台灣證券交易所監理行為之探討

The Supervisory Function of Taiwan Stock Exchange Corporation

張宏銘(Hung-Ming Chang)

指導教授 ： 賴英照

國立臺北大學/法律學院/法律學系/碩士(2008年)

摘要

台灣證券交易所除了提供有價證券集中交易市場外，在實務運作上，其同時也負有證券監理功能。然而，台灣證券交易所在組織上為股份有限公司，乃係私法人，並非行政機關。證券交易所監理行為之權限，依照目前不論是證券交易所、主管機關以及法院多數見解都認為，證券交易所對證券商之監理行為之權限，係來自於證券交易所與證券商所簽訂之「供給使用有價證券交易集中交易市場契約」。依據該契約，證券商有遵守證券交易所規則之義務，證券交易所對證券商之財務業務有檢查權、對於違反證券交易所規則之證券商有懲罰權。換言之，證券交易所之監理行為，為契約關係，而非公權力之行使。然而，證券監理行為若是由主管機關來為之，主管機關所制定之行政命令需受司法審查。同時，主管機關之處罰行為，證券商亦可提起訴願、行政訴訟等救濟程序。反之，若由證券交易所為監理行為時，實務上卻認定此為契約關係。不僅證券交易所可單方修改契約條款、檢查證券商財務業務，證券商若對證券交易所處罰行為不服，也無有效救濟管道。

由於我國證券交易法立法之時，係參照美國1934年證券交易法。本文將介紹美國法上證券交易所之在整個證券監理制度下之定位，並論及美國法制下證券交易所之權限受到一定規範，且其處罰行為主管機關及法院得加以審查。最後，從比較法之觀點，來檢討我國證券交易所制應修正之方向。

本文認為，證券交易所之監理行為既屬於實質上公權力之行使，不應以私法契約為依據，應由法律明文之授權。證券交易法應加以修正，採取受託行使公權力之方式，讓證券交易所為監理行為時，有法律之依據，且受行政法上相關原理原則之拘束，不得恣意為之。藉此，證券商若對證券交易所之處罰行為不服，亦可向主管機關及法院提出救濟。藉此，避免證券交易所權力不當之行使，並保障證券商之權利。

關鍵字

台灣證券交易所, 監理行為, 受託行使公權力

並列摘要

In addition to providing a centralized securities exchange market, Taiwan Stock Exchange Corporation (thereinafter “TSEC”) also serves to perform market supervision in practice. Yet, the TSEC is organized in the form of a limited liability company, which is of a private legal person, and not an administrative agency. According to the TSEC, the competent authority, and the majority opinion of the courts, TSEC’s exercise of supervision power over securities firms is based on a contract signed by individual securities firm with the stock exchange for the use of the centralized securities exchange market. In accordance with the said contract, securities firms have the obligation to comply with the regulations set up by the TSEC, which has the power to inspect the financial status and business operation of securities firms and the ensuing punitive power to those who violate the regulations thereof. In other words, the legitimacy of the TSEC’s exercise supervising conduct is from the powers bestowed by the contract aforementioned, not from exercising of public authority. In contrast, if the supervisory actions are performed by a competent authority, the administrative rules of which will be subject to judicial review, and the punitive action of which will be challenged by securities firms exercising the right to file an administrative appeal, an administrative litigation, and other means of remedy. On the contrary, if supervisory function is acted by TSEC, the practice deems it a contractual relationship, in which not only the TSEC can alter contract clauses unilaterally, inspect the financial status and business operation of securities firms, but also render objecting securities firms to the punitive actions by the TSEC with no effective means of remedy.

Owing to our Securities and Exchange Act legislation’s taking Securities Exchange Act of 1934 of U.S.A for reference, this thesis will introduce the positioning of the Stock Exchange under securities supervisory system of American legislation, and analyze the competence of Stock Exchange under American legislation has certain limitation, and competent authority and jurisdiction have the competence to inspect/ exam punitive actions by the Stock Exchange. Finally, from the perspective of comparative laws, this thesis would like to provide a direction to revise our Securities and Exchange Act.

The conclusion of this thesis will be as follows. Since supervisory function of the TSEC actually exercises de-facto public authority, it should be in theory authorized by concrete and solid legal text, not bestowed by contract. Therefore Securities and Exchange Act needs to be revised to adopt a form of authorizing an individual or entity commission to exercise public authority so as to offer a legal basis for the TSEC’s supervising conduct, which is also abided by the general theories and principles in administrative law. By so doing, objecting securities firms to the punitive actions by the TSEC can resort to the remedies offered by the competent authority and the courts, and misuse of powers of the TSEC can be prevented, while the rights of securities firms can be well protected.

並列關鍵字

Stock Exchange, Supervisory Function, NYSE

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