投资者适当性义务的责任机制检视--以《资管新规》出台以来相关案例实证分析为基点

A Review of the Liability Mechanism of Investor Appropriateness Obligations:An Empirical Analysis of Relevant Cases Since the Introduction of the New Asset Management Regulation as a Basis

构建与完善投资者适当性义务制度对于加强投资者保护、优化投资环境具有重要意义。现行投资者适当性义务的责任机制仍然存在一定的缺陷。具体而言,《九民纪要》对责任主体范围的规定存在不当地向金融产品发行人扩张的风险;违反适当性义务的责任性质也被不当地界定为合同责任,不利于投资者保护;而法律对于责任减免事由的规定不足,将使金融机构缺乏“安全港”规则的保护,导致金融机构与投资者之间存在利益失衡。为完善适当性义务的责任机制,在责任主体方面,应当明确责任主体的扩张限度,金融产品发行人仅在参与不当推介行为时可以作为责任主体;在责任性质方面,适当性义务是一种信义义务,违反适当性义务应当承担侵权责任;在责任减免事由方面,应当发挥监管部门在专业方面的优势,帮助立法机关与司法机关共同构建完善的责任减免制度体系。通过立法机关、司法机关与监管部门三方的共同努力,实现金融机构与投资者的利益平衡,营造和谐共赢的证券投资环境。

The construction and improvement of the investor suitability obligation system is of great significance to strengthen investor protection and optimize the investment environment.The existing liability mechanism for investor suitability obligations still has certain shortcomings.Specifically,there is a risk that the provisions of the Minutes of Civil and Commercial Meetings on the scope of the subject of liability are inappropriately extended to issuers of financial products;The nature of liability for breach of suitability obligations has also been improperly defined as contractual liability,to the detriment of investor protection;the law's inadequate provisions for liability relief will leave financial institutions without the protection of"safe harbor"rules,resulting in an imbalance of interests between financial institutions and investors.In order to improve the liability mechanism for the obligation of appropriateness,in terms of the subject of liability,the limits of expansion of the subject of liability should be clarified,and the issuer of financial products can be the subject of liability only when it is involved in improper promotion;In terms of the nature of liability,the duty of appropriateness is a fiduciary duty,and violation of the duty of appropriateness should be subject to tort liability;in terms of the cause of liability relief,the regulator's advantage in professionalism should be brought into play to help the legislature and the judiciary jointly build a perfect system of liability relief.Through the joint efforts of the legislature,the judiciary and the regulatory authorities,a balance between the interests of financial institutions and investors is achieved to create a harmonious and win-win securities investment environment.