法學期刊
論著名稱: 論金融專業人員之信賴義務 (Fiduciary or Salesperson - Imposing Fiduciary Duty on Financial Professionals)
編著譯者: 林育廷
出版日期: 2009.04
刊登出處: 台灣/東吳法律學報第 20 卷 第 4 期 /213-249 頁
頁  數: 37 點閱次數: 2346
下載點數: 148 點 銷售明細: 權利金查詢 變更售價
授 權 者: 東吳大學 授權者指定不分配權利金給作者)
關 鍵 詞: 信賴義務金融專業人員金融服務法招牌理論忠實義務
中文摘要: 金融專業人員之能力與對客戶應盡之義務向被金融市場監理者視為金融法規與監理之核心重點,亦為保護投資人權益之基石。然隨金融市場發展,銷售人員之職務本質逐漸脫離單純之事務與委託指令執行,進而跨入推介銷售及財務規劃建議之範疇;從而,金融專業人員之行為與責任要求亦隨之產生轉換。本文主要討論金融專業人員執行職務時,是否應對客戶負信賴義務之判斷標準及其義務內涵。
本文以為,金融專業人員所提供服務,對客戶所顯示之專業程度與優越性、所受報酬,及客戶之依賴程度等,均可作為是否課予金融專業人員信賴義務之判斷標準;然關於信賴義務之課予仍應是一依個案衡量所有客觀具體事實所做之決定。
一般而言,在單純帳戶關係或委託執行交易中並不會構成信賴關係,然當客戶對金融專業人員有特殊之信任而依賴其專業能力,金融專業人員回應此種依賴並依客戶要求提供建議,並因此獲有一定報酬或取得利益時,則當事人間建立信賴關係,金融專業人員對客戶負有信賴義務。在此信賴關係下,金融專業人員應以最大善意,謹慎而忠實地為客戶提供建議或處理事務,以客戶之利益為優先,並應充分而完整揭露相關資訊,包括金融專業人員之所受利益。

英文關鍵詞: Fiduciary DutyFinancial ProfessionalShingle TheoryWealth ManagementSuitability
英文摘要: Like what Erik R. Sirri, the director of SEC, had stated, no amount of disclosure can be effective to protect investors unless the securities are sold by a salesman who understands and appreciates his responsibilities to the investor to whom he sells, the competence and diligence are always the core stone of the regulatory of financial industries.
Last year has been a very tumultuous time for many individual investors, who suffered their life-savings in the dramatic markets. To provide individual investors with adequate protection, additional standards must be imposed on those who most often disseminate the information to and deal with the investor…their financial professional. This article takes the approach to accomplish the task by discussing if it’s justified to apply fiduciary duties to financial professionals, and under what circumstances a financial professional owes his clients fiduciary duties.
Generally speaking, there is no fiduciary duty sustained in arm’s length transaction, and therefore, the pure creditor-debtor relationship can’t justify the imposition of fiduciary duty on the financial professionals. Only with the trust, confidence and reliance placed in the financial professionals by the customers comes the fiduciary duty. This article starts with the observation of the types of financial professions and the services provided, followed with the discussion to deliberate the concept and the elements of fiduciary relationship. This article then explores the standard whether, and if so, to what extent, does the fiduciary duty apply to the financial professionals, as well as the contents of fiduciary duty adopted as the last part of this article.
While an imposition of a higher fiduciary duty might not only benefit the customer, a higher standard of care will also improve the industry as a whole, and, as a result, more individuals will feel confident in placing their trust with financial professionals.

目  次: 論金融專業人員之信賴義務
壹、前言
貳、金融推介銷售之行為內涵
一、金融銷售推介之層次
二、金融專業人員之分類
參、信賴義務及其適用
一、信賴關係與信賴義務(Fiduciary duty)
二、適用信賴義務之基礎
(一)招牌理論
(二)金融專業人員之優越地位(一般消費者的順從地位)
(三)金融專業人員之控制權與客戶之信賴
肆、適用信賴義務之判斷標準
一、美國相關規範之觀察
(一)證券從業人員之專業責任
(二)證券從業人員之分類與規範
二、課予金融專業人員信賴義務之判斷標準
(一)依所提供服務
(二)依客戶依賴程度
(三)依所受報酬
(四)課予信賴義務之判斷
伍、金融專業人員所負信賴義務之主要內涵
一、遵守相關法令規則與自律規定
二、忠實義務(Duty of loyalty)
三、揭露與說明義務
四、適合性原則(Suitability)
(一)瞭解客戶程序
(二)適合性原則
五、保密義務
陸、結論
柒、參考文獻
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