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Research On The Contracting Explanation Obligation Of Financial Institutions In China

Posted on:2020-05-16Degree:MasterType:Thesis
Country:ChinaCandidate:Y S LiFull Text:PDF
GTID:2416330578482506Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
Under the background of financial innovation and mixed operation,the financial services in China have presented a tendency of complexity.Specific to the financial service domain,financial institutions and consumers conclude the financial service contracts,following the principle of will autonomy in the equal legal status.However,both parties are often on the stage of remarkable information asymmetry,affected by the professional characteristics of the financial industry and the complexity and hidden risks of the financial commodity.It is difficult for financial consumers to thoroughly understand the important information when contracting,owing to their weaknesses in expertise,trading experience,information collection and others,which require that financial institutions pay attention to fulfill the contracting explanation obligations.In recent years,the financial service disputes more frequently arise caused by improper sales in financial institutions.When concluding the financial service contracts,complaint of financial consumers is more likely to refer to improper description by some financial institutions.This situation not only seriously affects the confidence of financial consumers in financial market,but also negatively influences contractual justice in the sector of financial service.Although it is necessary to standardize financial institutions to fulfill the contracting explanation obligations,the current financial legislation lacks systematic norms in this aspect.Therefore,it highlights the significance to research the legal construction of the contracting explanation obligation of financial institutions in China,which can regulate the service behaviors of financial institutions,and promote the fairness and justice of financial commodity transactions as well as the development of financial market.Therefore,this paper argues that based on the legal relationship of financial services in financial institutions and consumers and the performance status of contracting explanation obligation by financial institutions,the rules of fulfilling the contracting explanation obligation of financial institutions should be constructed with regard to the content,requirement and behaviors of the obligation violation,etc.,which conforms to the demand of information asymmetry theory and the principle of honesty and good faith,as well as the demand of the financial industry management and the financial consumers protection in China in practice.Meanwhile,this paper defines the civil liability of breaching the contracting explanation obligation on financial institutions in China,and suggests the application of the principle of presumption of fault and inversion of the burden of proof.From the perspective of financial service contract,this paper studies the contracting explanation obligation of financial institutions in China,which can be divided into followingchapters: The first chapter summarizes the background and significance of the topic selection,the literature review,as well as the research methods and structure of this paper.The second chapter clarifies the financial service contract and introduces the concept and performance status of contracting explanation obligation on financial institutions.The third chapter,from the angle of theory and practice,analyzes the necessity of fulfilling the contracting explanation obligation by financial institutions.In the fourth chapter,the establishment of the rules in China associated to contracting explanation obligation of financial institutions is deeply studied,referring to the legislative experience at domestic and foreign.The last chapter researches the civil liability of breaching the contracting explanation obligation on financial institutions in China.
Keywords/Search Tags:financial service contract, financial institutions, financial consumers, the contracting explanation obligation, liability for tort
PDF Full Text Request
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