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2013年1月16日,原“三板”市场发展而来的全国中小企业股份转让系统,即“新三板”正式揭牌运营。做市商等制度的引入,极大地提高了新三板市场的流动性,但在投资者适当性方面却不甚完善,我国实践中的定位将其作为投资者的义务的一种监管要求而非证券公司的信义义务。建立和完善新三板投资者适当性制度,既保证有足够的投资者参与到新三板市场交易中来,也确保投资者做出与自身风险承受能力、投资经验相适应的投资行为。
January 16, 2013, the original “three plates ” market developed from the national share transfer system for small and medium enterprises, that “new three plates ” officially unveiled. The introduction of market makers and other systems has greatly enhanced the liquidity of the new three-board market, but not quite perfect in terms of the appropriateness of investors. In practice, China’s position as a regulatory requirement on the obligations of investors rather than Securities company’s fiduciary obligation. Establishing and perfecting the system of appropriateness for the new three-board investors will not only ensure that enough investors participate in the new three-board market transactions, but also ensure that investors make investment behaviors that are adaptive to their risk tolerance and investment experience.