結構型債券法律規範之研究

A Study on Laws and Regulations of Structured Notes

熊全迪(Chuan-Ti Hsiung)

指導教授 ： 王文宇

國立臺灣大學/法律學院/法律學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.02201

摘要

結構型債券乃由債券及衍生性金融商品混合而成之新金融商品。在我國現行既有之有價證券/期貨二分法制下，同時具有有價證券與衍生性金融商品性質之結構型債券，究竟應如何適用法律？應適用證券法規或期貨法規之規範？我國現有金融法體系是否已足以應付此種具有混合性質之新金融商品？即有值得探討之處。本文首先將焦點集中在結構型債券之法律上定性，從而試圖釐清其法律適用並建議相關管制規定之可行設計方向，並基於定性問題所為之分析探討及結論，進一步探討其「推介銷售」階段之投資人保護及結構型債券課稅之基本議題。

本文建議將結構型債券定性為有價證券，使其發行、交易適用證券交易法及其相關法規之規制，短期可由主管機關將結構型債券解釋或核定為有價證券，長期則可為包含結構型債券在內之所有新金融商品制定判斷其為證券或期貨之統一規則。

此外，本文建議修正證交法第20條第1項之規定，使得除法條原所列舉之募集、發行、私募或買賣等行為外，與此等行為「相關」之一切行為亦不得有詐欺情事，以規範有價證券推介銷售之投資人保護。政策上若決定採取單一金融監理法規之架構，建議可於單一金融服務法中明訂適合性原則及風險揭露義務等金融商品推介銷售之行為規範，並宜賦予違反行為規範獨立之民事請求權基礎，惟客戶為專業投資人時應可有相當程度之排除適用。至於專法中「行銷」或「銷售」之定義，須得以包括「募集」、「發行」、「私募」、「買賣」、「信託」、「行紀」等法律行為。本文亦建議專法中明訂業者若欲推介、銷售法律所未禁止之新金融商品，應於推介銷售該新金融商品後，向主管機關事後申報、核備或備查，使主管機關得以對新金融商品適度地介入管制。

就結構型債券之課稅問題而言，短期內本文建議可將結構型債券定性為證券交易稅條例所稱之有價證券；未來若將證券交易稅廢除，回歸所得稅之課徵，則建議可參考美國法之規定，要求投資人以一定報酬率逐年認列結構型債券之利息收入，避免投資人在傳統架構下享有不合理之遞延利益。針對結構型債券之避險操作，則可參考美國法之規定，將結構型債券及其避險部位視為整體課稅。惟結構型債券課稅之公平合理性亦待相關租稅基本議題之配套調整修正方得竟其功。

關鍵字

結構型債券 ； 結構型商品 ； 證券交易法 ； 衍生性金融商品 ； 新金融商品 ； 金融服務法 ； 稅 ； 金融商品銷售與投資人保護

並列摘要

The regulation of a structured note, a kind of new financial instrument composed of a “bond” and “derivatives,” remains uncertain under the current dichotomous system: should a structure note be subject to securities regulations, or futures regulations? Whether the current financial regulations are well-developed to cope with transactions of this new kind of financial instrument is a topic worthy of investigation. This thesis first focuses on the “classification” of structured notes from a legal perspective, assessing the appropriateness of classifying structured notes as either securities or futures (derivatives). Furthermore, based on the analysis of such classification, conclusions are drawn about the basic issues concerning investor protection at the stage of recommendation and sale of structured notes and taxation of structured notes.

This thesis suggests that structured notes, from a legal perspective, be classified as securities. In this classification, the Securities and Exchange Act (“SEA”) and its related regulations should be applied to the issuance and all other transactions of structured notes. In the short run, the competent authority can classify structured notes as securities by way of “interpretation” or “approval”; in the long run, the legislature can set up a single uniform rule for classification of new financial instruments, including structured notes, as securities or futures (derivatives).

For better protection of investors at the stage of recommendation and sale of securities (including structured notes), this thesis suggests that the securities anti-fraud provision, Paragraph 1, Article 20 of the SEA, be amended to include any defrauding acts “related to” or “in connection with” issuance, private placement or trading of securities. In addition, if Taiwan decides to adopt a comprehensive single financial service law structure, it is advisable to set up a certain code of conduct concerning “suitability rule” and “risk disclosure requirement” in such a single financial service law. Provisions vesting investors the private rights to claim against the financial services companies in violation of such code of conduct are also suggested.

As for taxation, it is suggested that structured note, in the short run, be classified as “securities” subject to securities transaction tax. In the long run, this thesis recommends that Taiwan abolish the Securities Transaction Tax Act and establish tax rules for structured notes under the Income Tax Act, which uses a constant rate to calculate the interest income (expenses) generated (incurred) from structured notes. For hedge transactions, it is suggested that structured notes and its hedge position be taxed as an integral. Taxation on structured notes will be deemed fair only if relevant basic tax rules are reasonably adjusted.

並列關鍵字

structured note ； structured product ； Securities and Exchange Act ； derivatives ； hybrid instrument ； investor protection ； tax ； sale of financial product

參考文獻

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