绿色金融背景下我国适当性管理制度的改造

Reform of the China’s Suitability Assessment Rule under the Background of Green Finance

绿色金融的发展要求金融法制解决投资者投资偏好与实际投资行为的错配问题。欧盟新规改造了既有的适当性管理制度,将可持续偏好界定为投资者的投资目标,要求金融机构推荐符合投资者可持续偏好的金融产品,并完善了产品管理及信息披露等配套制度。可持续偏好的评估有助于克服投资者在ESG投资中的信息不对称及有限理性,是金融机构信义义务的应有之义,有利于防范气候风险,引导私人资本转向绿色投资。应该对可持续偏好评估采取原则性监管,要求金融机构对可持续金融产品履行说明义务,在责任形式上考量损害非财务偏好的特殊性。可持续偏好评估是一项系统工程,我国应该先完善绿色投资的分类标准及信息披露制度,并在行业协会自律监管下开展绿色偏好评估的实践。

The development of green finance requires the financial legal system to deal with the mismatch between investors’investment preferences and their actual investments.The new EU regulations reformed the existing suitability assessment rule,defined sustainability preferences as investors’investment goals,required financial institutions to recommend financial products that meet investors’preferences,and improve product management system and information disclosure rules to support the new rule.The assessment of sustainability preference helps to overcome the information asymmetry and inadequate rationality of investors in ESG investment.It is the due meaning of the fiduciary obligation of financial institutions that helps prevent climate risks,and guides private capital to green investment.we should adopt principle-based rule on the assessment of sustainability preference,require financial institutions to perform their obligation to explain sustainable financial products,and consider the particularity of damages to non-financial preferences.Since sustainability preference assessment is a systematic project,China should first improve the classification standards and information disclosure system of green investment,and then promote the green preference assessment under the self-regulatory supervision of industry associations.