证券虚假陈述民事诉讼行政前置条件的取舍

保护投资者权益是推进资本市场基础制度改革的重点方向。长期以来,证券虚假陈述民事诉讼前置条件给投资者寻求司法救济设置了巨大的阻碍。为了更好地保护投资者利益和顺应改革方向,最高人民法院在处理涉及该前置条件的案件时,审判思路也从注重前置条件的程序性功能转变为强调其证据功能。取消行政处罚作为硬性前置条件是证券民事诉讼发展的方向,但应以金融司法的发展与协调、前置条件初步证据功能的完善、多元化投资者保护路径的构建为前提,恰当平衡好投资者权益保护与司法资源整合的天平,再适时开放证券虚假陈述民事诉讼的闸口。

Research on the Accepted Precondition in Civil Litigation of Securities Misrepresentation

Protecting investors'rights and interests is a key direction for promoting the reform of the basic system in the capital market.For a long time,the precondition of civil lawsuits for securities misrepresentation have created huge obstacles for investors to seek judicial relief.In order to provide investors with better protection and comply with the reform direction,the Supreme Court also changed from stressing procedural function of the precondition to emphasizing its function as evidence when handling the cases involving this precondition.The cancellation of precondition is the direction of the development of securities civil litigation.However,it should be based on the development and coordination of financial justice,the improvement in the function of the preconditions as preliminary evidence,and the construction of diversified investor protection paths in order to properly balance the protection of investor rights and the integration of judicial resources,and then open the floodgates to civil litigation regarding securities misrepresentation in due course.