论我国证券先行赔付引入示范判决机制的制度化展开

The Establishment of the Security Compensation in Advance and Demonstration Judgment

2015年中国证监会发布的部门文件规定了先行赔付制度,实践中先行赔付方案的制定没有公权力的介入和监督,也没有经过司法程序确认;投资者和其他连带责任人都没有参与制定方案,导致方案确定的赔偿范围和赔偿标准遭受反对,影响赔付进度以及保荐机构向其他责任主体追偿。示范诉讼制度设立初衷符合先行赔付制度追求的效率目的,并且弥补后者在顶层设计的缺陷,增加先行赔付方案的权威性。在示范判决中构建中央代理人机制,赋予平行案件原告程序性权利,确定尽可能多的被告,明确示范案件裁判的效力扩张范围,避免限制当事人处分自由,有助于一体化解决先行赔付主体与投资者、其他责任主体的争议,从而真正实现先行赔付制度的立法目的。

In 2015,a file of the China Securities Regulatory Commission has put forward the compensation in advance,which lacks compulsory and judicial supervise.Investors and other accountable parts have no chance to join the decision of compensation.Therefore the extent and standard of the decision is suspicious which influences progress and recovery.The demonstration judgement is efficient and conductive to solve the problems above mentioned.Measures such as establishing the Center Agent,granting the procedural rights to plaintiffs in parallel cases and claiming defendants as many as possible,clearly defining the scope of the judge’s effect,avoiding the restriction of the dealing freedom can help deal with confliction.