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落实投资者适当性管理要求 加强中小投资者保护

2016-12-20 17:45:44   

■国泰君安证券

投资者适当性制度是保护中小投资者权益的最重要的制度,是规范证券期货经营机构及投资者之间权利义务关系的重要手段。一直以来,证券监管机构高度重视投资者适当性制度的建设,国务院、证券监管机构、自律组织陆续推出了《证券公司监督管理条例》、《关于加强经纪业务管理的规定》、《证券公司投资者适当性管理指引》等规定,同时在具体业务如创业板市场、股指期货、融资融券业务、债券市场、代销金融产品、资产管理等业务规则中也提出了投资者适当性管理制度,起到了积极的效果。但是,这些制度比较零散,相互独立,未覆盖部分高风险产品,而且提出的要求侧重设置准入的门槛,对经营机构的义务规定不够系统和明确;另一方面,证券期货经营机构在执行的有效性、风险评估真实性、投资者与产品和服务的匹配以及核查的科学性等方面也存在很大差异。在总结实践经验基础上,证监会制定出台了《证券期货投资者适当性管理办法》(以下简称《办法》),形成了统一的投资者适当性管理制度。

总体来看,《办法》制度层次分明、客户分类要求清晰、产品风险分级标准科学,证券期货经营机构与投资者权利和义务明确。《办法》作为适当性管理的“母法”,统一了各市场、产品、业务的适当性管理要求,首次对投资者基本分类做出了统一安排,明确了适当性匹配的底线标准,系统规定了对于违反适当性义务的处罚措施。《办法》有以下亮点:

投资者分类层次分明

专业投资者和普通投资者的基本分类是投资者适当性制度的基础。《办法》构建了依据多维度指标对投资者分类的体系,统一投资者分类标准和管理要求。明确普通和专业投资者基本分类,一定条件下两类投资者可以相互转化,经营机构从有效维护投资者合法权益出发可以对投资者进行细化分类。同时规范了特定市场、产品、服务的投资者准入要求。投资者分类制度的统一规范,也有利于降低经营机构履行适当性义务的成本,提高适当性管理的效率。可以说,对投资者进行分类管理,既是实现金融产品或服务与投资者间“适配”的关键性举措,也是投资者适当性制度的重要基础。不进行适当分类,就无法防止不当销售产品或提供服务。

建立了科学的产品分级机制

产品风险等级划分与投资者分类一样,都是投资者适当性管理的基础制度。一是明确了产品分级的底线要求和职责分工,规定经营机构是产品或服务风险等级划分的主体;二是明确分级的考虑因素,规定了底线要求;三是行业协会制定产品名录指引、经营机构制定具体分级标准,供经营机构参考,从而形成了层层把关、严控风险的产品分级机制。

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