资本市场行政执法当事人承诺实施问题研究

Research on the Implementation of the Administrative Enforcement Commitments of Parties in the Capital Market

《证券期货行政执法当事人承诺制度实施办法》发布实施后,资本市场行政和解制度试行结束,开始推行行政执法当事人承诺制度。制度实施过程中,除遵循制度内容和立法理念外,仍需在明晰当事人承诺执法特征的基础上,立足市场实际,着力提升执法效率和透明度。当事人承诺的“柔性执法”、所采取措施的综合性及不认定当事人违法行为,使其呈现独有的执法特征。案件处理过程中,应注重及时用承诺金赔偿投资者、对当事人履行承诺情况的监督以及执法信息的适度公开。承诺认可协议是否属于行政协议影响着该类争议受到司法审查时应当适用哪种标准,而其作为行政协议进入司法审查程序,会对行政执法及监督产生一定影响。

After the promulgation and implementation of Measures for the Implementation of the Commitment System of Securities and Futures Administrative Law Enforcement Parties,the pilot implementation of the administrative reconciliation system in the capital market ended and the commitment system in administrative law enforcement parties was officially launched.During the implementation of the system,in addition to following system contents and legislative concepts,it is still necessary to be based on clarifying the law enforcement characteristics of parties,and focus on improving law enforcement efficiency and transparency on the premise of market reality.“Flexible law enforcement”of the commitments of the parties,the comprehensiveness of the measures taken,and the nonrecognition of the parties’illegal behavior make them present unique law enforcement characteristics.In the process of handling cases,the authorities shall focus on promptly compensating investors with commitment funds,supervising the parties to perform their commitments and moderately disclosing law enforcement information.Whether the commitment recognition agreement is an administrative agreement affects which standards should be applied when such disputes are subject to judicial review,and its entry into the judicial review process as an administrative agreement will have a certain impact on administrative law enforcement and supervision.