美国法院介入证券交易所自律管理之政策脉络

How American Court Step In Self-discipline of Stock Exchanges

本文详细求证、考察了美国法院介入证券交易所自律管理的司法政策演变脉络,其中的基本原则即:宪法正当程序有限适用原则、内部救济用尽原则、民事责任绝对豁免原则、默示民事诉权严格限制原则的基本内涵、形成过程及原由。总体而言,在确立这些基本原则时,法院采取的是不受僵化思维约束的、灵活的实用主义立场,信任美国SEC监管证券交易所的能力,支持、鼓励证券交易所自律管理,谨慎、有限介入由此引发的诉讼案件。由此,证券交易所在履行自律管理职责时,几乎不必担心自己的行为成为诉讼的对象或者遭受责任追究,从而放手进行自律管理。

The paper sorted out a large number of typical cases, based on which he conducted a detailed crosscheck and review over the changing thread of judicial policy that American courts carried out when intervening self-regulation of stock exchanges. The paper summarized and explained four basic principles of the said policy, that is limited application of constitutional due process principle, internal relief exhausted principle, absolute immunity of civil liability principle, strict limitation on implied civil action principle. The principles＇ basic connotations and process and causation of their formation will be elaborated in this part of dissertation. On the whole, the position courts took when establishing the principles was of flexible pragmatism that was not inhibited by rigid thinking. Believing the ability of SEC to regulate stock exchanges, courts support and encourage exchanges＇ self-regulation and exercise limited intervention in the litigation arising there with caution. Bearing this in mind, stock exchanges can freely carry out self-regulation without worrying about their acts being sued or assuming responsibilities.