幌骗的“罪”与“罚”——美国行政监管与司法实践的借鉴

发布时间：2018-06-02 06:48

本文选题：幌骗 + 操纵市场　；参考：《证券市场导报》2017年10期

【摘要】：境外市场高频交易开展得如火如荼,幌骗成为操纵市场、侵害投资者权益的主要手段,且已被明文禁止。美国《多德-弗兰克法案》第747条新增"幌骗"作为新型扰乱市场行为,并明确列举行为方式,在主观要件上降低了故意的标准。借鉴美国证券期货监管和司法实践的经验,我国证券期货市场有必要未雨绸缪制定规范幌骗等新型操纵行为的监管立法和实施细则、完善程序化交易全生命周期的信息备案登记制度,并构建交易所自律和交易商自我约束的多层次风控体系。
[Abstract]:High-frequency trading in foreign markets is in full swing, and deception has become the main means of manipulating the market and infringing investors' rights and interests, and has been explicitly prohibited. Section 747 of the Dodd-Frank Act of the United States adds "spoofing" as a new type of market disrupting behavior, and explicitly enumerates the manner of conduct, which lowers the standard of intent in subjective elements. Drawing on the experience of American securities and futures supervision and judicial practice, it is necessary for China's securities and futures markets to make plans in advance to formulate regulatory legislation and implementation rules for regulating new types of manipulation, such as deception. Improve the information registration system of the whole life cycle of procedural transaction and construct a multi-level wind control system of exchange self-discipline and dealer self-restraint.
【作者单位】：上海师范大学商学院;
【基金】：教育部人文社会科学研究青年基金项目“中央对手方的公司治理与政府监管”(15YJC20001) 国家社科基金青年项目“非上市公众公司治理指引研究”(15CFX060) “上海市法学会2017年度招标课题成果”
【分类号】：D922.287;D971.2

【相似文献】