论证券市场法律责任的立法和司法协调

本文指出,立法者应当扭转重行(刑)轻民的思维定势,对于证券民事责任、证券行政责任与证券刑事责任予以同等关注;司法执法机关对于证券民事案件、证券行政案件与证券刑事责任应予同等关注。文章继而分析了证券民事责任、行政责任与刑事责任的并用与竞合,以及证券民事责任中违约责任与侵权责任的竞合问题。对于最高人民法院2002年1月15日出台的《通知》所引发的人民法院审理证券市场虚假陈述案件涉及的程序与实体问题,也进行了探讨。作者认为,投资者有权起诉面临退市甚至破产境地的虚假陈述公司。作者还主张建立快速落实证券民事责任的争讼解决机制,并建议成立投资者协会,发挥其在落实证券民事责任方面的重要作用。

Legislative and Judicial Conciliation of Legal Liability of the Securities Market

This article argues that the legislator should pay sufficient attention to the civil liabilities in the Securities Law, as current legislation stresses much more attention to the criminal liabilities and administrative penalties than civil liabilities. The author suggests that the judiciary branch should not reject the private securities litigations brought before the courts of justice. It is possible for criminal liabilities, administrative penalties and civil liabilities to be applied to the same wrongdoer subject to regulatory framework. This article makes detailed and highlighted comments on the judicial interpretation made by Chinese Supreme Court regarding the private securities litigation arising from the misstatements in the securities primary and secondary markets. The author takes the position that the defrauded or misled investors have the freedom to sue misstating issuers facing the fate of bankruptcy or being de - listed from the stock exchanges. This article also suggests alternative dispute resolutions, including negotiation, mediation, and arbitration for the purpose of fast and efficient settlement of private securities disputes. Finally, the author proposes the establishment of investors' associations to facilitate the enforcement of civil liabilities.