金融机构投资者适当性义务履行的优化及监管转变

Optimization and Regulatory Shifts in the Implementation of Investor Suitability Obligations for Financial Institutions

摘要: 金融机构投资者适当性义务不同于告知说明和合格投资者，要求更为严格。新《证券法》的规定更加表明了其为法定义务。在履行适当性义务的过程中体现出了基础信任关系薄弱、风险偏好与产品风险错配、风险评估流于形式等问题，金融机构应强化信任关系的构建，从实质出发进行适时的创新设计和审查提醒，匹配新《证券法》“原则监管”的理念，达到义务履行的“充分性”。

Abstract: The investor suitability obligations of financial institutions are different from those of information statements and qualified investors, and the requirements are more stringent. The provisions of the new Securities Law further indicate that it is a statutory obligation. In the process of fulfillment of appropriateness obligation, it reflects the problems of weak basic trust relationship, mismatch between risk preference and product risk, and formal risk assessment, etc. Financial institutions should strengthen the construction of trust relationship, carry out timely innovative design and review reminder from the substance, match the concept of “principle-based supervision” of the new Securities Law, and achieve the goal of “adequacy” of obligation fulfillment and regulatory transformation.