完善证券投资者赔偿机制的美国经验

发布时间：2018-03-05 08:55

本文选题：证券投资者赔偿　切入点：集团诉讼　出处：《证券市场导报》2013年09期 　论文类型：期刊论文

【摘要】：通过完善相关机制给投资者及时全面的法律救济是保护投资者权益的关键环节。作为成熟市场代表的美国,具有较为完善的投资者赔偿机制。一方面,立法不仅规定了投资者提起集团诉讼,还明确作为监管机构的SEC可起诉违法行为人并没收违法所得或处以民事罚金,以此提升投资者获得赔偿的几率;另一方面,设立投资者赔偿公平基金,使得违法所得或罚金通过其返还给投资者,以增加投资者诉讼外的利益补偿机制。与此相比,我国目前有关投资者赔偿的制度设计还存在较大差距。鉴于此,全面了解、合理借鉴美国等境外市场投资者赔偿的成熟经验,对于构建我国证券投资者权益保护制度、提高保护效率而言非常重要。
[Abstract]:Providing investors with timely and comprehensive legal relief through improving relevant mechanisms is a key link in protecting investors' rights and interests. As a representative of the mature market, the United States has a relatively perfect investor compensation mechanism. On the one hand, The legislation not only provides for class action by investors, but also makes it clear that SEC, as a regulator, can prosecute the perpetrator and confiscate the proceeds or impose a civil fine, thereby increasing the chances of investors getting compensation; on the other hand, The establishment of an investor compensation fair fund through which illegal gains or fines can be returned to investors in order to increase the mechanism of compensation for benefits other than litigation by investors. There is still a big gap in the design of investor compensation system in China at present. In view of this, the comprehensive understanding and reasonable reference to the mature experience of investors' compensation in foreign markets, such as the United States, is of great importance to the establishment of a system for protecting the rights and interests of securities investors in China. It is important to improve the efficiency of protection.
【作者单位】：上海证券交易所;
【分类号】：F832.51;DD912.28;D971.2

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