证券交易所自律监管行为司法介入研究

发布时间：2018-01-07 18:17

本文关键词：证券交易所自律监管行为司法介入研究　出处：《华中师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券交易所自律监管行为的司法介入问题并非一个时新的话题,早在交易所确立会员制之时便有学者开始介入该领域,然而这些年来我国资本市场瞬息万变的发展又给交易所的自律监管赋予了新的使命,从而带来了新的问题。党的十八届三中全会以来在深化改革的大背景之下,证监会在2014年全国证券期货监管工作会议中提出“监管转型”,对政府监管与交易所自律监管都提出了新的要求。但是,我国目前尚未建立具体的司法介入交易所自律监管的法律制度,虽有一些司法解释但仅仅是程序性的规范,并未建立完善的实体法制度。鉴于立法上的缺乏,我们一方面需要从理论层面对证券交易所及其自律监管行为进行定性,分析交易所与各个监管对象之间的不同法律关系,另一方面我们需要借鉴国外成熟的市场经验以及立法经验,论述不同种类的监管行为及对象之间的司法介入方式,进而对具体诉讼制度做出安排,着重论述三种不同的诉讼阻却机制：内部救济、仲裁制度以及行政复议前置程序,将诉讼阻却机制之外的自律监管行为纳入司法审查范围,并选择民事诉讼作为解决交易所自律监管行为引发纠纷的救济机制,提出司法审查的合理范围及原则。从必要性、可行性、合理性的理论上以及具体的制度安排上解决证券交易所自律监管的司法介入问题。在新的形势下,给交易所一个能够充分发挥自律管理职能的空间,完善交易所履行自律监管职能的司法环境,是市场深化改革下交易所自律管理法制建设的重要一环。全文由以下四部分构成,约三万字。第一部分是证券交易所自律监管行为的定性,首先对自律监管行为定义并分析其特征,然后通过对证券交易所与不同市场参与人之间的法律关系进行比较,分析证券交易所的法律性质与法律属性,对自律监管行为进行定性。除此之外,还分析了证券交易所自律监管所面临的三大趋势：深化改革大背景、公司化趋势以及监管转型。第二部分是司法介入证券交易所自律监管的必要性和合理性分析。首先对司法介入理论进行介绍,然后对交易所自律监管的现状及问题进行分析,论证司法介入的必要性；对司法介入交易所的益处进行分析,论证司法介入的合理性；第三部分是比较法考察,通过考察美国纽约证券交易所、英国伦敦证券交易所、德国法兰克福交易所这三个国家的不同市场监管体系,以及三个证券交易所自律监管的司法介入机制,分析我国自律监管司法介入的可行性。第四部分是我国交易所自律监管司法介入的制度构建。首先提出了三种诉讼阻却机制,作为司法介入的前置程序,包括内部救济、仲裁制度以及行政前置程序；然后分析司法介入的方式,选择了民事诉讼；最后论述司法审查的范围以及司法审查有限介入和民事责任相对豁免等司法审查原则。
[Abstract]:The issue of judicial intervention in the self-regulatory behavior of stock exchanges in China is not a new topic. As early as the establishment of membership system in the exchange, some scholars began to intervene in this field. However, the rapid development of China's capital market over the past few years has given a new mission to the self-regulatory supervision of exchanges, which has brought new problems. Under the background of deepening reform since the third Plenary session of the 18 CPC Central Committee. In 2014, the Securities Regulatory Commission proposed "regulatory transformation" in the National Securities and Futures Supervision Conference, which put forward new requirements for both government regulation and self-regulation of exchanges. At present, China has not established a specific legal system of judicial intervention in the self-regulation of exchanges, although there are some judicial interpretations, but only procedural norms, has not established a perfect substantive law system. In view of the lack of legislation. On the one hand, we need to qualitatively analyze the stock exchange and its self-regulatory behavior from the theoretical level, and analyze the different legal relations between the exchange and each regulatory object. On the other hand, we need to draw lessons from foreign mature market experience and legislative experience, discuss different types of regulatory behavior and the judicial intervention between the object, and then make arrangements for the specific litigation system. Focus on three different mechanisms of litigation obstruction: internal relief, arbitration system and administrative review of the pre-procedure, the litigation resistance mechanism outside the self-regulatory behavior into the scope of judicial review. And choose civil litigation as the remedy mechanism to solve the disputes caused by self-regulatory behavior of exchanges, and put forward the reasonable scope and principles of judicial review. From the necessity, feasibility. Reasonable theory and specific institutional arrangements to solve the stock exchange self-regulation of judicial intervention. In the new situation, the exchange can give full play to the function of self-regulatory management space. Perfecting the judicial environment for the exchange to perform the function of self-discipline supervision is an important link in the legal construction of the self-discipline management of the exchange under the deepening reform of the market. The full text consists of the following four parts, about 30,000 words. The first part is the qualitative analysis of self-regulatory behavior of stock exchanges, first of all, the definition of self-regulatory behavior and analysis of its characteristics, and then through the stock exchange and different market participants in the legal relationship between the comparison. This paper analyzes the legal nature and legal attributes of the stock exchange, and makes qualitative analysis of the self-regulatory behavior. In addition, it also analyzes the three major trends faced by the self-regulatory supervision of the stock exchange: deepening the background of reform. Corporatization trend and regulatory transformation. The second part is the necessity and rationality of judicial intervention in the self-regulation of stock exchanges. Firstly, the theory of judicial intervention is introduced, and then the current situation and problems of self-regulation of exchanges are analyzed. To demonstrate the necessity of judicial intervention; The benefits of judicial intervention in the exchange are analyzed to demonstrate the rationality of judicial intervention; The third part is a comparative study, through the study of the United States New York Stock Exchange, the London Stock Exchange, Germany's Frankfurt Exchange of three countries of different market regulatory systems. And the judicial intervention mechanism of three stock exchanges' self-regulation supervision, the feasibility of our country's self-regulation supervision judicial intervention is analyzed. The 4th part is the system construction of the judicial intervention of the self-regulatory supervision of the exchange in China. Firstly, three kinds of mechanism of obstruction of litigation are put forward as the pre-procedure of judicial intervention, including internal relief. Arbitration system and administrative procedures; Then it analyzes the way of judicial intervention and chooses civil litigation. Finally, it discusses the scope of judicial review and the principles of judicial review, such as limited intervention of judicial review and relative immunity of civil liability.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.287

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