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“投资者适当性”作为海外成熟资本市场普遍存在的重要监管规则,通过规制证券经纪商的经营行为,实现保护投资者利益的目的。在美国,源于自律组织规范的“投资者适当性”不仅是监管规则,更是证券经纪商应当承担的主要义务。欧盟、日本以及我国香港也相继在21世纪初通过规范性文件确立了投资者适当性并使之成为投资者利益保护的重要工具。以上经验为我国《证券法》修改提供了全新的理念和思路。在系统梳理、分析的基础上,作出构建《证券法》中投资者适当性规则的有益探索。
“Investor Suitability ”, as an important regulatory rule ubiquitous in overseas mature capital markets, achieves the goal of protecting the interests of investors by regulating the business practices of securities brokers. In the United States, the “investor suitability” stemming from the norms of self-regulatory organizations is not only a regulatory rule, but also the major obligation that securities brokers should assume. The EU, Japan and Hong Kong, China, have also adopted the normative documents one after another in the early 21st century to establish the appropriateness of investors and make them an important tool for protecting the interests of investors. The above experience has provided new ideas and ideas for the revision of the “Securities Law” in our country. On the basis of systematic analysis and analysis, it is helpful to construct the rules of investor suitability in the Securities Law.