本文選題：證券交易所 + 異常情況　； 參考：《華東政法大學(xué)》2014年碩士論文

【摘要】：證券異常交易情況雖不是交易的常態(tài)現(xiàn)象，，但一旦發(fā)生會給包括投資者、證券商和證券交易所在內(nèi)的所有市場主體以及整個證券市場帶來巨大不利影響。作為證券市場的組織者和一線監(jiān)管者，證券交易所具有技術(shù)和人力的天然優(yōu)勢，維護證券市場的穩(wěn)定、有序是其基本職責(zé)。只有建立和完善既符合法律規(guī)定，又滿足市場需要的交易異常情況處置制度，發(fā)揮好證券交易所的一線監(jiān)管職能，才能使市場及其主體從容應(yīng)對各類突發(fā)事件。然而，我國目前的處置制度尚不完備，導(dǎo)致交易所在行使處置權(quán)時既權(quán)限不明、又缺乏約束機制，存在較大爭議。 證券交易異常情況處置制度的研究，既是個理論問題，又是個實踐問題。本文從我國現(xiàn)行制度著手，與域外相關(guān)制度進行比較，剖析現(xiàn)行制度的缺陷與不足。并且，結(jié)合國內(nèi)外異常情況的處置案例，以證券交易所為核心，探討交易異常情況及其處置制度的基本原理。具體包括：交易異常情況的類型與處置措施，交易所處置權(quán)的性質(zhì)與權(quán)源，交易所面對異常情況的責(zé)任承擔(dān)與豁免，以此提出對現(xiàn)行處置制度的改進意見。 第一章“我國證券交易異常情況處置概述”。目前，國內(nèi)外普遍認可的異常情況的類型包括不可抗力、意外事件、技術(shù)故障和重大差錯；處置措施包括臨時停牌、臨時停市、暫緩交收和撤銷交易。我國現(xiàn)行異常情況處置制度存在規(guī)定籠統(tǒng)、操作性差、措施缺失、缺少約束等缺陷，導(dǎo)致證券交易所行使處置權(quán)時受到合法性和合理性的諸多質(zhì)疑，存在較大改進的空間。通過梳理我國現(xiàn)行制度的基本情況，為后續(xù)理論研究做鋪墊。 第二章“證券交易所在處置中的地位與原則”。證券交易所作為證券交易的組織者和監(jiān)管者，具備公私法人的雙重屬性。作為市場組織者和服務(wù)者時，交易所的性質(zhì)是商業(yè)組織的私主體，其與上市公司、證券商會員之間接受民商事法律調(diào)整。而作為市場監(jiān)督者，交易所具有公共機構(gòu)的公法人地位，通過對上市公司、會員和市場的管理行使自律監(jiān)管權(quán)。與交易所的屬性相匹配，其處置權(quán)是權(quán)利和權(quán)力的混合體。處置權(quán)作為權(quán)利源于其固有性、派生性和獨立性；說其是權(quán)力因為具有法律賦予的強制力。處置權(quán)既來源于立法授權(quán)和行政授權(quán)，也來自于契約約定。交易所在行使處置權(quán)時應(yīng)遵循自由裁量原則、程序正當(dāng)原則和適度處置原則。 第三章“證券異常情況引發(fā)的交易所法律責(zé)任”。從侵權(quán)法律關(guān)系的角度出發(fā)，交易所出于“故意或重大過失”給其他市場參與者造成損失的，應(yīng)當(dāng)承擔(dān)賠償責(zé)任�；诤贤申P(guān)系，交易所依據(jù)與會員之間和上市公司之間的“合同”承擔(dān)法律責(zé)任，“合同”中的“免責(zé)條款”也應(yīng)受到“故意或重大過失”的限制。作為證券交易的組織者，交易所承擔(dān)的是民事責(zé)任。對于不可抗力和意外事件，交易所應(yīng)當(dāng)不承擔(dān)責(zé)任；對于技術(shù)故障和重大差錯，交易所應(yīng)當(dāng)按照上述歸責(zé)原則進行賠償。作為交易的監(jiān)管者，交易所承擔(dān)的是行政責(zé)任。交易所作為“準(zhǔn)政府機構(gòu)”，在正當(dāng)行使監(jiān)管權(quán)時應(yīng)視作履行公共職能，此時其民事責(zé)任應(yīng)當(dāng)予以豁免。 第四章“我國證券交易異常情況處置制度的完善”。鑒于我國現(xiàn)行處置制度的諸多缺陷，首先應(yīng)當(dāng)從完善法律體系和措施制度出發(fā)。在《證券法》中明確規(guī)定異常情況的范圍界定及處置措施，具體實施細則由交易所自行制定。引入“重大差錯”、“撤銷交易”制度，避免法律與實踐的脫節(jié)。其次，增加處置權(quán)的程序性規(guī)定。一方面，完善業(yè)務(wù)規(guī)則的制定程序；另一方面，細化處置措施的實施規(guī)則，增強處置程序的透明度和公共參與度，對相對人和交易所分別建立救濟機制和責(zé)任機制。再次，平衡交易所自律管理和行政監(jiān)管之間的關(guān)系。行政機關(guān)應(yīng)當(dāng)轉(zhuǎn)變管理方式，依照法律履行職能，拓寬交易所的救濟途徑。最后，建立交易所處置權(quán)的制約機制，從內(nèi)部約束和外部制約兩方面著手。通過權(quán)力分離和內(nèi)部結(jié)構(gòu)治理，來加強交易所內(nèi)部權(quán)力制約。外部制約則通過行政權(quán)和司法權(quán)的介入來實現(xiàn)。
[Abstract]:The abnormal transaction of securities is not a normal phenomenon of the transaction, but it will have great adverse effects on all market subjects, including investors, securities dealers and stock exchanges, and the whole stock market. As the organizer of the securities market and the front-line supervisor, the certificate exchange has the natural advantage of technology and manpower. It is its basic duty to keep the security market stable and orderly. Only by establishing and perfecting the disposal system that meets the requirements of the law and meeting the needs of the market, and playing a good line of supervision function of the stock exchange, can the market and its main body cope with all kinds of emergencies. However, the current disposal system of our country is not complete, There is a big controversy over the fact that the exchange is not authorized and has no binding mechanism when exercising the right of disposal.
The research on the disposal system of abnormal securities trading is both a theoretical and a practical problem. This paper, starting with the current system in China, compares with the relevant foreign related systems, and analyzes the defects and deficiencies of the current system. And, in the light of the cases of disposal at home and abroad, and the core of the stock exchange, this paper probes into the abnormal situation of the transaction. The basic principles of the system and its disposal system include the types and disposal measures of the abnormal transactions, the nature and the source of the exchange disposal rights, the responsibility and immunity of the exchanges in the face of abnormal circumstances, so as to raise suggestions for the improvement of the current disposal system.
The first chapter is "an overview of the disposal of securities trading in China". At present, the types of abnormal conditions commonly recognized at home and abroad include force majeure, accidents, technical failures and major errors; the disposal measures include temporary suspension, temporary stopping of the market, temporary withdrawal and revocation of transactions. The defects such as poor operability, lack of measures and lack of constraints lead to many questions on the legitimacy and rationality of the stock exchange's exercise of disposal power, and there is a greater room for improvement. By combing the basic situation of the current system in our country, it will pave the way for the follow-up theory research.
The second chapter "the position and principle of the stock exchange in the disposal of the stock exchange". As the organizer and supervisor of the stock exchange, the stock exchange has the dual property of the public and private legal person. As a market organizer and service provider, the nature of the exchange is the private subject of the commercial organization, which accepts the civil and commercial law with the listed companies and the members of the securities dealers. As a market supervisor, the exchange has the public legal person status of a public institution, exercising self-regulatory authority through the management of the listed companies, members and the market. The disposal right is a mixture of rights and power. The right of disposal is derived from its solid, derivative and independence. Because of the coercive force given by the law, the right of disposal comes from the legislative authority and the administrative authorization as well as the contract agreement. The exchange should follow the principle of discretion, the principle of due process and the principle of appropriate disposal when the exchange is exercising the right to dispose of it.
The third chapter "the legal liability of the exchange caused by the abnormal situation of securities". From the angle of legal relationship of tort, the exchange shall bear the liability for loss to other market participants out of "intentional or major negligence". Based on the legal relationship of the contract, the exchange is based on the "contract" between the members and the listed companies. The "exemption clause" in the "contract" should also be limited by "intentional or major negligence". As the organizer of the securities transaction, the exchange bears civil liability. The exchange shall not be responsible for the force majeure and the accident; the exchange shall follow the above mentioned above. As a regulator of the transaction, the exchange bears the administrative responsibility. As a "quasi government agency", the exchange should act as a public function in the proper exercise of the supervisory authority, and the civil liability should be exempt at this time.
The fourth chapter "the improvement of the disposal system of our country's securities trading". In view of the shortcomings of the current disposal system in our country, first of all, we should start from the improvement of the legal system and the system of measures. In the securities law, the scope and disposal measures are clearly defined in the securities law, and the detailed detailed rules and regulations are made by the exchange. "Error", "revoking the transaction" system, avoiding the disjunction of law and practice. Secondly, increasing the procedural provisions of the disposal rights. On the one hand, improving the procedures for the formulation of business rules; on the other hand, refine the implementation rules of the disposal measures, enhance the transparency and public participation of the disposal procedures, and establish the relief mechanism for the relative and the exchange respectively. And the responsibility mechanism. Again, balance the relationship between the self-discipline management and the administrative supervision of the exchange. The administrative organs should change the way of management, perform their functions according to the law and broaden the ways of relief of the exchanges. Finally, the restriction mechanism of the exchange disposal right is set up, from two aspects of internal and external constraints. In order to strengthen the internal power restriction of the exchanges, the external constraints are realized through the intervention of administrative power and judicial power.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.287

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