論金融專業人員之信賴義務

Fiduciary or Salesperson-Imposing Fiduciary Duty on Financial Professionals

10.6416/SLR.200904.0213

林育廷(Yu-Ting Lin)

信賴義務 ； 金融專業人員 ； 金融服務法 ； 招牌理論 ； 忠實義務 ； Fiduciary Duty ； Financial Professional ； Shingle Theory ； Wealth Management ； Suitability

東吳法律學報

20卷4期（2009 / 04 / 01）

213 - 249

繁體中文

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。

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.

1. (2003).ELLIS, MARK VINCENT, FIDUCIARY DUTIES IN CANADA.
2. American Bar Association(1998).A Policy Review: Civil Liability of Dealers of Financial Instruments for "Suitability" Claims in the Institutional Market.REC. BAR ASS'N CITY N.Y.,53,62.
3. Bainbridge, Stephen M.(1995).Securities Act Section 12(2) After the Gustafson Debacle.BUS. LAW,50,1231.
4. Black, Barbara(2006).Transforming Rhetoric into Reality: A Federal Remedy for Negligent Brokerage Advice.TRANSACTIONS: TENN J. BUS. L.,8,101.
5. Black, Barbara,Gross, Jill I.(2003).Economic Suicide: The Collision of Ethics and Risk in Securities Law.U. PITT. L. REV.,64,490.
6. Buerstetta, Grant E.(1996).Note, Creating a Flexible Fiduciary Duty Rule for Banks Entering into Proprietary Derivatives Contracts, 15.ANN. REV. BANKING L.,395,403-405.
7. Cohen, Manuel F.,Rabin, Joel J.(1964).Broker-Dealer Selling Practice Standards: The Importance of Administrative Adjudication in Their Development.LAW & CONTEMP. PROBS,29,691.
8. Edwards, Samuel Benton(2007).Pay me, But Don't Blame Me: The Merrill Rule.PLI/CORP,1615,557.
9. Esquibel, Amanda K.(2002).Fiduciary Duties: the legal Effect of the Beneficiary's Retention of Counsel on the Fiduciary Relationship.RUTGERS L.J.,33,329.
10. Fama, Eugene F.(1970).Efficient Capital Markets: A Review of Theory and Empirical Work.J. FIN.,25,383.
11. Foster, Susan K.(1987).Note, Financial Planning: Is It Time For a Self-Regulatory Organization?.BROOK. L. REV.,53,143.
12. Gedicks, Frederick Mark(2005).Suitability Claims and Purchases of Unrecommended Securities: An Agency Theory of Broker-Dealer Liability.ARIZ. ST. L.J.,37,535.
13. Goforth, Carol R.(1989).Stockbrokers' Duties to Their Customers.ST. LOUIS U. L. J.,33,407.
14. REGISTERED REP.
15. Kirsch, Clifford E.(2008).Investment Adviser Regulation…Introductory Overview.PLI ORDER NO. 14006.
16. Kueser, Jason M.(2007).Caveat Consiliator-Let the Adviser Beware: Imposing Fiduciary Duties on Fee-based Financial Professionals.PLI Order No. 11419, 1615 PLI/CORP 521.
17. Langevoort, Donald C.(2003).Taming the Animal Spirits of the Stock Markets: A Behavioral Approach to Securities Regulation.NW. U. L. REV.,97,135.
18. Letsou, Peter V.(1996).The Scope of Section 12(2) of the Securities Act of 1933: A Legal and Economic Analysis.EMORY L.J.,45,95.
19. Leung, Susan(2006).Investment Advisers: The Price of Bad Advice, INTERNATIONAL FINANCIAL LAW REVIEW.London:
20. Loss, Louis(1948).The SEC and the Broker-Dealer.VAND. L. REV.,1,516-517.
21. Loss, Louis(1992).The Assault on Securities Act Section 12(2).HARV. L. REV.,105,908-916.
22. J. MO. BAR.
23. Poser, Norman S.(2001).Liability of Broker-Dealers for Unsuitable Recommendations to Institutional Investors.B.Y.U. L. REV.,2001,1493.
24. Fee-Based Accounts: A Poor Fit For Investors? BUSINESS WEEK
25. Lawsuit Seeks To Define Who Is 'Financial Adviser, ROANOKE TIMES
26. Rubinstein, Aaron(1997).Common Law Theories of Liability in Derivatives Litigation.FORDHAM L. REV.,66,737.
27. Director, U.S. SEC, Speech: Trading Foreign Shares
28. Smith, D. Gordon(2002).The Critical Resources Theory of Fiduciary Duty.Vand. L. Rev.,55,1399.
29. Securities and Exchange Commission
30. Tso, P.S.(2006).Duty of Care: Susan Field v. Barber Asia, POON Series Ref. 05/266C.Asia Case Research Center, The University of Hong Kong.
31. UK, FSA(2003).FSA ADVISES INDUSTRY ON DEFINITION OF "MIS-SELLING".
32. US, SEC(1963).Report of Special Study of Securities Markets, Pt. I, H.R. Doc. No. 94, 88th Cong., 1st Sess.
33. US, SEC(1978).Final Extension of Temporary Exemption from the Investment Advisers Act for Certain Brokers and Dealers, Exchange Act Release No. 14,714, Investment Advisers Act Release No. 626, 1978 WL 196894.
34. US, SEC(2005).Certain Broker-Dealers Deemed Not to Be Investment Advisers, Exchange Act Release No. 51,523, 17 CFR Part 275.
35. US, SEC.Certain Broker-Dealers Deemed Not to Be Investment Advisers, Exchange Act Release No. 42,099, Investment Advisers Act Release No. 1845, 70 SEC Docket 2486 1999/11/04).
36. 余雪明(2000)。證券交易法。財團法人中華民國證券暨期貨市場發展基金會。
37. 林仁光(2005)。論證券業對客戶資訊揭露之規範－以風險預告與客戶投資適合性之判斷法則為核心。月旦法學雜誌，126，38。
38. 林育廷(2008)。構思財富管理業務之規範－以不當銷售之責任為中心。月旦法學雜誌附刊－法學新論，創刊號，1。
39. 林育廷(2008)。證券從業人員之專業責任－Brokers or Advisers?。月旦民商法雜誌，22，77。
40. 劉玉貞、李怡宗、黃寶蕙(2002)。市場管理制度創新與行為財務學：資訊揭露制度設計的政策意涵。證券暨期貨月刊，22(4)，10。

1. 陳俊元(2020)。論保險經紀人之義務：受託義務與我國保險法修正之再檢討。臺大法學論叢，49(2)，559-634。
2. 吳玉鳳(2012)。從美國法院訴訟案例論氣候變遷責任與保險。保險專刊，28(1)，93-121。
3. (2010)。銀行銷售金融商品之義務及責任─規範原則與實務爭議。月旦法學雜誌，183，182-207。
4. (2011)。由比較法觀點論金融機構之適當性義務。軍法專刊，57(2)，75-98。