债券投资者司法救济规则建构论纲

债券纠纷的恰当处理直接关系投资者权益保护和金融市场的整体稳定,不仅要考虑个体纠纷的妥善解决,还要着眼于群体性权利受损的整体救济。当前司法救济机制在债券市场的运行不畅,一方面源于行政权与司法权的纠结关系还未完全理顺,另一方面在于主要基于股票交易模型形成的证券法律责任体系,难以满足当前债券纠纷责任追究的现实需求。面对司法救济规则碎片化和司法实践标准不一的现状,亟须厘清债券纠纷相关主体之间的角色定位和责任的边界,系统性建构一套结合债券自身特点的标准化司法救济规则,解决当前规则混乱和程序迟滞的问题。

A Research Outline of the Construction of Judicial Relief Rules for Bond Investors

The proper settlement of bond disputes is directly related to the protection of investors’ rights and the overall stability of the financial market.It should not only consider the proper settlement of individual bond disputes,but also focus on the general relief of impaired mass rights.The current judicial relief mechanism in the bond market does not operate in a smooth way.One reason is that the unhealthy relationship between the administrative power and jurisdiction power has not been fully rectified.Another reason is that the current securities liability system,which is mainly based on the stock trading model,is difficult to meet the realistic demand of liability investigation in bond disputes.The current problems manifest mainly as the fragmentation of rules and the lack of unified standard in judicial practice.In order to solve the current problems of chaotic rules and procedural delay,it is urgent to clarify the role positioning and responsibility boundary between the relevant parties involved in bond disputes,and to systematically construct a set of standardized judicial relief rules combining the characteristics of bonds.