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)

《多层次资本市场》[Multi-layered Capital Markets](中国新三板市场官方期刊)2019(1) 167

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See all articles by (Robin) Hui Huang

(Robin) Hui Huang

Chinese University of Hong Kong - Faculty of Law; 华东政法大学(East China University of Political Sicence and Law); University of New South Wales - Faculty of Law

Li Hailong

Zhejiang University of Finance and Economics (ZUFE) - School of Law

Date Written: July 18, 2019

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

Suggested Citation

Huang, (Robin) Hui and Hailong, Li, 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) (July 18, 2019). 《多层次资本市场》[Multi-layered Capital Markets](中国新三板市场官方期刊)2019(1) 167, Available at SSRN: https://ssrn.com/abstract=

(Robin) Hui Huang (Contact Author)

Chinese University of Hong Kong - Faculty of Law ( email )

Shatin, New Territories
Hong Kong
852-39431805 (Phone)
852-29942505 (Fax)

HOME PAGE: http://www.law.cuhk.edu.hk/app/people/prof-robin-huang/

华东政法大学(East China University of Political Sicence and Law) ( email )

1575 Wanhangdu Rd.
Changning, Shanghai 200042
China

University of New South Wales - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia
61-2-9385 9649 (Phone)
61-2-9385 1175 (Fax)

Li Hailong

Zhejiang University of Finance and Economics (ZUFE) - School of Law

Hangzhou, Zhejiang Province 310018
China

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