论金融机构的适当性义务——基于行为要件的分析

金融机构适当性义务的作用不仅在于保护弱势交易主体,还在于克服金融交易中的信息不对称现象,实现交易中的义务与风险合理分配,进而通过买方的自主决定实现金融交易中的真实意思自治,构建金融市场公平公允的交易环境。为保证其作用发挥,有必要明确该义务的行为模式,使金融交易者明确自己的行为预期,促进交易者理性与市场效率提升。在目前阶段,适当性义务的预期行为模式应包括存在推荐服务时的了解产品、了解客户、适当性评估、记录保存行为,与指令交易中的警示与救援行为。

On Suitability Obligation for Financial Institutions---Analysis of the Constituent of Conduct

The suitability obligation for financial institutions functions not only as protector of disadvan-taged parties but also as a powerful remedy for information asymmetry and reasonable allocator of risks and ob -ligations in financial transactions .Moreover the authentic autonomy of will in financial transactions can be at-tained only if buyers can make decisions willingly , and the equal and fair financial transaction environment can be achieved .Therefore , it is essential to define the conduct mode set by the obligation so that transaction par-ties will explicitly understand the expectations of their conducts so as to improve transacting parties ’ rationality and market efficiency .At present , the expected conduct mode of suitability obligation consists of KYP , KYC, suitability assessment , and record keeping in service of recommendations provided by financial institutions , and the duty to warn and to rescue in transactions initiated by clients rather than recommended by financial in -stitutions .