证券侵权赔偿基金的法理定位与制度构想

Jurisprudential Orientation and Institutional Conception of Securities Civil Tort Compensation Fund

证券欺诈民事赔偿救济制度供给不足,行政和解金与IPO先行赔付制度局限性明显。赔偿基金实为侵权人与投资者和解的具体形式,并非公法救济,其秉承的是私法意思自治原则。赔偿基金是在救济严重不足的情况下,通过整合现有资源构建的适应于当前法律环境的最优选择,对其构建应当体现证券市场的效率性与保护中小投资者的价值选择,并充分考虑与民事诉讼、行政执法、刑事司法的制度衔接。

There are institutional lack in the system of civil compensation and remedy for securities fraud.The administrative settlement payment and system of advance compensation of IPO have obvious limitations.The compensation fund is the specific form of the reconciliation of the inf-ringer and the investor,not the remedy in public law,leading by the principle of Party Autonomy of private law,which is the best choice of the existing legal environment through the integration of the existing resources and the optimal choice of the current legal environment.The construction should reflect the efficiency of the securities market and the value orientation of protecting small and medium investors,and fully consider the civil litigation,administrative law enforcement and criminal justice system convergence.