Research Of The Civil Liability Of Investors Appropriateness System

Investors appropriateness system refers to financial firms through understanding customer and understanding the product, match the financial product or service with investors appropriatly, its core is "know your customer", "understand the product" and "proper match".Investors appropriateness system as a protection system for vulnerable investors in financial markets, has reached an international consensus, countries are actively exploring and perfecting the system.Our country also gradually began to realize the importance of investors appropriateness system, the 2015 amendments to the securities law has been incorporated into the investors appropriateness system, for the new "securities law" passed, investors appropriateness system will be referred to the height of the basic law.However, whether laws,regulations or rules, there is only the administrative liability in violation of the investors appropriateness system, not to mention the civil liability.On the one hand, the rights of small and medium-sized investors cannot get protection, on the other hand, there is lack of the provisions of the civil liability of investors appropriateness system in China.In view of this kind of situation, this article expects to explore and research the civil liability of investors appropriateness system to provide the legislation reference for improvement of the investors appropriateness system.This article first to introduce the connotation,the theory and the legal liability of investors appropriateness system, clear the right subject of investors appropriateness system is investors, compulsory subject is finance company, the object is the financial product or service. Then, analyze the legal nature of investors appropriateness system is an investor protection system rather than an investor management system, legal position should be legal principle rather than legal rule, and investors appropriateness system is different of qualified investors system.The legal liability of investors appropriateness system is mainly administrative liability, civil liability is still in the exploratory stage. There are three viewpoints of the nature of the civil liability of the system in theory,including liability for breach of contract, contracting fault liability and tort liability. To analysis of the three views, the author thinks that identified the civil liability for tort liability not only makes sense in theory, but also to better protect the rights and interests of investors. So the next discusstion is the cognizance of tort liability, including the cognizance of the components and compensation of the tort liability. Finally, this paper provides some thinking to construct the civil liability of investors appropriateness system, the author through three aspects:clear and definite investors appropriate obligations and civil liability, establish securities tort liability rules and civil liability exemption,proposes to improve the civil liability of investors appropriateness system.