銀行銷售衍生性金融商品之法律議題— 以TRF為例

Abstract

自2014年人民幣開始走貶後，金融監督管理委員會針對銀行銷售TRF業務進行數次專案檢查，發現銀行銷售TRF的多項缺失，除對銀行裁罰外，更陸續推出數波之強化管理措施。包含於法規範中明確定義複雜性高風險衍生性金融商品，嚴格限制銷售對象、契約期間及個別交易損失上限等，由於TRF商品係屬店頭市場交易的商品，資訊透明度低，商品之評價亦較困難，金融監督管理委員會迅速修正相關之法令規定，係有其監理上之必要。\n\n衍生性金融商品依照「國際財務報導準則第9號」及「企業會計準則第15號」之規範係採公允價值衡量，TRF商品因含有賣出選擇權，無法符合避險會計之條件，所產生的損益係直接列入當期損益表。分析人民幣歷史的走勢，從1994年初之1美元兌人民幣8.7元，至2013年之年均匯率6.1932，呈現每年穩定升值的態勢，投資人依其經驗已將人民幣升值視為日常，由於投資人輕忽市場風險，導致購買TRF產生巨額虧損。本文分析數個實際TRF合約之比價結果，發現TRF是獲利低但風險相當大的產品，且無法達到外匯避險之效果。\n\n銀行銷售複雜性高風險衍生性金融商品，所面臨的經營風險主要係在認識客戶、適合性原則及說明義務此三項之內部控制設計尚未建立妥適，或內部控制設計面有效但是執行面無效之情況。因此，銀行需就認識客戶、適合性原則及說明義務之法規範及其法律責任詳加檢視，並配合實施教育訓練及道德教育，以確保行員於銷售複雜性高風險衍生性金融商品能遵守內部控制之規範及達到保護客戶權益，並盡善良管理人之注意義務及忠實義務，以保護銀行之信譽。

The Financial Supervisory Commission (FSC) conducted several special inspections on banks selling Target Redemption Forward (TRF) due to consecutive devaluations of RMB currency since 2014. The FSC found many deficiencies in bank sales of TRF. Therefore, the FSC sanctioned many banks for improper sale of financial derivatives and introduced several waves of enhanced management measures which included detailed definitions of complex and high-risk financial derivatives, restrictions on sales target, contract period, setting the maximum limit of loss for non-hedging transactions, etc. Since TRF were traded in the over-the-counter market, transparency of information is poor and there are difficulties in product valuation which caused the FSC to respond quickly by promulgating the relative regulations. These are necessary steps taken by the competent authority for its supervision.\n\nAll derivatives are measured at fair value under the IFRS 9 and EAS 15. Because TRF contains an embedded short option, TRF does not meet the conditions for hedge accounting. Therefore, the resulting gain or loss is immediately recognized in profit or loss. Analyzing the historical trend of the RMB currency, it indicated a stable appreciation from exchange rate of US$1:RMB8.7 in the beginning of 1994 to annual average exchange rate of US$1:RMB 6.1932 in 2013. Investors overlooked the market risk based on their experiences which treated the RMB as still going upward. As a result, TRF investors incurred big losses. Based on this analysis of settlement outcome on many real TRF contracts, we found that TRF is a high-risk product and with low return. Furthermore, TRF also cannot achieved the foreign currency hedging effect.\n\nWhen banks sell complex and high-risk financial derivatives, the main business risks are that the internal controls, which include knowing customers, suitability and duty of explanation and disclosure, are not established appropriately or they are appropriate but fail in the implementation. Banks need to comply these regulation considerations and legal responsibilities and perform inspection based on these three main parts. In addition, banks need to provide their employees with training courses and ethics education to ensure and protect customers’ interest, exercise due care and loyalty, and also protect the bank’s reputation when conducting complex and high-risk financial derivatives under an effective system of internal control.