論證券投資顧問事業之行為規範與民事法律責任

A Study on the Regulation Regarding Civil Liability and Business Conduct of Investment Advisers

張家豪(CHIA-HAO CHANG)

指導教授 ： 賴英照

國立臺北大學/法律學院/法律學系/碩士(2008年)

摘要

本文嘗試提出改進的方向。內容上，第二章是先對於證券投資顧問事業基本概念之介紹，討論的範圍包含證券投資顧問事業之意義、證券投資顧問事業在證券市場上之角色定位以及此事業在我國法制上之發展。並認為，現行證券投資信託及顧問法對於證券投資顧問事業之定義可能會造成非法投顧之猖獗，且未設除外條款，也可能導致執法上的不公及監督成效不彰之結果。第三章則討論我國證券投資顧問事業應具備的各項資格。在組織型態上，本文認為我國現行規範充滿了許多不必要的限制。在設立規範上，也應該要放寬管制。而專業能力的限制上，我國規範顯的過於紊亂，令人摸不著頭緒。而財務基礎之限制上，現行法是強制發起人應於發起時一次認足最低實收資本額，本文以為不妨以營業保證金之制度替代即可。
第四章將探討重點放置在證券投資顧問事業與投資人間之法律關係上。本文以為證券投資顧問契約是一混合契約，且投資人同時是消費者之一種。而證券投資顧問事業與投資人間存有「忠實義務」，由於一旦違反忠實義務，證券投資顧問事業應負契約上之責任，因此將忠實義務具體化，供投資人與證券投資顧問事業作為行為時之參考，誠屬必要。第五章是是研究過去我國法院對於投顧事業與投資人間之法律意見，由結果統計可知，我國法院普遍不支持投資人之法律主張。本文以前幾章的理論基礎，對於各實務判決作一評釋，研究後發覺我國法院並未正視證券投顧事業對投資人所負的各項契約義務，亦未能將投資顧問事業之忠實義務精緻化，且普遍無法跳脫民法上的思維模式，對專業領域的敏感度有所不足，在此情形下，最高法院未能適度的表示法律意見，使得問題更顯嚴重。另外，有鑑於我國金融法制整合是未來金融服務規範上的發展趨勢，因此，本文以民事責任為中心，針對我國金融服務法草案對於證券投資顧問事業之影響做一評析，並在比較現行證券投資信託及顧問法後，得出該草案對於現行規範上之意義以及可能影響審判實務之衝擊，並試圖找出金融服務法草案將來適用上可能產生的疑義，作為將來改進之參考。

關鍵字

投資顧問 ； 證券投資顧問 ； 冷卻期間 ； 忠實義務 ； 不當勸誘 ； 適合性原則 ； 全權委託投資顧問 ； 保護他人之法律 ； 金融服務法草案

並列摘要

Because the roles of the modern society are divided more obviously, the investment adviser’s undertaking of securities is developing gradually. The news that investors are deceived appears constantly. So, this text attempts to find out the improved direction by all kinds of approaches, such as the comparison of the foreign law, the ideas of the experts, the judgment of our country.
And, on the content, chapter two is to introduce the basic conception of the investment advisers first. The range of the discussion includes the meaning of the investment advisers, the roles of the investment advisers in the security market, and the legal development of the investment advisers. Furthermore, I think that the definition of investment advisers according to the current laws may cause illegal conditions. Without setting up exceptional clause, it may result in injustice and deficient supervision.
Chapter three is to talk about the qualifications of investment advisers in our country. According to the current norms, there are too many unnecessary restrictions on the type of organizations. Therefore, I think the restrictions of laws should be loosened. Furthermore, as to the restrictions of professional abilities, the current laws are too chaotic to understand. Moreover, I want to talk about the restrictions on financial foundation-the current laws force promoters to collect lowest paid-up capital while initiating. I think that we can replace current restrictions with earnest money system.
Chapter four is to discuss the legal relation between investment advisers and investors. I regard it as a mixed contract, and the investors are consumers. Therefore, the investment advisers have “faithful obligations.” Once the investment advisers violate the “faithful obligations,” they will shoulder the responsibility based on the contract. Above this paragraph mentioned, it’s necessary to make clear “faithful obligations.” The specific legislation is to offer the reference of the investment advisers’ behaviors.
Chapter five is about the opinions of domestic verdicts. We can find that judges don’t support what the investors advocate. Now, I’m here to make comments on verdicts according to the above-mentioned theories. We can say that judges neither look squarely at the contractual duties of the investment advisers nor make the “faithful obligations” delicate. Furthermore, the judges can’t take off the frame of civil laws when they make verdicts. Besides, their susceptibility to the professional field is insufficient to some extent. Under this situation, the Supreme Judicial Court fails to make a legal expression appropriately. As a result, such a condition makes the problem more serious. And, because the integration of financial laws and regulations is the trend in our country in the future. The civil liability as the center to evaluate and analyze how the bill affects the investment advisers. After comparing the bill with current regulations, we can not only find out the difference between the bill and the current regulations but also presume that the verdict may be changed. Besides, I attempt to search for any possible issues when the bill is applied. By the way, I sincerely hoped that the research can be reference of amending financial laws and regulations.

並列關鍵字

investment advisers ； Civil Liability ； Business Conduct

參考文獻

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