A Study on the Regulation Regarding Civil Liability and Business Conduct of Investment Advisers

• Main Authors: CHANG, CHIA-HAO, 張家豪
• Other Authors: LAI, IN-JAW
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/34866356117884794858

碩士 === 國立臺北大學 === 法律學系一般生組 === 96 === Because the roles of the modern society are divided more obviously, the investment adviser’s undertaking of securities is developing gradually. The news that investors are deceived appears constantly. So, this text attempts to find out the improved direction by all kinds of approaches, such as the comparison of the foreign law, the ideas of the experts, the judgment of our country. And, on the content, chapter two is to introduce the basic conception of the investment advisers first. The range of the discussion includes the meaning of the investment advisers, the roles of the investment advisers in the security market, and the legal development of the investment advisers. Furthermore, I think that the definition of investment advisers according to the current laws may cause illegal conditions. Without setting up exceptional clause, it may result in injustice and deficient supervision. Chapter three is to talk about the qualifications of investment advisers in our country. According to the current norms, there are too many unnecessary restrictions on the type of organizations. Therefore, I think the restrictions of laws should be loosened. Furthermore, as to the restrictions of professional abilities, the current laws are too chaotic to understand. Moreover, I want to talk about the restrictions on financial foundation-the current laws force promoters to collect lowest paid-up capital while initiating. I think that we can replace current restrictions with earnest money system. Chapter four is to discuss the legal relation between investment advisers and investors. I regard it as a mixed contract, and the investors are consumers. Therefore, the investment advisers have “faithful obligations.” Once the investment advisers violate the “faithful obligations,” they will shoulder the responsibility based on the contract. Above this paragraph mentioned, it’s necessary to make clear “faithful obligations.” The specific legislation is to offer the reference of the investment advisers’ behaviors. Chapter five is about the opinions of domestic verdicts. We can find that judges don’t support what the investors advocate. Now, I’m here to make comments on verdicts according to the above-mentioned theories. We can say that judges neither look squarely at the contractual duties of the investment advisers nor make the “faithful obligations” delicate. Furthermore, the judges can’t take off the frame of civil laws when they make verdicts. Besides, their susceptibility to the professional field is insufficient to some extent. Under this situation, the Supreme Judicial Court fails to make a legal expression appropriately. As a result, such a condition makes the problem more serious. And, because the integration of financial laws and regulations is the trend in our country in the future. The civil liability as the center to evaluate and analyze how the bill affects the investment advisers. After comparing the bill with current regulations, we can not only find out the difference between the bill and the current regulations but also presume that the verdict may be changed. Besides, I attempt to search for any possible issues when the bill is applied. By the way, I sincerely hoped that the research can be reference of amending financial laws and regulations.