金融商品監理之研究-以連動債為中心

The Research on Regulation of Financial Products─Focus on Structured Note

彭永翔(Yung-Hsiang Peng)

指導教授 ： 曾宛如

國立臺灣大學/法律學院/科際整合法律學研究所/碩士(2009年)

https://doi.org/10.6342/NTU.2009.02502

摘要

二○○八年九月十五日，雷曼兄弟應聲而倒，全球金融市場如骨牌效應，接連崩垮，台灣也無法置身事外，在台灣，約有兩萬多名投資人受害，損失金額據金管會估計約達新台幣一兆兩千億元，至此，損失重大的投資人開始思考如何求償，赫然發現，依法求償之途徑困難重重。

我國於行銷、締約階段，金融機構銷售連動債商品所應履行之法律義務，多規範於法規命令與自律規範層次，在法律規範層次的監理並不完整，請求權基礎也曖昧不明。而相較於我國之金融監理體系，英國金融市場對於金融機構之監理在FSMA 2000及COBS中皆設有完整之規定，規範金融機構於行銷、締約階段所需履行之義務：於行銷階段中，主要從行銷行為及行銷內容兩方面監理，就行銷行為部份，原則上禁止主動積極性質之行銷行為，如主動報價行銷以及訪問交易；就行銷內容部份，則要求當行銷內容涉及過去績效、過去模擬績效及未來績效時，所必須說明之事項。於締約階段中，則要求金融機構在進行個人推介行為時，必須遵守適合性原則及說明義務，並清楚賦予金融機構若違反上述規定，而導致投資人受有損害時的損害賠償請求權基礎。

此外，由於英國採金融監理一元化之模式，不再以業別立法，FSMA 2000以「受規範行為」與「投資」做為經緯，架構出完整的金融監理體系，且只要是具有投資性質之金融商品皆受到FSMA 2000之規範，故在面對新興金融商品出現時，不需再傷神定性該商品為有價證券或衍生性金融商品，而這也是我國法於處理連動債商品銷售糾紛時所面臨之困境，即連動債商品是否有證券交易法或期貨交易法的適用；而COBS中的顧客分類制度也是我國監理體系所缺乏的。故本文主要以FSMA 2000及COBS為討論之素材，希冀能為我國建立完善之金融監理體系。

除了參考英美法規範之內容，也試圖從我國現行法的規範架構下，包括證券交易法、信託業法、消費者保護法，在金融機構於行銷階段廣告內容不實、締約階段因故意或過失，未善盡說明義務，而導致投資人受有損害時，為投資人尋找損害賠償請求權之基礎，並說明現行實務處理之方式為何。

我國之金融監理體系，就許多新興金融商品之規範，仍然紛雜未明，未來該如何立法，或許可以參考英國以金融商品風險與受規範行為之角度切入立法，才可應付與時俱變的新興金融商品，以兼顧金融市場之發展與投資人之保護，建立穩定之金融市場。

關鍵字

連動債 ； FSMA 2000 ； COBS ； 行銷 ； 適合性原則 ； 說明義務

並列摘要

On September 15th 2009, Lehman Brothers Holdings Inc. went bankrupt. Subsequently, a domino effect ensued --- a wide worldwide financial collapse in an unprecedented scale and speed. Taiwan is no exception. Because of the financial storm, there are approximately 20,000 Taiwanese who lost their money in the scale of about NT$1.2 trillion according to the estimation of Financial Supervisory Commission. Only from this moment on, Taiwanese investors have started to think about how to claim for payback by law, but simply realized the toughness of getting compensation.

In Taiwan, the obligations of the financial institutions concerning the selling of structured note in the promotion and pre-deal phases are unclear. Action for damages in the domestic law is also vague. Compare with Taiwan, the United Kingdom utilizes FSMA 2000 and COBS to set comprehensive rules in the supervision of financial institutions and the obligations has covered both promotion and pre-deal ones. In the promotion phase, COBS basically prohibits active promotions, such as direct offer financial promotion and cold calling. As for the contents of promotions, a firm must meet specific conditions when the information of promotions involves past performance, simulated past performance and future performance of relevant business, a relevant investment or a financial index. When a firm communicates with clients in relation to designated investment business, the firm must observe the rules in suitability and communication, and COBS entitles investor action for damages in a clear fashion if the firm contravenes the rules in COBS.

Besides that, because FSMA 2000 is a singular supervision, it adopts “regulated activity” and “investment” to build the whole complete regime. All financial products will be regulated by this regime only if it shows the nature of investment. Therefore, U.K. has differentiated itself from us. When there is a new financial product, it’s not necessary for investors in the U.K. to distinguish whether it is securities or derivatives, whereas for Taiwanese investors, they must endeavor to figure out it is regulated by Securities and Exchange Act or Futures Trading Act, and this is a troublesome situation for current domestic laws right now. Furthermore, our supervision regime also lacks client categorization setup in the COBS. Therefore, this thesis will discuss supervision of financial market based on FSMA 2000 and COBS, trying to build a complete regime of financial supervision in Taiwan.

This thesis also intends to find out basis of action for damages among Securities and Exchange Act, Trust Enterprise Act and Consumer Protection Law in our domestic law. That is, when a firm delivers unfaithful advertisement or communicates before the deal in a deliberately or recklessly way without adequate descriptions, and then causes losses of the investors, this thesis will try to find the basis of action for damages and explains how the government and firm should handle these problems in practice.

There are so many new financial products which are still unregulated or regulated in an unclear manner in Taiwan. It is possible that we could consult the legislation of U.K., retrieving its underlying principles of “regulated activity” and “investment” to build the regime of financial supervision. So that we may cope with any newly entered financial products, simultaneously allow for constant development of financial market, and last but not least, protect investors’ rights to construct a stable financial market.

並列關鍵字

Structured Note ； FSMA 2000 ； COBS ； promotion ； suitability ； communications with clients

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