美国证券违法举报者“罚没款分成”机制及借鉴
发布时间：2018-08-13 12:21
【摘要】：随着金融市场不断向纵深发展,证券期货违法行为的数量趋于增多,复杂程度逐渐提高,但是监管执法资源很难保持同比例增长。从长期来看,监管资源的有限性将是制约监管执法有效性的重要因素之一。为破解这一难题,美国《多德-弗兰克法案》引入了向合格举报者提供10~30%罚没所得的激励机制,建立了"公私协同,罚没款分成"的违法查处模式,将大量市场主体转化成私人监督者,显著提高了违法成本,体现了监管执法的巧实力和杠杆化趋势,达到监管效能倍增的效果。目前我国监管执法的有效性与市场规范运行的需要还存在差距,有必要学习和借鉴这一思路。
[Abstract]:With the further development of financial market, the number of illegal activities of securities and futures tends to increase, and the complexity increases gradually, but it is difficult to maintain the same proportion of regulatory and law enforcement resources. In the long run, the limitation of regulatory resources will be one of the important factors restricting the effectiveness of regulatory law enforcement. In order to solve this problem, the Dodd-Frank Act of the United States introduced an incentive mechanism to provide 1030% of the confiscated income to eligible whistleblowers, and established an illegal investigation and punishment model of "public and private cooperation, sharing of fines". The transformation of a large number of market subjects into private supervisors has significantly increased the illegal cost, reflected the skillful strength and the trend of leverage of supervision and law enforcement, and achieved the effect of multiplying the effectiveness of supervision. At present, there is still a gap between the effectiveness of supervision and law enforcement and the need of market norm operation in China, so it is necessary to study and learn from this train of thought.
【作者单位】： 中国金融期货交易所;
【分类号】：D971.2;DD912.28
，
本文编号：2180974
[Abstract]:With the further development of financial market, the number of illegal activities of securities and futures tends to increase, and the complexity increases gradually, but it is difficult to maintain the same proportion of regulatory and law enforcement resources. In the long run, the limitation of regulatory resources will be one of the important factors restricting the effectiveness of regulatory law enforcement. In order to solve this problem, the Dodd-Frank Act of the United States introduced an incentive mechanism to provide 1030% of the confiscated income to eligible whistleblowers, and established an illegal investigation and punishment model of "public and private cooperation, sharing of fines". The transformation of a large number of market subjects into private supervisors has significantly increased the illegal cost, reflected the skillful strength and the trend of leverage of supervision and law enforcement, and achieved the effect of multiplying the effectiveness of supervision. At present, there is still a gap between the effectiveness of supervision and law enforcement and the need of market norm operation in China, so it is necessary to study and learn from this train of thought.
【作者单位】： 中国金融期货交易所;
【分类号】：D971.2;DD912.28
，
本文编号：2180974
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