我国证券投资基金业“老鼠仓”法律规制探析

发布时间：2018-03-06 08:44

本文选题：证券投资基金业　切入点：老鼠仓　出处：《华东政法大学》2014年硕士论文　论文类型：学位论文

【摘要】：基金经理秘密建“老鼠仓”，“暗箱操作”现象屡屡被媒体曝光。基金“老鼠仓”危害极大，不仅会侵害基金投资者的财产利益，影响基金管理公司的信誉和整个基金行业的长期发展，更会扰乱正常的证券市场和金融秩序。证监会一直对“老鼠仓”行为秉持严厉打击的态度，从事“老鼠仓”证券违规交易，情节严重的，司法机关将追究行为人的刑事责任。近年来被查处的“老鼠仓”案件，与早期的案件相比，呈现出新的特点，使用手法更隐蔽、涉案金额更大、违法的基金经理更年轻。基金经理从事“老鼠仓”行为屡禁不止，反映了我国在对证券投资基金业“老鼠仓”的法律规制方面存在不足，亟待完善。2012年，我国修订通过了《证券投资基金法》，该法以放松管制、加强监管为导向，对旧法作出了重大修改。该法适当放开了基金从业人员及其利害关系人从事证券交易的限制，或对“老鼠仓”行为产生影响。在新的资本市场环境下，有必要就我国证券投资基金业“老鼠仓”现象的法律规制进行研究，并提出具体的完善意见。本文首先对“老鼠仓”进行概述：介绍了“老鼠仓”的概念，并将本文的研究对象定为证券投资基金行业的“老鼠仓”行为；分析“老鼠仓”行为运作流程——参与决策并获得信息、低位买入、拉升股价、高位接盘，为研究基金“老鼠仓”的法律性质奠定基础；从对基金投资人、基金公司和基金业、证券市场三个方面，概括“老鼠仓”的危害。在对“老鼠仓”进行法律规制的过程中，对其法律性质的认定一直存在争议，国内外司法实践采用的学说也不尽相同。我国现行的对证券投资基金业“老鼠仓”的法律规定，散布于法律法规中。本文对这些相关的法律法规进行归纳列举，总结我国执法机关对基金经理“老鼠仓”的处罚状况。通过研究，分析我国现行法律规制在哪些方面尚存在不足。国外许多国家的投资基金发展较早，业已形成较为成熟的的证券投资基金法律规制体系，其中，以美国、英国、日本最具代表性。在总结美国、英国、日本的证券投资基金法律规制经验的基础上，结合我国的证券市场的具体情况，分析我国应从哪些方面借鉴外国经验：建立健全相关法律法规，实行全方位、多层次的监管方式，加强行业自律管理，制定自律性规则，构建允许基金从业人员买卖证券的合理机制。本文在最后部分，综合前文的观点，，梳理出证券投资基金业“老鼠仓”法律规制的完善建议。第一，构建民事赔偿机制，加大刑事处罚力度，以提高违法成本，威慑违法违规的“老鼠仓”行为人，防范于未然，遏制“老鼠仓”行为的发生。第二，我国在对基金投资者索赔问题的法律规制上，民事法律缺位，应完善相关民事法律，使受到损失的基金投资者能够通过民事诉讼和证券仲裁的渠道的到法律救济。第三，强化基金公司的内部监管和其他外部监管制度。第四，结合新修订的《证券投资基金法》，提出允许基金从业人员进行证券交易行为问题对“老鼠仓”行为的影响，并作法律分析。
[Abstract]:The fund manager the secret construction of "Mouse Storehouse", "covert operation" phenomenon has been exposed by the media. The fund "rat" great harm, not only against the interests of property fund investors, affect the long-term development of the fund management company and the credibility of the fund industry, it will disrupt the normal order of securities market and the Finance Commission has been. Uphold the attitude to crack down on "Mouse Storehouse", engaged in illegal trading of rat securities, if the circumstances are serious, the judicial organs criminal liability. In recent years were investigated in the rat case, compared with the earlier case, showing the new features, the use of tactics is more subtle and involved the amount is bigger, illegal fund managers younger. Fund managers engaged in the "rat" repeated acts, reflects China's presence in the legal regulation of the securities investment fund "rat" Lack of perfect.2012, China revised by the "securities investment fund law", the law on deregulation, strengthen supervision oriented, has made significant modifications to the old method. The appropriate open fund employees and stakeholders engaged in securities trading restrictions, or have an impact on the "rat" behavior. In the new capital market environment, it is necessary for China's securities investment fund industry rat "phenomenon of legal regulation, and puts forward some specific suggestions.
This paper first gives an overview of the "rat" introduces the concept of "rat", and will be the object of study for the securities investment fund industry rat behavior analysis; rat behavior processes -- participation in decision-making and access to information, buying low, pulled the stock, high disk, lay based on the legal nature of the fund "rat"; from the fund investors, fund companies and fund industry, the three aspects of the securities market, summarized "harm rat". In the process of legal regulation of the "rat" in recognition of its legal nature has been controversial, with domestic and international judicial the practice of the theory are not the same.
The current of the securities investment fund industry rat legal provisions scattered in laws and regulations. The related laws and regulations are summarized, summed up China's law enforcement agencies of the fund managers rat punishment situation. Through the research, analysis of China's current legal regulation in what is lack of investment funds. Many foreign countries started earlier, has formed a relatively mature system of regulation, the securities investment fund law which, in the United States, Britain, Japan's most representative. In summary the United States, Britain, the basic experience of Securities Investment Fund Legal Regulation on Japan, combined with the specific situation of China securities market analysis, draw lessons from foreign experience which our country should establish relevant laws and regulations, carry out all-round, multi-level supervision, strengthen self-discipline management, develop self-discipline rules, The establishment of a reasonable mechanism to allow the fund practitioners to buy and sell securities.
In the last part of the paper, based on the above point of view, sort out the securities investment fund industry rat legal regulation suggestions. First, construct the mechanism of civil compensation, increase criminal penalties, in order to improve the cost of illegal, illegal deterrence "rat" behavior, preventive measures, to curb the "rat" behavior the occurrence of second. In our country, the legal regulation of fund investors claim on civil legal vacancy, we should improve the relevant civil law, the loss of fund investors through civil litigation and securities arbitration channels to legal relief. Third, strengthen the fund's internal supervision and external supervision system. The other fourth. According to the newly revised "Securities Investment Fund Law >, we allow the fund practitioners of securities trading behavior of" rat "behavior, and the practice of law analysis.

【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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