香港证券市场失当行为审裁处制度及其启示 (The Hong Kong Market Misconduct Tribunal and Its Inspiration for Mainland China)
Investors [投资者] 2018(1)
19 Pages Posted: 5 Nov 2018
Date Written: September 7, 2018
Chinese Abstract: 香港的证券市场失当行为审裁处是一个富有特色的证券执法机制，在证券市场失当行为规制的层面开辟了行政处罚与刑事检控之外的第三条路径。该审裁处独立于香港证监会，但又是后者进行证券执法的重要途径；适用民事程序规则，但处罚对象又扩至证券持牌人以外的市场人士，且处罚手段超出民事赔偿范围而带有民事惩罚性质。本文首次对于该审裁处自2003年成立以来的案件进行全面而深入的实证研究，主要发现包括：第一，虽然该审裁处判决的案件数量不多，但胜诉率很高，且上诉率和改判率很低；第二，虽然判决篇幅很长，研讯耗时，但并非冗赘，且有必要。该审裁处对于保障香港证券监管体制的公正和效率发挥了重要作用，对于中国内地的证券监管制度建设具有借鉴意义，比如设立专门的证券法院或金融法院，以提升证券执法的独立性、有效性，同时加强当事人的权利保障。
English Abstract: The Hong Kong Market Misconduct Tribunal (MMT) is a peculiar institution of securities law enforcement in Hong Kong, being a third path for the Hong Kong Securities and Futures Commission (SFC) to penalize securities market misconduct in addition to the traditional modes of administrative penalty and criminal sanctions. The MMT operates independently much like a court, but its organizational composition and procedural rules allow it to be more flexible. It applies civil procedures such as civil standard of proof but can impose a wide range of orders of punitive nature, leading to its enforcement mode being called ‘civil penalty’. This paper represents the first comprehensive and empirical study of the efficacy of the MMT by examining all cases handled by the MMT since 2003 when it was established. The main findings include, amongst others, first, although the number of cases is not large, the success rate for the SFC is very high, and the rate of appeal and if appealed, the rate of reversal, are both very low; second, the MMT takes generally long time to finish the case with very lengthy reports, but this is justified due to the difficult nature of the cases put before it. This paper argues that the MMT has played a very important role in enforcing securities law in Hong Kong in a fair and efficient way, and that it can serve as a source of inspiration for the institution-building effort to improve securities law enforcement in Mainland China by setting up a specialized securities or financial law court system.
Note: Downloadable document is in Chinese.
Keywords: Market Misconduct Tribunal; Hong Kong Securities and Futures Commission; Securities Regulation; Civil Penalty; Financial Law Court (市场失当行为审裁处；香港证监会；证券监管；民事惩罚；金融法院)
JEL Classification: K22
Suggested Citation: Suggested Citation