证券交易所纪律处分的正当程序

Due Process of Disciplinary Actions of the Stock Exchange

证券交易所除拥有传统的自律组织对会员的纪律处分权,还可对上市公司、证券服务机构、投资者等主体采取监管措施,权利更为广泛,影响更为深远,因此更需要严格的程序制约。各主要证券交易所普遍建立了较为完善的纪律处分程序保障与救济规则体系,司法实践亦特别关注纪律处分的程序问题。我国证券交易所在纪律处分规则及纪律处分实施的正当程序方面仍有完善的空间,在救济路径上还应赋予更多选择权。

In addition to the traditional self-regulatory organization’s disciplinary powers for members,the stock exchange can also adopt regulatory measures against listed companies,securities service agen-cies,investors and other entities.The rights are more extensive and the impact is far-reaching,so more stringent procedures and remedies are needed.The major stock exchanges generally have established a rela-tively comprehensive system of disciplinary procedures protection and remedies rules.Judicial practice also pays special attention to the procedural issues of disciplinary procedures.China’s stock exchanges still have room for improvement in the disciplinary rules and due process of implementing disciplinary ac-tions,and more options should also be given in the relief path.