完善证券投资者赔偿机制的美国经验  

The US Experience in Perfecting the Investor Compensation Mechanism

作　　者：赵晓钧[1] 

机构地区：[1]上海证券交易所,上海200135

出　　处：《证券市场导报》2013年第9期67-71,78,共6页Securities Market Herald

摘　　要：通过完善相关机制给投资者及时全面的法律救济是保护投资者权益的关键环节。作为成熟市场代表的美国,具有较为完善的投资者赔偿机制。一方面,立法不仅规定了投资者提起集团诉讼,还明确作为监管机构的SEC可起诉违法行为人并没收违法所得或处以民事罚金,以此提升投资者获得赔偿的几率;另一方面,设立投资者赔偿公平基金,使得违法所得或罚金通过其返还给投资者,以增加投资者诉讼外的利益补偿机制。与此相比,我国目前有关投资者赔偿的制度设计还存在较大差距。鉴于此,全面了解、合理借鉴美国等境外市场投资者赔偿的成熟经验,对于构建我国证券投资者权益保护制度、提高保护效率而言非常重要。The improvement of the relative legal mechanisms and delivery of the timely and comprehensive legal relief is the key for protecting the interests of investors. As a representative of the developed capital market, USA has the perfect investor compensation mechanism. On the one hand, American law not only regulates the investor group litigation, but also SEC as a regulatory authority to prosecute the violator, confiscate the illegal gains and impose civil penalty, in order to enhance the probability of investors to obtain compensation. On the other hand, America established the Fair Fund to return the illegal income and civil penalty paid by the violators to the investors, in order to perfect investor compensation besides the lawsuits. Compared with the experiences in USA, our investor compensation system needs to be improved. So, it＇s significant to establish legal system and improve the investor protection by a comprehensive understanding and reference of the American mature relative experiences.

关 键 词：证券投资者赔偿 集团诉讼 公平基金 萨班斯-奥克斯利法案 

分 类 号：DF438[政治法律—经济法学]