证券民事侵权诉讼前置程序与共同诉讼

证券民事侵权诉讼设置前置程序可能将绝大多数虚假陈述案件拒于法院门外 ,即使受理也可能因行政诉讼而使案件终结 ;同时 ,行政处罚决定在民事诉讼中的作用、投资者可否起诉行政处罚对象之外的其他人等问题亦难解决。这类案件采用共同诉讼方式也有局限性 ,如诉讼规模难以扩大、无法解决搭便车问题等 ,对这类案件应采集团诉讼方式。

Procedural Prerequisite and Co- litigation of Civil Tort Action of Securities

This article points out that there are three problems that the procedural prerequisite will produce, and suggests that the Supreme Court should abolish the procedural prerequisite as soon as possible. This article argues that there are three limitations for co-litigation's application in civil tort case of securities, namely it's difficult for co-litigation to expand its scale; co-litigation has no way to solve the problem of free-rider, the system of representative of action is not wholly fit for such case. Finally this article makes some suggestions and argues that class action should be adopted in near future.