论证券公司的利益冲突及其内部控制

Discuss on the Interest Conflict and the Internal Control of Securities Company

在证券交易中,综合性证券公司通常具有承销商、经纪商、顾问商、做市商和自营商的多重角色,从而与投资者存在利益冲突。规制利益冲突的措施首要的是实行自律性的内部控制,包括从业人员的内部控制、自营业务的内部控制、经纪业务的内部控制和顾问业务的内部控制等。由于内部控制主要依赖于微观主体的自觉和自律,因此还需要外部的监督和管理以及相应的法律责任机制来增强控制的有效性。

In securities trading,comprehensive securities companies typically have multiple roles of underwriters,brokers,consultants,market makers and dealers;with a conflict of interest against investors.The primary measure to regulate conflicts of interest is to implement internal control of self-discipline,including the internal control of employees,self business,brokerage business and advisory business.As the internal control mainly relies on the consciousness and self-discipline of microcosmic body,external supervision and management as well as corresponding legal liability mechanism are needed to enhance the effectiveness of control.