證券商經營財富管理業務之交易平台-信託架構與行紀架構之比較

Abstract

證券商在經營財富管理業務時，為了達成一次購足的綜合性服務，需要一個交易平台，以停泊客戶的款券，並且有利於證券商管理客戶的金流與資訊流。 本論文主要的目的在於研究這樣的交易平台應該採取信託抑或是行紀的法律架構，對於證券業較為有利。 本論文嘗試從證券商之財富管理業務介紹出發，整理證券商辦理財富管理業務架構之前提需求：1.確實踐行瞭解客戶（Know Your Customers）評估作業程序、2.提供合適性之建議（Suitable Advice），3.提供一次購足（One Stop Shopping）的綜合性服務。 再分析為達成前提需求應發展之業務行為，以證明交易平台的重要性：包含提供單一窗口服務、掌握客戶金流資訊、證券商以自己名義為客戶購入有價證券，進行資產配置，提供隱名性服務並且掌握資訊流。 就相關之交易平台部分，本文亦嘗試整理現金管理帳戶及財富管理帳戶之相關規定，再進入本文主要的討論重點：財富管理帳戶究竟採取信託之法律架構還是行紀的法律架構，對於證券商較為有利。

When dealing with the Wealth Management affairs, in order to provide one stop shopping service, securities firms need a trading platform to parking cash and securities positions to manage the cash flow and information flow. The purpose of this dissertation is to analyze which legal structure adopted by this trading platform, Trust or Commission Agent, is more advantage in the light of securities firms. We tried to start from sorting out the prerequisites of the wealth management business, which are performing Know Your Customers procedure, providing Suitable Advice, and providing One Stop Shopping. In the second stage, we analyze the business behaviors to be developed, which are essential for the prerequisites in order to proof the importance of the platform. Those are to provide one stop shopping service, to control the cash flow information, to place the assets under the omnibus account of securities firms without disclose client’s identity. After proving the importance of the platform, we try to analyze the relevant regulations of trust basis and commission agent basis trading platform, then, to the main issue of this dissertation: in the light of securities firms, which legal structure shall be more advantage, trust basis or commission agent basis, to organize a wealth management trading account.