投资者保护基金先行赔付制度的反思与重构

现有证券市场先行赔付制度中,投资者保护基金的角色并未得到充分发挥。基于投资者保护基金的公共性及其保护投资者的立场,由投资者保护基金公司作为先行赔付主体出资赔付投资者,有助于激活投资者保护基金的功能和效用,同时实现先行赔付制度的可持续。投资者保护基金先行赔付机制的构建,需要兼顾基金规模维持和投资者公平受偿,在赔付程序、资金来源、赔付标准以及追偿机制上与责任主体先行赔付应有所区别。将投资者保护基金制度与先行赔付制度有效衔接,并通过对投资者保护基金先行赔付的适用条件、赔付资金管理机制、赔付标准和追偿保障机制进行系统性重构,可以实现投资者保护基金先行赔付制度的有机协调和稳健运行。

In the existing practice of the advance compensation system in the securities market,the role of the investor protection fund has not been brought into full play.Based on the public nature of the investor protection fund and the position of protecting investors,the Investor Protection Fund Company,as the subject of advance compensation,contributes to pay investors,which will help to activate the function and utility of the fund,and at the same time realize the sustainability of the advance compensation system.The construction of the advance compensation mechanism for investor protection funds needs to take into account the maintenance of the fund scale and the fair compensation to investors.The compensation procedures,sources of funds,compensation standards,and recovery mechanisms should be different from those of the responsible subject.By effectively connecting the investor protection fund system with the advance compensation system,and by systematically reconstructing the applicable conditions,the compensation fund management mechanism,the compensation standard,and the recovery guarantee mechanism of the investor protection fund advance compensation,it is possible to realize the orderly coordination and stable operation of the advance compensation system of investor protection funds.