衍生性金融商品販售之投資人保護與金融監理—以TRF為始點

Understanding Regulatory and Investor Protection Measures related to financial derivatives through Target Redemption Forward (TRF)

張碧娟(Bi-Chuan Chang)

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(2017年)

https://doi.org/10.6342/NTU201704101

摘要

TRF事件自2014年來引發極大的爭議，金管會屢次對銀行作出裁罰、修正相關法規，甚至委託評議中心成立特殊調處機制，卻仍無法平息風波，不僅顯示出投資人保護後端紛爭處理之侷限，也顯示我國對於衍生性金融商品販售之投資人保護前端規範不足之處。
比較法上，金融海嘯後各國於金融監管之改革中越趨強調投資人保護之環節，而我國公布施行金融消費者保護法後，對於金融消費者的保護可謂樹立了新的里程碑，然其仍有不完善之處。而對於非屬金融消費者的投資人，其相關規範包含應否保護、應保護至何種程度、如何於市場發展與投資人保護間取得平衡，我國規範似乎仍散亂而不足，不僅可能使金融服務業者難以遵循、滋生疑義，亦有無法有效保護投資人及過度扼殺產業發展之弊。
本文以衍生性金融商品販售之適合性原則、認識客戶原則及客戶分級制度為核心，討論其內涵及三者間之交互關係，檢討我國現行制度之不足，並比較美國、歐盟、英國及香港之相關規範，美國法中認識客戶原則與適合性原則緊密關聯，客戶分級則主要針對不同法規範中提供之豁免而作規範，而歐盟、英國法中對於三者的要件及三者間之關係有較仔細而架構完整的規範，香港則在近年亦做出全盤的修正，規範相當簡潔，皆頗值我國借鏡。
我國現行對於銀行、證券商販售衍生性金融商品之適合性、認識客戶原則及客戶分級，缺乏有架構的規範，而常有針對單一事件修正單一條文之弊，彼此間的相互關係亦缺乏全盤的規劃，且對於不同的金融服務業者規範也仍時有不同不之處。建議可參考比較法上的作法，針對相關規範作全盤的檢討和調整，以達到兼顧投資人保護與健全金融市場、促進市場發展和避免紛爭的目的。

關鍵字

適合性原則 ； 認識客戶原則 ； 客戶分級 ； 衍生性金融商品 ； 投資人保護 ； 金融監理

並列摘要

Since 2014, the Target Redemption Forward (TRF) has generated lots of controversy. Despite the Financial Supervisory Council (FSC) penalising banks and amending relevant regulation, even going as far as commissioning a special mediation centre to deal with the matter, it is still unable to solve the crisis. This not only reveals the limitation of investors dispute protection, but also reveals the inadequate protection measures that investors have with financial derivatives.
After the financial crisis of 2008, financial supervisory councils of each country embarked on a financial reform emphasising on the importance of investors protection. Despite announcing the Financial Consumer Act to protect the interest of financial consumers, such reforms are deem imperfect when it comes to investors protection. The problem then arises: under similar norms for investors who are not defined as financial consumers, to what extent should they be protected and how do we maintain market growth without sacrificing protection. Current standards are disorganised and inadequate, making it difficult for financial institutions to follow, rendering investors protection ineffective and curbing market development. The topic of this paper shall primarily focus on applying the suitability principle onto the sale of financial derivative products, providing an understanding of the know your customer principle and client classification. By discussing the intricacies and interweaving relationship, this paper will compare Taiwan’s current legal system’s approach towards said principles with the legal framework of those set forth by the legal systems of the United States, European Union, United Kingdom, and Hong Kong. The study of the USA’s legal framework will demonstrate the close relationship between the suitability principle and know your client principle. The client classification on the other hand is connected with exemptions provided by various clauses. This paper shall also demonstrate the much more detailed and complete framework found in the European Union and United Kingdom’s legal codes when dealing with the suitability principle, know your client principle, and the differential treatment towards clients, along with their relationship. Hong Kong, on the other hand, has recently undergone a complete overhaul in its approach resulting in a very concise and complete legal framework on the matter, one that is certainly worth integrating into the Taiwan’s legal code. Quintessentially, Taiwan currently lacks a structured norm with regards to suitability principle, know your customer principle and client classifications for banks and brokers selling financial derivatives. Amendments are often made specifically overlooking intricacies between cases and different norms are applied to different financial services, rendering it ineffective at establishing a structured and standard norm. By looking into comparative law and adopting the measures taken by the different country aforementioned, it is then possible to establish a norm on investors protection without sacrificing market development.

並列關鍵字

Suitability ； Know Your Customer ； Client Classification ； Derivatives ； Investors Protection ； Financial Regulation

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