由比較法觀點論金融機構之適當性義務 (The Construction of Suitability Obligation of Financial Institutions When Selling Structured Products: From Comparative Law Perspective)
Christopher C. Chen
Singapore Management University School of Law
軍法專刊，57卷2期，2011年4月，頁75-98 (Military Law Journal, Vol. 57, No. 2, pp. 75-98, 2011)
The purpose of this article is to examine the suitability rules regarding structured products under Taiwan law from a comparative law perspective. After the global financial crisis, Taiwan has imposed specific suitability obligations on financial institutions when they promote derivatives and structured products. However, the suitability rule is only placed in administrative regulations and its scope is also limited. In addition, Taiwan law does not distinguish different types of relationships between a financial institution and a client. Furthermore, the biggest challenge to the suitability rule is to define the meaning of 'suitable'. This article argues that the starting point is the analysis of risk suitability. However, the analysis of return aspect should not be ignored. As to product due diligence, regulators must further venture into the review of documentation and offer more detailed guidelines to financial institutions in order to serve the purpose of the suitability rule and create an efficient mechanism for investor protection.
Note: Downloadable document is in Chinese.
Number of Pages in PDF File: 32
Keywords: 推介適當性、妥適性、適合性、行為規範、比較法、投資顧問、連動債（結構債）、衍生性金融商品、結構型產品 (Suitability, appropriateness, conduct of business, comparative law, investment advice, structured notes, derivatives, structured products)
JEL Classification: K10Accepted Paper Series
Date posted: May 8, 2011
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