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題名 從連動債糾紛探討銀行財富管理業務
A review of structured note investment disputes - impact on the bank wealth management business
作者 袁美華
Yuan, Mei Hwa
貢獻者 吳文傑
Wu, Jack
袁美華
Yuan, Mei Hwa
關鍵詞 連動債
銀行
財富管理
日期 2010
上傳時間 5-Oct-2011 14:34:26 (UTC+8)
摘要 Wealth Management Business had become a popular business sector to the Taiwan Financial Institution in recent year. The Law governing Bank Conducting Wealth Management Business and Operating Guidelines were promulgated by Financial Supervisory Commission in year 2005, since then most of the Bank in Taiwan stepped into the wealth management business categories and commence to provide wealth management services to their customer.

Through the wealth management services and trust platform channel, foreign Structured Note products were largely introduced by Investment Bank through Banks in local to their wealth management customers or even non-wealth management customers in year 2006. The broke out of the European financial tsunami, primarily the sub-prime issues in the United States, the announcement of the bankruptcy of Leman Brothers aroused the Structured Note Investment disputes in local financial market.

The disputes in Structured Note Investment had roused high attention of the local regulators as the numbers of customer complaints received by FSC were more than ten thousands in year 2007 and 2008. Bank in Local were forced by public and local governing regulators to settle the disputes with customers. Eventually banks were ban by local regulators to cease foreign structured notes transactions in mid of 2009 and the Bank wealth-management business has slumped since then and impact directly to the performance of the Bank Wealth Management Business.

The objective of the thesis is to focus on the analysis of the Structured Notes disputes and from the studies of the types of disputes models, we will further conduct a review on regulatory trends on the governing of the relevant business and hopefully, we aim to provide some of the recommendation on the ways that Bank may adopt for its Wealth Management Business for the selling of the investment products, in particularly on the Structured Investment Products in the future.
參考文獻 1. Subprime Mortgage Crisis (visited 28 December 2010) <http://en.wikipedia.org/wiki/Subprime_mortgage_crisis>
2. Late 2000s recession Financial Crisis 2008 (visited 28 December 2010) <http://en.wikipedia.org/wiki/Late-2000s_recession>
3. Bankruptcy of Lehman Brothers (visited 28 December 2010) <http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers>
4. Wealth Management (visited 28 December 2010) <http://en.wikipedia.org/wiki/Wealth_management>
5. 銀行辦理財富管理注意事項 (visited 30 May 2011)
<http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0202.asp>
6. 銀行辦理財富管理業務作業準則 (visited 30 May 2011)
<http://law.banking.gov.tw/Chi/FINT/FINTQRY04.asp?N2=&sdate=&edate=&keyword=%B0%5D%B4I%BA%DE%B2z&datatype=etype&typeid=*&page=1&recordNo=6>
7. 信託業辦理特定金錢信託投資國外有價證券業務應遵守事項 (visited 30 May 2011)
<http://law.banking.gov.tw/Chi/FINT/FINTQRY04.asp?N2=&sdate=&edate=&keyword=%AFS%A9w%AA%F7%BF%FA%ABH%B0U&datatype=etype&typeid=*&page=1&recordNo=7>
8. Citi Private Bank (visited 22 June 2011)
<https://www.privatebank.citibank.com/cpb/cwslogin/external/publicsite/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3hjl2AXZzcPIwOLMH8TA0_H4DAnQ09_QwMDA_1wkA6zeAMcwNFA388jPzdVvyA7rxwAZtTjZg!!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/>
9. Structured Note (visited 30 May 2011) < http://en.wikipedia.org/wiki/Structured_note>
10. Guidelines for Bank Conducting Financial Derivatives Businesses (visited 30 May 2011)<http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0202.asp>
11. MAS Monetary Authority of Singapore. The Association of Banks in Singapore (last modified 11 February 2010) Making Sense of Structured Notes( last modified 11 February 2010) 1,3-7 <http://www.moneysense.gov.sg/resource/publications/guides_publications/MakingSENSEStructuredNotes.pdf>
12. 銀行銷售雷曼兄弟發行之連動債商品,有關投資人權益問答集(visited 30 May 2011) <http://www.banking.gov.tw/Layout/main_ch/News_NewsContent.aspx?
NewsID=19236&path=2995&LanguageType=1>
13. 行政院監督管理委員會銀行局網站 銀行公會雷曼兄弟連動債爭議處理態樣 (visited June 2011) <http://www.banking.gov.tw/Layout/main_ch/
News_NewsContent.aspx?NewsID=21585&path=2995&LanguageType=1>
14. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣高等法院民事判決98年度上易字第299號 民國99年1月<http://jirs.judicial.gov.tw/Index.htm>
15. Trust Enterprise Act ( Modified 16 January 2008 ) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0201.asp>
16. Civil Code (Modified 26 May 2010) <http://db.lawbank.com.tw/Eng/FLAW/FLAWDAT0201.asp>
17. 陸倩瑤、孫中英,「雷曼兄弟連動債 銀行須幫客戶求償」聯合報,台北報導,民國九十七年九月十八日
18. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣高等法院民事判決99年度重上字第45號 民國99年11月23日<http://jirs.judicial.gov.tw/Index.htm>
19. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣桃園地方法院民事判決99年度重訴字第236號 民國100年3月10日<http://jirs.judicial.gov.tw/Index.htm>
20. MAS Monetary Authority of Singapore, 7 July 2009. Investigation Report on the Sale and Marketing of Structured Notes linked to Lehman Brothers ii, 22-27, 30-37
21. 何慶媛 中國信託商業銀行「銀行如何落實有關金融商品投資人保護」「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日
22. 胡醒賢 花旗(台灣)商業銀行 金融商品包裝銷售之消費者保護實務「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日
23. Taiwan Depository & Clearing Corporation, 2010.04. Newsletter Issue 127
24. 11王立群 金管會銀行局 金融海嘯後強化商品銷售所定規範「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日
25. 金融研究發展基金管理委員會 「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 前言 民國九十九年九月二十八日
26. MAS Monetary Authority of Singapore, February 2008 Consultation Paper, Proposed Guideline on Fair Dealing-Board and Senior Management For Delivering Fair Dealing Outcome To Consumer
27. 金融法規全文檢索查詢系統 行政院金融監督管理委員會銀行局信託業營運範圍受益權轉讓限制風險揭露及行銷訂約管理辦法( last modified 17 February 2011) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT01.asp?lsid=FL046790>
28. 金融法規全文檢索查詢系統 行政院金融監督管理委員會銀行局 銀行辦理衍生性金融商品業務應注意事項(last Modified 2009.12.31) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT01.asp?lsid=FL006459>
29. 法源法律網 銀行辦理衍生性金融商品自律規範 BA ( last modified 16 December 2010) <http://db.lawbank.com.tw/FLAW/FLAWDAT01.asp?lsid=FL057252>nnn
30. 行政院監督管理委員會銀行局 新聞稿 立法院三讀通過金融消費者保護法 民國100年6月3日
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
93933015
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093933015
資料類型 thesis
dc.contributor.advisor 吳文傑zh_TW
dc.contributor.advisor Wu, Jacken_US
dc.contributor.author (Authors) 袁美華zh_TW
dc.contributor.author (Authors) Yuan, Mei Hwaen_US
dc.creator (作者) 袁美華zh_TW
dc.creator (作者) Yuan, Mei Hwaen_US
dc.date (日期) 2010en_US
dc.date.accessioned 5-Oct-2011 14:34:26 (UTC+8)-
dc.date.available 5-Oct-2011 14:34:26 (UTC+8)-
dc.date.issued (上傳時間) 5-Oct-2011 14:34:26 (UTC+8)-
dc.identifier (Other Identifiers) G0093933015en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/51237-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 93933015zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) Wealth Management Business had become a popular business sector to the Taiwan Financial Institution in recent year. The Law governing Bank Conducting Wealth Management Business and Operating Guidelines were promulgated by Financial Supervisory Commission in year 2005, since then most of the Bank in Taiwan stepped into the wealth management business categories and commence to provide wealth management services to their customer.

Through the wealth management services and trust platform channel, foreign Structured Note products were largely introduced by Investment Bank through Banks in local to their wealth management customers or even non-wealth management customers in year 2006. The broke out of the European financial tsunami, primarily the sub-prime issues in the United States, the announcement of the bankruptcy of Leman Brothers aroused the Structured Note Investment disputes in local financial market.

The disputes in Structured Note Investment had roused high attention of the local regulators as the numbers of customer complaints received by FSC were more than ten thousands in year 2007 and 2008. Bank in Local were forced by public and local governing regulators to settle the disputes with customers. Eventually banks were ban by local regulators to cease foreign structured notes transactions in mid of 2009 and the Bank wealth-management business has slumped since then and impact directly to the performance of the Bank Wealth Management Business.

The objective of the thesis is to focus on the analysis of the Structured Notes disputes and from the studies of the types of disputes models, we will further conduct a review on regulatory trends on the governing of the relevant business and hopefully, we aim to provide some of the recommendation on the ways that Bank may adopt for its Wealth Management Business for the selling of the investment products, in particularly on the Structured Investment Products in the future.
en_US
dc.description.tableofcontents 1. Introductions 1
1.1 Background 1
1.2 Objective and Methodology 2
1.3 Limitation of the study 3
1.4 Structure of the thesis 3
2. Introduction of Wealth Management Business Environment 5
2.1 Introduction of Wealth Management Business 5
2.2. Local Governing Laws and Regulations 5
2.3 Comparison of Local and Foreign Bank 7
3. Introduction of Structured Note 9
3.1 Definition 9
3.2 Local Governing Laws and Regulations 15
4. Case Studies 17
4.1 Customer’s Dispute Cases (models) identified by Bankers Association Committee on Leman Brother Structured Note. 17
4.2 Structured Note litigation Cases with Civil Courts 20
4.2.1. Taiwan District/High Court Civil Judgment on Structured Note Claims 20
4.3 Investigation Report of Foreign Governmental Bodies on Financial Institution 39
4.3.1 MAS Findings on Individual Distributor 39
4.3.1.1 ABN AMRO Bank N.V Singapore Branch 40
4.3.1.2 DBS Bank Ltd( DBS) 43
5. Management of the Wealth Management Business 47
5.1 Structured Note Dispute Impacts 47
5.1.1 A review of Customers Protection Scheme Adopted by T Bank 47
5.1.2. A review of Customer Protection Scheme Adopted by C Bank 52
5.2 New Laws and Regulations 56
5.2.1. Regulation Governing Offshore Structured Products 57
5.2.2 Regulations for Banks Conducting Financial Derivatives Business (“the Regulations”) 59
5.2.3 Regulations Governing the Scope of Business, Restrictions on Transfer of Beneficiary Rights, Risk Disclosure, Marketing, and Conclusion of Contract by Trust Enterprises (“the Regulation”) 62
5.2.4 Other Supervisions 64
5.3 Analysis and Recommendations 65
5.4 Conclusion 79
Reference 80
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093933015en_US
dc.subject (關鍵詞) 連動債zh_TW
dc.subject (關鍵詞) 銀行zh_TW
dc.subject (關鍵詞) 財富管理zh_TW
dc.title (題名) 從連動債糾紛探討銀行財富管理業務zh_TW
dc.title (題名) A review of structured note investment disputes - impact on the bank wealth management businessen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Subprime Mortgage Crisis (visited 28 December 2010) <http://en.wikipedia.org/wiki/Subprime_mortgage_crisis>zh_TW
dc.relation.reference (參考文獻) 2. Late 2000s recession Financial Crisis 2008 (visited 28 December 2010) <http://en.wikipedia.org/wiki/Late-2000s_recession>zh_TW
dc.relation.reference (參考文獻) 3. Bankruptcy of Lehman Brothers (visited 28 December 2010) <http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers>zh_TW
dc.relation.reference (參考文獻) 4. Wealth Management (visited 28 December 2010) <http://en.wikipedia.org/wiki/Wealth_management>zh_TW
dc.relation.reference (參考文獻) 5. 銀行辦理財富管理注意事項 (visited 30 May 2011)zh_TW
dc.relation.reference (參考文獻) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0202.asp>zh_TW
dc.relation.reference (參考文獻) 6. 銀行辦理財富管理業務作業準則 (visited 30 May 2011)zh_TW
dc.relation.reference (參考文獻) <http://law.banking.gov.tw/Chi/FINT/FINTQRY04.asp?N2=&sdate=&edate=&keyword=%B0%5D%B4I%BA%DE%B2z&datatype=etype&typeid=*&page=1&recordNo=6>zh_TW
dc.relation.reference (參考文獻) 7. 信託業辦理特定金錢信託投資國外有價證券業務應遵守事項 (visited 30 May 2011)zh_TW
dc.relation.reference (參考文獻) <http://law.banking.gov.tw/Chi/FINT/FINTQRY04.asp?N2=&sdate=&edate=&keyword=%AFS%A9w%AA%F7%BF%FA%ABH%B0U&datatype=etype&typeid=*&page=1&recordNo=7>zh_TW
dc.relation.reference (參考文獻) 8. Citi Private Bank (visited 22 June 2011)zh_TW
dc.relation.reference (參考文獻) <https://www.privatebank.citibank.com/cpb/cwslogin/external/publicsite/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3hjl2AXZzcPIwOLMH8TA0_H4DAnQ09_QwMDA_1wkA6zeAMcwNFA388jPzdVvyA7rxwAZtTjZg!!/dl3/d3/L2dBISEvZ0FBIS9nQSEh/>zh_TW
dc.relation.reference (參考文獻) 9. Structured Note (visited 30 May 2011) < http://en.wikipedia.org/wiki/Structured_note>zh_TW
dc.relation.reference (參考文獻) 10. Guidelines for Bank Conducting Financial Derivatives Businesses (visited 30 May 2011)<http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0202.asp>zh_TW
dc.relation.reference (參考文獻) 11. MAS Monetary Authority of Singapore. The Association of Banks in Singapore (last modified 11 February 2010) Making Sense of Structured Notes( last modified 11 February 2010) 1,3-7 <http://www.moneysense.gov.sg/resource/publications/guides_publications/MakingSENSEStructuredNotes.pdf>zh_TW
dc.relation.reference (參考文獻) 12. 銀行銷售雷曼兄弟發行之連動債商品,有關投資人權益問答集(visited 30 May 2011) <http://www.banking.gov.tw/Layout/main_ch/News_NewsContent.aspx?zh_TW
dc.relation.reference (參考文獻) NewsID=19236&path=2995&LanguageType=1>zh_TW
dc.relation.reference (參考文獻) 13. 行政院監督管理委員會銀行局網站 銀行公會雷曼兄弟連動債爭議處理態樣 (visited June 2011) <http://www.banking.gov.tw/Layout/main_ch/zh_TW
dc.relation.reference (參考文獻) News_NewsContent.aspx?NewsID=21585&path=2995&LanguageType=1>zh_TW
dc.relation.reference (參考文獻) 14. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣高等法院民事判決98年度上易字第299號 民國99年1月<http://jirs.judicial.gov.tw/Index.htm>zh_TW
dc.relation.reference (參考文獻) 15. Trust Enterprise Act ( Modified 16 January 2008 ) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT0201.asp>zh_TW
dc.relation.reference (參考文獻) 16. Civil Code (Modified 26 May 2010) <http://db.lawbank.com.tw/Eng/FLAW/FLAWDAT0201.asp>zh_TW
dc.relation.reference (參考文獻) 17. 陸倩瑤、孫中英,「雷曼兄弟連動債 銀行須幫客戶求償」聯合報,台北報導,民國九十七年九月十八日zh_TW
dc.relation.reference (參考文獻) 18. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣高等法院民事判決99年度重上字第45號 民國99年11月23日<http://jirs.judicial.gov.tw/Index.htm>zh_TW
dc.relation.reference (參考文獻) 19. 司法院法學資料檢索系統臺灣高等法院 裁判書 民事類,臺灣桃園地方法院民事判決99年度重訴字第236號 民國100年3月10日<http://jirs.judicial.gov.tw/Index.htm>zh_TW
dc.relation.reference (參考文獻) 20. MAS Monetary Authority of Singapore, 7 July 2009. Investigation Report on the Sale and Marketing of Structured Notes linked to Lehman Brothers ii, 22-27, 30-37zh_TW
dc.relation.reference (參考文獻) 21. 何慶媛 中國信託商業銀行「銀行如何落實有關金融商品投資人保護」「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日zh_TW
dc.relation.reference (參考文獻) 22. 胡醒賢 花旗(台灣)商業銀行 金融商品包裝銷售之消費者保護實務「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日zh_TW
dc.relation.reference (參考文獻) 23. Taiwan Depository & Clearing Corporation, 2010.04. Newsletter Issue 127zh_TW
dc.relation.reference (參考文獻) 24. 11王立群 金管會銀行局 金融海嘯後強化商品銷售所定規範「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 民國九十九年九月二十八日zh_TW
dc.relation.reference (參考文獻) 25. 金融研究發展基金管理委員會 「金融海嘯後如何加強銀行銷售金融商品投資人與金融服務消費者保護」座談會 前言 民國九十九年九月二十八日zh_TW
dc.relation.reference (參考文獻) 26. MAS Monetary Authority of Singapore, February 2008 Consultation Paper, Proposed Guideline on Fair Dealing-Board and Senior Management For Delivering Fair Dealing Outcome To Consumerzh_TW
dc.relation.reference (參考文獻) 27. 金融法規全文檢索查詢系統 行政院金融監督管理委員會銀行局信託業營運範圍受益權轉讓限制風險揭露及行銷訂約管理辦法( last modified 17 February 2011) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT01.asp?lsid=FL046790>zh_TW
dc.relation.reference (參考文獻) 28. 金融法規全文檢索查詢系統 行政院金融監督管理委員會銀行局 銀行辦理衍生性金融商品業務應注意事項(last Modified 2009.12.31) <http://law.banking.gov.tw/Eng/FLAW/FLAWDAT01.asp?lsid=FL006459>zh_TW
dc.relation.reference (參考文獻) 29. 法源法律網 銀行辦理衍生性金融商品自律規範 BA ( last modified 16 December 2010) <http://db.lawbank.com.tw/FLAW/FLAWDAT01.asp?lsid=FL057252>nnnzh_TW
dc.relation.reference (參考文獻) 30. 行政院監督管理委員會銀行局 新聞稿 立法院三讀通過金融消費者保護法 民國100年6月3日zh_TW