Research Of The Security Investors Appropriateness System In Our Country Securities Market

Securities investors appropriateness system originated in the United States, which isdeveloped to be one of the cornerstones of investor protection system. Extraterritorialsecurities in the mature capital markets, the system is already an essential part of regulatingthe rights and obligations between investors and securities companies. With the constructionof multiple level capital market system, our legislation and securities regulators have initiallyrequired in relevant laws and regulations, administrative rules and norms of discipline onsecurities investors appropriateness system, but the provisions are superficial and shallow,notyet touched the core of it. For this reason, this paper based on our country’s securities market,not only combines and analyzes the successful experiences of extraterritorial securities in themature capital markets, but also examines and reflects the defects and deficiencies ofsecurities investors appropriateness system, furthermore, it proposes path ideas of improvingour country’s securities investors appropriateness system. The paper is divided into five parts:The first part refers to the theoretical overview. This section defines the conception ofsecurities investors appropriateness system, based on the definition of the meaning ofinvestors appropriateness system,The second part refers to the theoretical basis of securities investors appropriatenesssystem. It interprets economy、ethics、society and law basis. Meanwhile, this part alsointerprets three theory namely agency theory、“special circumstances” theory and “shingle”theory to develop the theoretical basis further.The third part refers to the main content. Combined with Chinese practices, with theperspective of comparative law, describes the distinctive content of the investors appropriatesystem abroad. It includes the appliance、considerations、fulfillment of obligations、internalcontrol mechanisms and the cases of the obligations’ exemption.The fourth part refers to the examination and reflection of our country’s securitiesinvestors appropriateness system. On the one hand, there are still so many problems inlegislative field; on the other hand, judicial relief mechanism is also hard to adapt to therequirement of investors’ rights protection.The fifth part refers to the path idea of improving our country’s securities investorsappropriateness system. It contains the elevation of legal effect level、the introduction of investors classification system and exempt obligations、a clear civil liability of violation of theobligations、 optimization of our country’s securities regulatory、 dispute settlementmechanisms and the improvement of the supporting mechanisms and dispute settlementmechanisms associated with the securities investors appropriateness system.