证券交易所自律管理行为的司法审查标准——评叶伟钢诉新加坡证券交易所案

现代公共管理不再由政府部门和法定机构大权独揽,未经公法授权的私人机构亦能占据一席之地。一些机构的公法职权与私法职权界限日渐模糊,导致难以判断这类机构实施的行为究竟属于公法范畴还是私法范畴。新加坡证券交易所即属于此种情况的机构。叶伟钢诉新加坡证券交易所案是一个具有里程碑意义的案件,新加坡高等法院通过此案确立了司法审查中的渊源标准与实质标准。即使决策机构未经公法授权,但只要该机构在事实层面上履行了公共职能,其决策就可能需要受到司法审查。叶伟钢诉新加坡证券交易所案中确立的司法审查标准,对于讨论我国证券交易所自律管理行为的行政可诉性问题具有借鉴意义。

Judicial Review Standards for Self-regulatory Behavior of Stock Exchanges:Comment on Yeap Wai Kong v.Singapore Exchange Securities Trading Ltd

Modern day public administration is no longer performed solely by government departments and statutory bodies but also private bodies which are not empowered by public law.As a result,it is necessary for the Judiciary to develop the common law principles on judicial review in order to meet the challenges presented by the changing public governance landscape.In Singapore,this development was led by Pillai J in the High Court decision of Yeap Wai Kong v Singapore Exchange Securities Trading Ltd.In this case,the High Court used the nature test and source test to determine if the decision of a party is susceptible to judicial review.The decision in Yeap Wai Kong v.Singapore Exchange Securities Trading Ltd came as a clear affirmation of the nature test in Singapore.Even if the decision-making body is not authorized by public law,its decision-making may need to be subject to judicial review as long as it performs its public functions at the de facto level.The judicial review standards established in the case of Yeap Wai Kong v.Singapore Exchange Securities Trading Ltd are of significance for discussing the issue of administrative litigation of the self-regulatory behavior of China's stock exchange.