結構型商品的金融監理

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姓名

張以威(張以威：Yi-Wei Chang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

結構型商品的金融監理
(The Efficacy of Financial Regulation on Structured Products)

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摘要(中)

金融海嘯嚴重影響全球經濟，美國銀行紛紛宣布破產倒閉，然而最終受害的卻是投資鉅額財產於結構型商品的散戶投資人。近期召開的G20 會議中首要議題之一即為加強全球金融監管，以強化對投資人的保護。首先，本文援引美國證券市場相關聯邦法、州立法與自律性規範，針對結構型商品之註冊登記、銷售、資訊揭露與商品製造等議題進行深入探討，尋找投資人保護之範疇與其對應之法令，進而發現法令不足以規範現今結構型商品市場。其次，針對台灣結構型商品市場探討金融監管對於行銷時資訊揭露品質與客戶「適格性」檢驗提出建議，保護投資人免於任何誤導性或詐欺之銷售，並要求銷售活動中資訊公正、平衡之傳遞；此外，銷售銀行端須盡善良管理人之職責，推薦、銷售適合投資人之金融商品。本文最終目的是希望透過美國金融法令探討台灣監理之不足之處，使台灣金管機構能更重視金融商品銷售之疏失與風險，並強化對投資人之保護，以健全台灣金融市場的監理狀況。

摘要(英)

Financial crisis has heavily affected the world’s economy, numerous banks in the U.S. went into bankruptcy, but in the end, the ones that got most damages are those retail investors who invested large amount of their saving in structured products. A crucial role in the recent G-20 conference is to tackle the international financial and economic crisis, and to strengthen investor’s protection. This paper quoted various federal acts, state laws and self-regulation rules to discuss the scope of investor protection, and then observed that regulations are
insufficient.
Later, we focus on the financial market in Taiwan to discuss information disclosure quality and investor suitability related to structured product, and suggests that banks should provide fair and balanced information, and conduct a due diligence investor’s suitability in order to prevent any fraud, deceive or misleading during the communication process.
Last, by the discussion of the efficacy of financial regulation, this paper hope to bring this issue to financial authorities’ attention to improve investors’ protection, and provide a sound financial regulation system in Taiwan.

關鍵字(中)

★ 資訊揭露
★ 適格性
★ 投資人保護
★ 金融監理
★ 結構型商品

關鍵字(英)

★ information disclosure
★ structured product
★ financial regulation
★ investor protection
★ suitability

論文目次

第一章緒論 .............................................................................................................................. 1
第二章結構型商品介紹及市場概況 ...................................................................................... 4
2-1 結構型商品類型 .................................................................................................... 4
2-2 結構型商品之成本 ................................................................................................ 6
2-3 市場概況 ................................................................................................................ 6
第三章美國金融監理與法令介紹 ........................................................................................ 10
3-1 美國1933 證券法案（The Securities Act of 1933） ......................................... 11
3-2 美國1934 證券交易法案（The Securities Exchange Act of 1934） ................ 12
3-3 AB 規章（Regulation AB） ................................................................................ 15
3-4 2005 年「證券法」修正案（SEC’s Securities Offering Reform） .................. 17
3-5 藍天法案（Blue Sky Law） ............................................................................... 20
3-6 全國證券交易商協會（National Association of Securities Dealers,NASD）... 20
第四章金融法規對投資人的保護及商品監管 .................................................................... 22
4-1 詐欺、串改資料與誤導性銷售 .......................................................................... 26
4-2 結構型商品之註冊登記 ...................................................................................... 27
4-3 對結構型商品行銷資訊的監管 .......................................................................... 29
4-4 對金融商品製造與設計的監管 .......................................................................... 30
第五章台灣結構型商品銷售對投資人之保護 .................................................................... 34
5-1 結構型商品適合散戶投資人嗎？ ...................................................................... 34
5-2 台灣監理現況 ...................................................................................................... 41
第六章結論 ............................................................................................................................ 45
參考文獻 ................................................................................................................................. 47

參考文獻

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指導教授

邱慈觀(Tzu-Kuan Chiu)

審核日期

2009-7-14

推文