我国构建证券执法和解制度的逻辑缺陷和可能路径

The Logic Defects and Possible Path of Construction of Securities Settlement System in China

证券执法和解制度是证券市场监管体系不可或缺的一环,在我国无论是证监会还是学界都呼吁尽快建立证券执法和解制度,但制度构建者与部分学者的理由在逻辑上存在值得反思的地方。证券执法和解并非是对于行政权力的一种处分行为,而是不同行政权力行使之间的转换;其目的并非是为了解决行政执法过程中出现的取证难、违法认定难以及执法成本高等问题,而是为了减少诉讼风险、维护执法声誉以及解决执法人力与资金紧张的情况;其在我国并非能够起到息诉的作用,相反我国应积极构建证券诉讼渠道;证券执法和解的构建未来应在执法与和解的适当分离、和解金的补偿机制以及和解的司法审查方面进行可能探索。

Securities settlement system is the important part of the supervision system of the securities market. CSRC or scholars called for the establishment of securities settlement System as soon as possible,but the reason of construction of securities settlement system deserves reflection. Securities settlement system is not for a disposition of administrative power,but a conversion between different administrative powers. Its purpose is not to solve difficult of obtaining evidence in the process of administrative enforcement solving difficult and problems of higher law enforcement cost,but in order to reduce the risk of litigation, maintain reputation of law enforcement,and solve the shortage of cost and human-resources constraint. It is not able to play the role of dropping of lawsuits,in contrast we should encourage the Securities Litigation. Finally China will explore the appropriate separation of law enforcement and securities settlement,compensation mechanism of the settlement,and judicial review of securities settlement.