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随着交易所债券市场在近年取得较快发展,适当性制度作为投资者权益保护的重要措施被广泛采用。自引入中国证券市场至今,投资者适当性已遍布创业板、融资融券、金融期货、股票期权等业务,同时,也因存在诸如法律体系的效力层级不健全、各项规则中投资者分类标准不统一等问题而备受关注。本文通过介绍适当性制度含义、境外市场演进过程,结合对债券市场相关规定的分析,厘清适当性制度、投资者分类与相关概念的差异,提出进一步完善债券市场投资者适当性制度的建议。
With the rapid development of the exchange bond market in recent years, the proper system has been widely adopted as an important measure to protect the rights and interests of investors. Since the introduction of China’s securities market, investors ’appropriateness has spread across businesses such as the Growth Enterprise Market, margin trading, financial futures and stock options. At the same time, due to the imperfect level of effectiveness of the legal system, the investors’ classification criteria Not uniform and other issues and concern. This paper introduces the meaning of appropriateness system, the evolution of overseas markets and the analysis of the relevant provisions of the bond market, clarifies the differences of appropriateness system, investor classification and related concepts, and puts forward some suggestions to further improve the system of investors’ suitability in the bond market.