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  • 學位論文

從法律觀點看連動債券之監理與投資人保護問題

A Legal Study on Structured Notes--With Special Reference to the Scheme of Supervision and Investor Protection

指導教授 : 賴英照
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摘要


連動債券,亦有人稱之為結構型債券、混合債券,係結合固定收益商品(例如債券)與衍生性金融商品(例如選擇權)而成的新金融商品。連動債券此種新金融商品之性質,學者間尚有不同見解。觀察我國證交法有價證券之範圍,似含有投資成分之考量在內。連動債券雖為一混合性金融商品,究其本質實含有投資之性質,考量保護之必要性、且我國尚未有適當之規範,或許可由主管機關透過函令將其認定為有價證券。然而,我國證交法並未規範金融機構之行銷行為,對於投資人之保護仍有不足之處。因此,或可針對金融機構行銷連動債券此種新型態之金融商品設立一專法加以規範,凡銷售一定條件之金融商品,例如具有投資性質之金融商品,即適用該法規關於行銷人員之規範、金融商品之行銷、資訊揭露等規定,藉此保護投資人或金融消費者之權益。 金融商品之複雜度逐漸提高,相較於金融業者,投資人為資訊較為弱勢之一方,因此投資人保護之議題益顯重要。關於投資人保護之議題,除了投資人之金融教育外,金融服務業及其從業人員之規範亦為投資人前端保護機制之一。另外,在金融商品之推介銷售階段,學說發展出要求金融業者於銷售階段,須向投資人平衡且公平地揭露相關資訊,或更進一步要求金融機構就重要資訊負有「說明義務」。此外,金融機構於推介銷售金融商品時,亦須進行「瞭解客戶」程序,並基於此程序所獲得之資訊來判斷金融商品是否適合該潛在投資人,此亦為「適合性原則」之落實。上述原則皆為投資人保護之重要議題,然而我國法院見解未區分資訊揭露及說明義務此二概念,仍以傳統民法為出發點,認為當事人各負有資訊蒐集分析之義務,金融機構行銷人員提供書面之資訊,即已盡其說明義務,而忽視了資訊弱勢之一方對於該等資訊是否有理解分析的能力;實務見解亦常誤解適合性原則之內涵,認為業者盡到「瞭解客戶」程序即符合適合性原則,故實務上常見業者之說明未顧及客戶之智識能力及投資經驗,導致投資人誤解業者說明之內容。基於投資人保護之重要性,或可將金融商品推介銷售時之說明義務、適合性原則之規範提升至法律位階加以規範。 關於連動債券監理規範,或可思考以功能別之管理方式,減少規避法律之問題;再者,亦可搭配投資人及投資商品之分級制度,使投資人購買適合其風險承受能力之商品。另外,金融市場之專業人員,或有稱之為守門員(Gatekeeper),亦為金融市場監督之參與者,其相關責任之賦予及釐清亦為重要之議題。這些金融監理之手段,都須藉由成文規範、社會規範、專業人員之專業能力等互相配合,以達金融市場監督之目的。

並列摘要


The concept of a structured note is a new financial instrument that combines the features of a fixed income instrument with the characteristics of a derivative transaction. The types of instruments are often referred to structured notes or hybrid securities. However, the regulation of structured notes remains uncertain under the current legal system in Taiwan. Current product innovation is likely to increase the complexity of financial products, and inevitably strengthen the information unsymmetry between financial institutions and investors. This should be a principal concern in investor protection. In order to solve this problem, setting up the conduct codes or restriction for the employees of financial institution is as important as enhancing the education of investors. Furthermore, the academia claims further that financial institutions must obligate to the requirements of “duty to explain” and “suitability” at the time-of-sale. However, the courts’ holdings not only fail to distinguish the concepts between “disclosure” and the “duty to explain”, but also misunderstand the concepts of “know your customer procedure” and “suitability”. Considering the lack of regulation, the wrongful holdings of courts, and the necessity of investor protection of structured notes, it is advisable to set up a functional regulation to decrease the possibility of regulation circumvention. Thus, the Competent Authority may approve structured notes as securities under Article 6(1) of Securities and Exchange Act in order to fill this blank of regulation up and set up requirements of “duty to explain” and “suitability” at the time-of-sale. Besides, by ranking investors and financial products, it may reduce the risk of over-investing which investors could not endure. Finally, government and financial institutions or associations are not the only potential actors in systems of regulation. Others may play key roles, such as the auditor, the attorney, and the credit rating agency (which are well known as gatekeepers). To build up an investor-oriented supervision, it takes dedication of all the participators mentioned above. Thus, a well-established supervision of financial markets needs the combination of written norms, social norms, and technology of gatekeepers.

參考文獻


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被引用紀錄


張碧娟(2017)。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〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU201704101
莊惟婷(2014)。從比較法觀點檢視我國金融消費者保護法〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2014.11256
楊敦元(2011)。論適合性原則與保險商品〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2011.10057
林佳慧(2010)。金融推介之監理與投資人保護—以英國法為借鏡〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2010.01422

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