本文選題：自律監(jiān)管 + 司法審查��； 參考：《證券市場(chǎng)導(dǎo)報(bào)》2017年12期

【摘要】：2007~2008年金融危機(jī)以來,美國證券自律監(jiān)管組織遭遇的訴訟案件明顯增多。證券自律監(jiān)管糾紛主要集中在自律組織未能或不當(dāng)履行監(jiān)管職責(zé)、紀(jì)律處分措施及程序不當(dāng)、創(chuàng)新業(yè)務(wù)和收費(fèi)規(guī)則引起的爭議、會(huì)員的信用管理以及對(duì)特定主體的信息公開(披露)等五個(gè)方面�？傮w而言,美國法院在決定是否介入證券交易所的自律監(jiān)管時(shí),仍然以自律組織享有絕對(duì)豁免權(quán)以及當(dāng)事人是否窮盡救濟(jì)作為考量前提,而在具體的案件審判中則傾向于審慎界定絕對(duì)豁免權(quán)的適用范圍,要求絕對(duì)豁免權(quán)以及窮盡救濟(jì)原則的適用應(yīng)與自律監(jiān)管密切相關(guān)。這些爭議及判例為思考我國證券自律監(jiān)管的優(yōu)化和完善提供了參考借鑒,特別是在具體的司法政策層面,應(yīng)當(dāng)看到美國證券自律監(jiān)管司法介入政策分別有其法源邏輯、結(jié)構(gòu)邏輯和配套邏輯,在參考借鑒時(shí)應(yīng)當(dāng)審慎、有序推進(jìn)。
[Abstract]:Since the financial crisis from 2007 to 2008, the number of litigation cases encountered by securities regulatory organizations in the United States has increased significantly. Disputes over securities self-regulation mainly focus on disputes arising from the failure or improper performance of regulatory duties by self-regulatory organizations, improper disciplinary measures and procedures, innovation of business and charging rules, The credit management of members and the disclosure of information to specific subjects are five aspects. In general, in deciding whether to intervene in the self-regulatory supervision of stock exchanges, American courts still consider whether self-regulatory organizations enjoy absolute immunity and whether the parties have exhausted remedies. However, in the specific case trial, the scope of application of absolute immunity should be carefully defined, which requires that the application of absolute immunity and the principle of exhaustion relief should be closely related to self-regulation and supervision. These disputes and precedents provide a reference for thinking about the optimization and perfection of securities self-regulation in China, especially at the level of specific judicial policy, it should be seen that the judicial intervention policy of securities self-regulation in the United States has its own legal source logic. Structural logic and supporting logic should be carefully and orderly promoted when referring to and using for reference.
【作者單位】： 上海證券交易所資本市場(chǎng)研究所;
【分類號(hào)】：D971.2;DD912.28
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本文編號(hào)：2078466