公共机构与投资者赔偿：以SEC和CFTC为范本的研究 (Public Agencies and Investor Compensation: Examples from the SEC and CFTC)
13 Pages Posted: 12 Oct 2012
Date Written: March 1, 2009
Investor compensation by financial regulators hits the headlines when an agency has been the white knight, recovering and distributing funds to injured investors. Rarely do the papers laud financial regulators when they provide the judges in the financial market equivalent of small claims court. The SEC’s and CFTC’s approaches to compensation track these two alternatives. The SEC’s Fair Fund power allows it to distribute money-penalty amounts to injured investors. In contrast, the CFTC’s longstanding “Reparations Program” resolves disputes between private parties (individual shareholders and financial professionals) in a role akin to that of an arbitrator or judge. This essay suggests revisiting the unglamorous business of resolving disputes between customers and brokers and recasting it as a potentially valuable source of industry information to the agencies tasked with enforcing securities and commodities laws. It also provides concrete case studies of public agencies’ involvement in the often private domain of compensatory remedies.
Translation by Chan-pong Wong, graduate of CUFE( the Central University of Finance and Economics, Beijing, China).
The English version of this paper can be found at: http://ssrn.com/abstract=2031000
Notes: Downloadable document is in Chinese.
Keywords: SEC, Securities and Exchange Commission, CFTC, Commodity Futures Trading Commission, Reparations Program, financial regulation, compensation, investor compensation, remedies, Fair Fund, WorldCom, financial institutions, whistleblower, arbitration, securities arbitration, Treasury, public agencies
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