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证券行政和解是在美国证券执法中广为适用的制度。以2012年会计年度为例,和解金的金额占到了总罚金的69%,公司的平均和解金是100万美金,最高的是与花旗银行的和解,高达2.85亿美金。~([1])我国证监会于2015年颁布了《行政和解试点实施办法》,启动了证券行政和解的试点工作,美国的经验有重要的参考价值。本文作者是几位实务经验丰富的美国SEC工作人员,他们以内幕交易案为研究对象,在对其法律规制总结的基础上,根据案例和经验归纳出了在内幕交易案行政和解中的考量因素,尤其是和解金额大小确定的考量因素。要考虑到行政执法的目标,事实因素中的行为恶劣程度、相对人职业、和解中的表现、获利金额等,每个案件既有特殊性,也有可归纳的共性。本文虽然成文较旱,但因为市场发展的差异,这些经验对我国的证券行政执法实践仍有重要的参考。
Securities administrative reconciliation is a widely applicable system in the enforcement of securities in the United States. Take FY 2012 as an example, the amount of the settlement money accounts for 69% of the total fine. The average settlement amount of the company is one million U.S. dollars. The highest settlement amount is up to 285 million U.S. dollars with Citibank. ~ ([1]) In 2015, China’s Securities Regulatory Commission promulgated Measures for the Implementation of Administrative Reconciliation Pilot Measures and started the pilot work on securities administrative reconciliation. The U.S. experience has important reference value. The author of this article is a few experienced SEC officers in the United States. They take the insider trading case as the research object. Based on the summary of their legal regulation, this article summarizes the considerations in the administrative settlement of the insider trading case based on the case and the experience , Especially the settlement of the amount of money to determine the size of the factors. To take into account the objectives of administrative law enforcement, factual factors in the degree of bad behavior, the relative occupation, reconciliation in the performance, the amount of profits, etc., each case has both particularities, but also can be summarized in common. Although this paper is more dry than written, due to the difference of market development, these experiences still have important reference to the practice of securities administration in our country.