中國古諺「天有不測風雲，人有旦夕禍福」，人生處處有危機，資本市場更是如此，任何投資一定有盈虧的風險，既然無法避免，那就退而求其次，設法瞭解它可能何時發生、發生在何處、如何發生、為何發生，並且評估風險發生的損害，控制損害程度。2008年9月以前，不會有人預料雷曼兄弟（Lehman Brothers）這個經營百年的全美第四大投資銀行會在一夕之間宣布倒閉，而且引發全球性的系統風險，對於世界經濟發展造成的損害更是無法估計。證券市場依功能區分為發行市場（又稱初級市場）及流通市場（或稱次級市場）。發行市場乃是發行公司透過現有平台向不特定投資人發行有價證券，取得經營公司所需資金，投資人以資金購買有價證券，取得投資收益的場所。流通市場乃是投資人買賣有價證券的場所。證券商係在流通市場中代理投資人買賣有價證券，或為自己買賣有價證券，以調節、活絡流通市場。法律風險的控制與管理應為證券商經營獲利過程中，不容忽視的一環，表面上，法律風險控管得再好，不可能創造營收，然當風險發生時，卻可能讓證券商原有的獲利都化為烏有，甚至公司的大股東、高階經理人必須面對長期間的訟累。本文首對風險管理予以介紹，續就證券商承銷業務所面臨法律風險、經紀業務可能涉及的法律風險、自營業務所面臨之法律風險、人頭戶所衍生的法律風險、營業員道德風險可能造成的法律風險，以及因洗錢防制疏漏所造成法律風險予以探討，最後提出具體建議，希望有助金融監理、司法實務界，或證券商對於法律風險的認識。

There is an old Chinese saying: ＂As the weather is unpredictable, what would happen to people is also unpredictable.＂ Moreover, none predicated Lehaman Brothers would be bankruptcy before September 2008 which was the no. 4^th private bank in the United States and its branch crossed 30 countries. Lehman Brothers was not damaged themselves but also hurted the global development of economics. There are risks everywhere, so as in the capital market. Given that investing involves risks and investors may incur a profit or loss, we should manage to understand when, where, how and why the risks occur, so as to assess the risks and to control the damages. Capital market can be divided into primary market and secondary market. The primary market is an existing platform where the company issues the securities and sells them to the investors in order to obtain the fund for company operation. The secondary market is a place where investors further buy and sell such securities. A brokerdealer trades securities for its own account or on behalf of its customers in the stock market, so as to adjust and activate the market. Legal risk control is the key issue for the securities broker and dealer, it may not increase their profit in short time, but it will prevent the extingusihe damage. Legal risk may cause civil liability, administration liability, and criminal penality. If the broker and dealer violates the law and regulation and get caught in criminal procedure, it is going to ruin the company reputation as well as kill the career life of big stakeholder and professional manager. This article will explore the legal risks borne by the underwriter, brokers and dealers, respectively. This article will also discuss the legal risks caused by nominal accounts, as well as that caused by salesmen's wrongful behaviors and the problem of antimony laundering. Finaly the author give the recommendations for colusion.