衍生性金融商品投資人保護制度之研究兼論TRF商品銷售爭議

本研究將自衍生性金融商品的介紹開始，帶大家瞭解TRF商品結構及設計原理，進而探討金融消費者保護、適合度、說明義務以及TRF 商品之銷售、風險揭露等議題，並比較美國、香港及歐盟對銷售金融衍生性金融商品有關之消費者保護規定與本國之異同並佐以實際案例銷售之各項環節細節之審視（金融消費者保護、適合度、說明義務），探討如何改善銷售流程進而減少紛爭，做為日後政策制度修改之參考。結論部份吾人認為我國在衍生性金融商品的銷售程序上，仍應該完備基本原則如：適合度（KYC、KYP）、揭露原則、說明義務等以強化銷售方義務。另也應對金融商品購買者施予特定之義務。

關鍵字

TRF ；商品適合度；揭露義務

並列摘要

This research starts with the introduction of derivative financial products and description of , the structure and design principles of yuan-related derivatives called target redemption forwards (TRF) products. We then explore issues related to financial consumer protection, the fitness/strength, description of obligations, sales and risk disclosure of TRF products, and compare the regulations in the United States, Hong Kong And the European Union in terms of consumer protection and sale of financial derivative financial products. Next, we review in the details, various aspects of sales derivative products’ sales based on actual cases (financial consumer protection, fitness/strengthfitness, and description of obligations) to explore how ways to improve the sales process, reduce disputes and serve as a reference for future policy updates. In conclusion, we argue that Taiwan should still further elaborate its basic principles, including product suitability (KYC, KYP), enhanced seller’s information disclosure obligations of seller’s information, and expand customer’s classification during the sales process of derivative financial commodities. In addition, we propose to increase the obligations of financial sellers whose specific obligations should also be imposed on buyers of financial commodities.