中国版证券集团诉讼制度研究--以新《证券法》第95条第3款为分析对象

新《证券法》第95条第3款确立了我国证券民事纠纷领域由投资者保护机构主导的"默示加入、明示退出"集团诉讼制度。美国律师主导的退出制集团诉讼、我国台湾地区投资者保护机构主导的加入制团体诉讼,以及我国香港地区证券监管部门主导的证券民事赔偿制度,均取得了不错的实践效果。我国证券集团诉讼作为一项新事物,存在缺乏相应的程序性设计、投保机构的性质和职责不够明确、律师在集团诉讼中的角色定位不够清晰等不足。结合域外集团诉讼经验和我国具体实际,建议细化证券集团诉讼的案件选取、适格原告登记、原告退出权公告、法院审理判决、赔偿金支付等诉讼流程,明确投保机构公益性质及其诉讼代表人职责,并鼓励律师参与集团诉讼。

Research on the Securities Class Action of Chinese Version:Paragraph 3 of Article 95 of the New Securities Law as the Object of Analysis

Paragraph 3 of Article 95 of the new Securities Law establishes the system of"implied opt-in, expressed opt-out"class action led by investor protection institutions in the field of the securities civil disputes in China.The"opt-out"class action led by lawyers in the U.S.,the"opt-in"class action led by the investor protection institution in China Taiwan,and the securities civil compensation system led by the Securities and Futures Commission in China Hong Kong,all of which have achieved good practical results.As a new system,China’s securities class action lacks corresponding procedural design,the nature and responsibilities of the investor protection institutions are not clear enough,and the role of lawyers in the class action is not clear either.Combined with the experience of extraterritorial class action and the specific reality of China,it is suggested to refine the litigation process such as the case selection of the securities class action,the registration of suitable plaintiffs,the announcement of the plaintiff’s right to withdraw, the court’s judgment and verdict,and the payment of compensation,to clarify the public interest nature of the investor protection institution and its representative responsibilities,and to encourage lawyers to participate in class actions.