论证券监管和解合规制度  

On Securities Regulation and Settlement Compliance System

作　　者：王由海 Wang Youhai

机构地区：[1]南京师范大学法学院

出　　处：《财经法学》2023年第5期84-99,共16页Law and Economy

基　　金：国家社科基金青年项目“行政法视野下公共惩罚结构失衡之调适研究”(21CFX064)的阶段性成果。

摘　　要：随着行政任务的持续更新以及证券违法行为的日益复杂化,传统的高权证券监管模式难以实现对证券违法行为的有效治理。在提高证券监管效能、企业合规治理等政策术语的牵引下,证券监管和解合规制度成为证券违法行为治理的新道路,蕴含着从高权行政到契约行政、从政府监管到内部治理、从片面威慑到激励监管的范式转变。证券监管和解合规制度并非单个监管工具,而是由“标准制定”“过程监督”“效果反馈和验收”等内容构成的一整套制度体系,是企业自我规制与政府规制的统一。作为一种规制工具,证券监管和解合规制度本身也是对企业自主经营权的干预,证券监管和解合规协议必须从合规依据、适用范围和执行措施等方面置于行政法治的框架下加以控制。With the continuous renewal of administrative tasks and the increasing complexity of securities violations,it is difficult for the traditional high-powered securities regulation model to achieve effective governance of securities violations.Under the pull of policy terminology such as improving the effectiveness of securities regulation and corporate compliance governance,the securities regulation and compliance system has become a new path for the governance of securities violations,implying a paradigm shift from high-powered administration to contractual administration,from governmental regulation to internal governance,and from unilateral deterrence to incentivized regulation.Securities regulation and compliance system is not a single regulatory tool,but a whole set of institutional system consisting of“standard setting”“process supervision”“feedback and acceptance”,etc.It is the first step in the development of a system of self-regulation and governmental regulation.It is the unification of enterprise self-regulation and government regulation.At the same time,as a regulatory tool,securities regulation and compliance system itself is also an intervention in the autonomy of the enterprise,therefore,securities regulation and compliance agreement must be placed in the framework of the administrative rule of law in terms of the basis for compliance,the scope of application and implementation measures to control.

关 键 词：证券违法行为 证券监管 行政和解 企业合规 

分 类 号：D922.287[政治法律—经济法学]