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投资者适当性原则肇始于美国,现已成为世界主要资本市场规范投资者和证券公司之间权利义务关系的主要内容之一。投资者适当性原则要求证券公司(主要是经纪商)有义务在对证券和投资者进行合理调查的基础上,向投资者推荐符合该其投资目的和投资需求的证券。我国立法和证券监管机构已经在有关法规、行政规章和自律性规范中初步规定了投资者适当性制度,但仍然较为粗糙和简陋,有必要在借鉴境外资本市场成功经验的基础上对其予以完善。
The principle of investor suitability started in the United States and has become one of the main contents of regulating the rights and obligations between investors and securities companies in the world’s major capital markets. The principle of investor suitability requires that securities firms, primarily brokers, have the obligation to recommend securities to investors that meet their investment objectives and investment needs, based on a reasonable investigation of securities and investors. China’s legislature and securities regulatory authorities have preliminarily stipulated the system of investor suitability in the relevant laws and regulations, administrative regulations and self-regulatory norms, but they are still crude and crude, and it is necessary to improve them based on the successful experience of overseas capital markets .