我国证券市场禁入制度法治化的困境与出路

A Study on the Dilemma and Outlet of the Legalization of China’s Stock Market Ban-entry System

证券市场禁入是指证券市场监管部门对证券违法违规行为的人员采取在一定期限内不得担任特定职务、从事特定证券业务以及进行证券交易的行政处罚措施,其目的是严厉打击证券违法违规行为,对社会公共利益和投资者合法权益进行保护,实现证券市场的净化和规范发展。1997年后,证券市场禁入制度在我国开始正式实施,这对规范初建的证券市场有序发展起到了重大作用。但是,从该制度演进情况和执行收效来看,其仍存在着法律性质不清、相关配套法律法规之间衔接不到位、一些市场禁入的决定不合法以及裁量适用的标准模糊等法制化困境。因此,有必要以推进我国证券市场禁入制度迈向法治化为目标,对证券市场禁入制度的法治化出路进行探索。

Securities market ban system refers to such administrative penalties as not holding specific positions, engaging in specific securities operations and conducting securities transactions that are adopted by securities regulatory authorities against illegal violations committed by securities personnel within a certain period of time, aiming at severely combating illegal violations of securities, protecting social interests and legitimate interests of investors and realizing the purification and normative development of securities markets. After 1997, securities market ban system began to be implemented formally in China and played a significant role in standardizing the orderly development of securities market. However, from the evolution of this system and implementation effectiveness, there still exist legal predicaments, such as unclear legal nature, inadequate connection between relevant laws and regulations, illegal decisions prohibiting entry into some markets and vague standards of discretion application. Therefore, it is necessary to explore the ways to realize the legalization of securities market by advancing China’s securities market ban system towards legalization.