摘要
行政处罚显示,对于操纵证券市场行为的主观要件,证监会通常认为行为人应当具有锁定、打压等影响证券价格的意图。同时,证监会认为间接故意同样符合操纵证券市场的主观要件。这样的认定,显然涵盖范围过宽,难以区分合法与非法行为的边界。操纵证券市场行为的主观要件应当是行为人意图影响证券价格走向,并且该价格走向与其主观判断不符,至于行为人是否有欺诈投资者的故意,在所不问。如果证监会能够证明交易行为显然缺乏经济上的合理性或者自相矛盾,再辅之以是否具有操纵的动机、有无利用他人账户以及交易行为的次数等,一般能推断出行为人具有操纵证券市场的主观要件。此时,证监会已经完成其优势证明标准义务,接下来由行为人来抗辩其不具有主观要件,包括不具有影响证券价格的意图或者价格走向符合其主观判断。
The administrative penalties show that the CSRC usually considers that the actor should have the intention of locking and suppressing the securities price for the subjective elements of manipulating the securities market.At the same time,the CSRC believes that indirect intent also constitutes the subjective elements of manipulating the securities market.It is clear that the scope of judgment is too broad to distinguish between lawful and unlawful acts.The subjective elements of manipulating the securities market should be that the actor intends to influence the price trend of the securities,and the price trend is not consistent with her subjective judgment.As for whether the actor has the intention of fraud investors is not relevant.If the CSRC can prove that the transaction is obviously lack of economic rationality or contradiction,supplemented by whether there is a motive for manipulation,whether there is any use of other people’s accounts,and the number of transactions etc.,it can generally infer that the actor has the subjective elements of manipulating the securities market.At this time,the CSRC has completed its duty of providing preponderance of the evidence.Then the actor will defend that her does not have subjective elements,including the intention not to affect the price of securities or the price trend in accordance with its subjective judgment.
作者
樊健
Fan Jian(School of Law of Shanghai University of Finance and Economics)
出处
《国家检察官学院学报》
CSSCI
北大核心
2024年第6期159-174,共16页
Journal of National Prosecutors College
关键词
操纵证券市场
主观要件
行政处罚
证券监管
Securities Market Manipulation
Subjective Elements
Administrative Penalties
Securities Regulation
作者简介
樊健,上海财经大学法学院副教授、博士生导师。
