证券服务机构诚信义务统合论

Integration of Duty of Good Faith of Securities Service Agencies

合理设置不同证券服务机构对投资者利益负有的看护义务,能促进证券市场的信息效率,实现资本的市场化配置。在现行法下,诚信是对证券服务机构的共通要求,勤勉是诚信的实现途径。但“诚信”与“勤勉”表述过于概括与模糊,不足以提供清晰的行为预期。诚信与勤勉具体内涵的界定,应以证券服务的业务本质与法律关系的具体分析为前提,采实质而非形式标准。发行人中介对投资者仅负有不欺诈义务,经纪人应采必要注意为有利于委托人之事务处理。但对提供投资咨询与资产管理业务的从业者,应施以受信义务。受信义务不同于诚信义务,其核心是防范与管理利益冲突,利他要求显著高于诚信义务。

Reasonable stipulation of duty of care that different securities service agencies bear for investors’interests can promote the information efficiency of the securities market and realize the market-oriented capital allocation.Under the current law,good faith is the common requirement for those agencies while diligence is the way to realize it.But the terms“good faith”and“diligence”are too general and vague to provide unambiguous expectations of behavior.The defining of connotations of the terms should be based on the concrete analysis of securities service’s business essence and legal relationship,which means the substantive rather than the formal standard should be adopted.Gatekeepers are only liable for fraud and brokers have the duty of care to address matters in favor of principals.However,agencies providing investment advice and asset management services should be subject to fiduciary duty.Compared with the duty of good faith,the fiduciary duty pivots on preventing and managing the conflict of interests and assumes the significantly higher the altruistic requirement.