A Study of Regulations on Advise and Sales of Financial Products in Response to Changes in the Financial Market

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K01368
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 05060:Civil law-related
• Research Institution: Kyoto University
• Principal Investigator: Yamashita Tetsuya 京都大学, 法学研究科, 教授 (10511983)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 金融商品 / 適合性原則 / 説明義務 / 助言義務 / 金融仲介者

Outline of Final Research Achievements

This research aims to determine the appropriate regulations for the advice and sales of financial products in light of recent changes in the financial market. Through a comparative law analysis of US and German law, the study focuses on two main aspects: first, the theoretical foundations and limitations of the information model; and second, the incentive structure of intermediaries who advise and sell financial products. The results demonstrate that it is rational to prioritize the best interests of individual investors while leveraging the function of the market. This can be achieved by successfully designing the incentive structure of intermediaries, not based on the conventional optimistic rational market model, but rather by adopting a pessimistic rational market model approach.

Free Research Field

民事法学

Academic Significance and Societal Importance of the Research Achievements

本研究は、金融商品の推奨・販売の場面におけるトラブルを避けるという観点から適切な法規制を探求するものである。米国法およびドイツ法を研究した。そこから示唆を受けて、金融商品の仲介者が顧客に対する適切な情報提供を担わせることが適切であり、そのためには仲介者の報酬などインセンティブ構造を適切に設計することが重要であることを明らかにした。本研究の成果は、金融商品の推奨・販売ルールの合理化のために有益であると思われる。