新证券法下“投资者适当性义务”的实现路径——从“规则监管”到“原则监管”的转变

新证券法有关“投资者适当性义务”的规定反映了近年来国际上重视金融消费者保护的“行为监管”趋势。行为监管要求将原有单纯满足监管规范要件的“形式合规”转向以实现金融消费者保护为结果目标的“实质合规”,由此金融消费者保护方式呈现出从“规则监管”向“原则监管”的转向。同样地,本次修法将以往中国证监会具体、细化的投资者适当性规则上升为抽象的法定义务,这就决定了券商在销售证券或者提供服务的过程中不能完全以所谓的“程序合规”作为其完成“投资者适当性义务”的标准,而应以“程序合规+实质合规”来证明其对“投资者适当性义务”要求的满足。新证券法在投资者保护方面呈现出一种明显的“以结果为导向”的原则监管新思路。

The Realization Path of “Investor Suitability Obligation” under the New Securities Law: Transition from “Rule Supervision” to “Principle Supervision”

The provisions of the new Securities Law on "investor suitability obligations" reflect the international trend of "behavioral supervision" that has attached importance to the protection of financial consumers in recent years. Behavioral supervision requires that the original "formal compliance" that simply satisfies the requirements of the regulatory norms is turned to the "substantive compliance" that aims to achieve financial consumer protection as the result. Consequently, the way of financial consumer protection has shown a shift from "rule supervision" to the "principle supervision". Similarly, this revision of the law has elevated the previous specific and detailed investor suitability rules of the China Securities Regulatory Commission to an abstract statutory obligation, which determines that securities firms cannot completely use the so-called "procedural compliance" in the process of selling securities or providing services. As the standard for fulfilling the "investor suitability obligation", "procedural compliance + substantive compliance" should be used to prove that it meets the requirements of the "investor suitability obligation". The new securities law presents an obvious "result-oriented" principle of new supervision in terms of investor protection.