中国特色证券特别代表人诉讼制度的完善——基于公共执法与私人执法的趋同

Perfection of Special Representative Litigation System of Securities with Chinese Characteristics Based on the Convergence of Public Law Enforcement and Private Law Enforcement

《证券法》的执法模式分为公共执法和私人执法,两种执法模式并不是非此即彼的。美国因私人执法泛滥,而逐渐采取抑制的趋势。我国由于公共执法过于强势,而逐渐探索私人诉讼的可能性。从我国证券群体纠纷解决机制发展的历史经验来看,由于我国重行政轻司法的特点,建立中国特色证券集团诉讼是路径依赖下的必然选择。结合实践经验来看,我国证券集团诉讼的主要功能应定位为震慑。相关程序规则较为模糊,应予细化。投服中心可探索公私合作模式,以解决激励不足的问题。

The enforcement model of securities law is divided into public and private enforcement,with neither being mutually exclusive.Due to the proliferation of private enforcement in the US,the trend has been towards suppression.Meanwhile,China has seen a gradual exploration of the feasibility of private litigation,owing to its strong emphasis on public enforcement and its relatively weak commitment to justice.Considering the historical development of the Chinese securities group dispute resolution mechanism,it is an unavoidable choice to build a securities group action with unique Chinese characteristics.Based on practical experience,the primary purpose of securities class action should be deterrence,though the related procedural rules remain indistinct and require further specification.To tackle the problem of inadequate incentives,the investment service center can explore the public-private partnership model.