金融机构投资者适当性义务的规范逻辑——以联储证券公司系列案为例辨析证券法第八十八条

The Regulatory Logic of Investor Suitability Obligations for Financial Institutions—Discussing Article 88 of the Securities Law with the Example of the Federal Reserve Securities Corporation Series

摘要: 投资者适当性义务要求金融机构在了解产品、客户的基础上，向适当的投资者推介、销售适当的金融产品，以便投资者能够在充分了解金融产品性质及风险的基础上做出自主决定。我国逐步建立起了投资者适当性义务制度，《证券法》第八十八条的规定使该制度第一次体现在立法中。我国可以美国的信义义务为延伸，将诚实信用原则作为理论基础；义务的履行要区别分类、确定分类标准及参数、法院要实质审查避免形式化，关注“质”与“量”，区分合格投资者制度、告知说明义务与信息披露义务；发行人与销售者承担连带侵权责任具有合理性；完善逾级销售、责任减免情形，构建规范补充体系。

Abstract: The investor suitability obligation requires financial institutions to recommend and sell appropriate financial products to appropriate investors on the basis of knowledge of the products and customers, so that investors can make their own decisions based on a full understanding of the nature and risks of the financial products. A system of investor suitability obligations has gradually been established in China, with the provisions of Article 88 of the Securities Law giving the system its first expression in legislation. China can take the US fiduciary duty as an extension, taking the principle of honesty and credit as the theoretical basis; the performance of the duty should be classified differently; the criteria and parameters of the classification should be determined; the court should review the substance and avoid formalisation, pay attention to the “quality” and “quantity”, distinguish the qualified investor system, the obligation to inform and explain and the obligation to disclose information; it is reasonable for the issuer and the seller to bear joint and several liability for infringement; improve the situation of over-level sales and liability relief, and build a supplemen-tary system of regulation.