证券交易所自律监管罚款制度比较研究

发布时间：2018-01-14 17:45

本文关键词：证券交易所自律监管罚款制度比较研究　出处：《南方金融》2017年11期 　论文类型：期刊论文

【摘要】：证券交易所自律监管罚款制度在维护证券上市、交易秩序,矫正上市公司、证券商会员的违法违规行为,以及保护投资者合法权益方面发挥着重要的作用。境外部分成熟市场和新兴市场将证券交易所对违法违规上市公司、证券商会员进行纪律处分的权能纳入证券立法之中,并且从确定违规行为与罚款标准、建立处分和解机制、对逾期滞纳罚款进行进一步处置等方面着手,完善自律监管罚款的运行机制。从境外市场经验看,证券交易所自律监管罚款制度面临的司法争议点主要包括:先自律处分后行政处罚是否违反一事不再罚原则,自律监管相对人欠缴罚款能否通过司法程序征缴,以及法院是否应该介入自律监管罚款。为进一步完善我国证券交易所自律监管制度,建议在《证券法》中赋予交易所自律监管罚款权能,完善运行机制、增强交易所自律监管罚款制度的可操作性,同时设置监督程序,减少自律监管罚款权能误用和滥用的风险。
[Abstract]:The fine system of self-regulation and supervision of stock exchanges shall maintain the order of listing and trading of securities and rectify the illegal and illegal acts of listed companies and members of securities firms. As well as protecting the legitimate rights and interests of investors plays an important role. Some mature foreign markets and emerging markets will stock exchanges against illegal listed companies. The power of the member of securities firm to carry out disciplinary action is brought into the securities legislation, and from the aspects of determining the standard of violation and fine, establishing the mechanism of punishment and settlement, and further dealing with the late payment of fine, etc. Improve the operating mechanism of self-regulation and supervision of fines. The main points of the judicial dispute that the self-regulatory penalty system of the stock exchange faces include: first self-discipline punishment and then administrative punishment whether violate the principle of penalty no longer, self-discipline supervision relative person fails to pay the fine can collect through the judicial procedure. And whether the court should intervene in the self-regulation of fines. In order to further improve the self-regulatory system of the stock exchange in China, it is suggested that the "Securities Law" should empower the self-regulatory fines of the exchanges and improve the operating mechanism. Strengthen the maneuverability of the penalty system of self-regulation of exchange, set up the procedure of supervision at the same time, reduce the risk of misuse and abuse of penalty power of self-regulation.
【作者单位】：上海证券交易所博士后科研工作站;
【基金】：教育部哲学社会科学研究重大课题攻关项目《我国债券市场建立市场化法制化风险防范体系研究》(项目编号:14JZD008) 中国博士后科学基金第62批面上资助项目《证券市场内部举报制度研究》(项目编号:2017M621419)的资助
【分类号】：D922.287
【正文快照】： (1)包括《深圳证券交易所股票上市规则(2014年修订)》《上海证券交易所股票上市规则(2014年修订)》《深圳证券交易所交易规则》《上海证券交易所交易规则》。2017年9月1日,中国证监会就修订《证券交易所管理办法》公开征求意见。在完善证券交易所履行一线监管职责安排方面,《

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