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内幕交易、操纵市场、虚假陈述和欺诈客户等禁止性证券交易行为不仅损害证券市场整体利益,也可能会使个体投资者受到此类行为的损害。现实中证券市场整体利益通过行政处罚可以得到有效恢复,但是投资者的个人利益却很难以私权救济的方式获得保护。证券行政和解的诞生有助于改变这一状况。无论从现代行政法治的转变还是证券监管理论与实践的发展以及证券市场的效率性要求来看,证券行政和解都是必要且正当的。在制度功能上,证券行政和解能够沟通监管执法与投资者补偿,具有替代行政处罚与民事赔偿诉讼并同时实现惩罚与补偿目的的双重功能。但是证券行政和解也存在权力寻租的可能性,应不断完善和细化规则设计以减轻制度运行的负面效应。
Prohibitory securities trading such as insider trading, market manipulation, misrepresentation and fraudulent clients not only harm the overall interests of the securities market, but may also expose individual investors to such acts. In reality, the overall interests of the securities market can be effectively recovered through administrative punishment, but the individual interests of investors can hardly be protected by private remedies. The birth of securities administrative reconciliation helps to change the situation. No matter from the change of the modern administrative law or the development of securities regulatory theory and practice and the efficiency requirements of the securities market, the securities administrative reconciliation is necessary and justified. In institutional functions, the securities administrative reconciliation can communicate regulatory enforcement and investor compensation, with the dual functions of replacing administrative penalties and civil compensation lawsuits and achieving the purpose of punishment and compensation at the same time. However, the securities administrative reconciliation also has the possibility of power rent-seeking. The rules and regulations should be constantly refined and refined to reduce the negative effects of the system operation.