香港衍生品市场投资者适当性制度研究

Research about the Derivatives Market Investor Suitability System in Hong Kong

为维护金融市场的繁荣稳定,保护投资者合法利益,香港金融管理局、证监会等部门逐步加强对投资产品尤其是衍生产品的监管,通过一系列法规、守则、指引等逐步建立了香港地区的证券投资者适当管理制度。应借鉴投资者适当性制度在香港地区的实践经验,加强和完善我国内地的衍生品市场尤其是金融期货市场投资者适当性制度。应从法律层面明确金融期货产品的投资者适当性制度,强化中介机构适当性管理的义务,明确违规机构或个人的法律责任,明确中介机构在开户、客户交易过程中应承担的责任。

After the incident o f Lehman Mini-bonds and KODA,Hong Kong Monetary Authorityand Securities Regulatory Commission strengthened its power to regulate investment products,especially derivatives,in order to maintain the prosperity and stability o f financial market,as well asprotecting the interests o f investors.The investor suitability system consists o f a series o f regulations,codes,guideline and so on.China should draw lessons from the practical experience of theappropriate system in Hong Kong,which may strengthen and improve the derivatives market in themainland o f China,especially the financial futures market investors appropriate system.China shouldclarify investor suitability system o f financial futures products on the legal level,strengthen theappropriate management o f intermediary organizations,clear the legal responsibility of illegalorganizations or individuals,and clarify the responsibilities o f intermediary institutions in the processo f opening an account and customer transaction.