美国SEC行政执法机制研究

On SEC Enforcement Action

SEC的行政执法是美国证券执法体系的核心。本文初步介绍了SEC的行政执法机制,包括调查程序和主要执法程序——发布调查报告程序、司法禁令程序和行政审裁程序。通过引用大量的案例,对各项制度和程序中涉及的法律问题进行了说明和探讨。本文的结论是,SEC执法机制的每一个环节,都有严密的规则,从程序和实体上保障SEC履行其法律赋予的执法职责;SEC的执法手段通过国会立法和司法判决不断加强;SEC的执法工作必须在法律的框架内进行,尊重和维护执法对象的合法权利。

This article examines SEC securities enforcement actions, which play a vital rote in US securities law enforcement system. We began with an overview of SEC＇ s investigation procedure, and next examine its enforcement proceedings, including the report of investigation, injunction actions and administrative adjudication proceedings. We conclude that there are complete laws and rules providing procedural and substantive support to SEC; SEC＇ a enforcement arsenal has been expanded significantly by Congress and federal courts; and SEC has to behave within the boundaries set by the laws and the rights of the respondents must be protected.