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中国投资者适当性义务的制度检视与完善路径

Institutional Review and Improvement Paths for China’s Investor Suitability Obligations

李静蕾

Progress in Social Sciences / 2026,8(6): 525-529 / 2026-06-26 18 16

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• Information:

  华南理工大学法学院，广州

• Keywords:
  Investor suitability; Financial regulation; Investor protection
  投资者适当性; 金融监管; 投资者保护
• Abstract: As the core system for protecting financial consumers ‘rights and interests, the rule system of China’s investor suitability obligation has initially taken shape, but there are still many gaps and conflicts in current legal norms. The investor suitability obligation is the core content of “duty of care” and the prerequisite for“buyer beware,” playing a significant role in balancing the status of financial transaction parties and preventing systemic financial risks. Under the separate regulatory model, China’s investor suitability obligation rules are scattered across normative documents at different levels. Simply referring to fragmented industry regulations would lead to challenges such as ambiguous boundaries of obligated entities, inconsistent performance standards, confusion between qualified investor systems and suitability obligations, and formalistic judicial review. It is recommended to systematically review existing fragmented norms, establish a unified suitability legal framework applicable to the entire financial industry, promote unified regulation guided by functional supervision, improve investor classification mechanisms incorporating past investment experiences, and clarify that qualified investor status does not automatically exclude the applicability of suitability obligations. These measures will ensure the full realization of investor suitability obligations and promote the healthy and stable development of financial markets. 作为金融消费者权益保护的核心制度，中国投资者适当性义务的规则体系虽已初步形成，但现行法律规范中仍存在诸多空白与冲突。投资者适当性义务是“卖者尽责”的核心内容，也是“买者自负”的前提基础，对于平衡金融交易双方地位、防范系统性金融风险具有重要意义。在分业监管模式下，中国投资者适当性义务规则分散于不同层级的规范性文件中，若简单参照各行业零散规定适用，将面临义务主体边界模糊、履行标准不统一、合格投资者制度与适当性义务混同、司法审查流于形式等困境。建议系统梳理现行分散规范，构建统一适用于全金融行业的适当性法律体系，以功能监管为导向推进统一监管，完善纳入既往投资经历的投资者分类机制，明确合格投资者身份不当然排除适当性义务的适用，以此保障投资者适当性义务功能的充分发挥，推动金融市场健康稳定发展。
• DOI: 10.35534/pss.0806092 (registering DOI)
• Cite: 李静蕾．中国投资者适当性义务的制度检视与完善路径［J］．社会科学进展，2026，8（6）：525-529.