連動債引發金融商品之銷售爭議與法律問題研究

A Study on Structured Notes Inducing Sales Disputes of Financial Instruments and its Legal Issues

陳乃榕(Nai-Jung Chen)

中原大學/商學院/財經法律研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100770

摘要

摘 要

2008年9月份美國雷曼兄弟公司聲請破產保護，此消息一出震撼各界，其後AIG被美國政府緊急接管，以及一系列的金融機構面臨破産、併購或是被政府接管，金融市場出現巨大的動盪，並伴隨著財務工程的進步與全球化發展，使全球陷入金融海嘯引發一連串之金融危機。我國受金融海嘯的衝擊與國外有所不同，英、美等國面臨的是銀行倒閉，經濟衰退的危機。而我國則是在於金融機構代銷國外投資銀行發行之衍生性商品；即境外發行之結構型商品「連動債」，引發銀行與投資人間之不當銷售問題，並且引發對金融監理體系之監理不周延與監理法規不足之檢討。由於財務工程高度的發展，以及結構型複合式金融商品的複雜程度難以讓一般投資人理解；投資人在申購「連動債」商品時，多半基於對代銷機構的專業信任而購買商品。但綜觀我國受害投資人之求償案例，最多的竟是追求低風險的投資族群，並且在投資遭受損失後，才驚覺到原以為保本之連動債，竟會是血本無歸，此時也才發現依法求償的途徑竟是困難重重。因而當爭議發生後，顯見我國金融監理制度之缺失，包含監理之法位階層級、對監理制度的落實，以及投資人保護制度皆有不足之處。
本研究共分為七章節，探討我國因銷售連動債所引發之銷售爭議與法律問題。第一章緒論，主要述明研究動機及研究目的。第二章為基於金融海嘯問題之根源，探討引爆危機之美國次級房貸與風險轉移之資產證劵化；以及對金融機構帶來的衝擊與因應策略。第三章為對於我國投資人多半不清楚何謂連動債，對連動債之結構及風險予以說明，並探討銷售監理制度與銷售機構的責任義務。第四章為探討銷售連動債引起之爭議事項，以及爭議案件之受理與處理原則及評議效力，並探討金融監理機關的審查機制變革與裁處案例說明。第五章為我國連動債銷售之法律依據，以及目前各業別金融機構之銷售規範說明，另探討我國於爭議發生後對相關規範之修訂與增訂，並探討銷售機構之民事責任與訴訟案例。第六章為基於本次金融風暴影響遍及全球，各國紛紛致力於金融監理制度之改革。雖我國發生之問題不同於他國，但對於金融監理制度之改革，亦有我國可參考之方向。故簡述目前國際間之金融改革趨勢，並探討我國改革之方向；另針對國際間加強金融消費者保護機制，亦對於我國2011年金融消費者保護法之立法予以探討。第七章為結論。

關鍵字

金融消費者保護法 ； 連動債 ； 選擇權 ； 特定金錢信託

並列摘要

Abstract

In September, 2008, Lehman Brothers filed for bankruptcy protection. When the news broke, it shocked the world. In the event of emergency, AIG was also taken over by US government and followed with a series of financial institutions facing bankruptcy, chances of being merged or taken over by the government. It created a tremendous financial turmoil. And these were paced by the progress stemmed from financial engineering as well as global developments which further precipitated the world into financial meltdowns and triggered a series of financial crises globally. Impact to this country had been different from those occurred abroad. In UK and the US, what they faced were bank failures and crises resulted from economic recession. In this country, this reflected on financial institutions commissioned to sell the derivatives issued by investment banks overseas; i.e. the “structured notes” --the offshore issued structured products triggered inappropriate sales issues between the banks and the investors. Moreover, it also facilitated the reviews for changes like inadequate supervision from financial oversight system as well as insufficient oversight rules. Due to extensive developments witnessed in financial engineering, coupled with incomprehensible complexity in the structured and compound financial products which most investors would feel lost, therefore when investor applies to purchase “structured notes” financial product, the rationale would base upon the trust to the professionalism exhibited by the commission agencies. While making a comprehensive survey for investor claims in this country, we found that most of the claims stemmed from those who sought the least of investment risks. Worst of all, after these investors lost the investments, they realized the supposedly breakeven structured notes turned out to cause them lose all their investments. At the same time, they found the path to reclaim their losses would be even harder than they had imagined. Since the occurrence of dispute, the deficiency in the financial oversight system of this country was quite evident, including hierarchy level of the oversight rules, the implementation for oversight system as well as investor protection system, they were all found lacking.

This research has been divided into seven chapters and sections with the intent to explore the derivatives sales disputes triggered by structured notes and associated legal issues.
Chapter one, the introduction, primarily describes research motivation and the purpose for this research. Chapter two concerns the root of financial tsunami and explores asset securitization from the perspective of US subprime mortgage and risk transfer which triggered the crisis in addition to impacts to financial institutions and corresponding countermeasures. Chapter three illustrates subjects like structure notes which most our investors did not have a clear understanding, and its structure and associated risks. In addition, this chapter will explore the oversight system and corresponding duties and responsibilities for commission institutions. Chapter four is to explore the disputed items derived from selling structure notes and the accepted handling for dispute cases, the processing principles and assessment effectiveness. Moreover, it will explore the changes of review mechanism within financial oversight institutions and illustrations for arbitrated cases. Chapter five stated the legal premises for our structure notes and sales standards observed by current financial institutions of various industries and sectors. Other than these, it will explore the revisions and updates for related standards after the occurrence of dispute, plus civil liability and litigation cases of the commission institution. Chapter six focuses on the reforms dedicated to financial oversight system by all countries and global impacts caused by financial tsunami. Although problems occurred in this country are different from those from the others, the reforms for financial oversight system could still serve as directional references at a minimum. Thus, a brief description is presented in this chapter for current international and financial reform trending in addition to the exploration for direction that our reforms should assume. Furthermore, this research explores the strengthened financial consumer protection mechanisms between nations; in turn, it should also explore our legislative efforts toward financial consumer protection as well. Chapter seven serves as the conclusion for this thesis.

並列關鍵字

structured notes ； option ； financial consumer protection

參考文獻

李儀坤、張捷昌、黃建森合著，金融風險管理 衍生性商品之機能，初版，華泰文化事業股份有限公司，2000。

楊偉文，金融監理機關功能性組織調整之研究，臺北大學法學論叢第七十期，頁157~255（2009）。

謝哲勝，信託起源與發展，中正法學集刊第三期，頁147-161（2000）。

彭永翔，金融商品監理之研究-以連動債為中心，台灣大學科際整合法律研究所，碩士論文（2009）。

周行一教授主持，2008年全球金融海嘯下，我國新金融規範發展及我國之因應策略，行政院金融監督管理委員會委託財團法人中華民國證劵暨期貨市場發展基金會研究計畫報告書（2010）。