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专业投资者制度通过实施与投资者自我保护能力相应的分类监管,减轻金融中介的不必要负担,达到协调保护投资者和提高市场效率关系的目标。香港采用定量、定性检测相结合的方法,由金融中介负责实施,建立了专业投资者的界定、评估和分类监管制度,提高了证券市场效率。但在2009年的雷曼迷你债券和累计股票期权案件中,这一制度被指责不能有效甄别投资者的“自我保护能力”并给予必要保护,专业投资者的界定标准和评估机制有失合理性。立法者为此启动了制度评估并酝酿改革。大陆地区构建类似的证券市场合格投资者制度,可以从香港的专业投资者制度实践中获得有益借鉴和警示。
The professional investor system can reduce the unnecessary burden of financial intermediaries by implementing the classification supervision corresponding to the investor self-protection ability and achieve the goal of coordinating the relationship between investor protection and market efficiency. Hong Kong adopts a combination of quantitative and qualitative tests and is implemented by financial intermediaries. It has established a professional investor’s regulatory framework for the definition, assessment and classification of securities to enhance the efficiency of the stock market. However, in 2009, Lehman Minibonds and Cumulative Stock Options cases, the system was accused of not being able to effectively identify and “protect” the investor’s “self-protection capabilities” and to provide the necessary protection. The definition of professional investors and the loss of evaluation mechanism rationality. To this end, the legislator initiated the system assessment and brewing reform. The establishment of a similar system of qualified investors in the securities market in mainland China can draw lessons from the practice of the professional investor system in Hong Kong and provide warnings.