| The investor suitability system means that a financial institution is obliged to recommend to the investor a financial product or service suitable for the investor on the basis of a full understanding of his or her own situation and a full understanding of the financial product or service to be recommended.In recent years,China has been actively exploring and perfecting the system,gradually establishing the appropriate system of our country in normative documents,involving all areas of the financial market,especially the adoption of the revised Securities Law on December 28,2019.The system of investor appropriateness has been raised to the height of the basic legal dimension.In addition,the Minutes of the National Court’s Civil and Commercial Trial Work Conference(hereinafter referred to the Minutes of Conference)issued by the Supreme Law at the end of 2019 make an important remedy for the lack of civil liability provisions for the appropriateness system of Chinese investors and the difficulty of safeguarding the rights and interests of financial consumers.For a long time,the judicial application of the courts to investors’ appropriateness-related disputes is not uniform,from the classification to the trial basis of the phenomenon of various,resulting in differences in the outcome of the trial.Of course,some of these high-quality cases are of reference to the judicial trial of investors’ appropriate disputes.The introduction of the Minutes of Conference unified trial ideas,to solve some of the shortcomings in the judicial practice in the past,but still need to clarify the nature of legal liability,as well as the review of standards and determine the boundaries of financial institutions more exploration.This paper is divided into four parts.First of all,the theoretical basis of the investor’s appropriateness system is summarized,including the definition and content of investor suitability,as well as the legal liability of the investor appropriateness system,including the application of contract liability and tort liability.The second part is the current situation of the system of investor suing for our country,finding the provisions of our country’s laws,administrative regulations and other normative documents on the obligation of investors’ appropriateness.The third part is to sort out the judicial practice by retrieving a large sample of judicial cases,to sort out the current situation of investor suing disputes and the judicial view point of view of the court,and to explore the judicial law.And from which a few typical cases were selected for evaluation,and the problems in judicial practice were put forward,including the existing problems in the judicial trial of investors’ appropriate disputes and the deficiencies of the content of investor suitability in the Minutes of Conference.The fourth part is to improve the judicial application of China’s investor appropriateness system,for the third part of the shortcomings put forward some suggestions for perfection,including clear the nature of legal liability,improve the standard of examination,improve the financial institutions exoneration defense.The conclusion will summarize this paper and expect that the Supreme Law will issue further guidance on the application of the judicial process in guiding cases,as well as the introduction of judicial interpretations to provide a more deterministic legal basis.The author thinks that the violation of the obligation of due process of financial institutions can be applied to the Tort Liability Law,the definition of financial consumers should be determined in the consumer type to be distinguished,the court’s examination criteria for whether the financial institution fulfills the obligation of appropriateness can be refined according to "whether the investor matches the financial product,and whether the financial institution reasonably fulfills the obligation to inform the explanation",in order to avoid aggravating the liability of financial institutions can be appropriately applied to the fault. |
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