证券交易异常情况处置制度及完善

发布时间：2018-05-27 01:30

本文选题：证券交易所 + 异常情况　；参考：《华东政法大学》2014年硕士论文

【摘要】：证券异常交易情况虽不是交易的常态现象，，但一旦发生会给包括投资者、证券商和证券交易所在内的所有市场主体以及整个证券市场带来巨大不利影响。作为证券市场的组织者和一线监管者，证券交易所具有技术和人力的天然优势，维护证券市场的稳定、有序是其基本职责。只有建立和完善既符合法律规定，又满足市场需要的交易异常情况处置制度，发挥好证券交易所的一线监管职能，才能使市场及其主体从容应对各类突发事件。然而，我国目前的处置制度尚不完备，导致交易所在行使处置权时既权限不明、又缺乏约束机制，存在较大争议。证券交易异常情况处置制度的研究，既是个理论问题，又是个实践问题。本文从我国现行制度着手，与域外相关制度进行比较，剖析现行制度的缺陷与不足。并且，结合国内外异常情况的处置案例，以证券交易所为核心，探讨交易异常情况及其处置制度的基本原理。具体包括：交易异常情况的类型与处置措施，交易所处置权的性质与权源，交易所面对异常情况的责任承担与豁免，以此提出对现行处置制度的改进意见。第一章“我国证券交易异常情况处置概述”。目前，国内外普遍认可的异常情况的类型包括不可抗力、意外事件、技术故障和重大差错；处置措施包括临时停牌、临时停市、暂缓交收和撤销交易。我国现行异常情况处置制度存在规定笼统、操作性差、措施缺失、缺少约束等缺陷，导致证券交易所行使处置权时受到合法性和合理性的诸多质疑，存在较大改进的空间。通过梳理我国现行制度的基本情况，为后续理论研究做铺垫。第二章“证券交易所在处置中的地位与原则”。证券交易所作为证券交易的组织者和监管者，具备公私法人的双重属性。作为市场组织者和服务者时，交易所的性质是商业组织的私主体，其与上市公司、证券商会员之间接受民商事法律调整。而作为市场监督者，交易所具有公共机构的公法人地位，通过对上市公司、会员和市场的管理行使自律监管权。与交易所的属性相匹配，其处置权是权利和权力的混合体。处置权作为权利源于其固有性、派生性和独立性；说其是权力因为具有法律赋予的强制力。处置权既来源于立法授权和行政授权，也来自于契约约定。交易所在行使处置权时应遵循自由裁量原则、程序正当原则和适度处置原则。第三章“证券异常情况引发的交易所法律责任”。从侵权法律关系的角度出发，交易所出于“故意或重大过失”给其他市场参与者造成损失的，应当承担赔偿责任。基于合同法律关系，交易所依据与会员之间和上市公司之间的“合同”承担法律责任，“合同”中的“免责条款”也应受到“故意或重大过失”的限制。作为证券交易的组织者，交易所承担的是民事责任。对于不可抗力和意外事件，交易所应当不承担责任；对于技术故障和重大差错，交易所应当按照上述归责原则进行赔偿。作为交易的监管者，交易所承担的是行政责任。交易所作为“准政府机构”，在正当行使监管权时应视作履行公共职能，此时其民事责任应当予以豁免。第四章“我国证券交易异常情况处置制度的完善”。鉴于我国现行处置制度的诸多缺陷，首先应当从完善法律体系和措施制度出发。在《证券法》中明确规定异常情况的范围界定及处置措施，具体实施细则由交易所自行制定。引入“重大差错”、“撤销交易”制度，避免法律与实践的脱节。其次，增加处置权的程序性规定。一方面，完善业务规则的制定程序；另一方面，细化处置措施的实施规则，增强处置程序的透明度和公共参与度，对相对人和交易所分别建立救济机制和责任机制。再次，平衡交易所自律管理和行政监管之间的关系。行政机关应当转变管理方式，依照法律履行职能，拓宽交易所的救济途径。最后，建立交易所处置权的制约机制，从内部约束和外部制约两方面着手。通过权力分离和内部结构治理，来加强交易所内部权力制约。外部制约则通过行政权和司法权的介入来实现。
[Abstract]:The abnormal transaction of securities is not a normal phenomenon of the transaction, but it will have great adverse effects on all market subjects, including investors, securities dealers and stock exchanges, and the whole stock market. As the organizer of the securities market and the front-line supervisor, the certificate exchange has the natural advantage of technology and manpower. It is its basic duty to keep the security market stable and orderly. Only by establishing and perfecting the disposal system that meets the requirements of the law and meeting the needs of the market, and playing a good line of supervision function of the stock exchange, can the market and its main body cope with all kinds of emergencies. However, the current disposal system of our country is not complete, There is a big controversy over the fact that the exchange is not authorized and has no binding mechanism when exercising the right of disposal.
The research on the disposal system of abnormal securities trading is both a theoretical and a practical problem. This paper, starting with the current system in China, compares with the relevant foreign related systems, and analyzes the defects and deficiencies of the current system. And, in the light of the cases of disposal at home and abroad, and the core of the stock exchange, this paper probes into the abnormal situation of the transaction. The basic principles of the system and its disposal system include the types and disposal measures of the abnormal transactions, the nature and the source of the exchange disposal rights, the responsibility and immunity of the exchanges in the face of abnormal circumstances, so as to raise suggestions for the improvement of the current disposal system.
The first chapter is "an overview of the disposal of securities trading in China". At present, the types of abnormal conditions commonly recognized at home and abroad include force majeure, accidents, technical failures and major errors; the disposal measures include temporary suspension, temporary stopping of the market, temporary withdrawal and revocation of transactions. The defects such as poor operability, lack of measures and lack of constraints lead to many questions on the legitimacy and rationality of the stock exchange's exercise of disposal power, and there is a greater room for improvement. By combing the basic situation of the current system in our country, it will pave the way for the follow-up theory research.
The second chapter "the position and principle of the stock exchange in the disposal of the stock exchange". As the organizer and supervisor of the stock exchange, the stock exchange has the dual property of the public and private legal person. As a market organizer and service provider, the nature of the exchange is the private subject of the commercial organization, which accepts the civil and commercial law with the listed companies and the members of the securities dealers. As a market supervisor, the exchange has the public legal person status of a public institution, exercising self-regulatory authority through the management of the listed companies, members and the market. The disposal right is a mixture of rights and power. The right of disposal is derived from its solid, derivative and independence. Because of the coercive force given by the law, the right of disposal comes from the legislative authority and the administrative authorization as well as the contract agreement. The exchange should follow the principle of discretion, the principle of due process and the principle of appropriate disposal when the exchange is exercising the right to dispose of it.
The third chapter "the legal liability of the exchange caused by the abnormal situation of securities". From the angle of legal relationship of tort, the exchange shall bear the liability for loss to other market participants out of "intentional or major negligence". Based on the legal relationship of the contract, the exchange is based on the "contract" between the members and the listed companies. The "exemption clause" in the "contract" should also be limited by "intentional or major negligence". As the organizer of the securities transaction, the exchange bears civil liability. The exchange shall not be responsible for the force majeure and the accident; the exchange shall follow the above mentioned above. As a regulator of the transaction, the exchange bears the administrative responsibility. As a "quasi government agency", the exchange should act as a public function in the proper exercise of the supervisory authority, and the civil liability should be exempt at this time.
The fourth chapter "the improvement of the disposal system of our country's securities trading". In view of the shortcomings of the current disposal system in our country, first of all, we should start from the improvement of the legal system and the system of measures. In the securities law, the scope and disposal measures are clearly defined in the securities law, and the detailed detailed rules and regulations are made by the exchange. "Error", "revoking the transaction" system, avoiding the disjunction of law and practice. Secondly, increasing the procedural provisions of the disposal rights. On the one hand, improving the procedures for the formulation of business rules; on the other hand, refine the implementation rules of the disposal measures, enhance the transparency and public participation of the disposal procedures, and establish the relief mechanism for the relative and the exchange respectively. And the responsibility mechanism. Again, balance the relationship between the self-discipline management and the administrative supervision of the exchange. The administrative organs should change the way of management, perform their functions according to the law and broaden the ways of relief of the exchanges. Finally, the restriction mechanism of the exchange disposal right is set up, from two aspects of internal and external constraints. In order to strengthen the internal power restriction of the exchanges, the external constraints are realized through the intervention of administrative power and judicial power.
【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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