I. Drafting background:
Appropriateness system is a basic system of capital market. Formulating unified regulations on appropriateness management, standardizing and implementing the appropriateness obligations of operating institutions are important measures to implement the requirements of "legal supervision, strict supervision and comprehensive supervision", strengthen the legal construction of capital markets and strengthen investor protection. First, it is conducive to improving the appropriateness management of investors. Second, it meets the requirements of strengthening innovation supervision and keeping the risk bottom line. Third, according to the characteristics of Chinese investors, to meet the actual needs of strengthening investor protection. By urging the implementation of the appropriateness system, the regulatory requirements and pressures can be effectively transmitted to the front-line operating institutions, prompting them to sell or provide appropriate products or services to appropriate investors, enhancing the initiative of investor protection and improving the quality and level of services.
Second, the scope of application:
These Measures shall apply to selling publicly or privately issued securities, publicly or privately raised securities investment funds and equity investment funds, publicly or privately transferred futures and other derivative products to investors, or providing relevant business services to investors.
Third, the main content:
Article 43 of the "Measures" mainly stipulates the following institutional arrangements for practical problems in appropriateness management:
First, a system of classifying investors according to multi-dimensional indicators has been formed, and the classification standards and management requirements of investors have been unified. The second is to clarify the bottom line requirements and division of responsibilities of product classification, and establish a product classification mechanism that checks the risks at different levels and strictly controls risks. The third is to stipulate the obligations that operating institutions should perform in all aspects of appropriateness management, and comprehensively and strictly regulate related behaviors. The fourth is to highlight the special protection for ordinary investors and provide investors with targeted products and differentiated services. The fifth is to strengthen the responsibility of supervision and self-discipline and legal responsibility to ensure that the obligation of appropriateness is implemented.