论金融监管规则的司法考量

On Judicial Considerations of Financial Regulatory Rules

金融纠纷的审理需要裁判者考量金融监管规则是否以及如何影响私人自治。金融监管规则包含大量代表公共权力行使的公法规范,司法考量监管规则的场域主要是民商事案件裁判。基于公私法秩序交融的必要性,司法裁判可遵循利益分析框架,查明监管规范目的,综合考量规范目的重要性、司法认定是否有违规范目的、交易本身违法程度、民事否定评价必要性等因素做出最终认定。以争议较大的违法合同效力认定为例,合同无效的实质认定要件是严重损害公序良俗。在形式认定要件方面,如果低位阶金融监管规则获得明确上位法授权、属于上位法规则的具体化要求、提供效力认定的技术标准,这些规则也可以成为合同无效的说理依据。裁判者应慎重对待金融监管规则在民商事案件中的适用,以调和国家管制与私人自治之间的抵牾。

The adjudication of financial disputes requires courts to evaluate the impact of financial regulatory rules on private autonomy.Regulatory rules contain numerous legal norms on behalf of public power.It is necessary to recognize the private law effect of low-level regulatory norms in the adjudication of civil and commercial disputes.In order to determine the validity of ilgal acts and allocate the liabilities between the parties,judges should follow the interest analysis framework to understand the purpose of the regulatory rule,and consider such factors as the importance of the rule,whether the judicial decision contradicts the regulatory purpose,the severeness of illegality,and the necessity of invalidation.The substantive element for determining the invalidity of an illegal contract is the public interest standard.In terms of formal elements,if regulatory rules are clearly authorized by or are set as speific requirements of superior laws,or provide technical standards for determination of invalidity,they can be applied by judges to affct private liabilities.To ease the conflict between public regulation and private autonomy,judges should be cautious in applying regulatory rules in civil and commercial cases and achieve an orderly integration of public law and private law.