Research On Financial Futures Investor Appropriateness System

The investor suitability system originated in the United States and has become an important institutional design for protecting the investment interests of investors in capital markets around the world.It is also one of the important ways for the investment market to regulate the rights and obligations between investors and intermediaries.Although the specific expressions and implementation methods of the system vary from country to country,generally speaking,investor suitability refers to the financial status,investment objectives,risk tolerance level,and financial status of financial products or services provided by financial intermediaries and customers.The degree of fit between needs,knowledge and experience.The investor suitability system regulates specific behaviors that occur in the process of selecting an appropriate investor when providing and selling financial products or financial derivatives,and then adjusts the rights and obligations between the agency and the investor.Capital market legal system.The financial futures market has always been known for its high risk and high leverage,coupled with the high proportion of individual investors in China’s current futures investment market,the investment group as a whole generally shows a lack of investment experience and risk control capabilities,resulting in a lack of information on China’s financial futures market.The symmetry phenomenon is particularly serious.How to construct a scientific futures investor suitability system,and then optimize the allocation of investment market resources has become the key to protecting the investment interests of futures investors.In response,although China Securities Regulatory Commission,Financial Futures Exchange and Futures Industry Association have formulated and issued a series of regulatory documents,in practice,the investor suitability system still has too low a legislative level.Insufficiently detailed issues such as scientific and inadequate liability systems,this article will only briefly explain the basic theory of the futures investor suitability system and extraterritorial experience,focusing on finding a suitable theory for our country from the huge theoretical system of our jurisprudence and civil and commercial law.Based on the theoretical basis of the development status of the futures market,the special risks of China’s financial futures market are summarized on the basis that China’s financial futures market is different from other securities markets,and combined with the status quo of China’s financial futures investor suitability system,the final result is We will find out how to deal with the special risks in China’s financial futures market.The thesis consists of the following four parts:The first part gives an overview of the suitability of financial futures investors.It starts with the connotation of the investor suitability system,followed by a brief introduction to the traditional theory of the system.On the basis of clarifying the positioning and essence of the system,a more in-depth legal analysis of the system is based on the legal reconstruction of the theoretical foundation of the system,namely the principle of good faith,the principle of substantial fairness,and the theory of fair transactions.The second part takes the special risks of China’s financial futures market as the starting point,analyzes the specificity of China’s financial investor group,and then grasps the current development stage of China’s financial futures market.Qualified futures investor groups need to have risk perception and information processing capabilities.,Risk tolerance,financial security awareness,and ability to maintain power.Based on this,the construction path of China’s financial futures investor suitability system is derived.The third part analyzes the current situation of China’s futures investor suitability system by combing the existing regulatory system and practicing the existing problems.Through analysis,it is not difficult to find out that China’s financial futures still have low legislative levels,unreasonable investor classification standards,lack of feedback follow-up mechanism implementation,rough rules and regulations,and imperfect liability systems.The fourth part is to punish the existing problems of the system.After clarifying the thinking of the system’s localization,from the improvement of the legislative level,the refinement of investor classification standards,the clarification of the scope of application of the obligation of appropriateness,and the construction of a civil relief mechanism for the system of investor appropriateness Reasonable suggestions.