证券投资者公平基金制度：美国经验及启示 (The Fair Fund Regime for Securities Investors: US Experiences and Suggestions for China)

Abstract

摘要：公平基金制度是将证券监管部门对违法者的罚没款归入到一个基金之中，并依法分配给受害人，以保障民事赔偿责任优先原则的实现，从而提升证券投资者保护水平的制度设计。在借鉴美国经验的基础上，结合我国国情，建议《证券法》修改时加入公平基金制度的原则性条款，并授权证监会制定实施规则，明确基金来源应当包括没收违法所得与行政罚款两部分；赋予证监会对于基金的监管职权，并交由投保局负责，而具体管理基金的工作可以授权国家设立的投资者保护机构，比如投服中心。另外，需要建立严格的信息披露制度，以保障公平基金制度的公正和效率。

Abstract: Fair Fund refers to the system where the civil fines and disgorgements imposed by the securities regulators on the relevant perpetrators go to a special fund to be distributed to aggrieved investors so as to realize the principle of civil compensation prioritization and improve investor protection. Drawing on the U.S. experiences and taking into account the local conditions in China, this paper suggests that China should introduce the framework of fair fund in the reform of the securities law, leaving details to be fleshed out by the China Securities Regulatory Commission. It should be made clear that the funds come from disgorgements and civil fines and how the powers are allocated to the regulator and investor protection institutions. Information disclosure regime also needs to be established to ensure fairness and efficiency of the fair fund system.

Keywords: 公平基金；民事罚款；投资者权益保护；比较研究，实证研究 air Fund; Civil Fines; Investor Protection; Comparative Study; Empirical Study

JEL Classification: G23; K22