资本市场民事赔偿金、行政罚款与刑法罚金制度研究 (Research on Civil Compensation, Administrative Fine and Criminal Fine in the Chinese Capital Markets)

中证中小投资者服务中心课题研究报告(Research Project Report for Investor Services Centre, China Securities Regulatory Commission) May/2018

91 Pages Posted: 11 May 2020

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

Jiangdong Huang

Guohao Law Firm

Li Hailong

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

Yu Xiao

East China University of Political Science and Law (ECUPL)

Date Written: May 18, 2018

Abstract

Chinese Abstract: 本文对于我国资本市场民事赔偿金、行政罚款与刑法罚金制度的关系进行了全面和深入的研究,指出了民事赔偿责任优先原则的现实困境,在此背景下探讨了民事赔偿责任优先原则的法理基础,然后分别讨论了如何实现民事赔偿责任优先原则的几个路径,包括国库管理制度上证券罚没款的暂缓入库和申请退库机制、让保荐机构等责任主体先期赔付的机制和将证券罚没款用于赔偿投资者损失的公平基金机制等,考量其各自的优缺点,进行可行性分析,并对于相关程序的协调和衔接进行顶层设计,在借鉴境外相关经验和考虑我国本土条件的基础上提出完善建议,以提升我国资本市场投资者保护水平。
虽然我国包括证券法在内的相关法律明确规定了民事赔偿责任优先原则。然而,在现实中该原则经常难以实现,其中一个主要原因是证券民事赔偿诉讼的前置程序要求,即提起民事赔偿诉讼的前提是对于证券不当行为已经进行了行政处罚或刑事判决。由于行政处罚和刑事制裁在时间上先于民事赔偿,而违法者财产有限,在缴纳完行政处罚没款或刑事罚金后可能已没有足够资产去赔偿投资者。
民事赔偿责任优先原则的法理基础在于,体现了证券法保护投资者的核心价值目标,彰显新时代中国特色社会主义的民本思想,在投资者权益保护和心理抚慰等方面具有独特的作用,符合法金融学的理论逻辑和实证结果,并契合国际潮流和我国需要保护中小投资者的特殊国情。因此,很有必要加强民事赔偿责任优先原则的实现机制。
对于实现民事赔偿责任优先原则的几个路径进行的分析表明:第一,证券罚没款暂缓入库和申请退库两种路径都存在较大的现实操作难度,存在较明显的体制性障碍,因而难以作为近期方案,只可作为中长期方案予以考虑;第二,先期赔付制度在我国已经有成功案例,而且证券法的修订稿也明文规定了该制度,故而现实可行性很大,可以作为近期方案,但该制度在适用范围上存在局限性;第三,公平基金制度旨在将证券罚没款用以补偿由于证券不当行为而受害的投资者的损失,而不是传统上的将其直接上交国库,该机制与民事诉讼赔偿和证券先期赔付制度等相互补充,其引进虽然存在一些体制性问题,但值得争取和尝试。
最后,本文在程序上提出证券行政处罚、证券刑事诉讼与民事赔偿诉讼、先期赔付机制有效对接、交叉进行的设想。譬如,在证券行政处罚程序中,证监会做出行政处罚事先告知之后,而不是最终的处罚之后,就可以提起民事赔偿诉讼或启动先期赔付程序等,待投资者经济损失得到赔偿后,证监会在考虑违法行为人已做出赔偿的基础上,再从轻或减轻予以行政处罚。

English Abstract: This research paper undertakes a comprehensive and in-depth study of the relationship between civil compensation, administrative fine and criminal fine used in China’s capital market regulation. It points out the plight of the principle of securities civil liability priority, and discusses the jurisprudential basis for that principle. It then examines three main ways to improve the enforcement of the principle in turn, including postponement of sending fines to the state treasury and application for returning funds, compensation payment in advance by parities such as the sponsors, and the fair fund regime where the regulator can use the fines to compensate aggrieved investors. This is followed by a discussion of the procedural design with respect to the relevant mechanisms. Drawing upon relevant overseas experiences and taking into account China’s local conditions, the paper makes proposals for reform, with a view to improving investor protection in China’s securities markets.

Although the principle of securities civil liability priority is well enshrined in relevant laws in China, notably the securities law, it often fails to materialize in practice. The main reason behind it is the procedural precondition for brining securities civil litigation, under which a prior administrative penalty or criminal judgment is required in order to bring a civil litigation for compensation. As the administrative or criminal proceedings precede civil proceedings and the perpetrator has limited funds, it is not uncommon that little is left to compensate aggrieved investors after the perpetrator has paid administrative fines or criminal fines.

The jurisprudential basis for the principle of securities civil liability priority manifests itself well in the following ways. It illustrates the core value of investor protection under the securities law, embodies the people-oriented thought in the new era of China’s socialism, highlights the important role civil compensation plays in protecting investors and offering psychological comfort, confirms to the theoretical logic and empirical findings of law and finance, stands in line with international trends and suits the special local conditions in China. It is thus important to strengthen the enforcement of the principle of securities civil liability priority.

An analysis is conducted of the main ways to realize the principle of securities civil liability priority, making the following points. First, due to institutional obstacles, it is practically difficult to apply postponement of sending fines to the state treasury and application for returning funds, and thus they cannot be used as immediate solutions and can only be solutions in the long term. Second, China has had successful cases with respect to compensation payment in advance by parities such as the sponsors, and the proposed revision to the securities law has provided for it. Hence, it holds promise to be used as immediate solutions. It however has limitations in its scope of application. Third, the fair fund regime essentially uses fines to compensate aggrieved investors rather than send them to the state treasury. Despite some institutional difficulties, it is worth trying to introduce it to China, as it has important functions to complement other existing regimes.

Finally, the paper proposes a procedural innovation to better coordinate administrative, criminal and civil proceedings against the same securities misconduct. For instance, it is submitted that civil proceedings can be brought after the regulator makes a preliminary administrative penalty announcement rather than the final penalty is made. This allows investors to obtain compensation from the perpetrator before the final administrative penalty, and when finalizing the administrative penalty, the regulator can take into account the performance of the perpetrator in compensating investors.

Note: Downloadable document is in Chinese.

Keywords: 证券民事责任优先原则;民事赔偿金;行政罚款;刑法罚金;罚没款暂缓入库和申请退库;中国资本市场;civil compensation; administrative fine; criminal fine; Chinese capital markets

JEL Classification: G18; K22; K42

Suggested Citation

Huang, (Robin) Hui and Huang, Jiangdong and Hailong, Li and Xiao, Yu, 资本市场民事赔偿金、行政罚款与刑法罚金制度研究 (Research on Civil Compensation, Administrative Fine and Criminal Fine in the Chinese Capital Markets) (May 18, 2018). 中证中小投资者服务中心课题研究报告(Research Project Report for Investor Services Centre, China Securities Regulatory Commission) May/2018 , Available at SSRN: https://ssrn.com/abstract=3557772

(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/people/huang-hui-robin.php

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)

Jiangdong Huang

Guohao Law Firm ( email )

Shanghai
China

Li Hailong

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

Hangzhou, Zhejiang Province 310018
China

Yu Xiao

East China University of Political Science and Law (ECUPL) ( email )

1575 Wanhangdu Rd.
Changning, Shanghai 200042
China

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