虚假陈述案中民事司法与行政执法的协调衔接

The Coordination and Convergence Between Civil Justice and Administrative Law Enforcement in Misrepresentation Cases

基于最新的法院民事裁判与证监会的执法动向,本文围绕虚假陈述案中民事司法与行政执法的协调一致与衔接互补,分析了民事司法与证监会的行政认定不一致、民事司法对证监会行政执法的反向推动与证监会行政执法对民事赔偿的直接介入等三个问题,并建议借鉴参考SEC采用的"公平基金"制度、英国金融行为局近年开始使用的"直接勒令赔偿"制度以及香港证监会推行的申请法院"责令回购"制度。

Based on the latest trend of court civil judgement and CSRC enforcement actions,this paper focuses on three coordination and convergence issues between civil justice and administrative law enforcement in misrepresentation cases,which are the inconsistency between civil judicature and administrative cognizance,the reverse promotion of civil justice to the administrative enforcement of CSRC,and the direct intervention of CSRC enforcement in civil compensation.The paper suggests using“The Federal Account for Investor Restitution FAIR Fund”adopted by the SEC,the“Order Compensation System”that the UK Financial Conduct Authority has used in recent years,and the“Repurchase of shares ordered by Court”implemented by the Hong Kong Securities and Futures Commission.