证券行政执法当事人承诺制度研究——基于投资者利益保护视角

Research on the Commitment System of Parties to Securities Administrative Law Enforcement—Vision Based on the Protection of Investors’ Interests

摘要: 证券行政执法当事人承诺是新《证券法》创新性设立的一种新型证券执法方式，在提高执法效率、保护投资者权益、维护市场秩序等方面具有重要意义。证券行政执法当事人承诺在我国实践效果差强人意，制度设计对于投资者保护重视程度不够。我国证券行政执法当事人承诺制度要发挥制度优势、实现制度功能，有必要在投资者利益保护视角下检视规范构造与实践困境，分析我国证券行政执法当事人承诺制度存在的问题。细化制度流程规则，完善信息公开制度，重视受损投资者参与决策，有利于全面保障投资者权益，促进证券市场有序健康发展。

Abstract: The promises of the parties to securities administrative law enforcement are a new type of securities law enforcement method innovatively established by the new Securities Law, which is of great significance in improving law enforcement efficiency, protecting investor rights and interests, and maintaining market order. The commitments of the parties to securities administrative law enforcement in my country are not satisfactory in practice, and the institutional design does not pay enough attention to investor protection. The commitment system for the parties to the securities administrative law enforcement in my country should give full play to the advantages of the system and realize the functions of the system. It is necessary to examine the dilemma of standardized structure and practice from the perspective of investors’ interests protection and analyze the problems existing in the commitment system for the parties to the securities administrative law enforcement in my country. Refining the system and process rules, improving the information disclosure system, and paying attention to the participation of damaged investors in decision-making will help comprehensively protect investors’ rights and interests and promote the orderly and healthy development of the securities market.