关于证券交易所纪律处分行为的司法审查

Judicial Review on Disciplinary Action of Stock Exchanges

在分析交易所纪律处分行为的权力来源和法律属性的基础上,对证券交易所纪律处分行为司法审查的相关制度设计进行探讨,提出应当在进行司法审查之前遵循"穷尽内部救济"原则,在司法审查的具体运行中以法律审查与事实审查为中心。

Disciplinary action of Stock exchanges involves the vital interests of market participants, so they must be verified by laws and regulations. In order to proteet the lawful rights of counterparts, judicial review is necessary. This paper analyzes the power sources and legal attribute of disciplinary action, and discusses the stock exchange judicial review of disciplinary actions related to the design of the system. It holds that the context of judicial review should be followed before the principle of ＂exhaustion of internal remedies＂, and the judicial review of a specific operation should focus on law reviews and fact reviews.