论证券特别代表人诉讼中和解的选择退出权  

On the Opt-out Right of Reconciliation in Litigation of Special Representative of Securities

作　　者：林洧 Lin Wei(Law School Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学法学院,北京100872

出　　处：《北京化工大学学报（社会科学版）》2024年第2期43-51,62,共10页Journal of Beijing University of Chemical Technology(Social Sciences Edition)

摘　　要：健全证券特别代表人诉讼中的和解机制,是完善我国现代资本市场司法制度的时代性议题。投资人在证券群体性诉讼中享有退出和解的权利,也是全球性的一种法治共识。在比较法视野上,和解退出机制具有差异性、权利性与普遍性的特征。其中,美国证券集团诉讼和解的经验表明,投资人的选择退出权虽极少被行使,却是投资人不可或缺的权利,并承载着美国程序正义的理念。对此,我国证券特别代表人诉讼退出和解机制的完善也需要借鉴比较法上的经验,确保和解程序的代表性。具体而言,应从限制和解金额、完善和解通知与听证程序、强化司法监督三方面着手,探寻我国选择退出机制的改良方案。Improving the reconciliation mechanism of special representative actions in securities is a contemporary issue to improve the legal system of our modern capital market.In fact,investors have the right to opt out of reconciliation in securities group actions,which is also a global legal consensus.From the perspective of comparative law,the conciliation withdrawal mechanism has the characteristics of difference,power and universality.The reconciliation experience of securities group actions in the United States shows that the investor’s right to opt out is rarely exercised,but it is indispensable and carries the concept of procedural justice in the United States.Based on this,the improvement of the special representative action and reconciliation mechanism in securities should draw on the experience of comparative law and ensure the representativeness of the reconciliation process.Particularly,we should explore the improvement scheme of the opt-out mechanism in our country by limiting the reconciliation amount,perfecting the reconciliation notice and hearing procedure,and strengthening judicial supervision.

关 键 词：投资者保护 代表人诉讼 集团诉讼 和解 选择退出权 

分 类 号：D922.287[政治法律—经济法学] D925.1[政治法律—法学]