted by our country. The introduction of the ＂ measures＂ marks a milestone in the protection of the interests of investors. The appropriate management of inves- tors can effectively resolve the risk caused by the stock market turmoil. Through theoretical explana- tion on the appropriateness of the management system, the philosophy of law principle of appropriate management system, in the system analysis of the United States, Japan and the ELI appropriate man- agement on the basis of the system, and points out that our country management system appropriate significance, and puts forward the improvement opinions.