Research Of The Security Investors Appropriateness System In Our Country Securities Market

The securities investor appropriateness system is one of the basic systems to perfect China’s capital market.Investor suitability refers to the securities firm’s recommendation of suitable products to suitable investors.The United States is the origin country of the appropriateness system,which has been adopted by the European Union,Japan and other more mature countries.It is an effective way to protect the investors who are in a weak position in the market transactions,and develops a more comprehensive system in these mature countries.The main purpose of perfecting the appropriateness system is to consolidate the legal basis of the capital market,continuously enrich the content of the obligation of appropriateness,ensure the substantial equity of investors and guarantee the equal transaction of both parties.In recent years,China has in the stock market opened several big plate and the securities lending and borrowing business introduces appropriate rules,however,the study of the system is relatively shallow in China,there are imperfect system content,not to lack of scientific classification,the securities products cannot meet the requirements of the capital market reform and innovation in our country.Therefore,it is urgent to build an appropriate system with Chinese characteristics on the basis of China’s development and by drawing on the norms and experience of the appropriate system in mature countries outside the region.This paper firstly analyzes and defines the basic theories of investor suitability system.Secondly,from the perspective of the established science and innovation board market and on the basis of the newly revised securities law,this paper makes a comprehensive analysis of the existing problems of the investor suitability system in China,and demonstrates the significance of improving the system.At the same time,by means of comparative analysis,this paper introduces the characteristics and shortcomings of the appropriateness system in the United States,Japan and the European Union,and summarizes the enlightenment to China.Finally,by drawing on the successful experience of countries outside the region and the actual situation in China,Suggestions are put forward to improve the existing appropriate system,including further improving the scientific basis for the classification of investors and clarifying the classification of securities products.To ensure that the securities firm truly makes proper and reasonable recommendations on the basis of understanding customers and performing proper recommendations;Improve the quality of information disclosure of securities companies to investors,strengthen the supervision of securities companies,urge them to strictly implement the appropriate obligations to investors and other countermeasures.