Study On The Suitability System Of Securities Investors

With the vigorous development of the capital market,the securities investor suitability system has developed into an important system to protect investors.As the capital market becomes more and more complex and professional,the gap between investors and securities companies in the acquisition of information and professional knowledge is aggravated,resulting in the loss of interests of vulnerable subjects in securities trading.China's appropriateness system started late.The provisions on the appropriateness system are scattered in laws,administrative regulations,departmental rules and self-disciplinary norms,and the system is not strong,which has failed to substantially change the dominant position of securities companies.Therefore,it is of great benefit to establish a fair,fair and open market environment and develop the capital market.This paper is divided into five parts:The first part is the introduction.This paper expounds the background and research significance of the topic,briefly summarizes the research status at home and abroad,and clarifies the research ideas and methods of this paper.The second part expounds the basic theory of securities investor suitability system.This paper defines the suitability system for securities investors,and argues that the system has the functions of shaping the credit society,improving the level of corporate governance,realizing the stable development of the capital market and protecting the interests of investors.From the attribute of legal system,this paper thinks that the suitability system of securities investors has the attribute of economic law.The theoretical basis of the suitability system of securities investors can be obtained from the agency theory,the “dependency” theory,the “shingle ” theory and the caveat emptor theory.The third part analyzes and discusses the current situation and existing problems of the legislation of the suitability system for securities investors in China.There are many normative documents concerning the suitability system for securities investors in China,which have been promulgated by the standing committee of the National People's Congress,the state council,the CSRC,the securities industry association,the stock exchange and the supreme people's court.From the perspective of legislation and norms of securities investor suitability system in China,there are still many problems such as unclear system level,lack of general principles,weak supervision link,difficulty in rights relief,unclear legal responsibility,and insufficient investor protection in intelligent investment.The fourth part studies the investor appropriateness rule of mature capital market and its enlightenment significance.This paper tries to get enlightenment by studying the appropriateness rules in the United States,the European Union,Japan,Singapore and Hong Kong.The fifth part expounds the Suggestions to improve the suitability system of Chinese securities investors.The perfection of China's securities investor suitability system should be improved in the following aspects: First,to sort out and compile scattered normative documents.Second,the fiduciary duty as a general principle into the law.Third,improve the securities supervision model and clarify the supervision function.Fourth,it is clear mediation,arbitration,civil litigation and other relief methods.Fifth,comprehensive civil liability,administrative liability and criminal liability to regulate the behavior of securities companies.Sixth,we should improve the suitability system for investors in intelligent investment through establishing concepts,strengthening supervision and supplementing existing regulations.