CAJ | 학술논문

投资者适当性规则是以“了解客户”和“分类管理”为核心的一项投资者保护制度.域外经验中以欧盟立法最为典型.欧盟《金融工具市场指令》中产品识别、客户分类、最佳执行的投资者适当性规则架构为各国提供了一个可供参考的蓝本.鉴于我国现行投资者适当性规则相当粗糙,存在立法不成体系、客户分类标准不统一、责任类型不合理等问题,建议借鉴欧盟做法,制定统一的《金融衍生品投资者适当性制度操作指引》,建立以专业性为唯一标准的客户分类制度,推出适应我国金融衍生品市场发展的客户“上调”制度与民事赔偿制度.
투자자괄당성규칙시이“료해객호”화“분류관리”위핵심적일항투자자보호제도.역외경험중이구맹입법최위전형.구맹《금융공구시장지령》중산품식별、객호분류、최가집행적투자자괄당성규칙가구위각국제공료일개가공삼고적람본.감우아국현행투자자괄당성규칙상당조조,존재입법불성체계、객호분류표준불통일、책임류형불합리등문제,건의차감구맹주법,제정통일적《금융연생품투자자괄당성제도조작지인》,건립이전업성위유일표준적객호분류제도,추출괄응아국금융연생품시장발전적객호“상조”제도여민사배상제도.
The suitability rule for investors is an investor protection system, and its core idea is ＂know your customer＂ and ＂category management＂. EU legislation is most typical in Extraterritorial experience. The rule framework about the product identification, customer classification and the best execution in EU ＂MiFID＂ provide a blueprint for other countries as a reference. Our current suitability rule for investors is quite rough, such as legislative fragmentation, disunity of customer classification standards, unreasonable liability type, so it is necessary to learn from the EU experience to develop a unified ＂the suitability operating instructions for investors of financial derivatives＂, and establish the sole professional standards in classification system of customers. What＇s more, the ＂up＂ system of customers and civil compensation system may be introduced to adapt to the development of financial derivatives market of China.