摘要
我国司法实践中通过区分证券交易所监管行为与非监管行为以决定诉讼类型的方式,将大部分案件排除在受案范围之外,并且裁判结果构成了相对于普通投资者的"行政诉讼与民事诉讼赔偿结果上的双重豁免"。针对新时代背景下出现的证券交易所开展创新业务、提供数据服务及发生系统故障等新问题,本文提出以裁判性/非裁判性行为对监管/非监管行为加以补充的区分框架。司法机关出于对交易所自律的尊重保持谦抑,对裁判性行为遵循"穷尽救济"后提起行政诉讼的方式,使其获得明示的或基于裁判结果意义上的"民事赔偿豁免";对于非裁判性行为,则纳入民事诉讼的受案范围。裁量标准采改良版的"法规目的说",交易所依据自律规则作出的,主观上不存在过错的行为,不用承担民事侵权责任,且举证责任由原告承担。
In Chinese judicial practice, the distinction between stock exchange＇s regulatory action and non-regulatory action will exclude a large part of cases from judicial process, and the judicial results constitute‘double immunity of the compensation from administrative litigation and civil litigation＇. To deal with the problems such as exchange＇s providing new derivatives, paid data services and possible technical system failures, a new framework of adjudicatory action/non-adjudicatory action is proposed to supplement regulatory action/non-regulatory action of the exchange. For adjudicatory action, exchange can enjoy absolute immunity from civil litigation. After the ‘Exhaustion of Internal Remedies＇, administrative litigation shall be raised against adjudicatory action. For non-adjudicatory action, they are all subject to the scope of civil litigation. Moreover, the revised ‘purpose of rule＇ theory is adopted in civil process, that is, as long as the act is made by the exchange according to the self-discipline rule and there is no subjective fault, it is not necessary for the exchange to bear tort liability. The burden of proof is born by the plaintiff.
出处
《证券市场导报》
CSSCI
北大核心
2018年第9期72-78,共7页
Securities Market Herald
关键词
证券交易所
监管行为
非监管行为
民事豁免权
stock exchange
regulatory action
non-regulatory action
absolute immunity
