证券执法和解信息公开的范围及其限度——以证监会[2019]11号公告为分析对象

The Scope and Limitation of Information Disclosure of Security Law Enforcement Settlement:the Analysis of CSRC Announcement [2019]NO.11

证券执法和解带有鲜明的制度特征,其对于行政处罚具有替代性,行政和解协议具有合意性特征。在确保证券执法和解的合法与有效之间,和解信息公开与保密的限度需要寻求平衡。可操作性地划定执法和解的公开范围,需要区分行政和解具体实施阶段的不同以及和解协议本身的内容组成。在现有“以公开为原则,不公开为例外”的政府信息公开制度框架下,弥合行政和解过程中适度的保密性较为困难,需要明确《政府信息公开条例》对证券执法和解的有限适用,同时确立投资者对执法和解案卷的阅览权。

There are distinct institutional characteristics of securities law enforcement reconciliation.Firstly,it is the substitution of administrative settlement for administrative punishment,and secondly,it comes from the agreement of administrative settlement.In order to ensure the legitimacy and effectiveness of securities law enforcement reconciliation,the limits of information disclosure and confidentiality need to seek a balance.To demarcate the open scope of law enforcement reconciliation operationally,we need to distinguish the different stages of the implementation of administrative reconciliation and the content of the reconciliation agreement itself.Under the existing government information disclosure system framework of“openness as the principle and confidentiality as the exception”,it is difficult to bridge the appropriate confidentiality in the process of administrative reconciliation.It is necessary to clarify the limited application of the regulations on the disclosure of government information to securities law enforcement reconciliation and establish the investors'reading rights to the files of law enforcement reconciliation.