碩士 / 南台科技大學 / 財經法律研究所 / 99 / Investors who bought Lehman structured notes suffered severe loss when Lehman Brothers Holding Inc. filed for bankruptcy. The loss has caused disputes between the victim and the selling banks. The selling banks are accused of misleading investors into purchasing high-risk structured notes. The investigation report of the Control Yuan also found that the regulatory authority did not fulfill the duty of overseeing the sale of the structured notes.
In order to strengthen investor’s protection, and prevent similar incidents from happening again, the Financial Supervisory Commission(FSC) has adopted a set of Rules Governing Offshore Structured Products.
The purpose of this thesis is to study the regulatory approach used by the FSA and compare the regulations adopted by Hong Kong and Singapore. This study finds that the new regulations still need to be improved. First, the master agent stipulated by the new rules, acting as a window for handling related matters and providing information, is not a good mechanism to protect investor because lack of independence and conflict of interest. In order to protect the interest of investors, this thesis proposes that the bond trustee should be substituted for the master agent. Second, although the new rules provided that the issuer must provide product information and continue disclosing material information to investors, the regulation is not adequate because the duty of the issuer is not based upon the Securities Exchange Act. To solve the deficiency, this thesis suggests that the issuer should be subjected to registering structured products according to Article 22, paragraph 1 of the Securities Exchange Act. Third, to enhance the suitability of the product for investors, this thesis suggests the financial intermediaries should be required to collect more important information from its customer such as the understanding of structured products, investing expertise and experience.
| Identifer | oai:union.ndltd.org:TW/099STUT8308019 |
| Date | January 1900 |
| Creators | Meng-Chun Shih, 施孟君 |
| Contributors | 林文里 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 147 |
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