| 摘要: |
| 随着证券市场纵深发展和2019年《证券法》确立特别代表人诉讼，我国证券纠纷数量急剧增长。为保障证券纠纷高效处理和投资者合法权益，证监会、司法部于2021年制定了《关于依法开展证券期货行业仲裁试点的意见》。然而，我国对证券仲裁的规制尚不完善，而美国FINRA规则和联邦最高法院Concepcion案判决具有重要启示意义。本文梳理了我国和美国证券仲裁制度的历史发展和现行规则，比较分析了证券仲裁的自愿性和强制性规制模式。鉴于证券仲裁的禀赋特性，我国应从利益平衡角度规制证券仲裁，不能完全照搬美国证券强制性仲裁格式条款规制模式，但可借鉴其在证券仲裁中增加强制性的经验，在允许当事人自愿选择仲裁的基础上，采用默认选择仲裁的规定。在尊重当事人意思自治的前提下，我国应对证券强制仲裁的格式条款具有更大的包容度，以实现快速解决证券纠纷和妥善保护投资者的多重政策目标。我国法律应循序渐进地建立集团仲裁制度，借鉴代表人诉讼的实践经验，先发展普通代表人仲裁的模式，然后探索特别代表人仲裁制度。 |
| 关键词: 证券仲裁 仲裁自愿性 强制仲裁协议 集团仲裁 FINRA |
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| 基金项目:香港特别行政区政府研究资助局“人文学及社会科学杰出学者奖励计划”重大课题“跨境上市与监管回应： 中国经验和国际启示”（项目编号： 34000322）和香港中文大学Direct Grant |
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| The Characteristics and Institutional Innovation of Securities Arbitration: Conflict and Reconciliation between Voluntary and Mandatory Nature |
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Robin Hui Huang & Wang Chao
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| Abstract: |
| With the rapid development of the securities market and the establishment of special representative litigation in 2019, the number of securities disputes has sharply increased in China. To efficiently handle securities disputes and protecting investors, the CSRC and the Ministry of Justice formulated the “Opinions on Carrying out Pilot Arbitration in the Securities and Futures Industry in accordance with the Law” in 2021. The FINRA rules and the US Supreme Court's decision in the Concepcion case have enlightening significance on China's immature securities arbitration system. This article reviews the historical development and current rules of the securities arbitration systems in China and the US, and compares their voluntary and mandatory regulatory models. To balance different interests, China should not completely copy the US regulatory model on mandatory securities arbitration format clauses. While allowing parties to voluntarily choose arbitration, China should support securities arbitration and adopt the provision of default arbitration. Respecting the autonomy of the parties, China should be more tolerant of securities mandatory arbitration standard clauses and gradually establish a special representative class arbitration system with “implied admission and explicit withdrawal”. |
| Key words: Financial Industry, Self-Regulatory Rules, FINRA, Compulsory Arbitration, Securities Association of China |
