People’s Daily: in the capital market, ordinary investors need more protection – Anhui Channel – people.com.cn "will sell products to the appropriate appropriate investors, investors in the management is the essence of investor protection. In the capital market, ordinary investors self-protection ability is relatively weak, which need to provide customized products and differentiated services, so that ordinary investors in the information disclosure, risk warning and other aspects of a "special attention" and "we are small scattered into ordinary investors, is not only to enjoy the" ordinary "after treatment, those professional investors can enjoy" VIP "treatment?" Recently, China Commission on the "measures" investors appropriate management of securities and futures to solicit public opinions, which clearly will be divided into ordinary investors and professional investors. A large number of small investors and fewer funds will become ordinary investors. Why investors are divided into different levels? After stratification means what? Cause a lot of attention from investors. In China’s stock market, small investors accounted for more than high, high volume ratio of contribution. Under this background, the investor protection is very difficult, the parties have relatively high satisfaction. Investor protection has become the short board, one important factor is the lack of basic institutional supply. Due to historical reasons, the system design is more emphasis on the development of the market in the past, although the relevant laws and regulations will also refer to the protection of investors, but the lack of specific measures, "the majority of the word" principle, operability is not strong enough. The effective protection of the rights and interests of investors, is a systematic project, appropriate institutional investors is a basic system. Compared with the general commodity market or relatively simple financial market, securities and futures trading has the particularity, the product of strong professional, legal relationship is complex, various characteristics, product complexity and risk return vary, and the majority of investors at the professional level, risk bearing ability and risk return preferences also vary, for financial products the requirements are not the same. A few years ago, some investors mistakenly expiring delisted warrants as a stock to buy, to lose, suffered heavy losses. Visible, "will be appropriate to sell products to the appropriate investors", is a very important link to protect the rights and interests of investors. The management of investors, is the essence of investor protection. Since 2009, the gem, financial futures, margin financing, stock transfer system, the private investment fund market gradually set up appropriate institutional investors play a positive role. However, these systems are scattered, independent of each other, not covered some high risk products, and put forward the requirements on set the access threshold, to the provisions of the business organization obligation system clear enough. According to the demand of market development, the urgent need in the existing system on the basis of a unified set of investors in the management system. The surface, appropriate institutional investors are investors stratification, but the focus is to strengthen the responsibility of the real. Investors are most familiar with the sentence: "the stock market risks, the market need to be cautious," is the embodiment of the "caveat emptor, at your own risk". However, this is a prerequisite. Visitors watch, securities and futures business institutions and investors with market participants, but the two sides of the water)

人民日报:资本市场里普通投资者更需要保护–安徽频道–人民网   “将适当产品卖给适当投资者”,投资者适当性管理本质上就是投资者保护。在资本市场,普通投资者自我保护能力相对较弱,这就需要提供有针对性的产品及差别化服务,让普通投资者在信息告知、风险警示等方面享有“特别关照”   “我们小散成了普通投资者,是不是以后只能享受‘普通’待遇,那些专业投资者就享受‘贵宾’待遇了呢?”近日,中国证监会就《证券期货投资者适当性管理办法》公开征求意见,其中明确将投资者分为普通投资者和专业投资者。人数众多而资金量较少的小投资者将成为普通投资者。为什么要把投资者分成不同层次?分层以后意味着什么?引起很多投资者的关注。   在我国证券市场上,中小投资者占比历来较高,贡献的交易量比例更高。这样的背景下,投资者保护难度很大,各方对此满意度也相对不高。投资者保护成为短板,其中一个重要因素是基础性制度供给不足。由于历史原因,过去的制度设计更偏重于市场发展,相关法律法规虽然也会提及投资者保护,但缺乏具体措施,“一句话”法则居多,操作性不够强。   有效保护投资者权益,是一项系统性工程,投资者适当性制度就是一项基础制度。与一般的商品市场或者相对简单的理财市场相比,证券期货交易具有特殊性,产品专业性强、法律关系复杂,各种产品的特点、复杂程度和风险收益千差万别,而广大投资者在专业水平、风险承受能力、风险收益偏好等方面同样千差万别,对金融产品的需求也不尽相同。前几年,有些投资者误把即将到期摘牌的权证当成股票买入,导致血本无归,损失惨重。可见,“将适当产品卖给适当投资者”,是保护投资者权益一个非常重要的环节。所谓投资者适当性管理,本质上就是投资者保护。   2009年以来,创业板、金融期货、融资融券、股转系统、私募投资基金等市场陆续建立了投资者适当性制度,发挥了积极作用。但是,这些制度比较零散,相互独立,未覆盖部分高风险产品,而且提出的要求侧重设置准入门槛,对经营机构义务规定不够系统明确。从市场发展要求看,迫切需要在已有制度基础上,制定一套统一的投资者适当性管理制度。   表面看,投资者适当性制度是将投资者分层,但真正的着力点却是强化卖方责任。股民大多熟悉一句话:“股市有风险,入市需谨慎”,体现的是“买者自负、风险自担”。然而,这是有前提的。客观看,证券期货经营机构与投资者同为市场参与者,但双方的专业水平和市场角色迥然不同。经营机构专业性强,且天然有开发更多客户、销售更多产品的冲动,中小投资者则处于信息不对称的相对弱势地位。在金融产品日益丰富、产品结构日趋复杂、交叉销售日渐频繁的当下,两者的差异更加明显。实现买卖双方的平衡,就要让经营机构承担更多责任,履行各项义务。只有先“卖者有责”,才能要求买方承担起自己的风险责任。   将投资者分层后,需要给予普通投资者更多特别保护。普通投资者与专业投资者的差异,体现在资金规模、投资专业能力等方面,但在合法权益不受侵害上,却不应有丝毫差别。普通投资者自我保护能力相对较弱,这就要求提供有针对性的产品及差别化服务,让普通投资者在信息告知、风险警示等方面享有特别保护。此次监管部门明确,经营机构向普通投资者销售高风险产品,应当履行制定专门的工作程序、追加了解相关信息、给予更多考虑时间等特别注意义务;向普通投资者销售产品,应当告知投资者可能导致其本金亏损的事项、适当性匹配意见等信息;经营机构与普通投资者发生纠纷,经营机构不能证明其履行相应义务的,应依法承担相应法律责任等,均体现了对普通投资者的特别关照,期待在实践中能够有效落地。   当然,投资者适当性制度构筑的只是第一道防线。不让投资者买不适合自己的产品,固然可以回避很多风险。但从另一方面看,中小投资者也面临投资选择少、缺少风险控制手段等尴尬,如何为中小投资者“量身定制”更丰富的金融产品,更好满足其投资和风险对冲需求,是不能忽视的问题。此外,内幕交易、违规信息披露等行为是对投资者利益的直接侵害,需要重拳连击。只有多管齐下,对中小投资者的保护水平才能再上台阶。 (责编:范晓琳、马玲玲)相关的主题文章: