【作者】 张静；

【导师】 郭金良；

【作者基本信息】 辽宁大学 ， 经济法学， 2024， 硕士

【摘要】 金融产品网络销售模式凭借高效率、多选择、低门槛、强流动性的显著优势抓住了长久以来我国金融抑制背景下,中低收入群体对于基金、理财等金融产品的投资需求,逐渐成为金融产品销售的重要渠道。但网络销售模式下的信息披露并未实现预期中缓解投资者信息不足的制度目标,反而暴露出了诸多问题,主要集中在主体、内容、方式、民事责任四方面:在主体方面,我国信息披露义务主体与监管主体制度存在缺陷;在信息披露内容层面,延续传统信息披露规则要求的内容安排在网络时代缺乏合理性;在信息披露方式角度,传统方式陈旧、缺乏互联网思维,阻碍投资者知情权的实现;在信息披露责任认定方面,存在认定困难问题,导致投资者难以维权。为解决网络代销金融产品形式下信息披露规则在实践中的法律问题,可通过对网络平台代销金融产品信息披露基本理论的分析,剖析各方之间的法律关系,揭示网络平台代销金融产品时信息披露的特点。通过汇总网络平台的实践模式与相关理论观点,分析我国网络平台赋能代销行业为信息披露带来的特性。并且批判性参考域外国家或地区关于金融投资者保护、信息披露民事责任的经验,同时,归纳我国现有信息披露相关法律制度以及执法现状,明确当前我国网络平台代销金融产品信息披露规则呈现问题的根本原因,围绕有效披露原则、多元主体共同披露原则、披露范围与风险程度相适应原则展开优化信息披露规则。应当借由构建阶梯式义务主体体系与健全多元主体监管机制的方式优化主体制度;通过提高风险信息、投资者教育内容比例、精炼披露语言的方式规范网络平台代销金融产品信息披露内容;综合采取加强全过程披露、聚焦售前解释说明义务、拓宽网络披露途径等手段使信息披露方式体现结果导向;通过明确代销平台信息披露不当行为的认定标准、简化民事责任因果关系认定路径、采用无过错责任原则的办法,完善平台民事责任认定规则。文章通过提出网络平台代销金融产品信息披露规则的完善路径,以期能够规范信息披露销售行为,明确网络平台在代销金融产品销售模式中的法律地位,强化对金融消费者的保护,节约监管成本提高司法效率,为互联网金融新业态的产生提供制度保障,为互联网金融形势下信息披露制度的完善贡献微薄之力。更多还原

【Abstract】 With its significant advantages of high efficiency,multiple choices,low threshold and strong liquidity,the online platform sales model has captured the investment demand of middle and low-income groups for funds,wealth management and other financial products under the background of China’s financial repression for a long time,and has gradually become an important channel for the sale of financial products.However,the information disclosure under the network sales model has not achieved the expected purpose of alleviating the lack of investor information,exposing many problems of the traditional information disclosure system in the form of network consignment sales.This paper starts with the four aspects of information disclosure,looks for the problems that hinder the realization of the effect of information disclosure system,and finds the following four deficiencies: in terms of subject,there are defects in the system of information disclosure obligation subject and supervision subject in China;in terms of information disclosure content,the current arrangement of information disclosure content is not reasonable;in terms of information disclosure methods,information disclosure methods are obsolete;Without Internet thinking,in terms of information disclosure responsibility,the existence of online sales format clauses hinders the identification of civil liability for information disclosure.Through the analysis of the basic theory of information disclosure of online platform consignment financial products,this paper defines the related concepts of online platform consignment mode,looks for the legal relationship between the parties,reveals the characteristics of information disclosure when online platform consigns financial products,and analyzes the characteristics of information disclosure of online platform consignment financial products in China by summarizing the practice mode and related theoretical viewpoints,so as to carry out the following research.By learning the experience of information disclosure in foreign countries or regions,and analyzing the current legal system and law enforcement status of China’s financial disclosure,this paper points out that in view of various problems in the subject,content,method and civil liability of information disclosure rules of financial products sold by online platforms in China,we should focus on the principle of effective disclosure,the principle of joint disclosure by multiple subjects,and the principle of adapting the disclosure scope to the degree of risk.Based on this,this paper puts forward some suggestions for the subject of information disclosure obligation and supervision to clarify the subject system of information disclosure in the online platform to sell financial products on a commission basis;Standardize the information disclosure content of financial products sold by online platforms by improving the risk information,the proportion of investor education content and refining the disclosure language;Comprehensively adopt the ways of strengthening the whole process of disclosure,focusing on the obligation of explanation before sales,and using the internet to disclose,so that the information disclosure method can reflect the result orientation;Through the application of no-fault liability and the inversion of burden of proof,the platform’s responsibility in civil litigation can be strengthened to improve the rules for determining the platform’s civil liability.This paper puts forward the way to improve the information disclosure rules of online platform for financial products,with a view to standardizing the information disclosure and sales behavior,clarifying the legal status of online platform in financial products,strengthening the protection of financial consumers,saving regulatory costs and improving judicial efficiency,making a modest contribution to the improvement of information disclosure system under the internet financial situation and providing institutional guarantee for the emergence of new internet financial formats.更多还原