新《证券法》下证券欺诈集体诉讼的司法审查——以美国《联邦民事诉讼法》第23条为范本  

Judicial Review of Securities Fraud Class Actions under the New Securities Act-Taking The U.S.Federal Rule of Civil Procedure 23 as a Pattern

作　　者：汪伟 WANG Wei(Zhejiang University Guanghua Law School,Hangzhou 310008,China;Institute of International Law of Wuhan University,Wuhan 430072,China)

机构地区：[1]浙江大学光华法学院,杭州310008 [2]武汉大学国际法研究所,武汉430072

出　　处：《中国证券期货》2023年第1期85-96,共12页Securities & Futures of China

基　　金：国家社科基金项目“美国长臂管辖背景下阻断立法问题研究”(21BFX161);浙江省社科规划重大课题“国际法治新思维下的新时代国际争端解决”(23YJRC02ZD)。

摘　　要：全面实行发行注册制容易引发虚假陈述、操纵市场等证券群体性纠纷。2020年新《证券法》第95条规定了普通代表人诉讼和特别代表人诉讼并驾齐驱的“双轨制”诉讼,克服了集体行动难题和公共执法不足的两大流弊。然而,作为我国首例适用特别代表人诉讼的康美药业案,并未提及“双轨制”诉讼程序转换的司法审查要求,无疑会产生诉讼选择困惑、审判实务疑难、法律规范难以预期等结构性矛盾。对此,我国亟须以美国《联邦民事诉讼法》第23条为借鉴,完善中国式证券欺诈集体诉讼的默示要件、先决要件和维持要件。其中,对于先决要件的实质审查,法院应重点关注众多性中的非数量要素、聚焦“定性而非定量”的共同性问题、把握典型性中的诉请本身是否利益一致、判断充分性是否嵌入正当程序之中。同时,法院也要对投资者的声明退出加以审查,避免道德风险引发“诉讼失灵”。The full implementation of the issuance registration system is likely to lead to securities group disputes such as false statements and market manipulation.Article 95 of the new Securities Act in 2020 provides for a“dual-track”lawsuit in which the ordinary representative lawsuit and the special representative lawsuit keep abreast of each other,overcoming the two major drawbacks of collective action problems and inadequate public enforcement provisions.However,the first Kangmei Pharmaceutical case applying the special representative litigation did not mention the judicial review requirements of the“dual-track”litigation procedure conversion,which will undoubtedly lead to structural problems such as confusion in litigation selection,difficulties in trial practice,and unpredictability of legal norms.In this regard,China urgently needs to use Article 23 of the U.S.Federal Rule of Civil Procedure as a reference to improve the implied elements,prerequisites and maintenance elements of the Chinese-style securities fraud class action.For the substantive review of the prerequisites,the court should focus on the non-quantitative elements in the numerosity,focus on the“qualitative rather than quantitative”commonality issues,grasp whether the claim itself in the typicality has the same interest,and judge whether the adequacy is embedded in the due process.At the same time,the court should also review the investors'statements to avoid moral hazard causing“litigation failure”.

关 键 词：证券欺诈 康美药业 特别代表人诉讼 普通代表人诉讼 投服中心 

分 类 号：D92[政治法律—法学]