论金融产品销售商的投资者适当性义务

The Research on the Investor's Suitability Obligation of the Financial Product Sellers

金融产品销售商承担适当性义务需以信赖关系的存在为前提。客户风险承受能力的认定要素应包括主观要素和客观要素。对于主观要素的忽视是导致高估客户风险承受能力的重要原因,可采用木桶短板管理理论进行合理评估。对于金融产品风险等级的确定,司法审判中穿透式认定的做法或有违“尊重专长”原则,通过委托独立的第三方进行重新评估不失为一种解决思路。《九民纪要》首次规定了销售商违反投资者适当性义务的民事责任规则,将金融产品销售商与发行人列为连带责任主体,皆体现了对金融消费者的倾斜保护理念,将《民法总则》第167条作为销售商和发行人承担连带责任的依据,会因金融消费者无法有效举证而使该条款难以发挥作用,建议将销售商与发行人承担连带责任的依据修订为《消费者权益保护法》第40条。在销售商的过错责任及损失分摊问题上,应形成确定且具操作性的认定规则,以消除判决结果的随意性,对此判例法的过错考量因素值得借鉴。

The existence of faith relationship is the prerequisite for financial product sellers to undertake the obligation of suitability.The identification elements of customer's risk tolerance include subjective elements and objective elements,and the neglect of subjective elements is an important reason leading to overestimation of customer's risk tolerance,which can be reasonably evaluated by using buckets effect theory.For the determination of financial product risk level,the method of penetrating identification in judicial trial may violate the principle of“respecting expertise”,and it is a solution to entrust an independent third party to re-evaluate.The publication of the Ninth Meeting Summary stipulated for the first time the rules of civil liability for sellers violating investors'obligation of appropriateness,which provided a clear basis for judging such disputes.The sellers and issuers of financial products are listed as joint liability subjects,and the burden of proof is inverted,all of which reflect the inclined protection concept of legislation for financial consumers.However,taking Article 167 of the General Principles of Civil Law as the basis for sellers and issuers to bear joint and several liability will make it difficult for financial consumers to give evidence effectively.Therefore,it is suggested that the basis for sellers and issuers to bear joint and several liability should be revised to Article 40 of the Consumer Protection Law.On the issue of seller's fault liability and loss allocation,definite and operational identification rules should be formed to eliminate the arbitrariness of judgment result,and it is worth learning from the fault consideration factors of case law.