证券违法行为行政处罚的证明标准与行刑衔接--以“阳雪初内幕交易案”为例

Standards of Proof for Administrative Punishments for Securities Violations in and the Convergence System between Administrative Execution and Criminal Justice:Taking“Yang Xuechu Insider Trading Case”as an Example

证明标准是影响实体裁量结果的重要证据制度,证明标准的不同是同一案件的裁判可能产生差异的原因之一。我国学界对行政证明标准存在多元论与一元论之争,现阶段立法缺乏对行政处罚证明标准的明确规定,导致行政处罚和刑事程序对同一事实能否作出不同评价存在疑问,“阳雪初案”即为一例。行政与刑事程序作为两个独立的程序,理应独立适用各自的证明标准。并且,对于证券违法案件的行政处罚应当适用严格证明标准。明确证券行政刑事处罚的证明标准对严格依法执法,维护金融市场的公平秩序具有重要作用。

The standards of proof are an important system of evidence that affects the result of substantive discretion,and different standards of proof are one of the factors causing the judgment of the same case to be possibly different.China sees a debate between pluralism and monism in its academic community regarding the standards of administrative proof.At this stage,in legislation,China has no clear provisions for the standards of proof for administrative punishments,which leads to doubts about whether there are different evaluations on the same legal facts in administrative punishments and criminal procedures,and the“Yang Xuechu Insider Trading Case”is an example.As two separate procedures,administrative and criminal procedures should apply their respective standards of proof independently.Moreover,administrative punishments for securities violations should be subject to stricter standards of proof.Clarifying the standards of proof for administrative and criminal punishments for securities violations plays an important role in strict law-based enforcement and maintaining fair order in the financial market.