期货监管中的合规激励:法理阐释与制度完善  

Compliance Incentives in Futures Regulation:Jurisprudential Interpretation and Institutional Improvement

作　　者：单飞跃[1] 邓然 SHAN Feiyue;DENG Ran(Law School,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学法学院,上海200433

出　　处：《山西大学学报（哲学社会科学版）》2023年第6期149-160,共12页Journal of Shanxi University(Philosophy and Social Science Edition)

基　　金：国家社科基金一般项目“共同富裕目标下政府性基金的公共财产法规制路径研究”(22BFX108)。

摘　　要：缘起于美国的企业合规经历了从监管合规到刑事合规的演变。期货合规肇因于期货市场的双重风险,与刑事合规之旨趣南辕北辙,因此,《期货和衍生品法》的立法者明确提出了监管合规的命题。监管合规以合规激励为核心,是监管者、被监管者乃至第三方共同参与的、针对违法违规行为的矫正和预防机制。现阶段,期货合规激励在实体规范和程序设计两方面都存在不足,实践中也显露出多种问题,亟待通过相关制度的完善来予以回应。我国期货监管模式有必要从压制型监管向回应型监管转化,建立市场友好型、企业合作型及政府回应型的期货监管合规模式。在期货监管合规激励的制度建设方面,应尽快制定合规管理指引,强化合规信息披露,健全行政和解制度。Corporate compliance originating in the United States has undergone an evolution from regulatory compliance to criminal compliance.Futures compliance results from the dual risks in the futures market,which is different from the purpose of criminal compliance.Therefore,the legislators of Futures and Derivative Law have explicitly proposed the topic of regulatory compliance.Regulatory compliance is a corrective and preventive mechanism for illegal and irregular behaviors,centered on compliance incentives with the involvement of the regulator,the regulated and even third parties.At present,there are shortcomings in both substantive rules and procedural design of futures compliance incentives,and various problems have also emerged in practice,which urgently need to be addressed through the improvement of relevant systems.It is necessary to transform China's futures regulatory model from oppressive regulation to responsive regulation,and establish a market-friendly,enterprise-cooperative,and government-responsive compliance model for futures regulation.In terms of the institutional construction of futures regulatory compliance incentives,it is necessary to formulate compliance management guidelines as soon as possible,strengthen compliance information disclosure,and improve the administrative reconciliation system.

关 键 词：期货合规 合规激励 监管合规 期货和衍生品法 

分 类 号：D922.29[政治法律—经济法学]