立案登记制改革对虚假陈述证券侵权纠纷的影响及司法应对

The impact of case registration system reform on the false statement of securities infringement dispute and the judicial response

虚假陈述证券侵权的民事救济制度在我国历经了30年的从无到有的发展历程,建立了以证监会行政处罚和刑事判决作为前置程序的民事救济体系。但是面对本轮司法改革中的立案登记制,该民事救济制度在实践中遇到了前置程序和诉讼模式选择的困境。在立案登记制下,法院对虚假陈述民事纠纷的立案应当取消证监会的行政处罚或法院刑事判决书作为立案前置程序的规定;虚假陈述证券侵权纠纷的诉讼模式应选择诉讼代表人和共同诉讼模式,但必须对其进行优化和改造;法院应进一步完善法院系统内部考核机制,增加对共同诉讼或代表人诉讼的特殊考核标准;法院应当设立独立证券投资审判庭,实现三审合一。

The civil relief system of false statement of securities infringement has experienced 30 years of development from scratch in China. It established the prepositional procedure based on the administrative penalty of CSRC. In the face of case registration system of current judicial reform, the civil relief system is confronted with the dilemma of prepositional procedure and the choice of lawsuit mode in practice. This study holds that in the system of case registration, the court should cancel the administrative penalty of CSRC or the criminal judgment of the court as the present procedure of the case; the lawsuit mode of the false statement of the tort dispute should select the litigation representative and the common mode of litigation, but it must be optimized and reformed; the court should further improve the internal assessment mechanism, increase the special assessment criteria for common litigation or representative litigation; and the court should set up an independent securities investment tribunal to achieve the integration of the three trial.