新《证券法》视角下证券市场先行赔付主体的确定机制探讨  

Discussion on the Confirmation Mechanism of the Advance Compensation Subject in the Securities Market from the Perspective of the New Securities Law

作　　者：郭艳芳 Guo Yanfang

机构地区：[1]厦门大学法学院 [2]贵州师范大学

出　　处：《私法》2020年第2期-,共13页Private Law Review

基　　金：中央高校基本科研业务费专项资金资助项目“防范系统性金融风险背景下中国金融市场法律治理创新的重大问题研究”(项目编号:20720191064)

摘　　要：先行赔付主体能够主动承担起对受损适格投资者的赔付,是开展证券市场先行赔付工作面临的首要问题。然而,在证券市场先行赔付中占有重要地位的先行赔付主体在对受损的适格投资者承担民事赔偿责任进行先行赔付时,面临着法定先行赔付主体职责不清、发行人没有被"直接"划入先行赔付主体范围而仍旧需要先行赔付主体对其进行追偿、先行赔付主体追偿权的实现缺少法律保障等困境。为了形成证券市场先行赔付制度适用于投资者保护的长效机制,通过明确法定先行赔付主体的职责、把发行人"直接"划入先行赔付主体范围、先行赔付主体不需要必须全额赔付、按比例原则承担超额赔付的责任分配作为解决确定先行赔付主体困境的有益探索。The advance compensation subject can take the initiative to bear the compensation to the damaged qualified investor,which is the first problem faced in the advance compensation work of the securities market.However,the advance compensation subject that plays an important role in the securities market,when making an advance compensation of the civil compensation liability of the damaged eligible investor,is facing an unclear responsibility of the advance compensation subject and the issuer has not been included in the advance compensation subject,it still needs to be compensated by the advance compensation subject,and the realization of the recovery right of the advance compensation subject lacks legal protection and other dilemmas.In order to form a long-term mechanism for investor protection in the securities market,by clarifying the responsibilities of the advance compensation subject,classifying the issuer into the scope of the advance compensation subject,the advance compensation subject does not need to pay in full,and the responsibility distribution of the excess compensation according to the principle of proportionality is a useful exploration to solve the dilemma of determining the subject of advance compensation.

关 键 词：新《证券法》 证券市场先行赔付 先行赔付主体 

分 类 号：D922.287[政治法律—经济法学]