资管账户因管理人证券违法所获收益的没收问题——兼议引入证券行政处罚第三人制度

The Disgorgement of Ill-gotten Gains from Illicit Trading by Investment Advisor and Third Party Institution under Administrative Sanction Procedure

证券资管业务中,基金或者管理账户因管理人实施证券违法行为所获取的收益应被没收。同时,考虑到此类案件的特殊情况与证券执法面临的现实困难,应赋予执法机关一定程度的取舍平衡自由裁量权。从长远与根本看,应在实体上明确执法机构追缴他人因证券违法所获收益的法律依据,在证券行政处罚程序上引入第三人制度。

The ill-gotten gains of funds or managed accounts from illicit trading by investment manager should be disgorged. In the meantime, the enforcement authorities should have some discretionary power considering the special circumstances and difficulties surrounding such kind of cases. In the long run and fundamentally, the substantial legislation should provide basis for disgorgement of ill-gotten gains of persons other than the offenders, and the third party institution should be introduced into the securities administrative sanction procedures.