論證券法規之執行－以強化我國證券主管機關之執法手段為中心

The Study on the Enforcement by the Securities Regulator of the Securities Regulation through the Enhancement of Enforcement Tools

游志煌(Chih-Huang Yu)

《財產法暨經濟法》 43期 (2015/09) Pp. 1-42

摘要

證券法規之有效執行，有賴投資人、證券主管機關及檢察，向之共同努力。我國近年來有關證券法規執行之法律架構上，似乎比較著重民事求償與刑事訴追而忽略了證券主管機關也是證券法規執行的主要角色，現行證券交易法所賦予證券主管機關之執法手段亦十分有限，因此，在立法方向上或可作出適當的調整。本文認為，我國得參考美國證管會專設執法部，搭配多樣化之執法手段，嘗試修改證券交易法之相關規定，授權金管會視個案情形命違法者返還不法利益、科處行政罰鍰、解除不適任者之職務、凍結違法者之資產並指派接管人予以接管，俾使金管會能更有效、有彈性且及時地執行證券法規。

關鍵字

美國證管會 ； 執法部 ； 執法手段 ； 禁制令 ； 停止與禁止命令 ； 返還不法所得 ； 民事懲罰金 ； 解除董事或經理人職務 ； 資產凍結 ； 接管人 ； 公平基金

並列摘要

The effective enforcement of securities regulation relies upon the cooperation among investors, securities regulators and prosecutors. For the past few years, the enforcement of securities regulation in Taiwan centers on civil action and criminal action but overlooks the securities regulator's role as the primary enforcer. The current securities regulation provides limited enforcement tools to the Taiwanese securities regulator. Therefore, it is advisable that the legislation on the law enforcement should be properly adjusted. By reference to the US Securities and Exchange Commission's experiences, this article proposes establishing an enforcement division and providing multiple enforcement tools, including disgorgement, civil penalties, debarment, asset freeze and receiver, to the Financial Supervisory Commission by amending the Securities and Exchange Act in order that the Financial Supervisory Commission can enforce the securities regulation in a more effective, flexible and timely manner.

並列關鍵字

private placement ； securities ； original stockholders ； bond subscriber ； purchaser ； persons which acquired ； the right of stockholder ； effect of law