基金销售适用性和合规销售.pptVIP

;;SUITABILITY

NASDRule2300：

Inrecommendingtoacustomerthepurchase,saleorexchangeofanysecurity,amembershallhavereasonablegroundsforbelievingthattherecommendationissuitableforsuchcustomeruponthebasisofthefacts,ifany,disclosedbysuchcustomerastohisothersecurityholdingsandastohisfinancialsituationandneeds.

(b)Priortotheexecutionofatransactionrecommendedtoanon-institutionalcustomer,otherthantransactionswithcustomerswhereinvestmentsarelimitedtomoneymarketmutualfunds,amembershallmakereasonableeffortstoobtaininformationconcerning:

(1)thecustomer’sfinancialstatus;

(2)thecustomer’staxstatus;

(3)thecustomer’sinvestmentobjectives;and

(4)suchotherinformationusedorconsideredtobereasonablebysuchmemberorregisteredrepresentativeinmakingrecommendationstothecustomer.

specificallyprohibitstradinginmutualfundsharesbecause“thesesecuritiesarenotpropertradingvehicles.〞Althoughthemanualgivesnospecificnumericalguidelinesfordeterminingtheovertradingofstocks,thecommonlyarguedguidelinesbelowhavebeenusedincourtcasesandarbitrations.;;;时点;时间;;2、监管要求的变化及趋势

1、法律法规的体系化：

从2004年根底性立法，到销售管理方法、各种规定和指导意见，将监管事项从主体资格、宣传材料等外表的监管事项，到销售机构的内部运作机制和系统支持等操作层面，逐步细化；法规推出连续性、关联性增强，后出的法规是对前面法规的进一步的完善，从原那么到细那么到操作性指导；

2、监管的重点从原先的相对被动的核准制到现在更为主动的行为监管，同时监管的方式，也逐步开始从原先的证监会单一机构的行政式作为，更多的引入行业协会等自律性组织，实现监管主体多元化和监管职能的专业化，增强市场的自律力量。例如：最近两年的检查证监会+证券业协会、证监会+银监会+证券业协会

FINRA〔FinancialIndustryRegulatoryAuthority〕isthelargestnon-governmentalregulatorforallsecuritiesfirmsdoingbusinessintheUnitedStates.Createdin2007throughtheconsolidationofNASDandNYSEMemberRegulation,FINRAisdedicatedtoinvestorprotectionandmarketintegritythrougheffectiveandefficientregulationandcomplementarycomplianceandtechnology-basedservices.

;;;内部因素;;;;如何做？

销售适用性的初步探讨;;;实例分析;90%-95%持仓比例的基金;2007-02-27，混合型跌幅超过指数的为***，持仓比例97.7449%，集中度38.